In God we trust, but only cash will save you.
This is why it's alarming to read reports that American churches are now finding that the end is nigh with nearly 200 religious facilities getting foreclosed on by banks, up from eight during the previous two years and virtually none in the decade before that. Like residential and commercial real-estate owners around America, the churches can't meet their mortgage payments. Their collections are falling because of high US unemployment and a generally sluggish economy.
And the black churches are the ones most at risk. According to the Black Voices journal, many black churches are now closing down because African Americans were disproportionately affected by the downturn. They have the highest unemployment rates in America and are more likely to be homeless.
Whether you are church going or not, it's just another piece of evidence of how the financial crisis is destroying communities in the world's richest nation. Rebuilding them when the recovery comes will be a long and difficult process.
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