Hundreds of thousands invested in it, but overconfidence blinded them to the danger crouching just ahead.
Revolutionary philosophies and economic prosperity characterized the “Roaring Twenties.” But all was not well. Wealth and excess ran rampant, and many assumed the “bull market” was immortal. Wall Street mogul John J. Raskob-in his article “Everybody Ought to Be Rich,” proposed anyone could be worth $80,000 by investing $15 a week in the stock market. After all, it had enjoyed a nine year run of good fortune.
Then tragedy struck. On Black Thursday (October 24, 1929), the stock market lost 11%. On Black Monday (October 28), it lost another 13%. On Black Tuesday (October 29), it crashed. Regardless of whether this was the sole cause of the Great Depression, the crash ushered in a decade long period of lean economic years characterized by massive unemployment, business closures, bankruptcies and financial upheaval. Americans quickly discovered their economic over-confidence was misplaced.
The psalmist reminds us it’s better to place our confidence in God. Don’t put your confidence in powerful people; there is no help for you there…But joyful are those who have the God of Israel as their helper (Psalm 146:3-5 NLT).
Praising God reassures us our confidence isn’t in people or possessions but in a God who never fails us even if things and others do. Possessions are temporary. They rust, wear out, break down, lose value and are subject to theft. People fail us too. Even our best friends may unknowingly or unintentionally hurt us with words or actions. Praising reaffirms our belief that God will give us everything needed to accomplish his purposes and that he’s a friend who sticks closer than our most trusted companions.
Prayer: We praise You Father for the assurance that You’ll never leave or forsake us.