12:00 pm : Stocks have steadied since their recent backslide.” The stock market has been volatile in the last week (if not two years!). Today there was a downward movement, and then a recovery. The News reported that this was about recovering from a “backslide”.
Backslide is a biblical term, the most frequent source is the Prophet Jeremiah. Consider this verse:
“Return, O faithless sons;
I will heal your backsliding.”
“Behold, we come to you,
for you are the Lord our God.
Jeremiah’s career was a warning to a nation that had fallen away from faith in God and justice with their neighbors. the prophet’s intense warnings, called “Jeremiads” were pointed and harsh. (Check out Jeremiah 7 for a very interesting message to deliver on the temple steps.)
There was, no doubt, more at stake with Jeremiah’s message than the stock market report.