Participants: John Bradshaw
Series Code: IIW
Program Code: IIW001417A
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00:00 [music] I'm John Bradshaw and this
00:03 is It Is Written. Thanks for joining me today. 00:07 I am at the financial nerve center of the world, 00:11 right outside the New York Stock Exchange, on the corner 00:16 of Wall Street and Broad Street in Lower Manhattan, in the heart 00:19 of New York City. What takes place here affects 00:23 the financial well-being of every corner of the globe. 00:27 Fortunes are made here and they are lost here. 00:31 National and global economies are fueled here and they 00:35 are depressed here. It is here that the movers 00:38 and the shakers of the financial world, sometimes the Bulls 00:41 and the Bears, make decisions that affect the material destiny 00:45 of millions of people all over the world and sometimes 00:49 it4s even a whispered rumor emanating from this place 00:52 that can have enormous consequences, 00:56 sometimes devastating consequences. 00:58 Now there are plenty of people who believe that what takes 01:02 place here on Wall Street is nothing but a legalized form 01:05 of high stakes gambling, which one investor said 01:08 "lacks the dignity of Las Vegas." 01:10 Of course, there are plenty of people who invest here and in 01:14 other places in good faith and with the best of motives. 01:18 But what we know is this: Wealth is a dynamic thing 01:22 and it can even be a very dangerous thing. 01:26 Apart from what it can do to economies, it holds major 01:30 potential for either inflating or collapsing our emotional 01:33 self-worth. Wealth can mean the difference 01:37 and often in extreme terms between comfort and crisis. 01:41 And also, wealth can impact our relationships, 01:46 often in dramatic ways. Our relationships with people 01:50 and our relationship with God. 01:57 [Intro music] It has stood the test of time, 02:07 God's book, the Bible. 02:12 Still relevant in today's complex world. 02:17 It Is Written, sharing hope around the globe. 02:32 [music] In the 1920's, the United States 02:34 firmly believed it had reached the summit of material success. 02:39 President Herbert Hoover spoke expansively of how the country 02:43 was drawing closer in, in his words, to such a complete 02:48 triumph over poverty unlike anything that had ever occurred 02:50 in the history of any land. Investors bought feverishly. 02:55 Some, even embezzling company funds in the confidence 02:59 that they could easily pay the money back because, 03:02 in the words of one person, the stock market was about 03:05 to climb to the moon. [Music] 03:17 Let's go back to that fateful fall and the waning months 03:19 of 1929. As September began to unroll, 03:25 New York City streets were filled with back to school 03:28 and back to the city shoppers. Fifth Avenue windows drew 03:32 crowds of admiring shoppers looking at the latest fashions. 03:35 Theater ticket brokers were rushed off their feet. 03:37 Broadway musicals were sold out months in advance. 03:41 The building industry was booming. 03:43 Towers and terraces were rising along streets and avenues 03:47 all around the city. And through it all, the stock 03:52 market was at an all-time high. On the 3rd of September, 1929, 03:57 a single share of Montgomery Ward stock bought the previous 04:00 year for $132 was selling for $469. 04:06 Shares in Radio Corporation of America, best known 04:09 as RCA sold the previous year at $95.50 and now they 04:15 were selling at $505. There were a lot of people 04:19 in those heady days who owned thousands of shares like these. 04:22 After all, you could buy them with only 10% down and owe 04:28 the broker for the rest. Then, on the 4th of September, 04:34 there was a little slip in the market. 04:36 Nobody really noticed. The following day, the New York 04:39 Times reported that the market had dropped by 10 points. 04:43 Surely, nothing for anybody to get too concerned about. 04:46 But one well-known financial writer warned that in his 04:50 opinion, the wild ride of prosperity was over 04:54 and soon a depression would follow. 04:57 But like so many prophets, whether secular or sacred, 05:00 he was treated nothing more than an alarmist. 05:04 After all, people said, surely things must slip a little bit 05:06 [sad blues music under] before the rise continues 05:10 in earnest. It was on October 21st, though, 05:15 that the market slide began to pick up speed and brokers 05:19 started sending out margin calls. 05:21 [Thunder] When the money wasn't 05:23 forthcoming, and how could it be, the dumping began. 05:27 On October the 24th, later known as Black Thursday, a structure 05:32 of the market cracked wide open. Millions of shares were pitched 05:40 into streaming chaos on the floor of the Stock Exchange. 05:44 On this very corner right behind me, crowds gathered ... 05:48 numb and waiting ... hoping against hope that 05:51 something would happen to restore the damage 05:53 and to retrieve the losses that they and so many others 05:56 were experiencing. That day became known 05:58 as the day of the millionaires slaughter. 06:02 For five days the madness continued until on October 29th, 06:06 the market really hit rock bottom. 06:09 On one of those five days, General Electric saw its stock 06:12 price absolutely plummet and GE had historically been 06:17 a very sound and well performing company. 06:21 Even though at the time the people did not 06:23 even realize it, it was worse yet to come. 06:26 Companies such as US Steel and General Motors saw 06:28 their share prices drop precipitously. 06:33 This economic downturn, this hardship affected people 06:36 so badly that across the country there were people who took 06:39 their own lives, so badly had they been affected 06:43 by what had happened in the stock market crash. 06:46 [sad slow Piano music] Around the city, the towers 06:48 and the terraces stopped rising. The building industry, usually 06:52 an indicator as to the strength of weakness of an economy, 06:55 came to a virtual standstill. It has been said that children 06:59 born in 1929 didn't even hear the sound of builders 07:03 at work until they graduated high school. 07:09 So how does God feel about money? 07:11 The Bible has a lot to say about money and finance. 07:14 We'll find out more in just a moment. 07:19 It Is Written is dedicated to sharing the gospel around the 07:23 world. To discover more about 07:25 It Is Written, visit our website: itiswritten.com 07:29 and you'll see what we do and how we do it. 07:32 Let's get to know each other better. 07:34 Visit our website itiswritten.com today. 07:37 And follow us on Facebook and Twitter. 07:42 [Music] The stories and lessons of 07:47 the Bible come back to the centrality of a loving, 07:50 trusting relationship with God and His Son, Jesus. 07:53 In every problem or decision, trust is the key that brings 07:57 the solution. Could this also be true in the 08:01 area of our finances? Can God be trusted with your 08:05 money? Or perhaps the better question 08:07 is, can you be trusted with His! 08:10 God promises to bless those who are faithful to him. 08:13 To learn more, ask for the FREE booklet, 'More than Enough.' 08:17 Simply call (800) 253-3000 and ask for 'More than Enough.' 08:23 If the line is busy, please try again, 08:25 or write you can write to It Is Written, P.O. Box 6, 08:28 Chattanooga, TN 37401. We'll mail a free copy to your 08:33 address in North America. It Is Written is a faith-based 08:36 ministry and your support makes it possible for us to share 08:40 God's good news with the world. 08:42 Your tax-deductible gift can be sent to the address on your 08:45 screen, or through our website at ItIsWritten.com. 08:50 Thank you for your continued, prayerful support. 08:53 That toll-free number again is, (800) 253-3000, and our 08:57 website address is ItIsWritten.com. 09:05 This is It Is Written. I'm John Bradshaw. 09:07 Thanks for joining me today. It's with good reason that 09:10 the writer, George Santiano once observed that those who do not 09:14 remember the past are condemned to repeat it. 09:17 When we think back to the more recent economic crisis 09:20 this planet has gone through, we would be excused 09:23 if we thought that people just don't seem to be very good 09:27 at learning from history. The crash of 2008 was really 09:32 brought about by the collapse of the housing market in 2007. 09:37 Just as people in the 1920's were able to buy stocks 09:41 at ridiculously low prices, leaving them vulnerable 09:44 to the demands of brokers when the difficult times came, 09:47 people were able to buy homes in the first decade 09:51 of this century when their finances and, in fact, 09:55 the shape or the financial health of many 09:58 of the institutions suggested that wasn't a very good idea. 10:02 There was easy credit, fraudulent underwriting, 10:04 predatory lending practices. And what happened was, 10:09 when the economy tanked, and people lost their jobs, 10:13 they became terribly, terribly vulnerable. 10:17 Making mortgage payments became either 10:19 excruciatingly difficult or, in many cases, 10:21 simply impossible. The economy was 10:25 in disastrous shape. Foreclosures and evictions 10:31 multiplied and the pain is still being felt today. 10:35 As in 1929, the stock market soared to record heights 10:39 in October of 2007. The Dow Jones got up past 10:43 14,000 points. But after the crash, 10:47 there was a dramatic decline. It picked up pace during 2008 10:51 so that by March of 2009, rather than being way up 10:55 at 14,000 points, the Dow Jones was way down at 6,600. 11:02 Market analyst Phil Dow compared the great depression 11:07 and the months and years that followed that with 11:10 the recent collapse and the years that followed 11:12 that and he said, these were his words, 11:14 "it's very troubling when you have a mirror image." 11:18 Now not all analysts agree with his assessment and by many 11:22 markers, by many indications, the US economy has rebounded, 11:26 in some ways, in recent years. But as the recent economic 11:30 difficulties have shown us, when we fail to learn 11:34 the lessons of the past, it can be ruinous. 11:38 Even though there are certainly some differences, there are 11:41 many parallels between what happened in 1929 and what 11:44 happened in 2008. But one big difference is this 11:49 and this might be just a little troubling when we 11:52 think about it. In 1929, far more Americans 11:55 lived in rural areas and on farms and could at least grow 12:00 their own food. Today, many more Americans live 12:04 in suburbia and in big cities where self-sufficiency 12:08 is virtually impossible. The civil and the social unrest 12:12 that would follow an even larger financial melt-down 12:16 would be dramatic and would lead to scenes of chaos and unrest, 12:21 the likes of which you have never seen before. 12:26 [Oriental style string Music] Just as many stories 12:34 of personal tragedy followed the Wall Street crash of 1929, 12:39 many similar stories followed the global economic crisis 12:42 of 2008. One of them was the story 12:46 of Adolf Merkel, a businessman and a stock trader and one 12:50 of Germany's richest people. Merkel was born into a very 12:54 wealthy family in the City of Dresden. 12:57 He developed his Bohemian grandfather's chemical wholesale 13:01 company and turned it into one of Germany's largest 13:04 pharmaceutical outlets. His family's holdings 13:07 also included a genetic drug manufacturer, a cement company 13:11 and a vehicle manufacturer. Even though he was trained 13:15 as a lawyer, he spent most of his time and energy 13:18 investing and just like many people towards the end 13:22 of the roaring 20's, Adolf Merkel got involved 13:25 in some risky and speculative investments. 13:28 In 2007 he was worth 12 billion dollars, but after the global 13:33 financial collapse, his worth had dropped to 9 billion. 13:37 Still a lot of money and he was still one of Germany's 13:39 five richest men. But the loss of that $3 billion 13:45 weighed heavily upon him to the extent that in the early 13:49 days of 2009 near his home in Southern Germany, 13:53 Adolf Merkel threw himself into the path of an oncoming 13:56 train. He left behind a wife and four 14:00 daughters. 14:08 But of course there are plenty of stories that have much 14:10 happier endings. In 2001, Michael Bloomberg 14:14 became the Mayor of New York City. 14:16 Now he is somebody that many people have called a genuine 14:19 success story. Not only has he earned plenty 14:22 of money but he has devoted a lot of his time 14:25 and many of his resources to public service 14:27 and philanthropy. Michael Bloomberg was born 14:31 to an immigrant father, a real estate agent in Boston, 14:34 Massachusetts. Young Michael worked his way 14:38 through college as a parking lot attendant, helping to pay 14:41 for his tuition at Johns Hopkins University. 14:44 He earned an MBA from Harvard Business School and then he 14:48 began his career as a general partner at Solomon Brothers 14:51 on Wall Street. Eventually he found his own 14:55 company and by the year 2012 he was worth $27 billion, 15:01 making him the 13th richest man in the world. 15:07 But what is most important? To hear some preachers tell it, 15:11 God wants everybody to be wealthy. 15:14 You're not blessed until your rich. 15:17 But looking at it biblically, that can't possibly be true. 15:20 1 Timothy 6:10 says that, "the love of money 15:24 is the root of all kinds of evil." 15:26 Jesus told one man who evidently had plenty 15:29 of resources to sell everything that he had and give 15:33 the proceeds to the poor. In fact, the Bible contains 15:36 a lot of warnings about the misuse of wealth, 15:40 how we ought to be careful about money and careful 15:42 that finance, money, wealth, doesn't become an idol 15:47 to us. One interesting thing the Bible 15:49 says is this, in Proverbs 23:5, it says: "For riches certainly 15:53 make themselves wings. They fly away as an eagle 16:00 towards heaven. That's the thing with money. 16:04 It can be here today and gone tomorrow. 16:08 So, does God have a plan? Does he have a plan to bless 16:12 and prosper his people. We will find that out in just 16:15 a moment. 16:18 [Music] Every Word is a one-minute 16:20 Bible-based daily devotional presented by pastor John 16:23 Bradshaw and designed especially for busy people 16:25 like you. Look for Every Word on selected 16:28 networks or watch it on-line everyday on our website, 16:31 itiswritten.com. [Music] 16:43 A word that has found its way into common use in the 16:45 English language is "bailout". 16:47 The term used to be two words and referred to what you do in a 16:50 boat, or maybe a plane. In recent times we've had 16:52 companies bailed out, the banking industry 16:55 received a bailout, and in Europe, whole countries 16:58 have been bailed out in recent times. 17:00 And why is that? Because these companies or 17:02 countries were doomed without outside help. 17:05 They were too far in debt. Sound familiar? 17:08 It's just like you and me. Romans 5:8 says that, 17:11 "While we were yet sinners, Christ died for us." 17:14 For the human family there was no other way out. 17:17 Lost in sin, the only hope for the human family was Jesus. 17:21 He bailed us out. And now through Jesus, 17:24 we receive salvation - everlasting life. 17:26 Greater than all the riches of the world. 17:28 A bailout to be eternally thankful for. 17:31 I'm John Bradshaw for It Is Written. 17:33 Let's live today by Every Word. 17:37 [Music] Planning for your financial 17:39 future is a vital aspect of Christian stewardship. 17:41 For this reason, It Is Written is pleased to offer free 17:44 planned giving and estate services. 17:47 For information on how we can help you, please call 17:49 1.800.992.2219. Call today or visit our special 17:55 website, www.hislegacy.com. 18:02 Just a couple of years ago one California businessman earned 18:05 $33 million in just one year. He had 5 homes, a fleet 18:11 of luxury cars, including a chauffer driven $320,000 18:16 Maybach. He socialized with lots of big 18:19 name people, he had Wolfgang Puck to his house to cook him 18:22 dinner. The man was doing 18:24 very, very well. But then, his company hit some 18:27 difficult circumstances, which meant that before long, 18:31 his company was bankrupt. No more charter jets. 18:35 No more chauffer driven vehicle. all that wealth, disappeared 18:39 He had had a net worth of $230 million but suddenly all 18:47 the wealth was gone just like that, gone! 18:53 Now, let's not think for a moment that the Bible 18:56 says that God doesn't want anybody to be rich, 18:58 that's just not true. And Jesus certainly doesn't say 19:01 that everybody should sell their possessions and give 19:04 the money to the poor. In fact, in Deuteronomy 8:18, 19:09 the Bible says it is God who gives you power to get wealth. 19:14 Wealth and material prosperity are simply gifts given us 19:17 by God. And like all gifts given us 19:20 by God, here is the key. God wants that our wealth 19:24 and our prosperity be used in ways that bring 19:28 glory to him. 19:31 [Electronic Music] 19:36 The Bible contains a lot of stories about people who 19:38 were very wealthy in terms of this world's goods 19:42 and yet they remained faithful to God. 19:45 One person like that was Job. He had 7000 sheep, 3000 camels, 19:48 500 yoke of oxen and 500 female donkeys. 19:51 This man was rich and yet the Bible says of him that he 19:55 shunned evil and he feared God. In fact, when he lost 19:59 everything, virtually all of his family and all of his 20:02 possessions, the Word of God says in all of this, Job 20:06 did not sin. In fact, during one point 20:08 in his affliction, Job said: "Though he slay me 20:12 yet will I trust in him." After Job lost everything, God 20:18 gave back to him twice as much as he had before. 20:22 So clearly God doesn't disapprove of wealth. 20:25 What God disapprove of is when wealth becomes the overruling 20:30 passion, the overriding passion in our lives to the extent 20:33 that when suffer a loss of means, we consider, 20:36 like Adolf Merkel, that maybe life isn't worth living. 20:40 When we live to get and acquire and to have for selfish 20:45 purposes, that becomes a problem. 20:48 In Luke 12:15 Jesus said, "Take heed and beware of covetousness 20:54 for one's life does not consist in the abundance of the things 20:58 he possesses. The Patriarch Abraham was also 21:01 a man of great wealth, yet God said of him at one point: For I 21:05 have known him in order that he may command his children 21:09 and his household after him, that they keep the way 21:12 of the Lord to do righteousness and justice. 21:17 Though he had plenty of it, material wealth wasn't 21:20 the focus of Abraham's life. Now, it was the focus of 21:23 the life of the rich young ruler, the young man 21:26 Jesus spoke to in the 19th Chapter of the Gospel 21:28 of Matthew. Jesus told him to sell 21:31 everything that he had and give the proceeds to the poor 21:34 because his possessions were coming between him 21:37 and a right relationship with God. 21:39 Now, in his final address to the nation of Israel, King 21:43 David said this: For all things come from you and of your own, 21:48 we have given you. Here is where we see 21:52 the principle of what we could call Biblical stewardship. 21:55 Now it does not only apply to our finances but to 21:59 everything that we possess. When we dedicate what we have 22:02 to God, we are only giving him what was his in the first place. 22:08 The children of Israel acknowledged this principle 22:10 as they returned to God their tithes and offerings. 22:14 And what God had to say about this through the prophet Malachi 22:17 contains one of the most remarkable promises 22:20 in the entire Bible. "Bring all the tithes 22:24 into the storehouse that there may be food 22:27 in my house and prove me now in this, says the Lord 22:30 of Hosts, if I will not open for you the windows 22:34 of heaven and pour out for you such blessing 22:37 that there will not be room enough to receive it. 22:42 The children of Israel were to acknowledge God's ownership 22:46 of everything they possessed. By returning to God a 10th 22:49 of all they earned, this was the tithe. 22:53 The tithing system was established by God long ago, 22:56 even before the establishment of the Nation of Israel. 22:59 You see this in Genesis 14 where Abraham gave tithes 23:04 to Melchisedec and you see it in the experience of Jacob, who 23:09 when he was fleeing from his brother Esau made a similar vow 23:12 to God in Genesis 28:22. "And this stone which I have set 23:18 as a pillar shall be God's house. 23:20 And of all that you give me I will surely give a 10th 23:23 to you." Now of course, there are some 23:27 who will say that the tithing system was done away with when 23:30 Jesus died on the cross so that God's people today no longer 23:34 have to return to him a 10th of their increase as was done 23:37 during the Old Testament times. But writing to the Corinthians 23:41 in 1 Corinthians 9:13, 14, Paul couldn't disagree with that 23:46 idea more strongly. Here is what he said: "Do you 23:49 not know that those who minister the holy things eat 23:52 of the things of the temple and those who serve at the altar 23:57 partake of the offerings of the altar. 24:02 Even so the Lord has commanded that those who preach 24:05 the gospel should live from the gospel." 24:07 What we can see is that the tithing system 24:10 was established by God. It existed before Israel was 24:14 a nation during the time of his realm during Christ's time on 24:18 earth and was even endorsed by the Apostle Paul after Jesus 24:21 had died and gone to heaven and it is not just about 24:25 tithing as important as that is. The believer in God says God 24:30 has control of everything, everything that I have 24:33 and everything that I am. When we give it to God, 24:37 God blesses. Jesus said, "where your treasure 24:40 is, there will your heart be also." 24:42 If your treasure is parked in the driveway and never placed 24:45 in the offering plate, it might be time to think again. 24:48 If your treasure is in your bank account and in your stock 24:51 portfolio and not given to God and to the work of God, 24:55 it could be that we have got things out of balance. 24:58 And remember this, here is the promise of Jesus 25:01 in Matthew 6:33. He said, "Seek ye first 25:03 the kingdom of God and his righteousness and all these 25:06 things will be added unto you. You can't out-give God. 25:09 You don't give to God and end up broke. 25:11 Malachi's promise was God's promise through Malachi 25:15 that when we give to God he will open up the windows of heaven 25:18 and pour out such a blessing we won't have room enough 25:20 to receive it. Not that we give to God to be 25:23 blessed but we give to God knowing that he will bless. 25:29 We give to God our stuff, our finances, we give to God 25:33 everything we have and everything we are. 25:39 [Music] 25:49 The stories and lessons of the Bible come back to 25:51 the centrality of a loving, trusting relationship with God 25:53 and His Son, Jesus. God promises to bless to those 25:58 who are faithful to him. To learn more, ask for 26:00 the FREE booklet, 'More than Enough.' 26:03 Simply call (800) 253-3000 and ask for, 'More than Enough.' 26:09 If the line is busy, please try again. 26:11 Or you can write to It Is Written, P.O. Box 6, 26:14 Chattanooga, TN 37401. We'll mail a free copy to your 26:19 address in North America. It Is Written is a faith-based 26:23 ministry and your support makes it possible for us 26:26 to share God's good news with the world. 26:29 Your tax-deductible gift can be sent to the address on your 26:31 screen, or through our website at ItIsWritten.com. 26:35 Thank you for your continued, prayerful support. 26:38 Again our toll-free number is, (800) 253-3000, and our website 26:44 address is ItIsWritten.com. 26:49 Let's take the time to pray together for a moment: 26:52 Our father in heaven, I thank you that you are 26:54 the giver of all good gifts. I thank you that you give us 26:56 power to get wealth and that you bless us as you 27:00 do and I know that many people are wishing for more blessing 27:05 and they are saying Lord, I am struggling to make 27:07 ends meet. Father, irrespective of how 27:09 much we have, I pray that all we have can be placed on 27:12 the altar and given to you. You have given what we have 27:16 is all yours. Take it and please bless 27:19 it and bless us. Let us be faithful to you 27:22 in all things I pray, in Jesus' name, Amen. 27:47 Thanks for joining me today. I look forward to seeing you 27:49 again next time. Until then, remember, 27:52 it is written, man shall not live by bread alone 27:56 but by every word that proceeds from the mouth 28:00 of God. |
Revised 2016-07-25