Much of the news in the past couple of weeks has concerned the crisis in the banking industry and on Wall Street. Because of poor judgment - some say greed - a number of financial giants have toppled. After a false start, the U.S. Congress managed to agree on a $700 billion bailout plan that will shore up faltering banks long enough for them to restructure their debt and/or assets.
Some analysts are predicting that we will be living for many years with the fallout of this crisis. They say the coming recession may be severe and may last five to seven years. The entire world economy may be affected, they say.
Many of us are already uneasy because of rising prices for food, fuel, utilities and other necessities. Now we wonder what will happen to us and our families if prices continue to spiral upward or if we should somehow lose our homes or savings.
What we need to do is to get a grip on what's really important, according to our Holy Father, Pope Benedict XVI.
Speaking Oct. 6 at the opening session of the world Synod of Bishops on the Bible, the pope said the global financial crisis illustrates why it is a mistake to build a life on passing realities like money and success.
"We need to change our idea of realism," he said. "The realist is someone who recognizes in the word of God - in this reality that appears so weak - the foundation of everything.
"The money disappears," he said, "It's nothing."
What the pope says makes sense. Putting too much significance on success and material possessions gives them way too much influence. Far too many families have placed themselves in precarious financial positions because of misplaced faith in the market boom.
As individuals and families, a good first response to the financial crisis might be a resolve to live more simply and with less expensive "stuff." Almost all of us can look around and identify trendy, expensive "stuff" that we could easily do without.
Another good response might be considered counter-intuitive - generosity. When money is tight, our instinct might be to reduce the help we provide to those truly in need. In fact the opposite is true. God is not outdone in generosity. When we make giving not only an option but a priority, we imitate our generous God.
The Catechism of the Catholic Church puts it this way: "In economic matters, respect for human dignity requires the practice of the virtue of temperance, so as to moderate attachment to this world's goods; the practice of the virtue of justice, to preserve our neighbor's rights and render him what is his due; and the practice of solidarity, in accordance with the golden rule and in keeping with the generosity of the Lord, who ‘though he was rich, yet for your sake . . . became poor so that by his poverty, you might become rich.'" (2407)
There may be hard times ahead, but if we keep our attention on what is true - the word of God - we may lose a bit of purchasing power, but we gain a much more important reward.