Uncategorized May 19, 2017
Jeffress’s bellicose North Korea pronouncement perhaps represents two tendencies in American Evangelicalism. One is an assumption that clergy have a vocation for routine political matters, including candidate endorsements and policy advice. Most of Christian tradition assumes otherwise, and most clergy act accordingly — with restraint. The other is a tendency make political decisions based on spiritual absolutes. If God is believed to have ordained a specific person for office, then opposition to that person is opposition to God, and good Christians must give full support for the duration, adorned with plenty of scripture quotations.
In late spring 1857, railroad stocks began to drop. Ohio Life, highly leveraged and overexposed, fell faster, failing on August 24th. As research by Charles Calomiris of Columbia University and Larry Schweikart of Dayton University shows, problems spread eastwards, dragging down stockbrokers that had invested in railways. When banks dumped their stock, prices fell further, magnifying losses. By October 13th Wall Street was packed with depositors demanding their money. The banks refused to convert deposits into currency. America’s financial system had failed.