Participants: John Bradshaw
Series Code: IIW
Program Code: IIW001282
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00:00 [music] I4m John Bradshaw and this
00:03 is It Is Written. 00:06 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. 00:20 What takes place here affects the financial well-being 00:24 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. 00:37 It is here that the movers and the shakers of the financial 00:40 world, sometimes the Bulls and the Bears, make decisions 00:43 that affect the material destiny of millions of people 00:46 all over the world and sometimes it4s even a whispered rumor 00:51 emanating from this place that can have enormous 00:55 consequences, sometimes devastating 00:57 consequences. 00:58 Now there are plenty of people who believe that what takes 01:01 place here on Wall Street is nothing but a legalized form 01:05 of high stakes and 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. 01:35 Wealth can mean the difference and often in extreme terms 01:38 between comfort and crisis. 01:41 And also, wealth can impact our relationships, 01:46 often in dramatic ways. 01:48 Our relationships with people 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. 02:31 [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. 02:52 Investors bought feverishly. 02:55 Some, even embezzling company funds in the confidence 02:58 that they could easily pay the money back because, 03:02 in the words of one person, the stock market was about 03:04 to climb to the moon. 03:08 [Music] 03:16 Let's go back to that fateful fall and the waning months 03:19 of 1929. 03:22 As September began to unroll, New York City streets 03:27 were filled with back to school and back to the city shoppers. 03:30 Fifth Avenue windows drew crowds of admiring shoppers 03:33 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. 03:50 And through it all, the stock market was at an all-time high. 03:55 On the 3rd of September, 1929, a single share of Montgomery 03:58 Ward stock bought the previous year for $132 was selling 04:03 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 04:14 were selling at $505. 04:18 There were a lot of people in those heady days who owned 04:20 thousands of shares like these. 04:22 After all, you could buy them with only 10% down and owe 04:27 the broker for the rest. 04:31 Then, on the 4th of September, there was a little slip 04:35 in the market. 04:36 Nobody really noticed. 04:38 The following day, the New York Times reported that the market 04:40 had dropped by 10 points. 04:42 Surely, nothing for anybody to get too concerned about. 04:45 But one well-known financial writer warned that in his 04:50 opinion, the wild ride of prosperity was over 04:53 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. 05:03 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. 05:12 It was on October 21st, though, that the market slide began 05:16 to pick up speed and brokers started sending out margin 05:20 calls. 05:20 [Thunder] When the money wasn't 05:22 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. 05:38 Millions of shares were pitched into streaming chaos on 05:41 the floor of the Stock Exchange. 05:44 On this very corner right behind me, crowds gathered ... 05:47 numb and waiting ... 05:49 hoping against hope that something would happen 05:51 to restore the damage and to retrieve the losses 05:54 that they and so many others were experiencing. 05:56 That day became known as the day of the millionaires 05:59 slaughter. 06:02 For five days the madness continued until on October 29th, 06:06 the market really hit rock bottom. 06:08 On one of those five days, General Electric saw its stock 06:12 price absolutely plummet and GE had historically been 06:16 a very sound and well performing company. 06:20 Even though at the time the people did not 06:22 even realize it, it was worse yet to come. 06:25 Companies such as US Steel and General Motors saw 06:28 their share prices drop precipitously. 06:32 This economic downturn, this hardship affected people 06:35 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 muisc] Around the city, the towers 06:48 and the terraces stopped rising. 06:50 The building industry, usually an indicator as to the strength 06:53 of weakness of an economy, came to a virtual standstill. 06:56 It has been said that children born in 1929 didn't even hear 07:01 the sound of builders at work until they 07:05 graduated high school. 07:08 So how does God feel about money? 07:10 The Bible has a lot to say about money and finance. 07:13 We'll find out more in just a moment. 07:20 In Matthew 4:4 the Word of God says, "It is written, man shall 07:24 not live by bread alone but by every word that proceeds 07:28 from the mouth of God. 07:29 Every Word is a one-minute Bible-based daily devotional 07:32 presented by pastor John Bradshaw and designed 07:35 especially for busy people like you. 07:40 Look for Every Word on selected networks or watch it on-line 07:42 everyday on our website, itiswritten.com. 07:45 Receive a daily spiritual boost. 07:47 Watch Every Word. 07:49 You'll be glad you did. 07:54 [Traditional style Indian Music] 08:01 Eyes for India is giving sight to the blind and you can be 08:05 a part of this amazing work that God is doing. 08:08 15 million blind people live in India, more than any other 08:11 country in the world. 08:13 And many of the blind in India could see again if only they 08:16 could have simple cataract surgery. 08:19 It Is Written is making that happen. 08:22 Would you support Eyes for India? 08:25 For just $75, you'll be giving the gift of sight to someone 08:29 who desperately wants to see. 08:31 Here is all you need to do: Call 1.800.253.3000. 08:36 That's 1.800.253.3000 to donate and support Eyes for India 08:44 or you can write to It Is Written, Box O, 08:47 Thousand Oaks, California 91359. 08:51 You'll also find Eyes for India on-line at itiswritten.com. 08:55 Every $75 you give gives someone the precious gift 08:59 of sight. 09:00 Eyes for India, doing the work of Jesus in opening the eyes 09:04 of the blind, and opening hearts to the love of God. 09:10 This is It Is Written. 09:12 I'm John Bradshaw. 09:13 Thanks for joining me today. 09:15 It's with good reason that the writer, George Santiano once 09:18 observed that those who do not remember the past are condemned 09:22 to repeat it. 09:23 When we think back to the more recent economic crisis 09:26 this planet has gone through, we would be excused 09:29 if we thought that people just don't seem to be very good 09:33 at learning from history. 09:36 The crash of 2008 was really brought about by the collapse 09:40 of the housing market in 2007. 09:43 Just as people in the 1920's were able to buy stocks 09:47 at ridiculously low prices, leaving them vulnerable 09:50 to the demands of brokers when the difficult times came, 09:53 people were able to buy homes in the first decade 09:57 of this century when their finances and, in fact, 10:01 the shape or the financial health of many 10:04 of the institutions suggested that wasn't a very good idea. 10:08 There was easy credit, fraudulent underwriting, 10:10 predatory lending practices. 10:13 And what happened was, when the economy tanked, 10:16 and people lost their jobs, they became terribly, 10:20 terribly vulnerable. 10:22 Making mortgage payments became either 10:25 excruciatingly difficult or, in many cases, 10:27 simply impossible. 10:28 The economy was in disastrous shape. 10:34 Foreclosures and evictions multiplied and the pain 10:38 is still being felt today. 10:41 As in 1929, the stock market soared to record heights 10:44 in October of 2007. 10:47 The Dow Jones got up past 14,000 points. 10:51 But after the crash, there was a dramatic decline. 10:55 It picked up pace during 2008 so that by March of 2009, 11:00 rather than being way up at 14,000 points, the Dow Jones 11:04 was way down at 6,600. 11:08 Market analyst Phil Dow compared the great depression 11:13 and the months and years that followed that with 11:15 the recent collapse and the years that followed 11:18 that and he said, these were his words, 11:20 "it's very troubling when you have a mirror image." 11:24 Now not all analysts agree with his assessment and by many 11:27 markers, by many indications, the US economy has rebounded, 11:32 in some ways, in recent years. 11:34 But as the recent economic difficulties have shown us, 11:38 when we fail to learn the lessons of the past, 11:41 it can be ruinous. 11:44 Even though there are certainly some differences, there are 11:46 many parallels between what happened in 1929 and what 11:50 happened in 2008. 11:53 But one big difference is this and this might be just a little 11:56 troubling when we think about it. 11:59 In 1929, far more Americans lived in rural areas and on 12:03 farms and could at least grow their own food. 12:07 Today, many more Americans live in suburbia and in big cities 12:13 where self-sufficiency is virtually impossible. 12:16 The civil and the social unrest that would follow an even 12:20 larger financial melt-down would be dramatic and would lead 12:24 to scenes of chaos and unrest, the likes of which you have 12:28 never seen before. 12:31 [Oriental style string Music] Just as many stories 12:40 of personal tragedy followed the Wall Street crash of 1929, 12:44 many similar stories followed the global economic crisis 12:47 of 2008. 12:50 One of them was the story of Adolf Merkel, a businessman 12:54 and a stock trader and one of Germany's richest people. 12:57 Merkel was born into a very wealthy family in the City 13:01 of Dresden. 13:03 He developed his Bohemian grandfather's chemical wholesale 13:07 company and turned it into one of Germany's largest 13:10 pharmaceutical outlets. 13:12 His family's holdings also included a genetic drug 13:15 manufacturer, a cement company and a vehicle manufacturer. 13:20 Even though he was trained as a lawyer, he spent 13:22 most of his time and energy investing and just like many 13:26 people towards the end of the roaring 20's, 13:29 Adolf Merkel got involved in some risky and speculative 13:33 investments. 13:34 In 2007 he was worth 12 billion dollars, but after the global 13:39 financial collapse, his worth had dropped to 9 billion. 13:43 Still a lot of money and he was still one of Germany's 13:45 five richest men. 13:49 But the loss of that $3 billion weighed heavily upon him 13:52 to the extent that in the early days of 2009 near his home 13:57 in Southern Germany, Adolf Merkel threw himself 14:00 into the path of an oncoming train. 14:03 He left behind a wife and four daughters. 14:13 But of course there are plenty of stories that have much 14:15 happier endings. 14:17 In 2001, Michael Bloomberg became the Mayor 14:20 of New York City. 14:22 Now he is somebody that many people have called a genuine 14:25 success story. 14:26 Not only has he earned plenty of money but he has devoted 14:29 a lot of his time and many of his resources 14:32 to public service and philanthropy. 14:35 Michael Bloomberg was born to an immigrant father, a real 14:38 estate agent in Boston, Massachusetts. 14:41 Young Michael worked his way through college as a parking 14:45 lot attendant, helping to pay for his tuition at Johns 14:48 Hopkins University. 14:49 He earned an MBA from Harvard Business School and then he 14:53 began his career as a general partner at Solomon Brothers 14:57 on Wall Street. 14:58 Eventually he found his own company and by the year 2012 15:04 he was worth $27 billion, making him the 13th richest 15:10 man in the world. 15:12 But what is most important? 15:15 To hear some preachers tell it, God wants everybody 15:18 to be wealthy. 15:19 You're not blessed until your rich. 15:22 But looking at it biblically, that can't possibly be true. 15:25 1 Timothy 6:10 says that, "the love of money 15:30 is the root of all kinds of evil." 15:32 Jesus told one man who evidently had plenty 15:35 of resources to sell everything that he had and give 15:38 the proceeds to the poor. 15:41 In fact, the Bible contains a lot of warnings about 15:43 the misuse of wealth, how we ought to be careful 15:46 about money and careful that finance, money, wealth, 15:50 doesn't become an idol to us. 15:53 One interesting thing the Bible says is this, in Proverbs 23:5, 15:57 it says: "For riches certainly make themselves wings. 16:00 They fly away as an eagle towards heaven. 16:08 That's the thing with money. 16:09 It can be here today and gone tomorrow. 16:13 So, does God have a plan? 16:15 Does he have a plan to bless and prosper his people. 16:19 We will find that out in just a moment. 16:24 [Music÷ Planning for your financial 16:26 future is a vital aspect of Christian stewardship. 16:29 For this reason, It Is Written is pleased to offer free planned 16:32 giving and estate services. 16:34 For information on how we can help you, please call 16:39 1.800.992.2219. 16:40 To receive additional material on the advantages of Life Income 16:44 Plans such as a Charitable Gift Annuity, which could provide you 16:48 with tax benefits and income for life, call today 16:51 or visit our special website, www.hislegacy.com. 16:57 You could also write to It Is Written, Planned Giving 17:00 and Trust Services, Box O, Thousand Oaks, California 17:03 91359. 17:04 Our toll free number again 1.800.992.2219. 17:09 And our web address www.hislegacy.com. 17:20 Just a couple of years ago one California businessman earned 17:23 $33 million in just one year. 17:28 He had 5 homes, a fleet of luxury cars, including 17:31 a chauffer driven $320,000 Maybach. 17:35 He socialized with lots of big name people, he had Wolfgang 17:38 Puck to his house to cook him dinner. 17:41 The man was doing very, very well. 17:43 But then, his company hit some difficult circumstances, 17:47 which meant that before long, his company was bankrupt. 17:51 No more charter jets. 17:53 No more chauffer driven vehicle. 17:55 all that wealth, disappeared He had had a net worth of $230 18:02 million but suddenly all the wealth was gone 18:07 just like that, gone! 18:11 Now, let's not think for a moment that the Bible 18:14 says that God doesn't want anybody to be rich, 18:17 that's just not true. 18:18 And Jesus certainly doesn't say that everybody should sell 18:21 their possessions and give the money to the poor. 18:24 In fact, in Deuteronomy 8:18, the Bible says it is God who 18:29 gives you power to get wealth. 18:32 Wealth and material prosperity are simply gifts given us 18:36 by God. 18:37 And like all gifts given us by God, here is the key. 18:41 God wants that our wealth and our prosperity be used 18:45 in ways that bring glory to him. 18:49 [Electronic Music] 18:54 The Bible contains a lot of stories about people who 18:56 were very wealthy in terms of this world's goods 19:00 and yet they remained faithful to God. 19:03 One person like that was Job. 19:04 He had 7000 sheep, 3000 camels, 500 yoke of oxen and 500 female 19:08 donkeys. 19:09 This man was rich and yet the Bible says of him that he 19:13 shunned evil and he feared God. 19:16 In fact, when he lost everything, virtually all 19:19 of his family and all of his possessions, the Word of God 19:22 says in all of this, Job did not sin. 19:25 In fact, during one point in his affliction, Job said: 19:29 "Though he slay me yet will I trust in him." 19:34 After Job lost everything, God gave back to him twice as much 19:39 as he had before. 19:40 So clearly God doesn't disapprove of wealth. 19:43 What God disapprove of is when wealth becomes the overruling 19:48 passion, the overriding passion in our lives to the extent 19:52 that when suffer a loss of means, we consider, 19:55 like Adolf Merkel, that maybe life isn't worth living. 19:58 When we live to get and acquire and to have for selfish 20:03 purposes, that becomes a problem. 20:06 In Luke 12:15 Jesus said, "Take heed and beware of covetousness 20:12 for one's life does not consist in the abundance of the things 20:16 he possesses. 20:18 The Patriarch Abraham was also a man of great wealth, yet God 20:22 said of him at one point: For I have known him in order that he 20:25 may command his children and his household after him, 20:28 that they keep the way of the Lord to do righteousness 20:32 and justice. 20:35 Though he had plenty of it, material wealth wasn't 20:38 the focus of Abraham's life. 20:39 Now, it was the focus of the life of the rich 20:42 young ruler, the young man Jesus spoke to in the 19th 20:45 Chapter of the Gospel of Matthew. 20:48 Jesus told him to sell everything that he had and give 20:50 the proceeds to the poor because his possessions 20:53 were coming between him and a right relationship 20:56 with God. 20:57 Now, in his final address to the nation of Israel, King 21:01 David said this: For all things come from you and of your own, 21:07 we have given you. 21:08 Here is where we see the principle of what we 21:11 could call Biblical stewardship. 21:13 Now it does not only apply to our finances but to 21:17 everything that we possess. 21:18 When we dedicate what we have to God, we are only giving him 21:23 what was his in the first place. 21:26 The children of Israel acknowledged this principle 21:28 as they returned to God their tithes and offerings. 21:32 And what God had to say about this through the prophet Malachi 21:35 contains one of the most remarkable promises 21:38 in the entire Bible. 21:41 "Bring all the tithes into the storehouse 21:44 that there may be food in my house and prove me 21:47 now in this, says the Lord of Hosts, if I will not open 21:51 for you the windows of heaven and pour out 21:54 for you such blessing that there will not be room 21:56 enough to receive it. 22:01 The children of Israel were to acknowledge God's ownership 22:04 of everything they possessed. 22:05 By returning to God a 10th of all they earned, this was 22:10 the tithe. 22:11 The tithing system was established by God long ago, 22:14 even before the establishment of the Nation of Israel. 22:17 You see this in Genesis 14 where Abraham gave tithes 22:22 to Melchisedec and you see it in the experience of Jacob, who 22:27 when he was fleeing from his brother Esau made a similar vow 22:30 to God in Genesis 28:22. 22:34 "And this stone which I have set as a pillar shall be 22:37 God's house. 22:38 And of all that you give me I will surely give a 10th 22:41 to you." 22:44 Now of course, there are some who will say that the tithing 22:47 system was done away with when Jesus died on the cross so that 22:50 God's people today no longer have to return to him a 10th 22:53 of their increase as was done during the Old Testament times. 22:57 But writing to the Corinthians in 1 Corinthians 9:13, 14, 23:02 Paul couldn't disagree with that idea more strongly. 23:05 Here is what he said: "Do you not know that those who 23:08 minister the holy things eat of the things of the temple 23:13 and those who serve at the altar partake of the offerings 23:17 of the altar. 23:19 Even so the Lord has commanded that those who preach 23:23 the gospel should live from the gospel." 23:25 What we can see is that the tithing system 23:28 was established by God. 23:30 It existed before Israel was a nation during the time of his 23:34 realm during Christ's time on earth and was even endorsed 23:37 by the Apostle Paul after Jesus had died and gone to heaven 23:41 and it is not just about tithing as important as that is. 23:45 The believer in God says God has control of everything, 23:49 everything that I have and everything that I am. 23:53 When we give it to God, God blesses. 23:55 Jesus said, "where your treasure is, there will your heart 23:58 be also." 23:59 If your treasure is parked in the driveway and never placed 24:03 in the offering plate, it might be time to think again. 24:06 If your treasure is in your bank account and in your stock 24:09 portfolio and not given to God and to the work of God, 24:12 it could be that we have got things out of balance. 24:16 And remember this, here is the promise of Jesus 24:19 in Matthew 6:33. 24:20 He said, "Seek ye first the kingdom of God and his 24:22 righteousness and all these things will be added unto you. 24:26 You can't out-give God. 24:27 You don't give to God and end up broke. 24:29 Malachi's promise was God's promise through Malachi 24:33 that when we give to God he will open up the windows of heaven 24:36 and pour out such a blessing we won't have room enough 24:38 to receive it. 24:39 Not that we give to God to be blessed but we give to God 24:43 knowing that he will bless. 24:47 We give to God our stuff, our finances, we give to God 24:51 everything we have and everything we are. 25:06 Today we've been talking about crucial financial issues 25:09 that affect all of us. 25:10 Our goal at It Is Written is to help you live 25:12 a more satisfying and God-centered life. 25:14 So this week, our free offer is a helpful book on finance 25:18 called "God will Provide." 25:20 It is a practical discussion on how a faithful God 25:23 has promised to provide for the needs of his 25:25 faithful children. 25:26 And includes a special section prepared by Ed Reid on Managing 25:30 Finances in Difficult times. 25:32 Please call or write us and this free book 25:35 will be on its way to you. 25:36 There's no cost and no obligation. 25:38 Just call 1.800.253.3000 and ask for the book God 25:43 Will Provide. 25:44 You can call any time day or night. 25:47 If the line is busy, please keep trying. 25:50 You can also request this free book by writing to It Is 25:53 Written, Box O, Thousand Oaks, California 91359. 25:57 And we'll mail a copy to your address 26:00 in North America. 26:01 Please note, this free book is limited to the supply 26:05 on hand. 26:06 For immediate access, you can download a free electronic 26:09 version of the book God will Provide from our website, 26:12 itiswritten.com. 26:14 It Is Written is a faith-based ministry made possible 26:17 by viewers like you. 26:19 If you wish to help the worldwide outreach 26:21 of It Is Written and help us ensure people continue 26:23 to be blessed by solid Bible teaching your tax-deductible 26:26 gift may be sent to the same address or you can 26:29 make a gift on-line at itiswritten.com. 26:32 Thank you for your letters and your continued support. 26:35 Our toll-free number is 1.800.253.3000 and our web 26:38 address is itiswritten.com. 26:46 Let's take the time to pray together for a moment: 26:48 Our father in heaven, I thank you that you are 26:51 the giver of all good gifts. 26:52 I thank you that you give us power to get wealth 26:54 and that you bless us as you do and I know that many people 26:59 are wishing for more blessing and they are saying Lord, 27:02 I am struggling to make ends meet. 27:04 Father, irrespective of how much we have, I pray that all 27:07 we have can be placed on the altar and given to you. 27:10 You have given what we have is all yours. 27:13 Take it and please bless it and bless us. 27:17 Let us be faithful to you in all things I pray, 27:19 in Jesus' name, Amen. 27:43 Thanks for joining me today. 27:44 I look forward to seeing you again next time. 27:46 Until then, remember, it is written, man shall not 27:51 live by bread alone but by every word 27:54 that proceeds from the mouth of God. |
Revised 2015-02-06