US Market Plunges, Pope reminds faithful to build on Solid Ground

"We are now seeing, in the collapse of major banks, that money vanishes, it is nothing. All these things that appear to be real are in fact secondary. Only God's words are a solid reality".

CHESAPEAKE, Va. (Catholic Online) - U.S. stocks took a nosedive Monday, October 6, 2008. They were not alone. Throughout the world, markets all seem to be plunging as the financial "crisis" seems to be spreading.

The US Dow Jones Industrial average was down as far as 587 points at its worst on Monday morning but has since begun to recover some of the lost ground lost. The same kind of decline is occurring in the Nasdaq Composite Index and the Standard & Poor's 500 Index.

European leaders met in Paris this weekend to attempt to deal with their own version of the US Financial crisis. The leaders did not reach any agreement as to a European "rescue plan" but are committed to finding such remedies. As horrible as the implications look for US markets, some experts predict that the devastation may yet be worse in Europe.

The US Federal Reserve issued a statement concerning the American situation noting, "The Federal Reserve stands ready to take additional measures as necessary to foster liquid money market conditions."

Meanwhile, Pope Benedict XVI addressed the Bishops gathered in Rome to begin a Synod of study on the Word of God. He reminded the faithful that the crisis should be a reminder that"He who builds only on visible and tangible things like success, career and money builds the house of his life on sand".

The Pontiff, commenting on the admonition of Jesus recorded in the Gospel of St Matthew to build on solid ground, noted "We are now seeing, in the collapse of major banks, that money vanishes, it is nothing. All these things that appear to be real are in fact secondary. Only God's words are a solid reality".

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