Posts tagged with: economic crisis

“The Deal Professor,” Steven M. Davidoff, has a good piece at The New York Times website about the indispensability of finance to our economy. It briefly rebuts the view popularized in the Oliver Stone movie Wall Street, in which financiers are portrayed as greedy parasites. I left a comment at the web page, noting that our documentary The Call of the Entrepreneur makes a similar case. I include the comment below, since it may not pass muster with the page’s comment moderator:

A documentary that explores the wealth-creating role both of the entrepreneur simpliciter and the finance entrepreneur in particular: The Call of the Entrepreneur. The film appeared on more than 80 PBS affiliates nationwide, including repeated airings in several major markets. And in what may be a first, it appeared both on PBS and Fox Business. I mention this by way of reassuring readers that the documentary isn’t screechy.

The one-hour film is a combination of narrative and expert commentary that many have found useful for explaining what entrepreneurs and merchant bankers bring to the economy, a particularly useful explanation for friends and family who wouldn’t read a lengthy article or book on the subject but will watch a documentary with high production values. It doesn’t pretend that there isn’t corruption or greed on Wall Street, but it does insist that these elements do not provide a full picture.

Full disclosure: I wrote the script for the documentary and am a fellow of the institute that created the film, The Acton Institute. The film is available at Also, the film doesn’t address the market distortions generated by Alan Greenspan and others, distortions that encouraged excesses in the financing world leading up to the economic crisis. Those issues are tackled at our web page on the economic crisis:

— Jonathan Witt

Memo to documentary filmmaker Michael Moore: Free markets didn’t cause the financial crisis. The biggest culprits were government planners meddling with the market. That’s the message of Acton’s newest video short.

So why on earth is Michael Moore (Capitalism: A Love Story, Sicko) so eager to route even more power and money through Washington? Centralized planning is economic poison. Doubling down isn’t the cure.

(Also, Acton’s resource page on the economic crisis is here.)

Joan Lewis, EWTN’s Rome bureau chief, covered Pope Benedict XVI’s general audience address on Wednesday, July 8 , during which the pontiff publicly commented on his landmark social encyclical “Caritas in Veritate” the day after it was officially released by the Vatican. Below is a summary of Benedict’s address to visitors in Rome, including Lewis’s own translation.

Yesterday, the Vatican released Pope Benedict’s third encyclical, “Caritas in veritate,” along with an official summary of the 144-page document that has six chapters and a conclusion. In addition, there was a very worthwhile two-hour press conference with summaries of the document’s salient points, as well as a Q&A session between reporters and Cardinals Martino and Cordes, Archbishop Crepaldi and Prof. Stefano Zampagni.

But surely the best summary of Pope Benedict’s just-released encyclical is the one he himself gave at today’s general audience, held in the Paul VI Hall and highlighting the moral criteria that must underpin economic choices.

In only 1,300 words (the encyclical has 30,466), the Pope explained the document’s contents and his intention in writing it. He began by explaining that Caritas in veritate was inspired by a passage from Paul’s Letter to the Ephesians where “the Apostle speaks of acting according to the truth in love: ‘Rather, living the truth in love, we should grow in every way into him who is the head, Christ’.” Thus, said Benedict, “charity in truth is the principal driving force behind the authentic development of every person and of all humanity. For this reason, the entire social doctrine of the Church revolves around the principle ‘Caritas in veritate’. Only with charity, illuminated by reason and by faith, is it possible to pursue development goals that possess more human and humanizing values.”


Over at World Magazine, Lee Wishing cites a speech by Rev. Robert A. Sirico, president and co-founder of the Acton Institute, on the subject of putting our faith in God and our own abilities instead of the government to manage economies. He quotes Rev. Sirico: “Many thinkers throughout the ages have noted that we face a choice between holding a robust faith in God or putting faith in man and institutions such as the state.”  In such tough economic times, we are reminded that we need to put our faith and trust in God first.

In today’s commentary, Sam Gregg writes that “there is little reason to be optimistic about the probable effects of the Obama Administration’s interventionist approach to mortgage relief. In fact, it is most likely to be counterproductive.” More government complacency about moral hazard?

Read the commentary at the Acton Website and share your comments below.