Morals and the Markets

Posted by Tom McFeely

Tuesday, September 30, 2008 9:18 AM

President Bush speaks Sept. 30 about the financial crisis. (CNP)

There’s no quick end in sight for the Wall Street crisis.

But as Washington wrestles with approving a $700-million bailout package and stock prices see-saw dramatically, the U.S. bishops have offered prayers — and a call for a moral approach to resolving the mess.

In a letter to Congress and the White House, Bishop William Murphy of Rockville Centre, N.Y., has highlighted several areas to be addressed by any proposed solution.

Responsibility, accountability, awareness of advantages and limitations of the market, solidarity, subsidiarity and the common good are key principles to be considered, according to Bishop Murphy, the chairman of the United States Conference of Catholic Bishops’ Committee on Domestic Justice and Human Development.

“This is a challenging time for our nation,” Bishop Murphy said. “Everyone who carries responsibility should exercise it according to their respective roles and with a great sensitivity to reforming practices and setting forth new guidelines that will serve all people, all institutions of the economy and the common good of the people as a nation.”

— Tom McFeely

Filed under u.s. bishops, wall street crisis