Thrift and Industry

I read a book last night that was published in 2000 and written by the former President of The Church of Jesus Christ of Latter-day Saints. Perhaps because of my shopping expedition to furbish our new home, I was drawn to the chapter entitled Thrift and Industry. I wasn't surprised to read of President Hinckley's value on hard work and industry which he connected to thrift. He said "Debt can be a terrible thing." The rest of the chapter discussed bankruptcy, over extension and uncontrolled appetites. "I deplore waste. I deplore unnecessary and uncontrolled extravagance. I value thrift, " he wrote. I was grateful to be reminded temporally but as I continued to read, I was grateful even more for the reminder of the wisdom in a prophet's instruction. For there in the chapter was the portent for much of the financial ruin that has hit so many in the United States. President Hinckley described the "microwave generation" that wants advancements and pleasures to come quickly. Said he of the advertisements and skillful salesmanship: "it (is) all designed to entice us to spend and all too often to spend money we don't have".  And imagine my surprise as I read the next paragraph where he names "home equity loans and second mortgages" that can be had too easily. What? Home equity loans? When I read those words I thought of Lehman Brothers and Fannie Mae and Freddie Mack. Truthfully in 2000, when this book was written, I had seldom even heard about them.

Again from President Hinckley: "There is a lack of self-discipline and financial self-control that promises future doom." Not surprising he then reviews the story from Genesis 41 where Joseph interpreted the Paraoh's troubling dreams. Once the Paraoh understood, all of Egypt set about to prepare during the times (7 years) of prosperity for a future famine. Now President Hinckley made it very clear that he was not predicting a famine, but he was "suggesting that the time has come to put our houses in order." Wisely he observed "the economy is a fragile thing." As I read the remaining chapter where debt reduction was encouraged, where living on less was encouraged, where frugality was encouraged, I felt so grateful for the belief I hold in a living prophet. It wasn't raining when Noah built the ark nor was there any drought when Joseph began putting corn in the storehouses. They had time to prepare. And so for those who read this book in 2000, they would have had time to prepare and put their houses in order. What strikes me  too about my reading is that the rains flooded, the famine came, the economy collapsed. One has only to drive around this city to see how the home equity loans have caused havoc with the economy not to mention the hundreds of thousands of people's lives it has ruined. What if they had listened to this wise man's counsel? What if during the last 8 years, people had gone on a debt appetite diet? What if? 

I decided to read the rest of the book. Thrift and Industry were just one group of virtues he suggests will heal our hearts and home. This reminder of the strength in obedience to a prophet's voice suggests other lessons i want to remember.