$700 Billion for Wall Street - Not a Penny for the World's Poor

I am not among those who are calling Congress in opposition to the bailout, but the sudden availability of $700 billion for investment banks and other financial institutions raises its share of questions. Not the least of which is if we can free up that much capital virtually overnight why can't we provide relief to the world's poor?

Can't the World Do More for the Poor?

Father Lombardi Analyzes Economic Crises


VATICAN CITY, SEPT. 28, 2008 (Zenit.org).- If huge steps can be taken to save the most developed economies from crisis, why can't more be done for poorer countries, asks a Vatican spokesman.

Jesuit Father Federico Lombardi, director of the Vatican press office, posed this question as he analyzed the urgent needs of the global economy on the last episode of the weekly Vatican Television program “Octava Dies.”

“The economic commitments that were suddenly taken on to salvage the American financial system, and by connection the international financial system, are of impressive dimensions,” he said.

On Sunday, U.S. Congressional leaders and the White House agreed to a $700 billion bailout of the financial industry -- the largest in the country's history.

Father Lombardi noted that the effort to save the most developed economies from crisis is much greater than all international economic aid effort combined.

“Without denying the urgency of this crisis, there is a question that naturally poses itself,” Father Lombardi said. “Can't we and mustn't we do more to save the economies and promote the development of the poorest countries?”

The Vatican spokesman noted that we ought not forget “that the necessary resources to help the poorest are much less in comparison to the worldwide military expenditures and the expenditures of the rich to satisfy non-primary needs.”

“These reflections may seem obvious and even ingenuous, but in reality they are essential in a long-term vision of the general interests of humanity, that looks to peaceful and fair development for the benefit of all,” he said.

Father Lombardi concluded his remarks with a quote from Benedict XVI's Sept. 21 Angelus address: “Such a commitment, while demanding sacrifices in these moments of worldwide economic difficulties, will not be without important benefits for the development of nations who are in need of help and for the peace and well-being of the entire planet.”