CNN Editors note: Bishop T.D. Jakes is a best-selling author and senior pastor of a 30,000-member church, The Potter’s House.
As a faith leader, entrepreneur, and philanthropist, I’ve always had one foot in both the practical and the spiritual worlds. Prayer is good, but you also have to be able to manage your checkbook.
As our nation went through the early stages of the recession, I can remember the rapid decline of the housing market. During the slide, I was concerned to hear voices from academia, finance and government give the lion’s share of the blame to the minority consumer for defaulting on loans for homes that they could not afford.
The conversation went as far as to suggest that church pastors contributed to the housing demise because they encouraged their parishioners to purchase homes.
What we must realize is that it was not wrong for people to want a new home or car. But it was wrong for financial institutions to prey on those desires with unbalanced financial solutions.