1

“There’s one place that people clearly aren’t feeling the love: at the big banks. Of the 20 companies at the bottom of our customer service ranking, nine sell

financial services. Of the bottom 10—those making the MSN Money Hall of Shame—half are banks, credit

card servicers or both.” MSN

Customer Service Hall of Shame

2010

2

“Seven Ways the Financial Crisis Changed The Rich…The rich have been badly shaken. Their fortunes may be returning, but they have lost

their sense of stability, control and trust in institutions. Here are seven trends: No. 1-Trust

no one.”

The Wall Street Journal

April 23, 2010

3

““Money in the modern era is a purely secular Money in the modern era is a purely secular force, reflecting the lower nature of man. Cut off force, reflecting the lower nature of man. Cut off

from any relation to spiritual aspiration, it has from any relation to spiritual aspiration, it has become the most obvious example of a fire raging become the most obvious example of a fire raging out of control… Very little, if anything is left of out of control… Very little, if anything is left of

the absolute demand from Above that is the the absolute demand from Above that is the essence of absolute ethics.”essence of absolute ethics.”

Jacob NeedlemanJacob NeedlemanMoney And The Meaning of LifeMoney And The Meaning of Life

4

“From her start, America was torn by the clash of her political system with the altruist morality [Rand’s chosen, but

misleading, term for Christianity]. Capitalism and altruism are incompatible; they cannot exist in the same man or in the

same society. Today, the conflict has reached its ultimate climax.”

Ayn Rand

5

“Religion is incompatible with the profit motive.”

Professor Gary Hull

Disciple of Ayn Rand

Director

Values & Ethics in the Marketplace

Duke University

6

“Ayn Rand was a brilliant personality who suffered terrible depression…Rand

was a prickly pear who became more difficult to work with. She wouldn’t tolerate criticism and denounced

admirers. Rand antagonized almost all her friends, and by the time she died,

just two or three were left.” Jim Powell An admirer reviewing

her work

7

“Another ideological god has failed. ‘Governments bad; deregulated markets good’: how can this faith escape unscathed after Alan Greenspan, pupil of Ayn Rand

and predominant central banker of the era, described himself, in congressional testimony last October, as

being ‘in a state of shocked disbelief’ over the failure of the ‘self interest of lending institutions to protect

shareholders’ equity.’”

The Financial Times

The Future of Capitalism

March 9, 2009

8

“At some level it’s good to have a framework to think about the world, in which you emphasize the role of incentives and market economics…

But I think it led to an excessive ideological belief that there are no market failures, and no issues of distortions of incentives. Also central

banks were created to provide financial stability. Greenspan forgot this, and that was a mistake. I think there were ideological blinders, taking Ayn

Rand’s view of the world to an extreme.” Nouriel Roubini, Ph.D. The Wall Street Journal

February 21, 2009

9

“What’s been lost is the idea that a banker has some responsibility to protect the client’s interest.”

Daniel McFadden

Nobel Laureate, 2000

The Wall Street Journal,

August 21, 2008

10

“I didn’t do anything wrong, and neither did Ayn Rand by the way, but next time you

might try more regulation.” Peggy Noonan Paraphrasing Alan Greenspan’s Testimony to the Financial Industry Inquiry Commission Wall Street Journal April 10, 2010

11

“The picture that emerges is one of an intelligent man centered on the self. More than anything

else, Alan Greenspan seems to take care of Alan Greenspan. His life and accomplishments turn

out to be a fitting monument to Ayn Rand’s philosophy of rational selfishness.”

Greenspan’s Fraud

by Professor Ravi Batra

12

“Milton Freidman has done more damage to the concept of civic good than any previous

political or economic philosopher…You cannot remoralize citizen behavior when

the civic order itself is being sold.” David Selbourne

British Social Critic

13

“There is one and only one social responsibility of business--to use its

resources and engage in activities designed to increase its profits.”

Milton Friedman

Nobel Laureate in Economics

14

“Many of the most visible capitalist intellectuals--giants like Milton Freidman, Fredrich Hayek,

and Ludwig Von Mises--embraced a new moral case for capitalism that decisively rejected the

old one based on the natural and divine significance of the individual. This new moral

case was, either explicitly or implicitly, utilitarian and anti-metaphysical.”

Greg Forster Claremont Review of Books Summer 2010

15

““The church tends to believe that it should The church tends to believe that it should exercise control not only over the exercise control not only over the

spiritual realm but also over the material spiritual realm but also over the material realm, and that’s where all the difficulties realm, and that’s where all the difficulties

arise.” arise.” Milton Friedman Milton Friedman

Nobel Laureate in EconomicsNobel Laureate in Economics

16

“Ethics, in the Judeo-Christian tradition, is the affirmation that all men and women are alike

creatures—whether the Creator be called God, Nature or Society. There is only one ethics, one set of rules of

morality, one code, that of individual behavior in which the same rules apply to everyone alike. And this fundamental axiom business denies. Business ethics, in

other words, is not ethics at all, as the term has commonly been used by Western philosophers and

Western theologians. Business ethics assumes that for some reason the ordinary rules of ethics do not apply

to business.”

Peter Drucker

17

“It has often been said that the owner of a horse is responsible. If the horse lives, he must feed it. If

the horse dies, he must bury it. No such responsibility attaches to the share of a stock.”

Professors Berle and Means

Columbia University

1930’s

18

“I am for the free market. Even thought it doesn’t work too well, nothing else works at all. But I

have serious reservations about capitalism as a system as it idolizes economics as the be-all and

end-all of life.”

Peter Drucker

Managing in the Next Society

19

“The day is not far off when the economic problem will take back seat where it belongs, and the

arena of the heart and the head will be occupied or reoccupied, by our real problems--the

problems of life and of human relations, of creation and behavior and religion.”

John Maynard Keynes

20

Trust In Congress & Big Business

Source: Gallup

21

“The loss of faith in politics has not, however, been accompanied by any

demonstrable faith in markets. We are left, therefore, with what is essentially

an attitude of nihilism toward economic organization. There seems to be no

widely shared organizing principle upon which persons can begin to think about the operations of a political economy.”

James Buchanan Nobel Laureate In

Economics

22

“The Benefits of the Bust: The financial crisis is leading to a new model of capitalism… The propensity of modern economic theory for unjustified and over-

simplified assumptions allowed politicians, regulators and bankers to create for themselves the imaginary

world of market fundamentalist ideology, if government will only step aside. Although the

academic recommendations from the Left and Right differed in almost every particular, including on

stimulus spending, they had one striking feature in common—a detachment from reality that made them

completely useless for all practical purposes.” The Wall Street Journal

June 19, 2010

23

“Only love makes great political movements. Movements based on resentment, anger and

public rage always fade, they rise and fall, they never stay. If you came to play, get serious.”

Peggy Noonan

The Wall Street Journal

July 31, 2010

24

Part Four:

The Salvation of America

25

November 10, 2008

26

Stewardism: Stewardism:

A Spiritualized “Third Way” To Socialism & CapitalismA Spiritualized “Third Way” To Socialism & Capitalism

““Only compassion can save—the wordless Only compassion can save—the wordless knowledge of my own responsibility for knowledge of my own responsibility for

whatever is being done to the least of God’s whatever is being done to the least of God’s children. This is knowledge of the spirit.”children. This is knowledge of the spirit.”

Peter DruckerPeter Drucker

27

“The False Fed Savior: As the Bible says, we know that our redeemer liveth. And on Wall Street and

Washington these days, the economic redeemer of choice is the Federal Reserve…It’s a tempting religion, this faith in the magical powers of Ben Bernanke and monetary policy, but it’s also dangerous. It puts far too much hope in a single policy lever, ignores the

significant risks of perpetually easy money, and above all lets the political class dodge responsibility.”

The Wall Street Journal

August 10, 2010

28

““Genuine Christianity is a way of seeing and Genuine Christianity is a way of seeing and comprehending all of reality. comprehending all of reality.

It is a worldview.” It is a worldview.” Chuck Colson Chuck Colson

How Now Shall We Live? How Now Shall We Live?

29

““To the shrimp and seaweed swirled in the backwash To the shrimp and seaweed swirled in the backwash and drowned in the breakers, life may seem and drowned in the breakers, life may seem

confusing. But to the big thinker standing on the confusing. But to the big thinker standing on the beach with his schedule of ocean tides, the pattern beach with his schedule of ocean tides, the pattern

of the waves is plain.” of the waves is plain.” J. BottomJ. Bottom

First ThingsFirst Things

30

Economics

Politics

Sociology

Personal

Finances

Int’l. Affairs

Ethics

Faith

My Behavior

Culture

Debt

Assets

31

““For Christians, the integration of faith into all For Christians, the integration of faith into all areas of life rests on Christ’s vision for his church areas of life rests on Christ’s vision for his church and the world. Faithful believers may not bracket and the world. Faithful believers may not bracket

off from God any part of their world, however off from God any part of their world, however resistant it may be to godly influence.” resistant it may be to godly influence.”

Christianity TodayChristianity Today

32

“The concept that you have a spiritual life and a business life is false. The

two go hand-in-hand.”

Sir John Templeton

33

“The mind is a wonderful but very limited gift”…Sir John Templeton

34

“Seek ye first the kingdom and its righteousness and all this shall be added

unto you.” Jesus

35

““A study of business school graduates tracked the A study of business school graduates tracked the careers of 1500 people from 1960 to 1980. Category careers of 1500 people from 1960 to 1980. Category

A (83%) wanted to make money first so they could do A (83%) wanted to make money first so they could do what they really wanted to do later. Category B what they really wanted to do later. Category B (17%) pursued their true interests first, sure the (17%) pursued their true interests first, sure the

money would follow. After twenty years there were money would follow. After twenty years there were 101 millionaires. One came from category A; 100 101 millionaires. One came from category A; 100

from category B.”from category B.” Mark Albion, Ph.D.Mark Albion, Ph.D.

Making A Life; Making A Life; Making A LivingMaking A Living

36

““My name is George Gilder. I’m not a professional My name is George Gilder. I’m not a professional stock picker. Definitely not a Wall Street type. I’m a stock picker. Definitely not a Wall Street type. I’m a guy who has long been fascinated with technology. guy who has long been fascinated with technology. An unintentional byproduct of my obsession turn An unintentional byproduct of my obsession turn out to be the ability to know what technologically out to be the ability to know what technologically

sound companies will eventually turn into big Wall sound companies will eventually turn into big Wall Street winners.”Street winners.”

George GilderGeorge Gilder

37

““The primary purpose of business is not to make The primary purpose of business is not to make money. Companies that do make a lot of money money. Companies that do make a lot of money almost never have as their goal ‘making a lot of almost never have as their goal ‘making a lot of

money.’”money.’”

Bob LutzBob Lutz

Guts Guts

38

“There are reasons to think that shareholder value, like happiness, and many of life’s

other good things, is best achieved by not aiming at it too directly. Good business

results often require long-term relationships based on trust between managers, employees, customers and

suppliers. But long-term trust is impossible unless their respect for each others’

interests is anchored in something deeper than the effect on next quarter’s profit

numbers.” The Financial

Times

March 16, 2009

39

““In the Garden of Eden, the first thing the serpent In the Garden of Eden, the first thing the serpent did was create in Adam and Eve a sense of did was create in Adam and Eve a sense of

scarcity. The serpent’s trick, then as now, is to scarcity. The serpent’s trick, then as now, is to turn this staggering abundance and gracious turn this staggering abundance and gracious

protection in to frightening scarcity. The serpent protection in to frightening scarcity. The serpent lied, and we got taken in. Now, despite the lied, and we got taken in. Now, despite the overwhelming evidence that we live amidst overwhelming evidence that we live amidst

overflowing abundance, we always feel it’s not overflowing abundance, we always feel it’s not enough. We sense it’s running out…The deepest enough. We sense it’s running out…The deepest theological concept is thankfulness. Because to theological concept is thankfulness. Because to

know God is to thank God.”know God is to thank God.”Mark Buchanan Mark Buchanan Christianity TodayChristianity Today

40

“I am struck by the fact the prophets speaking about the future of Israel

always kept reminding their people of God’s great works in the past. They could look forward with confidence because they could look backward

with awe to Yahweh’s great deeds.” Henri Nouwen The Genesee

Diary

41Source: Maddison, Source: Maddison, The World The World EconomyEconomy, 264, 264

Apx $10,000 in today’s Apx $10,000 in today’s dollars--dollars--

The Reformation, Enlightenment and Industrial Revolution