Economic Crisis

The time for pastors and churches to give lessons on financial stewardship based on biblical principles has never been more critical, say Christian leaders.

Saddleback Church’s Pastor Rick Warren, who has devoted most Sunday sermons this fall on the subject of money as talked about in the Gospel, kicked off his financial series by stressing the severity of the nation’s problem.

“We are now three years into a major recession. There are more people out of work right now than ever in our lifetime. There are more people underneath the poverty line than ever in America. More people are classified as legitimately poor than ever before. There are more people that own a home that is upside down, another words they owe more on it than its worth, than ever before,” he said. more >>

Bank of America has made millions of dollars from ATM charges from people withdrawing unemployment benefits, according to reports.

The massive profits stem from fees associated with withdrawals made from Bank of America accounts on another institution's ATMs.

But many of the nation's unemployed do not get to choose which bank to deposit their weekly benefits into. more >>

The executives of home mortgage giants Fannie Mae and Freddie Mac defended their large salary bonuses in testimony Wednesday on Capitol Hill. The companies have received $169 billion in government support since 2008 and have asked for an additional $13 billion. Lawmakers from both parties expressed outrage.

Fannie Mae CEO Michael Williams and Freddie Mac CEO Charles Haldeman have received, along with eight other executives, a combined $13 million in bonuses for their work at the failing companies. In the hearing before the House Oversight Committee, they argued that their compensation levels are necessary to attract the talented workers needed to see the companies through difficult times.

“We need to compensate our executives and employees to ensure that we have and keep the leadership we need to continue our progress,” Williams said. more >>

A group of millionaires arrived in Washington on Wednesday to lobby Capitol Hill into mandating higher taxes for the upper class.

The group of about two dozen, titled Patriotic Millionaires for Fiscal Strength (PMFS), is urging that Congress make the wealthy one percent of the country pay their “fair share” in taxes.

They would like to see a tax hike on those who currently or have in the past earned an annual income of $1,000,000 or more per year. more >>

Wall Street protesters are calling for a “Day of Action” Thursday, which will involve a demonstration of thousands of protesters that could impact commuters, subways and stores across New York City.

According to Deputy Mayor Howard Wolfson, “We are certainly anticipating tens of thousands of people protesting, aimed at significant disruptions of the lives of the people of this city.”

Protesters are reportedly looking to disrupt trains, with an eye on preventing people from going to work, as well as taking over Foley Square. Reportedly, this is partially a response to Mayor Michael Bloomberg’s order to evict protesters from Zuccotti Park on Tuesday.  Protesters are also joining ranks to mark the two-month anniversary of the start of the Wall Street protest movement. more >>

A nationwide pizza chain and a local church in Detroit are partnering together this winter to give away 4,000 free brand-new winter coats for low-income youth.

Since 2009, Happy’s Pizza and Greater Grace Temple have joined forces to assist struggling families who have been hit hard by the economy.

“It is always a great feeling to assist people with some basic needs in life and we are excited to provide thousands of kids this winter with a brand new coat,” Greater Grace’s Senior pastor Bishop Charles H. Ellis III said in a statement. more >>