Denison Forum
Dr. Jim Denison
There were some massive news stories over the weekend:
- Debby strengthened into a hurricane overnight and may bring “catastrophic flooding” to Florida.
- Kamala Harris earned enough votes to become the Democratic Party’s presidential nominee.
- The US sent jets and warships to the Middle East as Israel prepares for severe and perhaps imminent Iranian retaliation.
- US Defense Secretary Lloyd Austin revoked a plea deal for the accused September 11 plotters.
But I would guess that none of these feel as personally relevant to you (unless you live in Florida) as the financial news of recent days that is causing many to wonder if a recession is imminent:
- The Dow closed down more than 600 points on Friday.
- The Nasdaq fell 10 percent below its record high on disappointing earnings from Amazon and Intel.
- US hiring unexpectedly declined sharply in July.
- Unemployment rose in the month as well.
- Investors fear that the Federal Reserve made a mistake by keeping interest rates at current levels.
The cacophony of bad news is sparking a global sell-off. Earlier today, Japanese stocks suffered their biggest one-day drop in history. European stocks have fallen more than 2 percent in early trading this morning.
Many have been struggling financially for some time. In a new CNN poll, 39 percent of US adults said they worry they won’t be able to make ends meet. The percentage of past due credit cards is at its highest level since 2012. Young adults are discouraged, and sixty-year-olds are “staring at financial peril.”
How is the Christian faith relevant to times like these? More Here
