Prosperity gospel and the housing crisis

[mindstalk]

http://www.time.com/time/business/article/0,8599,1847053,00.html

Walton says that this encouraged congregants who got dicey mortgages to believe "God caused the bank to ignore my credit score and blessed me with my first house." The results, he says, "were disastrous, because they pretty much turned parishioners into prey for greedy brokers."

"The pastor's not gonna say, 'Go down to Wachovia and get a loan,' but I have heard, 'Even if you have a poor credit rating, God can still bless you — if you put some faith out there [that is, make a big donation to the church], you'll get that house or that car or that apartment.' " Adds J. Lee Grady, editor of the magazine Charisma: "It definitely goes on, that a preacher might say, 'If you give this offering, God will give you a house.' And if they did get the house, people did think that it was an answer to prayer, when in fact it was really bad banking policy."