Bain Capital or Vain Capital?

“Vanity, vanity, all is vanity,” writes the biblical author called the “Preacher.”  (Ecclesiastes 12:8). It’s not meant as praise.  The “preacher” is judging vanity and finding it a serious sin.  Vanity, the idea that one has an excessively high opinion of oneself, especially one’s worth, is central in the GOP race for the presidency.  

The race for the GOP Presidential nomination is almost comical in it’s caricature of the 1%. Here we have 3 prime examples of ‘success’ defined in terms of wealth:

Since 2006, Rick Santorum has somehow parlayed his $165,000 Senate salary into  $1.3 million/year in the last 6 years.

Newt Gingrich is playing the pauper against Romney’s massive wealth, ignoring that he brings in 7 figures as an ‘historian’ for Freddie Mac.

Mitt Romney, former executive of Bain Capital, made $20 million last year in investment income only.  R-Money is so rich that we have a new internet game to help him understand, in Mittbucks, what gas or takeout costs you or me. 

It’s hard to hold this against any of the candidates however, since they were all born with capital to begin with.  The root concept in capitalism is capital.  Capitalism is an economic system that celebrates the potential of capital.  With capital, the possibilities of what you can do are endless. In capitalism, we all strive to have the capital that allows us to achieve a certain amount of wealth that allows us to have the freedom that we see in the American Dream. But you must have ‘capital’ to begin with.

Capital, that is money, doesn’t fare any better in the Bible than vanity.  “For the love of money is the root of all kinds of evil,” writes the author of the letter of first Timothy (6:10).  

Money, and especially the way love of money, leads people to exploit others, having them fall into debt, which is a serious problem for the biblical writers.  That’s why there is debt forgiveness in the year of Jubilee – and freedom to live into the risk of a world that is generous without reservation.  

Do you dare give up your wealth to follow Christ, as Jesus commands in Matthew 10:21-25?  Do you live into the risk of entering a village with no bread, no bag, not money, only the clothes on your back?  (Mark 6:6-11).  It could be seen that Jesus is making an argument against capital.

Capital is usually seen as bank accounts, investments, or property in terms of land or equipment that can be moved into production.  However, there is also ‘human capital’ – a set of skills, knowledge, health, or values that cannot be separated from the individual, according to the Encyclopedia of Economics and Liberty.

Human capital is not just determined by investments in education or training.  It also encompasses inherent knowledge, social status and resourceful connections, agency or the perceived capacity to change ones circumstances.  I believe another term should be coined, ‘community capital’: a particular community’s capacity to provide opportunity, safety, security, education, and income for its residents.  Some people call this ‘community capital’ supporting the ‘common good’. Because it’s not just about wealth.  Health, education, and capacity for prosperity is affected. 

Unnatural Causes Video

When you put “vanity” and “capital” together, like we see today, that’s when you get serious trouble. The result is diminishing will to contribute to neighbor, and greatly diminished human capital in the majority of our communities.  Do we need more proof than the news this week that the 1% collected 93% of the economic gains in 2010?  Capital begets capital. 

We are living in an economic system that inherently requires building of capital in order to achieve freedom, which is fundamentally at odds with the message of the Gospel. If my calling is to be generous in loving my neighbor as myself, collecting capital for personal gain becomes contrary to the Christian message.  And storing up wealth becomes a net subtraction for the other community needs that would benefit from that capital.  Allowing those who were born with inherent capital the victors while the rest of the country has spoiled.

It comes down to vanity and capital.