They will, however, become subject to him, so that they may learn the difference between serving me and serving the kings of other lands.” 2 Chronicles 12:8

Today’s Scripture Reading (October 12, 2013): 2 Chronicles 12

Entrepreneur Roger Babson gave a speech on September 5, 1929 in which he said that “Sooner or later a [Stock Market] crash is coming, and it may be terrific.” He was not the first financial expert to be concerned with the way the Stock Market was being run in 1929. Stocks were routinely being bought on margin, a practice which allowed for stocks to be purchased by borrowing a majority of the purchase price (a prohibition against buying on margin had long been one of Babson’s Ten Economic Commandments.) It has been estimated that at the time of The Great Stock Market Crash of 1929 there was more money owing on stocks then there was in circulation in the nation. Babson’s prediction produced a sell off of 3% of the stocks in the market (this sell off became known as the “Babson Break.”) The market soon recovered. But trouble was still brewing. The Great Crash came at the end of October, less than two months after Babson’s pronouncement, proving Babson right in his prediction of a Great Crash.

But by the time Babson’s pronouncement, there was probably not much that could be done but let the crash happen. The money had already been borrowed and could not be readily paid back. Babson and others were fairly adept at reading the writing on the wall, but by the time they began to vocalize their concerns the setting for the crash was already in place. The “Babson Break” was just evidence of the foundation that was lacking under the market in the first place. New policies needed to be developed to govern the market. But the policies would not come until after the crash had happened. Finally Babson’s warning about the purchase of Stocks on margin would be understood, but that understanding would come too late.

As Israel came out of slavery and began their journey toward nationhood, God began to lay out the guidelines for the new country. One of the rules was that the people were not to back to Egypt (Deuteronomy 17:16.) God’s fear was that if the people were to return to Egypt, that they would become slaves once again. But beginning with Solomon, Israel began to ignore the warning signs and return. And finally they found themselves in a battle with Egypt – one that grew out of selfish pride rather than listening to the voice of God. The result of the disobedience was that God would turn his people once more over to be servants of Egypt. There was a redemptive hope in the action. God was not giving up on his people. He hoped that through the experience they would learn the reason behind the rules that he had given to the nation; that through the experience they would learn of the dangers that Egypt held for Israel.

It would be better if we could hear the warnings before the danger appears, but reality is that often we turn a deaf ear to the warnings rather than sacrificing for what is good. Gain that comes easily is seldom good. One of the practices that we need to develop within ourselves is to recognize the wise and be willing to listen when they speak.

Today’s Scripture Reading: 2 Chronicles 13

Personal Note: Happy Birthday, Mom.