The latest issue of The Atlantic has a big cover picture of a cross against a blue sky with a “Foreclosure” sign on it, and the lurid main headline, “Did Christianity Cause the Crash?” As is so often the case, the article in no way justifies the headline; it does, however, make a compelling case that a particularly pernicious American heresy, the so-called “prosperity gospel,” may have been a significant contributing factor.
Many explanations have been offered for the housing bubble and subsequent crash: interest rates were too low; regulation failed; rising real-estate prices induced a sort of temporary insanity in America’s middle class. But there is one explanation that speaks to a lasting and fundamental shift in American culture—a shift in the American conception of divine Providence and its relationship to wealth.
In his book Something for Nothing, Jackson Lears describes two starkly different manifestations of the American dream, each intertwined with religious faith. The traditional Protestant hero is a self-made man. He is disciplined and hardworking, and believes that his “success comes through careful cultivation of (implicitly Protestant) virtues in cooperation with a Providential plan.” The hero of the second American narrative is a kind of gambling man—a “speculative confidence man,” Lears calls him, who prefers “risky ventures in real estate,” and a more “fluid, mobile democracy.” The self-made man imagines a coherent universe where earthly rewards match merits. The confidence man lives in a culture of chance, with “grace as a kind of spiritual luck, a free gift from God.” The Gilded Age launched the myth of the self-made man, as the Rockefellers and other powerful men in the pews connected their wealth to their own virtue. In these boom-and-crash years, the more reckless alter ego dominates. In his book, Lears quotes a reverend named Jeffrey Black, who sounds remarkably like Garay: “The whole hope of a human being is that somehow, in spite of the things I’ve done wrong, there will be an episode when grace and fate shower down on me and an unearned blessing will come to me—that I’ll be the one.”
THEOLOGICALLY, THE PROSPERITY GOSPEL has always infuriated many mainstream evangelical pastors. Rick Warren, whose book The Purpose Driven Life outsold Osteen’s, told Time, “This idea that God wants everybody to be wealthy? There is a word for that: baloney. It’s creating a false idol. You don’t measure your self-worth by your net worth. I can show you millions of faithful followers of Christ who live in poverty. Why isn’t everyone in the church a millionaire?” In 2005, a group of African American pastors met to denounce prosperity megapreachers for promoting a Jesus who is more like a “cosmic bellhop,” as one pastor put it, than the engaged Jesus of the civil-rights era who looked after the poor.
More recently, critics have begun to argue that the prosperity gospel, echoed in churches across the country, might have played a part in the economic collapse. In 2008, in the online magazine Religion Dispatches, Jonathan Walton, a professor of religious studies at the University of California at Riverside, warned:
Narratives of how “God blessed me with my first house despite my credit” were common . . . Sermons declaring “It’s your season of overflow” supplanted messages of economic sobriety and disinterested sacrifice. Yet as folks were testifying about “what God can do,” little attention was paid to a predatory subprime-mortgage industry, relaxed credit standards, or the dangers of using one’s home equity as an ATM.
In June, the Supreme Court ruled that state attorneys general had the authority to sue national banks for predatory lending. Even before that ruling, at least 17 lawsuits accusing various banks of treating racial minorities unfairly were already under way. . . . One theme emerging in these suits is how banks teamed up with pastors to win over new customers for subprime loans.
The emphasis there is mine, of course. Read the whole thing; it makes me think that part of the crash this country suffered may well be God’s judgment on the idolatry of his people.