On Sept. 15, 2008, the investment bank Lehman Brothers filed for bankruptcy, signaling that the financial crisis that had been building since 2007 had reached a critical stage. The stock market plummeted, and the global economy stood on the edge of the abyss.
The financial crisis caused immense material suffering and the loss of human potential as many Americans lost their homes, gave up their chosen career paths, deferred having children and forwent medical treatments they could not afford. The decline of trust in secular institutions, including the government and the banking industry, could have been an opportunity for the Catholic Church to offer guidance, but it has not been quick or consistent in empowering people to address the harmful effects of the new global economy.
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