Justin Taylor @ http://theologica.blogspot.com provides excellent summaries of the observations on the current economic crisis. He notes an excellent commentary here by Al Mohler--who gives us an Economics 101 lesson along the way.Conclusion:
Today's crisis in the financial system should not be a threat to the long-term health and vitality of our economic system. There is cause for concern, but no justification for panic. Rather than hit the panic button, spend that energy thinking about how Christians should glorify God in our economic lives. We should watch the developments and debates in Washington and New York with interest, but we should investigate our own hearts with even greater urgency.Read the whole thing.
See also this article in World Magazine by Timothy Lamer who gives an Anatomy of a Crisis: How Washington and Wall Street Got into Trouble. After explaining the six steps that led to this situation, Lamer writes:
The fundamental dynamic is this: Washington and Wall Street helped people buy houses they could not afford on such a massive scale that simply letting the lenders and debtors take their lumps would arguably do grave harm to the economy. They will take some lumps (Wall Street isn't exactly a hot job market right now), but most of the losses will be "socialized," or spread out among everyone who pays taxes. This includes those who exercised restraint during the bubble. That's how it is.