I understand this is to be a humorous post. But the mess that we are in, is being made worse by the current administration. Their intentions are good, but the oligarchs are in control. All the below links are from NYT.
Obama’s Ersatz Capitalism THE Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose.
Treasury hopes to get us out of the mess by replicating the flawed system that the private sector used to bring the world crashing down, with a proposal marked by overleveraging in the public sector, excessive complexity, poor incentives and a lack of transparency.
Let’s take a moment to remember what caused this mess in the first place. Banks got themselves, and our economy, into trouble by overleveraging — that is, using relatively little capital of their own, they borrowed heavily to buy extremely risky real estate assets. In the process, they used overly complex instruments like collateralized debt obligations.
The prospect of high compensation gave managers incentives to be shortsighted and undertake excessive risk, rather than lend money prudently. Banks made all these mistakes without anyone knowing, partly because so much of what they were doing was “off balance sheet” financing.
In theory, the administration’s plan is based on letting the market determine the prices of the banks’ “toxic assets” — including outstanding house loans and securities based on those loans. The reality, though, is that the market will not be pricing the toxic assets themselves, but options on those assets.
The two have little to do with each other. The government plan in effect involves insuring almost all losses. Since the private investors are spared most losses, then they primarily “value” their potential gains. This is exactly the same as being given an option.
Fed Plans to Inject Another $1 Trillion to Aid the Economy WASHINGTON — The Federal Reserve sharply stepped up its efforts to bolster the economy on Wednesday, announcing that it would pump an extra $1 trillion into the financial system by purchasing Treasury bonds and mortgage securities.
Having already reduced the key interest rate it controls nearly to zero, the central bank has increasingly turned to alternatives like buying securities as a way of getting more dollars into the economy, a tactic that amounts to creating vast new sums of money out of thin air. But the moves on Wednesday were its biggest yet, almost doubling all of the Fed’s measures in the last year.
The action makes the Fed a buyer of long-term government bonds rather than the short-term debt that it typically buys and sells to help control the money supply.
The idea was to encourage more economic activity by lowering interest rates, including those on home loans, and to help the financial system as it struggles under the crushing weight of bad loans and poor investments.
America the Tarnished Ten years ago the cover of Time magazine featured Robert Rubin, then Treasury secretary, Alan Greenspan, then chairman of the Federal Reserve, and Lawrence Summers, then deputy Treasury secretary. Time dubbed the three “the committee to save the world,” crediting them with leading the global financial system through a crisis that seemed terrifying at the time, although it was a small blip compared with what we’re going through now.
All the men on that cover were Americans, but nobody considered that odd. After all, in 1999 the United States was the unquestioned leader of the global crisis response. That leadership role was only partly based on American wealth; it also, to an important degree, reflected America’s stature as a role model. The United States, everyone thought, was the country that knew how to do finance right.
How times have changed.
Never mind the fact that two members of the committee have since succumbed to the magazine cover curse, the plunge in reputation that so often follows lionization in the media. (Mr. Summers, now the head of the National Economic Council, is still going strong.) Far more important is the extent to which our claims of financial soundness — claims often invoked as we lectured other countries on the need to change their ways — have proved hollow.
Indeed, these days America is looking like the Bernie Madoff of economies: for many years it was held in respect, even awe, but it turns out to have been a fraud all along.
It’s painful now to read a lecture that Mr. Summers gave in early 2000, as the economic crisis of the 1990s was winding down. Discussing the causes of that crisis, Mr. Summers pointed to things that the crisis countries lacked — and that, by implication, the United States had. These things included “well-capitalized and supervised banks” and reliable, transparent corporate accounting. Oh well.
One of the analysts Mr. Summers cited in that lecture, by the way, was the economist Simon Johnson. In an article in the current issue of The Atlantic, Mr. Johnson, who served as the chief economist at the I.M.F. and is now a professor at M.I.T., declares that America’s current difficulties are “shockingly reminiscent” of crises in places like Russia and Argentina — including the key role played by crony capitalists.
In America as in the third world, he writes, “elite business interests — financiers, in the case of the U.S. — played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive.”
The Market Mystique On Monday, Lawrence Summers, the head of the National Economic Council, responded to criticisms of the Obama administration’s plan to subsidize private purchases of toxic assets. “I don’t know of any economist,” he declared, “who doesn’t believe that better functioning capital markets in which assets can be traded are a good idea.”
Leave aside for a moment the question of whether a market in which buyers have to be bribed to participate can really be described as “better functioning.” Even so, Mr. Summers needs to get out more. Quite a few economists have reconsidered their favorable opinion of capital markets and asset trading in the light of the current crisis.
But it has become increasingly clear over the past few days that top officials in the Obama administration are still in the grip of the market mystique. They still believe in the magic of the financial marketplace and in the prowess of the wizards who perform that magic.
In the year 1999, Phil Gramm led the fight to repeal the Glass-Steagall Act.
There was a prophecy that warned about the result.
Here is the story:
The Glass-Steagall Act separated banking from financial services.
But in 1999, Congress repealed it. Congress approved landmark legislation that opened the door for a new era on Wall Street in which commercial banks, believing that securities houses and insurers would find it easier and cheaper to enter one another's businesses.
They did.
The measure, considered by many the most important banking legislation in 66 years, was approved in the Senate by a vote of 90 to 8 and in the House tonight by 362 to 57.
The bill was sent to the president for signature, to become one of the most significant achievements for the White House and the Republicans leading the 106th Congress.
It was signifigant, all right.
''The world changes, and we have to change with it,'' said Senator Phil Gramm of Texas, who wrote the law that bears his name along with the two other main Republican sponsors, Representative Jim Leach of Iowa and Representative Thomas J. Bliley Jr. of Virginia. '
'We have a new century coming, and we have an opportunity to dominate that century the same way we dominated this century. Glass-Steagall, in the midst of the Great Depression, came at a time when the thinking was that the government was the answer.
In this era of economic prosperity, we have decided that freedom is the answer.''
Freedom is the answer okay:
The speculators cheered madly. Their lobbyists contributed generously. The door to the henhouse was opened to the foxes and the feeding frenzy began.
In the House debate, Mr. Leach said,
''This is a historic day. The landscape for delivery of financial services will now surely shift.''
It surely did.
Ten years later, we see the results.
HOW COULD WE HAVE GUESSED?
Well, it was predicted. Yep. It was.
Read this quote from Senator Byron Dorgan, now considered and economic prophet by many:
“''I think we will look back in 10 years' time and say we should not have done this but we did because we forgot the lessons of the past, and that that which is true in the 1930's will be true in 2010,'' said Senator Byron L. Dorgan, Democrat of North Dakota. ''I wasn't around during the 1930's or the debate over Glass-Steagall. But I was here in the early 1980's when it was decided to allow the expansion of savings and loans. We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.''
But no listened.
And Glass-Steagall’s protections died.
And the DORGAN PROPHECY has been fulfilled.
He says today that he was just speaking from common sense.
Plain ole American Common Sense.
No one listened. Now look at the back-peddling and the blame-game. But it won't work. Damage is done. And all because of GREED.
So the elected government is trying to fix it? Is Phil Gramm one of its advisors? No. He is not.
Financial events following the repeal of the Glass-Steagall Act.
The repeal enabled commercial lenders such as Citigroup, which was in 1999 then the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities.
The repeal of this act contributed to the Global financial crisis of 2008–2009.
The year before the repeal, sub-prime loans were just 5% of all mortgage lending.
By the time the credit crisis peaked in 2008, they were approaching 30%.
I’d call it: 1. Out of a job. 2. Don’t want a job. 3. Call a doctor.
BTW, Rotate the cat 90 degrees, and that’s the position an Alaskan grizzle bear was in while looking at me five yards away eye-ball to eye-ball.
My wife of six weeks (in a tree stand) had screamed, “You’re going to step on him!”
Backing me up was my twin brother, Hez, who (like me) had never shot anything bigger than a rabbit. He was holding an empty pistol in one hand and an empty rifle in the other.
In the tree stand, Hez wanted to go around behind the bear. He left with my army 30-06 and I got his .308 from the boat and went by the lake shore. I shot the bear and with a roar that stood the hair up on my neck, he ran back in the alder bushes.
“Did you kill him? Did you kill him?” “No. I wounded him! He’s out there where you are!”
The bear came out of a hole looking like a mountain. His paws were over his head, but it didn’t look like he was in a mood to surrender. We were so close we shot from the hip and he ran off and laid down. He could run like a horse while we looked like drunk sailors chasing him on the tundra.
The process repeated but the gun was empty after I put the fourth bullet in him. Hez wasn’t with me because he couldn’t get another bullet in the chamber. He came up with the bolt out.
“You got any more bullets for your gun?” “No.” “We’re trading guns. You take this 45, and find the bear while I get the bolt in. But don’t shoot till I get there!”
Bang, bang, bang…Hez empted the pistol while yelling, “I’m going to slow him down!”
“You emptied our back-up gun! I don’t have any more bullets! Blab, blab, blab! This is dangerous! We got to be careful!”
So that’s where we were when this story began. I put another 220 grain in him, but it didn’t make him flinch. Desperately, I jerk the bolt for another bullet, but it came out over my shoulder.
I found it’s impossible to put a bolt in with a bear staring at you. I figured we were dead if I didn’t get it in, so I concentrated on what I was doing…I was like the preacher up a tree praying, “Lord if you can’t help me, please don’t help that bear.” When I looked up, he was gone, and next time, he didn’t move.
Needless to say, no one has asked us experience bear killers to be their guide.
The dog is looking pretty good, just like he was in a poor man's back yard, on a thousand-dollar couch in Pecan Manor, or posing for his food company calendar shot.
The guy, I dunno, might be an angel. Definitely has something of God about him....
A man was being tailgated by a stressed out woman on a busy street. Suddenly, just in front of him, the light turned yellow. He did the right thing, stopping at the crosswalk, even though he could have beaten the redlight by accelerating through the intersection.The tailgating woman was furious and repeatedly honked her horn, screaming in frustration, as she missed her chance to get throughthe intersection, while also, dropping her cell phone and makeup.
I am about 1/4 through your book (I am a slow reader) and I have to say that the behavior of the trustees and those attached to them is disheartening to say the least and downright sinful at worst. Sadly, their behavior confirms that I am making a wise decision by not sending money to the SBC other than the small amount (relative to it's size) that my church sends to them.
Oh, I should add before some of the gals get themselves in a tizzy that I would not be opposeed to a woman president as long as:
a) She was anti-abortion b) She was anti-gay marriage c) She was pro getting governement out of people's hair to the extent possible.
Further, outside of the pastorate, I have no problem whatsoever with any women being in a position of authority. Actually, I've had several supervisors at work who were women. Never had a problem working for them.
Further, outside of the pastorate, I have no problem whatsoever with any women being in a position of authority. Actually, I've had several supervisors at work who were women. Never had a problem working for them.
Thu Apr 02, 10:49:00 AM 2009
So, it would be ok with you if she lead a bible study with the male staff at work?
STILL waiting on my pre-ordered book. Good thing I have the "Simple Church" to read right now and plus the May edition of Tabletalk just hit my mailbox!
You can keep your SI, Newsweek, World, etc...just give me Tabletalk and I will be a very happy Believer.
My take on your treatment is that leaders may have been the perpetrators, but the individual trustees who went along with it were equally culpable. I have to ask ... if most of the believers in the church in Acts had been similarly disposed, would the "church" have survived?
And as to the post .. at least the guy and the dog seem, still, to be praying about it. The cat seems to have checked out.
"My take on your treatment is that leaders may have been the perpetrators, but the individual trustees who went along with it were equally culpable. I have to ask ... if most of the believers in the church in Acts had been similarly disposed, would the "church" have survived?"
Bob, I have to agree. Those who stand by and 'watch' are just as culpable.
"Woe to them what tries to steal Mac's joy in Jesus, for they shall feel the Wrath of Mac."
The Jacksonville Three are exiles.
From FBCJax.
They got 'shut down' for failing to come up with enough tithe money for Mac's latest trip to Europe.
The guy is 'bowing' towards Macca.
The fur-covered guy with the big nose got nailed for questioning Mac's dog-matics on tithing.
The little fur guy got exiled for asking Mac to turn one of his luxury dog houses into a cat house. The little guy might have got away with it, except he made the request in front of Mac and a reporter for the Associated Baptist Press.
What is humorous about the picture? I see a homeless man in the background and no one notes the urgent command of Matthew 25 regardless of the economic situation of the world.
So, it would be ok with you if she lead a bible study with the male staff at work?
Well, if it was like some at work bible studies I've been to where it's more of a "Everyone chime in" and no one is exactly "teaching" but everyone is sharing and talking about the bible and things God is doing in their life, that would be ok. In those cases, it's not like there is an official teacher. But if it was an actual study where she was the teacher then no, I wouldn't be ok with that. Of course, I just wouldn't go. What anyone else did would be up to them.
It's a wonder you don't criticize Jesus for telling the Apostle to the Apostles: Mary Magdalene, to go and announce His resurrection to the men. I'm sure you don't approve.
How DARE He ! Telling a woman to deliver the greatest message in all of history to men! Way out of line, wasn't He.
But then Jesus does not rate real high on the fundie list anyway.
Of course you can prove that she was an apostle, right? I mean, you can show in scripture where Jesus appointed her along with the other apostles, can't you?
Otherwise, she's just a very priviledged person delivering a message (albeit the most important message ever delivered). Shoot, last time I checked--and admittedly it's been about 3 minutes--we're ALL supposed to go tell the good news that Jesus is risen.
This is legalism in action. The Jews were good at following the letter of the law too. Please read this from Joe so you can recognize it when you see it in the future:
Well, if it was like some at work bible studies I've been to where it's more of a "Everyone chime in" and no one is exactly "teaching" but everyone is sharing and talking about the bible and things God is doing in their life, that would be ok. In those cases, it's not like there is an official teacher. But if it was an actual study where she was the teacher then no, I wouldn't be ok with that.
much less important than teaching the Bible wasn't it, Joe
Jesus HIMSELF giving Mary Magdalene the commission to announce to the Apostles that He has risen. Not very important, compared to fundies teaching a Bible class with no female teachers.
BTW, WHO did teach the Bible back then? Was there a NT during Jesus' day? Not yet. That came later.
Joe. Think about what you are saying.
If it's not in the Bible, don't believe it, right? What about the list of canon books? Was that inspired or man-made?
I am the anonymous who posted the comment about the sad plight of the homeless man. What do I find when I return? Petty sparring over a tertiary issue. No wonder we are losing the battle for the Gospel in the world. Thank goodness God wins the war.
You're right, the canon of Scripture is, of course, tertiary. It obviously is not important who authorized it, or if it is correct, just so long as you base everything you believe on the Bible.
On the second thought, who says the guy is homeless? Maybe he's just enjoying the afternoon, with a cup of soda or something, and gave some water to his pets! :)
Are we going THERE again? CB Scott used to suggest the same thing, but I thought this all was settled now. Wade himself used to suggest the same, but actually replies often and repeatedly to people who essentially are anonymous despite their having a "blue name" in front of their posting/s in the thread. Give up the "cowardly" stuff, brother; either skip anonymous postings when they occur OR dialog reasonably. There aren't any "cousins in Christ"--you're likely interacting with a brother or sister in the Lord you'll face in glory one day; you'd like to do that with as few regrets as possible, even if it's only blogging at a website, I'm sure.
David, Joe doesn't know how to answer the question about the canon. The rudeness was his out. He's allowed. This way he gets to keep his dignity and we are all for that. Anon.
Religious News Network (Fort Worth, TX) - April 1, 2009 1:20 PM EDT: The Rev. Dr. Paige Patterson, president of Southwestern Baptist Theological Seminary in Fort Worth, Texas, earlier today announced his retirement, effective June 1, 2009. He cited a "desire to withdraw somewhat from public life, in order to focus my time, energy, and love on my family." When asked what implications his retirement will have on his wife Dorothy Patterson's position as the only woman on the Seminary's faculty, Patterson said that Dorothy was free to make her own decision about retirement, and journalists would need to ask her directly, since he does not speak for his wife.
Though Dorothy Patterson stood supportively by her husband's side during his announcement, she declined to comment or take questions.
When asked to give further details about his retirement, Patterson said, "I have been giving a great deal of thought to the effects of my decisions and actions on other people, particularly women and moderate Southern Baptists. I think it would be appropriate for me to step back and examine my conscience further on these matters. If I have been wrong, there are serious amends to be made."
Lydia, Did you know you’re almost cruel? I was smiling ear to ear till you said it was a joke.
Beautiful Self, In math, things equal to the same thing are equal to each other.
To say you agree with Joe Blackmon and me is to imply that Joe and I agree with each other.
Please tell me you don’t mean that or I’ll say you’re in competition with Lydia.
Another scenario: 1. The man is trying to teach his pets to beg for money. 2. The dog has the downcast look perfect but needs to lower his head so his paws will be on his nose. 3. The cat has over dramatized begging and is libel to get buried.
Joe Blackman, If ‘Beautiful Self’ taught the course would you change your mind? :)
The Atlantic > The Quiet Coup by Simon Johnson The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
During McCain's campaign, he stated on numerous occasions about the 'health' of our financial system. His advisor: Phil Gramm. Economics 'dumb' and economics 'dumber'
We wonder what these two would have done with the crisis, seeing as how Phil Gramm was devoted to removing all controls from the banks and the investment firms.
I agree that women ought not to be teaching men. The Bible is clear on that.
I Corinthians 14:34 & 35 -- "Let your women keep silence in the churches: for it is not permitted unto them to speak; but they are commanded to be under obedience, as also saith the law. And if they will learn any thing, let them ask their husbands at home: for it is a shame for women to speak in the church."
They are, however, to teach the younger women (therefore, if would not be a shame for them to teach a ladies' Sunday School class or Bible study).
Titus 2:3 & 4 -- "The aged women likewise, that they be in behaviour as becometh holiness, not false accusers, not given to much wine, teachers of good things; That they may teach the young women to be sober, to love their husbands, to love their children,"
But when it comes to "Woman Preachers".... THAT I am against, because God says "no".
That is not "legalism"... That is Bible. Argue with the Word of God if you so want... that is your choice.
----------------- And as for my blog: my blog is not intended to "preach" to anyone. I am simply sharing my heart and trying to network with other Bible-believing Christians. I share what the Lord teaches me through my daily devotions, and what I learn in Sunday School and at the services at my church. You will never catch me behind a pulpit teaching in church.... UNLESS it's to a group of ladies, or teen girls.
Also, if you noticed, all the people following my blog are women.
What do you think of the great women of the Bible?
The ones who 'taught' ?
Deborah who taught Torah? Mary who raised Jesus and whose soul magnified the Lord? Mary Magdalene who was commissioned by the Lord to announce the Resurrection?
You have to wipe out a lot of the Bible to buy into 'women are not as good as men' in the eyes of God for the purposes of instructing in the Kingdom.
I hope the spirit of these women reaches you and encourages you to realize your own worth as a Christian woman. The Kingdom needs ALL hands on deck. ALL.
Otherwise, go back to ironing handkerchiefs for your man, a la Dorothy Patterson, where you can feel 'safe' and 'in your place'.
Please realize how much you are needed. God loves you. Love casts out fear. Fear not. And go to work for the Lord with ALL your heart, and mind, and soul and strength: without reservation.
Deborah was not a preacher, she was a one of the judges of Israel. Mary was the MOTHER of Jesus, not His preacher... Mary Magdalene was to be a witness unto the other disciples, making them aware of the glorious Resurrection of our Savior! She was not, however, to go and preach unto them.
As for my worth as a woman, I understand completely that I am to be a good testimony and a witness with my life. I am so thankful that the Lord allows me to serve in the ministries of my church! I am honored to be in His service!
I never stated that "women are not as good as men"... I do not believe that statement at all. We are all equal, but the women are to be submissive to their fathers and their husbands.
I also agree that "All hands must be on deck". Again, there is a place for everyone!
As for ironing handkerchiefs for my man... haha! :) I'm not married, nor in a relationship... so I guess I'll just have to settle for ironing hankerchiefs for myself! ;)
I'm sorry, but when did I state that I was looking for Mr. Perfect? Because I'm not. I am content being single until GOD brings the right one for me along... and He will if it's His will. I am not going to pine away my life wishing for some sort of perfection that doesn't exist.... except in Christ, of course. :)
Martha was too worried the tangible, material things of this world. Mary chose "that good thing" by taking time to let the Lord speak to her.
So often Christians today are in so much of a rush - we're too busy - to take some time to spend with our Creator. I need that daily time with the Lord - it refreshes me and gives me strength for whatever I may face through the day!
Cats can be so dramatic.
54 comments:
I understand this is to be a humorous post. But the mess that we are in, is being made worse by the current administration. Their intentions are good, but the oligarchs are in control. All the below links are from NYT.
Obama’s Ersatz Capitalism
THE Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose.
Treasury hopes to get us out of the mess by replicating the flawed system that the private sector used to bring the world crashing down, with a proposal marked by overleveraging in the public sector, excessive complexity, poor incentives and a lack of transparency.
Let’s take a moment to remember what caused this mess in the first place. Banks got themselves, and our economy, into trouble by overleveraging — that is, using relatively little capital of their own, they borrowed heavily to buy extremely risky real estate assets. In the process, they used overly complex instruments like collateralized debt obligations.
The prospect of high compensation gave managers incentives to be shortsighted and undertake excessive risk, rather than lend money prudently. Banks made all these mistakes without anyone knowing, partly because so much of what they were doing was “off balance sheet” financing.
In theory, the administration’s plan is based on letting the market determine the prices of the banks’ “toxic assets” — including outstanding house loans and securities based on those loans. The reality, though, is that the market will not be pricing the toxic assets themselves, but options on those assets.
The two have little to do with each other. The government plan in effect involves insuring almost all losses. Since the private investors are spared most losses, then they primarily “value” their potential gains. This is exactly the same as being given an option.
Fed Plans to Inject Another $1 Trillion to Aid the Economy
WASHINGTON — The Federal Reserve sharply stepped up its efforts to bolster the economy on Wednesday, announcing that it would pump an extra $1 trillion into the financial system by purchasing Treasury bonds and mortgage securities.
Having already reduced the key interest rate it controls nearly to zero, the central bank has increasingly turned to alternatives like buying securities as a way of getting more dollars into the economy, a tactic that amounts to creating vast new sums of money out of thin air. But the moves on Wednesday were its biggest yet, almost doubling all of the Fed’s measures in the last year.
The action makes the Fed a buyer of long-term government bonds rather than the short-term debt that it typically buys and sells to help control the money supply.
The idea was to encourage more economic activity by lowering interest rates, including those on home loans, and to help the financial system as it struggles under the crushing weight of bad loans and poor investments.
America the Tarnished
Ten years ago the cover of Time magazine featured Robert Rubin, then Treasury secretary, Alan Greenspan, then chairman of the Federal Reserve, and Lawrence Summers, then deputy Treasury secretary. Time dubbed the three “the committee to save the world,” crediting them with leading the global financial system through a crisis that seemed terrifying at the time, although it was a small blip compared with what we’re going through now.
All the men on that cover were Americans, but nobody considered that odd. After all, in 1999 the United States was the unquestioned leader of the global crisis response. That leadership role was only partly based on American wealth; it also, to an important degree, reflected America’s stature as a role model. The United States, everyone thought, was the country that knew how to do finance right.
How times have changed.
Never mind the fact that two members of the committee have since succumbed to the magazine cover curse, the plunge in reputation that so often follows lionization in the media. (Mr. Summers, now the head of the National Economic Council, is still going strong.) Far more important is the extent to which our claims of financial soundness — claims often invoked as we lectured other countries on the need to change their ways — have proved hollow.
Indeed, these days America is looking like the Bernie Madoff of economies: for many years it was held in respect, even awe, but it turns out to have been a fraud all along.
It’s painful now to read a lecture that Mr. Summers gave in early 2000, as the economic crisis of the 1990s was winding down. Discussing the causes of that crisis, Mr. Summers pointed to things that the crisis countries lacked — and that, by implication, the United States had. These things included “well-capitalized and supervised banks” and reliable, transparent corporate accounting. Oh well.
One of the analysts Mr. Summers cited in that lecture, by the way, was the economist Simon Johnson. In an article in the current issue of The Atlantic, Mr. Johnson, who served as the chief economist at the I.M.F. and is now a professor at M.I.T., declares that America’s current difficulties are “shockingly reminiscent” of crises in places like Russia and Argentina — including the key role played by crony capitalists.
In America as in the third world, he writes, “elite business interests — financiers, in the case of the U.S. — played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive.”
The Market Mystique
On Monday, Lawrence Summers, the head of the National Economic Council, responded to criticisms of the Obama administration’s plan to subsidize private purchases of toxic assets. “I don’t know of any economist,” he declared, “who doesn’t believe that better functioning capital markets in which assets can be traded are a good idea.”
Leave aside for a moment the question of whether a market in which buyers have to be bribed to participate can really be described as “better functioning.” Even so, Mr. Summers needs to get out more. Quite a few economists have reconsidered their favorable opinion of capital markets and asset trading in the light of the current crisis.
But it has become increasingly clear over the past few days that top officials in the Obama administration are still in the grip of the market mystique. They still believe in the magic of the financial marketplace and in the prowess of the wizards who perform that magic.
Credit Crisis — The Essentials
Credit Crisis — Bailout Plan
Economic Stimulus
We are all socialists now.
THE DORGAN PROPHECY
In the year 1999, Phil Gramm led the fight to repeal the Glass-Steagall Act.
There was a prophecy that warned about the result.
Here is the story:
The Glass-Steagall Act separated banking from financial services.
But in 1999, Congress repealed it.
Congress approved landmark legislation that opened the door for a new era on Wall Street in which commercial banks, believing that securities houses and insurers would find it easier and cheaper to enter one another's businesses.
They did.
The measure, considered by many the most important banking legislation in 66 years,
was approved in the Senate by a vote of 90 to 8 and in the House tonight by 362 to 57.
The bill was sent to the president for signature, to become one of the most significant achievements for the White House and the Republicans leading the 106th Congress.
It was signifigant, all right.
''The world changes, and we have to change with it,'' said Senator Phil Gramm of Texas, who wrote the law that bears his name along with the two other main Republican sponsors, Representative Jim Leach of Iowa and Representative Thomas J. Bliley Jr. of Virginia. '
'We have a new century coming, and we have an opportunity to dominate that century the same way we dominated this century. Glass-Steagall, in the midst of the Great Depression, came at a time when the thinking was that the government was the answer.
In this era of economic prosperity, we have decided that freedom is the answer.''
Freedom is the answer okay:
The speculators cheered madly. Their lobbyists contributed generously. The door to the henhouse was opened to the foxes
and the feeding frenzy began.
In the House debate, Mr. Leach said,
''This is a historic day. The landscape for delivery of financial services will now surely shift.''
It surely did.
Ten years later, we see the results.
HOW COULD WE HAVE GUESSED?
Well, it was predicted.
Yep. It was.
Read this quote from Senator Byron Dorgan, now considered and economic prophet by many:
“''I think we will look back in 10 years' time and say we should not have done this but we did because we forgot the lessons of the past, and that that which is true in the 1930's will be true in 2010,'' said Senator Byron L. Dorgan, Democrat of North Dakota.
''I wasn't around during the
1930's or the debate over Glass-Steagall.
But I was here in the early 1980's when it was decided to allow the expansion of savings and loans.
We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.''
But no listened.
And Glass-Steagall’s protections died.
And the DORGAN PROPHECY has been fulfilled.
He says today that he was just speaking from common sense.
Plain ole American Common Sense.
No one listened. Now look at the back-peddling and the blame-game.
But it won't work. Damage is done. And all because of GREED.
So the elected government is trying to fix it?
Is Phil Gramm one of its advisors?
No. He is not.
'Meow, what a cat-astrophe!'
Financial events following the repeal of the Glass-Steagall Act.
The repeal enabled commercial lenders such as Citigroup, which was in 1999 then the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities.
The repeal of this act contributed to the Global financial crisis of 2008–2009.
The year before the repeal, sub-prime loans were just 5% of all mortgage lending.
By the time the credit crisis peaked in 2008, they were approaching 30%.
Well, I don't know about the rest of you guys, but I sure got a chuckle out of it! And yes, cats can be very dramatic! :-)
ECONOMY OF EFFORT:
HOW TO CLEAN YOUR TOILET AND
WASH YOUR CAT AT THE SAME TIME.
Instructions:
1. Put both lids of the toilet up and add 1/8 cup of pet shampoo to the water in the bowl.
2. Pick up the cat and soothe him while you carry him towards the bathroom.
3. In one smooth movement, put the cat in the toilet and close both lids. You may need to sit on the lid.
4. The cat will self agitate and make ample suds. Never mind the noises that come from the toilet, the cat is actually enjoying this.
5. Flush the toilet three or four times. This provides a "power-wash" “and rinse".
6. Have someone open the front door of your home. Be sure that there are no people between the bathroom and the front door.
7. Stand behind the toilet as far as you can, and quickly lift both lids.
8. The cat will rocket out of the toilet, streak through the bathroom, and run outside where he will dry himself off.
YOUR CAT AND COMMODE WILL BOTH BE SPARKLING CLEAN.
I’d call it:
1. Out of a job.
2. Don’t want a job.
3. Call a doctor.
BTW,
Rotate the cat 90 degrees, and that’s the position an Alaskan grizzle bear was in while looking at me five yards away eye-ball to eye-ball.
My wife of six weeks (in a tree stand) had screamed, “You’re going to step on him!”
Backing me up was my twin brother, Hez, who (like me) had never shot anything bigger than a rabbit. He was holding an empty pistol in one hand and an empty rifle in the other.
In the tree stand, Hez wanted to go around behind the bear. He left with my army 30-06 and I got his .308 from the boat and went by the lake shore. I shot the bear and with a roar that stood the hair up on my neck, he ran back in the alder bushes.
“Did you kill him? Did you kill him?”
“No. I wounded him! He’s out there where you are!”
The bear came out of a hole looking like a mountain. His paws were over his head, but it didn’t look like he was in a mood to surrender. We were so close we shot from the hip and he ran off and laid down. He could run like a horse while we looked like drunk sailors chasing him on the tundra.
The process repeated but the gun was empty after I put the fourth bullet in him. Hez wasn’t with me because he couldn’t get another bullet in the chamber. He came up with the bolt out.
“You got any more bullets for your gun?”
“No.”
“We’re trading guns. You take this 45, and find the bear while I get the bolt in. But don’t shoot till I get there!”
Bang, bang, bang…Hez empted the pistol while yelling, “I’m going to slow him down!”
“You emptied our back-up gun! I don’t have any more bullets! Blab, blab, blab! This is dangerous! We got to be careful!”
So that’s where we were when this story began. I put another 220 grain in him, but it didn’t make him flinch. Desperately, I jerk the bolt for another bullet, but it came out over my shoulder.
I found it’s impossible to put a bolt in with a bear staring at you. I figured we were dead if I didn’t get it in, so I concentrated on what I was doing…I was like the preacher up a tree praying, “Lord if you can’t help me, please don’t help that bear.” When I looked up, he was gone, and next time, he didn’t move.
Needless to say, no one has asked us experience bear killers to be their guide.
The dog is looking pretty good, just like he was in a poor man's back yard, on a thousand-dollar couch in Pecan Manor, or posing for his food company calendar shot.
The guy, I dunno, might be an angel. Definitely has something of God about him....
Coffee Trader-News & Views > Church Tales
A man was being tailgated by a stressed out woman on a busy street. Suddenly, just in front of him, the light turned yellow. He did the right thing, stopping at the crosswalk, even though he could have beaten the redlight by accelerating through the intersection.The tailgating woman was furious and repeatedly honked her horn, screaming in frustration, as she missed her chance to get throughthe intersection, while also, dropping her cell phone and makeup.
I am about 1/4 through your book (I am a slow reader) and I have to say that the behavior of the trustees and those attached to them is disheartening to say the least and downright sinful at worst. Sadly, their behavior confirms that I am making a wise decision by not sending money to the SBC other than the small amount (relative to it's size) that my church sends to them.
Alan Paul,
The "behavior" to which you refer is only trustee "leadership."
The majority of trustees are wonderful, kind-hearted Christian people -
Who just follow their leaders and are so sucked up into alleged "authority" roles, they don't know when or how they ought to question leadership.
Of course, it doesn't make it any easier when so called leaders use a pile driver to smash anyone who questions them.
Hopefully, that is changing.
At least it not Hillary in the White House.
Oh, I should add before some of the gals get themselves in a tizzy that I would not be opposeed to a woman president as long as:
a) She was anti-abortion
b) She was anti-gay marriage
c) She was pro getting governement out of people's hair to the extent possible.
Further, outside of the pastorate, I have no problem whatsoever with any women being in a position of authority. Actually, I've had several supervisors at work who were women. Never had a problem working for them.
Further, outside of the pastorate, I have no problem whatsoever with any women being in a position of authority. Actually, I've had several supervisors at work who were women. Never had a problem working for them.
Thu Apr 02, 10:49:00 AM 2009
So, it would be ok with you if she lead a bible study with the male staff at work?
"At least it not Hillary in the White House."
No, she is over at State giving 9 billion dollars to Hamas.
STILL waiting on my pre-ordered book. Good thing I have the "Simple Church" to read right now and plus the May edition of Tabletalk just hit my mailbox!
You can keep your SI, Newsweek, World, etc...just give me Tabletalk and I will be a very happy Believer.
Looks like the church I pastor after everyone is slain in the Spirit...
TIC
My oldest son and family are awaiting their transfer orders. USCG, presently serving in Chesapeake, VA as an IT specialist.
The places he asked for are gone. Still 21 slots to fill from Kodiak to Key West and interesting points in between.
Wade,
My take on your treatment is that leaders may have been the perpetrators, but the individual trustees who went along with it were equally culpable. I have to ask ... if most of the believers in the church in Acts had been similarly disposed, would the "church" have survived?
And as to the post .. at least the guy and the dog seem, still, to be praying about it. The cat seems to have checked out.
"My take on your treatment is that leaders may have been the perpetrators, but the individual trustees who went along with it were equally culpable. I have to ask ... if most of the believers in the church in Acts had been similarly disposed, would the "church" have survived?"
Bob, I have to agree. Those who stand by and 'watch' are just as culpable.
THE JACKSON(VILLE) THREE
"Woe to them what tries to steal Mac's joy in Jesus, for they shall feel the Wrath of Mac."
The Jacksonville Three are exiles.
From FBCJax.
They got 'shut down' for failing to come up with enough tithe money for Mac's latest trip to Europe.
The guy is 'bowing' towards Macca.
The fur-covered guy with the big nose got nailed for questioning Mac's dog-matics on tithing.
The little fur guy got exiled for asking Mac to turn one of his luxury dog houses into a cat house.
The little guy might have got away with it, except he made the request in front of Mac and a reporter for the Associated Baptist Press.
What is humorous about the picture? I see a homeless man in the background and no one notes the urgent command of Matthew 25 regardless of the economic situation of the world.
Naw. They are outcasts from FBCJax. It's written all over them.
This made me smile at first, then burst into laughter. So funny!
I must say though that I agree with both Rex Ray and Joe Blackmon.
:)
http://wheresinabounded.blogspot.com/
So, it would be ok with you if she lead a bible study with the male staff at work?
Well, if it was like some at work bible studies I've been to where it's more of a "Everyone chime in" and no one is exactly "teaching" but everyone is sharing and talking about the bible and things God is doing in their life, that would be ok. In those cases, it's not like there is an official teacher. But if it was an actual study where she was the teacher then no, I wouldn't be ok with that. Of course, I just wouldn't go. What anyone else did would be up to them.
Hey Joe, no one expects you to lower yourself.
It's a wonder you don't criticize Jesus for telling the Apostle to the Apostles: Mary Magdalene, to go and announce His resurrection to the men.
I'm sure you don't approve.
How DARE He !
Telling a woman to deliver the greatest message in all of history to men! Way out of line, wasn't He.
But then Jesus does not rate real high on the fundie list anyway.
...Apostle to the Apostles: Mary Magdalene...
Of course you can prove that she was an apostle, right? I mean, you can show in scripture where Jesus appointed her along with the other apostles, can't you?
Otherwise, she's just a very priviledged person delivering a message (albeit the most important message ever delivered). Shoot, last time I checked--and admittedly it's been about 3 minutes--we're ALL supposed to go tell the good news that Jesus is risen.
Just a wee bit different than teaching the bible.
This is legalism in action. The Jews were good at following the letter of the law too. Please read this from Joe so you can recognize it when you see it in the future:
Well, if it was like some at work bible studies I've been to where it's more of a "Everyone chime in" and no one is exactly "teaching" but everyone is sharing and talking about the bible and things God is doing in their life, that would be ok. In those cases, it's not like there is an official teacher. But if it was an actual study where she was the teacher then no, I wouldn't be ok with that.
Just a wee bit different than teaching the bible:
just a 'little'
much less important than teaching the Bible wasn't it, Joe
Jesus HIMSELF giving Mary Magdalene the commission to announce to the Apostles that He has risen. Not very important, compared to fundies teaching a Bible class with no female teachers.
BTW, WHO did teach the Bible back then? Was there a NT during Jesus' day? Not yet. That came later.
Joe. Think about what you are saying.
If it's not in the Bible, don't believe it, right? What about the list of canon books? Was that inspired or man-made?
Anon
When you have enough backbone to sign your name to comments, it would be my pleasure to engage you further.
Well, Joe, you couldn't possibly explain how you accept the list of Books in the Bible (canon).
You have no answer.
The canon is not a part of the inspired Scriptures. The canon is a list made up by men.
How do you know it is complete?
Or correct? How DO you know.
No answer. Don't worry about it.
But start thinking.
I am the anonymous who posted the comment about the sad plight of the homeless man. What do I find when I return? Petty sparring over a tertiary issue. No wonder we are losing the battle for the Gospel in the world. Thank goodness God wins the war.
You're right, the canon of Scripture is, of course, tertiary.
It obviously is not important who authorized it, or if it is correct, just so long as you base everything you believe on the Bible.
Did that make sense?
On the second thought, who says the guy is homeless? Maybe he's just enjoying the afternoon, with a cup of soda or something, and gave some water to his pets! :)
I love this guy. He has lost everything, but will not abandon his animals.
That's classy.
Maybe the cat has the most faith of the three that all will be well. It's able to rest in perfect peace as a result.
In God's Kingdom and its economy today: all is as well as it ever was. Live in it and by it, encourage others to do the same; rest like a cat.
"You will keep in perfect peace him whose mind is steadfast, because he trusts in you" (Isaiah 26:3, NIV).
David
Joe: "backbone"??
Are we going THERE again? CB Scott used to suggest the same thing, but I thought this all was settled now. Wade himself used to suggest the same, but actually replies often and repeatedly to people who essentially are anonymous despite their having a "blue name" in front of their posting/s in the thread. Give up the "cowardly" stuff, brother; either skip anonymous postings when they occur OR dialog reasonably. There aren't any "cousins in Christ"--you're likely interacting with a brother or sister in the Lord you'll face in glory one day; you'd like to do that with as few regrets as possible, even if it's only blogging at a website, I'm sure.
Thanks, man.
David (and that's enough for now)
David, Joe doesn't know how to answer the question about the canon. The rudeness was his out.
He's allowed. This way he gets to keep his dignity and we are all for that. Anon.
Is this an April fools joke:
Religious News Network (Fort Worth, TX) - April 1, 2009 1:20 PM EDT: The Rev. Dr. Paige Patterson, president of Southwestern Baptist Theological Seminary in Fort Worth, Texas, earlier today announced his retirement, effective June 1, 2009. He cited a "desire to withdraw somewhat from public life, in order to focus my time, energy, and love on my family." When asked what implications his retirement will have on his wife Dorothy Patterson's position as the only woman on the Seminary's faculty, Patterson said that Dorothy was free to make her own decision about retirement, and journalists would need to ask her directly, since he does not speak for his wife.
Though Dorothy Patterson stood supportively by her husband's side during his announcement, she declined to comment or take questions.
When asked to give further details about his retirement, Patterson said, "I have been giving a great deal of thought to the effects of my decisions and actions on other people, particularly women and moderate Southern Baptists. I think it would be appropriate for me to step back and examine my conscience further on these matters. If I have been wrong, there are serious amends to be made."
Ok, it is a joke. My cousin sent it to me by e-mail.
I thought it was too good to be true. :o)
Lydia,
You had to ask? LOL!
Lydia,
Did you know you’re almost cruel?
I was smiling ear to ear till you said it was a joke.
Beautiful Self,
In math, things equal to the same thing are equal to each other.
To say you agree with Joe Blackmon and me is to imply that Joe and I agree with each other.
Please tell me you don’t mean that or I’ll say you’re in competition with Lydia.
Another scenario:
1. The man is trying to teach his pets to beg for money.
2. The dog has the downcast look perfect but needs to lower his head so his paws will be on his nose.
3. The cat has over dramatized begging and is libel to get buried.
Joe Blackman,
If ‘Beautiful Self’ taught the course would you change your mind? :)
P.S.
Joe,
And the ‘looks’ of her blog says she could do more than just a ‘little talking’.
To Rex:
down boy, down
The Atlantic > The Quiet Coup by Simon Johnson
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
NYT > Greed and Stupidity by David Brooks
What 'might have been'
During McCain's campaign, he stated on numerous occasions about the 'health' of our financial system. His advisor: Phil Gramm.
Economics 'dumb' and
economics 'dumber'
We wonder what these two would have done with the crisis, seeing as how Phil Gramm was devoted to removing all controls from the banks and the investment firms.
Wow.
It could have worse.
To Anonymous,
I want to apologize to leading you to say something you were too ashamed to sign your name.
Aw, Rex, i was kidding you. :)
I never meant for any of this to get hostil...
I agree that women ought not to be teaching men. The Bible is clear on that.
I Corinthians 14:34 & 35 --
"Let your women keep silence in the churches: for it is not permitted unto them to speak; but they are commanded to be under obedience, as also saith the law.
And if they will learn any thing, let them ask their husbands at home: for it is a shame for women to speak in the church."
They are, however, to teach the younger women (therefore, if would not be a shame for them to teach a ladies' Sunday School class or Bible study).
Titus 2:3 & 4 --
"The aged women likewise, that they be in behaviour as becometh holiness, not false accusers, not given to much wine, teachers of good things;
That they may teach the young women to be sober, to love their husbands, to love their children,"
But when it comes to "Woman Preachers".... THAT I am against, because God says "no".
That is not "legalism"... That is Bible. Argue with the Word of God if you so want... that is your choice.
-----------------
And as for my blog:
my blog is not intended to "preach" to anyone. I am simply sharing my heart and trying to network with other Bible-believing Christians. I share what the Lord teaches me through my daily devotions, and what I learn in Sunday School and at the services at my church.
You will never catch me behind a pulpit teaching in church.... UNLESS it's to a group of ladies, or teen girls.
Also, if you noticed, all the people following my blog are women.
Beautiful Self,
“Teach a child to choose the right path, and when he is older he will remain upon it.” (Proverbs 22:6 Living)
“Direct your children onto the right path, and when they are older, they will not leave it.” (NLT)
Would you agree people are easier to be persuaded the younger they are?
I mean if you wanted a person to believe the moon is made out of cheese, what age would you pick? One year old?
My point being, the younger a person is, the more ‘correct’ their teachers should be in all things including the Bible.
To say a woman is allowed to teach children but not men is ridicules regardless of how much interpretation one might put on man’s ideas in the Bible.
like i said: if you wanna continue believing otherwise, then go for it. I believe God and the truth of His Word.
i am not interpreting the Bible, the verses i presented are pretty black-&-white in what they say.
Beautiful Self:
What do you think of the great women of the Bible?
The ones who 'taught' ?
Deborah who taught Torah?
Mary who raised Jesus and whose soul magnified the Lord?
Mary Magdalene who was commissioned by the Lord to announce the Resurrection?
You have to wipe out a lot of the Bible to buy into 'women are not as good as men' in the eyes of God for the purposes of instructing in the Kingdom.
I hope the spirit of these women reaches you and encourages you to realize your own worth as a Christian woman. The Kingdom needs ALL hands on deck. ALL.
Otherwise, go back to ironing handkerchiefs for your man, a la
Dorothy Patterson, where you can feel 'safe' and 'in your place'.
Please realize how much you are needed. God loves you. Love casts out fear. Fear not.
And go to work for the Lord with ALL your heart, and mind, and soul and strength: without reservation.
Deborah was not a preacher, she was a one of the judges of Israel.
Mary was the MOTHER of Jesus, not His preacher...
Mary Magdalene was to be a witness unto the other disciples, making them aware of the glorious Resurrection of our Savior! She was not, however, to go and preach unto them.
As for my worth as a woman, I understand completely that I am to be a good testimony and a witness with my life. I am so thankful that the Lord allows me to serve in the ministries of my church! I am honored to be in His service!
I never stated that "women are not as good as men"... I do not believe that statement at all. We are all equal, but the women are to be submissive to their fathers and their husbands.
I also agree that "All hands must be on deck". Again, there is a place for everyone!
As for ironing handkerchiefs for my man... haha! :) I'm not married, nor in a relationship... so I guess I'll just have to settle for ironing hankerchiefs for myself! ;)
Beautiful Self,
If you’re looking for the perfect man, a word of warning, he may be looking for the perfect woman. :)
If you had been Jesus, what would you have told Martha when she asked you to get Mary to help her in the kitchen?
And what reasons would you give?
I'm sorry, but when did I state that I was looking for Mr. Perfect? Because I'm not. I am content being single until GOD brings the right one for me along... and He will if it's His will. I am not going to pine away my life wishing for some sort of perfection that doesn't exist.... except in Christ, of course. :)
Martha was too worried the tangible, material things of this world. Mary chose "that good thing" by taking time to let the Lord speak to her.
So often Christians today are in so much of a rush - we're too busy - to take some time to spend with our Creator. I need that daily time with the Lord - it refreshes me and gives me strength for whatever I may face through the day!
God has been so good to me! :)
You’re right about Martha and Mary, but that wasn’t my question; so I’ll ask another one:
Did Martha receive an answer that backs up the ‘role’ of women as portrayed by the BFM 2000, and please explain?
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