12.05.2007

Blood Center ID Theft

Stolen Laptop Had 268,000 Social Security Numbers

Excerpt:

Twin Cities blood bank says a laptop computer with 268,000 names and Social Security numbers has been stolen.

Memorial Blood Centers said Wednesday it has begun notifying blood donors of the theft, but they should monitor their financial accounts as a precaution. The laptop computer was taken on Nov. 28 in downtown Minneapolis during preparations for a blood drive.

The theft was captured on building security cameras. Memorial Blood Centers said it is working with police to get the laptop back.

The nonprofit blood center said the information is protected by multiple passwords, and does not contain medical information. CEO Don Berglund said it appears the theft was random.

Spokeswoman Laura Kaplan said they need the Social Security numbers to verify that donors are eligible to give blood. She said the laptop was in a briefcase when it was taken.

Comment: This is much worse than the "double poke" I got last Saturday! A company that I know quite a bit about (wink wink) has Pointsec on all of our laptops AND desktops! At that same company, no employee has a data store of social security numbers! Too bad Memorial Blood Centers has not done the same!

Loan-to-value ratio better than FICO!


Forget FICO, analyst says CIBC says loan-to-value ratios are better measure of risk for lenders


Excerpt:

Lenders trying to get a handle on risk in their mortgage portfolios will be better served by examining loan-to-value ratios, rather than individuals' credit scores which they have traditionally relied upon, CIBC World Markets warned Wednesday.

"The modern foundation of the lending market is about to be uprooted as FICO scores, the long trusted gauge for lenders in determining risk and price, will prove virtually meaningless in this credit cycle," wrote analyst Meredith Whitney in a research note.

FICO, short for Fair Isaac Credit Organization, measures individuals' creditworthiness by examining such factors as payment histories and debt levels.

Comment: This makes sense! FICO also ignores income.

The microbiota inside you

Say Hello to the Bugs in Your Gut

Excerpts:

From an early age, the human body is home to a huge but ever-changing community of microbes: for each one of our cells, there are 10 microbial cells in or on the body. Most of them live in the intestines; the bulk of the rest inhabit the mouth, esophagus, stomach, upper airway, skin and vagina. No one knows how many different species coexist inside the human gut. In the first comprehensive census of the gut, David Relman and his colleagues at Stanford University quit counting after they hit 395 different species in three healthy subjects. The real cast of characters will almost certainly number in the thousands.


Curiously, we don't start life with such a microbial partnership. A developing baby floats in sterile amniotic fluid, protected from bumps—and bugs. That isolation ends during the baby's trip through the birth canal, which is a haven for bacteria. The baby picks up microbes on his or her skin; some get into the mouth. From then on, helpful microbes somehow convince the immune system that they mean no harm. They settle down in hospitable regions, and crowd out those that can't compete.
....

What's indigestible to you is a seven-course meal to your gut microbiota. The conditions in the colon—dark, moist and free of oxygen—are just what your gut microbiota needs to ferment indigestible material passed on from the small intestine and produce simple sugars and short, chain-free fatty acids. They do this for their own good, but they also share some of these energy-rich substances with their host—us. Some people get up to 10 percent of their daily calories from substances produced by their gut bugs.
....

The energy content of food isn't a fixed quantity. Consider the 110 calories per cup listed on a box of Cheerios. Some people may get that much, others may get less, depending on their gut microbiota. A difference of just 25 calories a day—that's half a rice cake or one chocolate kiss—between what you take in and what you burn could mean a gain or loss of more than two pounds in a year and 20 pounds over a decade.

Comment: Very interesting article!

Investing: Understanding the "payout ratio"

Be Smart About High-Dividend Stocks

Excerpt:

In general, a payout ratio higher than 100% means that over the long term, it's unlikely that the company will be able to sustain current dividend levels without extraordinary growth.

The payout ratio is also a useful tool for comparing companies in the same industry. For instance, both Washington Mutual and Wells Fargo have suffered losses from the ongoing mortgage crisis. Yet while Washington Mutual's large dividend seems unsustainable, Wells Fargo's more modest payout isn't straining the company's finances as of yet.

If you're just getting started, high-dividend stocks can be a great way to introduce yourself to stock investing. Just make sure you do your homework before you buy, and you can help yourself avoid the nasty surprise of a dividend cut.

Comment: Wells Fargo's payout ratio is 46%. How to calculate: WFC. Divide the dividend into the EPS (Earnings per Share). In the case of Wells Fargo it is: 1.24/2.64 = 46%

Influenza di freddo, or “influence of the cold.”

Study Shows Why the Flu Likes Winter

Health / Research
Study Shows Why the Flu Likes Winter
By GINA KOLATA
Published: December 5, 2007
Researchers believe the flu virus is more stable and stays in the air longer when air is cold and dry.

Excerpt:

Flu viruses spread through the air, unlike cold viruses, Dr. Palese said, which primarily spread by direct contact when people touch surfaces that had been touched by someone with a cold or shake hands with someone who is infected, for example.

Flu viruses are more stable in cold air, and low humidity also helps the virus particles remain in the air. That is because the viruses float in the air in little respiratory droplets, Dr. Palese said. When the air is humid, those droplets pick up water, grow larger and fall to the ground.

Comment: My Father (b 1918), and Kathee's parent's (Father (b. 1913), Mother (b. 1917)) all survived the 1918 influenza outbreak. This is a good read!

Senator Al Franken?

Al Franken, the former “Saturday Night Live” star, is performing a balancing act as he runs for the U.S. Senate


U.S. / Politics
Comedian Says Minnesota Run Is a Serious One
By MONICA DAVEY
Published: December 5, 2007
Al Franken, the former “Saturday Night Live” star, is performing a balancing act as he runs for the U.S. Senate.


Excerpt:

Minnesota has made unorthodox political choices before. In 1998, voters chose Jesse Ventura, a third-party candidate and former professional wrestler, for governor, although some here suggest that the experience — Mr. Ventura left after one term — might have left them less willing to try something different again.

Mr. Franken has shown that he is so far the most formidable fund-raiser among the Democratic hopefuls. (And in the most recent quarter, at least, the $1.89 million he raised was on par with Mr. Coleman’s $1.7 million.)

Some Republicans even hope to see him win the Democratic endorsement. With Mr. Franken’s long trail of Stuart Smalley affirmations, Air America broadcasts and books with names like “Lies and the Lying Liars Who Tell Them: A Fair and Balanced Look at the Right” and “Rush Limbaugh Is a Big Fat Idiot and Other Observations,” he would make a tempting, target.

Comment: I'm a Norm Coleman supporter but I think Al (because of his name recognition, his ability to raise funds, and his off-beat approach) would be tough in a campaign.

Al Gore's Inner Peace Prize

The Science of Gore's Nobel: What if everyone believes in global warmism only because everyone believes in global warmism?

Excerpt:

The Nobel Committee might as well have called it Al Gore's Inner Peace Prize, given the way it seems designed to help him disown his lifelong ambition to become president in favor of a higher calling, as savior of a planet.

The media will be tempted to blur the fact that his medal, which Mr. Gore will collect on Monday in Oslo, isn't for "science." In fact, a Nobel has never been awarded for the science of global warming. Even Svante Arrhenius, who first described the "greenhouse" effect, won his for something else in 1903. Yet now one has been awarded for promoting belief in manmade global warming as a crisis.


Comment: Just because it is politically correct to be concerned about man-made global warming, doesn't make it a crisis! More below:

Now let's suppose a most improbable, rhapsodic lobbying success for Mr. Gore, Mr. Khosla and folks on their side of the table--say, a government mandate to replace half the gasoline consumed in the U.S. with a carbon-neutral alternative. This would represent a monumental, $400 billion-a-year business opportunity for the green energy lobby. The impact on global carbon emissions? Four percent--less than China's predicted emissions growth over the next three or four years.

European industrialists pained by the dollar’s decline

Europeans Toughen Line on the Dollar’s Weakness

Business / World Business
Europeans Toughen Line on the Dollar’s Weakness
By KATRIN BENNHOLD and STEPHEN CASTLE
Published: December 5, 2007
European policy makers hardened their tone this week on the decline of the dollar, as economists trimmed their growth forecasts for the 13-nation euro area.

Excerpt:

Louis Gallois, chief executive of the European Aeronautic Defense and Space Company, has become the most vocal among European industrialists who are feeling the pain of the dollar’s decline.

This week, Mr. Gallois said that over the next decade, the consortium’s Airbus subsidiary would be obliged to produce more of its planes outside Europe.

The plane maker, which sells its airplanes in dollars but incurs about 50 percent of its costs in euros, loses 1 billion euros, or $1.48 billion, in profit every time the euro gains 10 cents against the dollar. This places the company at a competitive disadvantage against its American rival, Boeing, whose costs are almost entirely dollar-denominated.

Latécoère, a major French subcontractor for Airbus, has already begun moving some low-value-added work to Morocco, Tunisia and Brazil.

Comment: Compare earlier Airbus post!

Will the credit crisis impact state governments?

Fund Crisis in Florida Worrisome to States

Business
Fund Crisis in Florida Worrisome to States
By MICHAEL M. GRYNBAUM
Published: December 5, 2007
The sudden flight from a Florida investment pool points to a broader uncertainty among officials in other states over how far the credit and mortgage crisis might spread.

Excerpt:

Many state governments pool money from towns, schools, and other state agencies into funds in an attempt to earn higher returns. Several of these pools have invested in highly rated vehicles that have since been downgraded by ratings agencies.

“These have been legitimate investments for some time, and some pension funds have made very good money investing in these kinds of vehicles,” said Keith Brainard, research director for the National Association of State Retirement Administrators. “It would not be fair to focus solely on the losses.”

Still, the troubles in Florida have raised concerns about similar funds elsewhere in the country. Montana’s short-term investment pool, which invests money for state agencies and municipalities, has about 23 percent of its $2.25 billion in total assets invested in commercial paper issued by structured investment vehicles, which have been at the center of the recent problems in the credit market.

Comment: Note the term "structured investment vehicles" in the last sentence. See searly CFG post with definitions.

Huckabee on creation

Huckabee Bristles at Creationism Query

Excerpt:

"I believe God created the heavens and the Earth," ... "I wasn't there when he did it, so how he did it, I don't know,"

Comment: Refreshing to hear a politician declare his belief in creation. Iowa is just a month away! Huckabee is surging in the polls while Romney (who has spent 10 to 20 times as much $$$ there) is fading. If Huckabee wins the Iowa Republican caucus, more $$$ will flow his way and fuel his campaign! Also in the article: Tim LaHaye endorsed Huckabee, declaring him "the most electable candidate who shares our commitment."

12.04.2007

Ryan Martin: The church is called the glory of Christ

The church is called the glory of Christ

Excerpt:

I wonder how many of the problems in the churches in evangelical America stem from an inadequate understanding of the church’s importance in God’s great work of redemption. She is the prized jewel, the chief institution in this dispensation, by which God is working in the world for the salvation of the elect. No other institution rivals her–not government, not para-church organizations, not even the family.

Comment: An excellent read.

More snow & Tuesday happenings

Afternoon rush hour anything but speedy as snow slows commutes

Because Kathee is in class all week, we are not commuting together this week. Kathee's class is near Hwy 100 and I-394.

I'm driving the Impala and K. is taking the S-10. We hardly ever drive the S-10 in the snow and today Kathee got caught up in a snowy drive home.

I left work at 1:30 and had an easy drive home. I plowed the driveway and the connected to work with my laptop and continued work until the the end of the work day. Kathee's class was let out early at 3:30 and it took her an hour to get home (I estimate perhaps only 8 miles).

Roger's drive home was worse (Bloomington to Plymouth) - an hour and a half!

My dear Brother-in-Law's condition continues to worsen and he is apparently just days from death. Our hearts are very sorrowful but we continue to pray for Tom, my Sister, Nancy, and their children. We are anticipating travel to Dallas soon and dreading the news.

Kathee and I read Nehemiah 8 & 9 tonight.

Now watching the movie The Elephant Man which is very good.

I am expecting to work from home tomorrow so Kathee can take the Impala.

Nehemiah 9

6 You alone are the LORD;
You have made heaven,
The heaven of heavens, with all their host,
The earth and everything on it,
The seas and all that is in them,
And You preserve them all.
The host of heaven worships You.

7 “You are the LORD God,
Who chose Abram,
And brought him out of Ur of the Chaldeans,
And gave him the name Abraham;

8 You found his heart faithful before You,
And made a covenant with him
To give the land of the Canaanites,
The Hittites, the Amorites,
The Perizzites, the Jebusites,
And the Girgashites—
To give it to his descendants.
You have performed Your words,
For You are righteous.

Booklet: Understanding Your FICO Score

Understanding Your FICO Score

Synopsis:

This booklet provides a thorough description of credit scoring, including ways credit scoring can help you, the relationship between your credit report and your credit score, what a FICO® score considers, and interpreting your score.

Comment: PDF available for download from Fair Isaac ®

12.03.2007

Visualthesaurus.com

visualthesaurus.com


Comment: Check this out!

John McCain is the man to lead America




Editorial: John McCain is the man to lead America

Excerpt:

Competence, courage, and conviction are enormously important for our next President to possess. No one has a better understanding of U.S. interests and dangers right now than does McCain. He was right on the mistakes made by the Bush administration in prosecuting the Islamic terrorist war in Iraq and he is being proved right on the way forward both there and worldwide.

McCain is pro-life. Always has been. He fights against special-interest and pork-barrel spending, and high spending in general, which ticks off liberals and many in the GOP who have wallowed at the public trough. Yet he also has the proven ability, unique among the contenders, to work across the political divide that has led our government into petty bickering when important problems need to be solved.

...

When McCain was shot down and taken prisoner by the North Vietnamese, he was repeatedly beaten. When his captors discovered that his father was a top U.S. admiral, they ordered him released for propaganda purposes. But McCain refused, insisting that longer-held prisoners be released before him. So they beat him some more. He never gave in then, and he won't give in to our enemies now.


Comment: I agree with this endorsement!

Caveat emptor in the financial markets

Innovating Our Way to Financial Crisis

Op-Ed Columnist
Innovating Our Way to Financial Crisis
By PAUL KRUGMAN
Published: December 3, 2007
The financial crisis that began late last summer, then took a brief vacation in September and October, is back with a vengeance.

Excerpt:

Credit — lending between market players — is to the financial markets what motor oil is to car engines. The ability to raise cash on short notice, which is what people mean when they talk about “liquidity,” is an essential lubricant for the markets, and for the economy as a whole.

But liquidity has been drying up. Some credit markets have effectively closed up shop. Interest rates in other markets — like the London market, in which banks lend to each other — have risen even as interest rates on U.S. government debt, which is still considered safe, have plunged.

“What we are witnessing,” says Bill Gross of the bond manager Pimco, “is essentially the breakdown of our modern-day banking system, a complex of leveraged lending so hard to understand that Federal Reserve Chairman Ben Bernanke required a face-to-face refresher course from hedge fund managers in mid-August.”

The freezing up of the financial markets will, if it goes on much longer, lead to a severe reduction in overall lending, causing business investment to go the way of home construction — and that will mean a recession, possibly a nasty one.

Behind the disappearance of liquidity lies a collapse of trust: market players don’t want to lend to each other, because they’re not sure they’ll be repaid.

In a direct sense, this collapse of trust has been caused by the bursting of the housing bubble. The run-up of home prices made even less sense than the dot-com bubble — I mean, there wasn’t even a glamorous new technology to justify claims that old rules no longer applied — but somehow financial markets accepted crazy home prices as the new normal. And when the bubble burst, a lot of investments that were labeled AAA turned out to be junk.
....
... the innovations of recent years — the alphabet soup of
C.D.O.’s and S.I.V.’s, R.M.B.S. and A.B.C.P. — were sold on false pretenses. They were promoted as ways to spread risk, making investment safer. What they did instead — aside from making their creators a lot of money, which they didn’t have to repay when it all went bust — was to spread confusion, luring investors into taking on more risk than they realized.


Definitions:


  1. C.D.O.: Collateralized Debt Obligation
  2. S.I.V.: Structured Investment Vehicle
  3. R.M.B.S.: Residential Mortgage Backed Security
  4. A.B.C.P.: Asset Backed Commercial Paper


Comments: Confused? What's tragic is that it sounds like the experts are confused! More below:

Denver Post: Easy loans mean painful losses

Excerpts:

As a speculative buyer, Campbell, like many others, repeatedly took advantage of the easy-loan era that collapsed this year into the subprime-lending crisis. From 2000 to 2006, the percentage of home loans to investors doubled nationally, and the number of mortgage-fraud cases leapt 700 percent, from about 3,500 to about 28,000.

Legal documents describe Campbell as a man afflicted with debilitating diseases, including hepatitis and kidney failure. In a lawsuit last year, he asserted his sole source of income was a Social Security disability program and that his only assets were houses with defaulted mortgages.

Yet in Colorado, Campbell managed to secure new home loans from subprime lenders despite a history of foreclosures on his old loans.

From 2004 to 2006, he purchased at least 12 houses in Colorado in his name for a total of $8.2 million. He had two houses in Cherry Hills Village, the swank suburb south of Denver. He had a Denver house four blocks east of the governor's mansion and another across from City Park. He had a house in the mountains and a house on a Broomfield golf course.

Campbell signed deeds promising that at least nine of these houses would serve as his principal residence, enabling him to qualify for lower interest rates than an investor.

He also had a knack for taking cash from the closing table instead of putting money down by inflating sale prices to boost loan amounts.

Real-estate listing records show he bought one house for $350,000 above the original asking price and another for $251,000 above the original asking price. Nine of the 12 houses were soon foreclosed. Two others were foreclosed after he sold them to another investor.

... he had his hands in the $3 million purchase of the mansion at 801 Race St.

The house had sold for $1.3 million in December 2005 to Jeffrey Hammerberg, a licensed real- estate agent who remodeled it and tried to resell it four months later for $2.25 million.

When it didn't sell, Hammerberg lowered the price by $100,000. It still didn't sell. Yet in August 2006, real-estate listing records show, Hammerberg raised the price to $3.1 million.

The house sold for a reported $3 million in November 2006. The listed buyer: Jill Rodriguez. Her husband, Florencio Rodriguez, owns Mile High Realty and Mortgage, the mortgage broker Campbell had used to try to buy other houses in 2006.

Raising the price from $2.15 million to $3 million made it possible to borrow more money. Eighty percent of a purchase price is a typical loan amount. New Century Mortgage, a leading subprime lender that went bankrupt this year, provided $2.4 million, which was 80 percent of the reported sale price.

Ronald Low, a spokesman for New Century, said the company uses various measures to guard against mortgage fraud, including examining borrower qualifications and verifying appraisal values on a representative sample of its loans.


Comment: Caveat emptor is Latin for "Let the buyer beware".

Discerning the Roman layer

A Vote for Latin

Op-Ed Contributor
A Vote for Latin
By HARRY MOUNT
Published: December 3, 2007
None of today’s leading presidential candidates studied Latin at a high level. How things have changed since the founding fathers.

Excerpts:

Know Latin and you discern the Roman layer that lies beneath the skin of the Western world. And you open up 500 years of Western literature (plus an additional thousand years of Latin prose and poetry).
...
With a little Roman history and Latin under your belt, you end up seeing more everywhere, not only in literature and language, but in the classical roots of Federal architecture; the spread of Christianity throughout Western Europe and, in turn, America; and in the American system of senatorial government. The novelist Alan Hollinghurst describes people who know history’s turning points as being able to look at the world as a sequence of rooms: Greece gives way to Rome, Rome to the Byzantine Empire, to the Renaissance, to the British Empire, to America.


Comment: I had 2 years of Latin in High School and afterwards I took 2 years of Spanish. Knowing Latin helped me learn Spanish - and years later when I attended Seminary, it helped me learn Greek!

The benefits of telecommuting

Do you really need to work in a cubicle?

Excerpt:

Locally, 4.5 percent of workers in the Twin Cities metro area work at home, according to the Census Bureau, but if you subtract the self-employed, that falls to 2.1 percent of the 1.7 million workers in the area. Those figures are in line with national averages. But when it comes to the paycheck, Minnesotans working from home seem to take a hit relative to their office-bound peers. Minnesota workers in general rank ninth in median earnings relative to workers in other states, but Minnesotans who work at home rank 22nd in median earnings, according to the Census Bureau.

Putting aside the private benefits and drawbacks, telecommuting is a clear winner from a public policy standpoint. Every worker at home is one fewer worker burdening the roads and public transportation systems. Designing public policies and infrastructure to increase the at-home workforce can have both public and private benefits.

Comment: I rarely agree with a Star Tribune editorial, but here's one with which I hearteningly concur! Telecommuting is big in our Phoenix location.

Arizona: Get A Life, Telework!

One way to help you juggle your work/life commitments is to telework, to work from home a day or so each week. When you telework, you not only get a more relaxed working environment; you save an hour of commute time and you can schedule your 8 hour work-day around your life for once. It may surprise you that the average State employee will spend six (40-hour) workweeks in their car this year just commuting to and from work. So the more you telework each week, the more time you redeem for your other priorities.


Since 1993, all Arizona Governors have included telework as an important part of their plan to help put an end to our notorious Brown Cloud. Additionally, telework is a powerful key business strategy to help the State attract and retain quality employees.

12.02.2007

Mike Huckabee Ad:

Chuck Norris endorses Mike Huckabee.

Newsweek: Chuck Norris Boosts Huckabee

Tyler Cowen: The benefit of the weak dollar

The Dollar Is Falling, and That’s Good News

Economic View
The Dollar Is Falling, and That’s Good News
By TYLER COWEN
Published: December 2, 2007
A weaker currency helps America sell more products abroad.

Excerpt:

A falling dollar does mean price inflation in the United States. Just as it costs more for an American to buy a fancy meal in Paris, so do French wines and German cars have a higher markup when they are sold in New York. But imports are only 16 percent of the American economy, and most foreign suppliers have been reluctant to risk their position in the American market by raising prices a great deal. Furthermore many price increases from Europe come on luxury goods and thus they fall on wealthy American buyers, who can afford it most easily. Wal-Mart serves a more working-class clientele and it is stocked with goods from Asia, where currency values have remained weaker against the dollar.

Of course the lower value of the dollar also makes American exports more competitive. Much of Middle America is booming because of its ability to sell tractors, food stuffs and other products abroad at favorable prices. Even after a serious real estate decline, the American economy is continuing to expand, and this is largely because of the strength of our export sector, as encouraged by a low value for the dollar.
....
SO far the Federal Reserve and the Bush administration have shown little concern over the falling dollar. This isn’t because of neglect or lack of interest; trillions of dollars worth of currency are traded every day, so policy makers have only a limited ability to push around long-term exchange rates, even if they wanted to do so.

When it comes to market prices, people can always find reason to be unhappy. In the eurozone, for example, it is a common complaint that the euro is too strong and therefore it is too difficult for Europeans to export goods and services.

In the case of the dollar, we need to stop thinking of its value as a marker of economic success. The American economy has its problems, but so far the low value of the dollar has proved more a benefit than a cost.

Northwest - the "800-pound gorilla" at MSP

Low-fare air battles bypass Twin Cities

Excerpt:

Travelers beginning their trips at Minneapolis-St. Paul International Airport on average pay 21 percent more than travelers starting at other hub airports because of the relative lack of low-fare carriers here, according to the former Transportation Department officials' report.

With increased service from low-fare carriers, the so-called "hub premium" isn't as steep as it used to be in the Twin Cities. Twelve years ago, the premium was 38 percent.

Minneapolis-St. Paul "now ranks fourth-highest," said Patrick Murphy, co-author of the competitive analysis and a former deputy assistant secretary for aviation at the Transportation Department. "It's not in the ranks of the worst, but there is still a premium."

Murphy said the strength of Northwest Airlines in this market contributes to the fare premium by keeping smaller carriers out of the market. In 2006, Northwest flights accounted for 76.5 percent of takeoffs and landings at the airport.

Comment: Southwest would give Northwest a real competitive run for the money!

Subprime artic ripple effects

U.S. Credit Crisis Adds to Gloom in Arctic Norway

U.S. Credit Crisis Adds to Gloom in Arctic Norway
By MARK LANDLER
Published: December 2, 2007
Norwegian towns that lost millions in bad investments fear that they will have to cut local services.

Excerpt:

Narvik has $34.5 million in a second Citigroup-devised investment, known as a collateralized debt obligation, which has also lost value as a result of the broader market turmoil. The town stands to lose at least some of that money, too.

Comments: I was surprised by the far reaching negative impact of the subprime crisis!

12.01.2007

1st snow of season



I plowed and Roger shoveled. We finished up at 6:15. Kathee had chili ready for us.

Details: 17 degrees, 4-6" of snow.

Coinage: "In God We Trust"

The Currency of Faith: How one man put God into circulation

On Nov. 13, 1861, in the first months of the war, Treasury Secretary Salmon P. Chase received the following letter from a Rev. M.R. Watkinson: "Dear Sir, One fact touching our currency has hitherto been seriously overlooked. I mean the recognition of the Almighty God in some form on our coins. You are probably a Christian. What if our Republic were now shattered beyond reconstruction? Would not the antiquaries of succeeding centuries rightly reason from our past that we were a heathen nation?"
....

Given the association of his name with Chase Manhattan, however, Salmon P. Chase is largely remembered for his role as secretary of the Treasury from 1861 to 1864. Seven days after reading the 1861 letter from the Pennsylvania pastor, Chase wrote the following to the director of the Mint in Philadelphia: "Dear Sir, No nation can be strong except in the strength of God or safe except in His defense. The trust of our people in God should be declared on our national coins."

It was several years in the making, but on March 3, 1865, Congress passed a bill calling for "In God We Trust" to be inscribed on U.S. coins. It would be one of the last acts President Lincoln signed into law.

Salmon P. Chase

Comment: Interesting. I did not know that "In God We Trust" did not appear on bills until 50 years ago (see article).

Saturday happenings

We are having our first snow today and it looks to be substantial.

Kathee shopped early today so as to be home before the snow commenced.

I gave blood today and got the "double poke". The nurse either put the needle through or nicked the side of the vein of my left arm. Blood began to slowly flow but there was immediate subcutaneous pooling of blood (bruising). I got really uncomfortable at this juncture (emotionally not physically) and began to have 2nd thoughts about donating blood. Maria, the nurse apologized (not that I think it was her fault!). She bandaged my left arm and then commenced on the right. All went well. So I have a nasty bruise on the left arm.

I was going to connect with my Brother today but with the roads getting snow covered we decided to call off meeting.

I'm going to let the snow accumulate for a while and then plow before dinner.

Mille Lacs' 'supertankers'

In search of the 'supertankers' of Lake Mille Lacs

Excerpt:

Without any golden trumpets, no fanfare whatsoever, a giant toothy mouth simply opened next to the boat and gently slurped the 11-inch lure as if it were an oyster on a half shell.

I set the hook and loosened the drag and started speaking to my Neophyte Net Man in very measured tones, as if I were talking him through a bomb defusing.

The fish was immense. And when I was finally able to turn it, I headed it back toward the boat, and James slid the net under her as if he'd done this every day.

In a lifetime of muskie fishing, I have never held a muskie this big. We measured it twice. It was 56 inches long, same as the state record, and 26 inches around. We didn't have a scale, but I guessed it was maybe 50 pounds. That would put it four pounds short of the record.

Do we take her in and weigh her?

We took her picture and slid her back into Mille Lacs. Her big propellers came to life, and she churned powerfully away.


Mille Lacs

Muskellunge

Comment: Even if one is not a fisherman, this is an interesting story

11.30.2007

Woot

Kathee has an intern working in her department and today he explained Woot to her.

Today was the first I've heard of it. Wikipedia has a good overview.

Wikipedia: Woot.com

woot.com

shirt.woot.com

wine.woot.com

Basically Woot.com sells one product per day at a greatly reduced price ... shirt.woot.cm sells one shirt all day for $ 10 with free shipping ... etc.

I labeled this "Weird" but it is somewhat interesting.

What do you think?

Does John McCain have his mojo back?

McCain Gets Momentum: Can he make a comeback?

Excerpt:

For McCain to make a comeback, several things have to fall in place. Mike Huckabee has to win Iowa or do damage to Mitt Romney. The two current GOP front runners, Mitt Romney and Rudy Giuliani, have to continue the demolition derby they kicked off in Wednesday evening's YouTube debate on CNN, jabbing each other about who's tougher on immigration and crime. The hint of scandal around Giuliani has to grow. That would leave the voters faced with Huckabee, who raised taxes in Arkansas to build roads (heresy for conservatives); a lethargic Fred Thompson, who can't seem to stir himself for the big fight, or McCain, a credible commander in chief who's always been pro-life. McCain could be the last man standing.

Comments: I think that this week's revelations about NYPD funding of Giuliani's sexual escapades is a severe blow to his campaign! Eg: Giuliani's mistress used NYPD as taxi service?. Google "Giuliani nypd travel" for more!

Clarifying the Love of God

Reformation Theology: Clarifying the Love of God for His People in Christ

Excerpt:

The Augustinian position, in contrast, believes that Christ's death and resurrection actually secures the salvation of His people. It is completely sufficient in itself to save sinners. God does require faith of His people but Christ's death even pays for the sin of our unbelief and thus He meets all the requirements necessary for our salvation ... requirements that we were morally impotent to meet ourselves. Thus, Jesus Christ gives His children everything necessary to secure salvation. This is an unconditional love ... salvation by grace alone in Christ alone. Christ plus nothing. Salvation is, therefore, not conditioned upon our prior faith but Christ actually even secures our faith. The finished work of Christ guarantees that none of his children will be lost and will all be raised up at the last day (John 6:37-39, 44)

Comment: a good read

Fixing a mess ... or more of a mess?

Banks may agree to plan to freeze ARM rates

Excerpt:

Federal authorities and major U.S. banks are close to an agreement under which interest rates on adjustable-rate loans will be frozen, a plan that would allow stretched homeowners to potentially avoid foreclosure, The Wall Street Journal reported Friday.

The newspaper said such an accord could reassure both investors and homeowners, helping to support home prices and provide liquidity for lenders. Moreover, the plan could help ease criticism aimed at the Bush administration over its handling of the mortgage crisis heading into an election year, according to the report.


While details still are being worked out, the heart of the plan is an agreement to extend so-called "teaser" introductory rates on loans for people who would default if their mortgage rates "reset" at much higher levels.


Freezing Mortgage Rates Is Not the Answer

Excerpt:

The problem with the bailout, and the reason I oppose it, is that there are no lessons learned when buyers (and the mortgage companies) are saved from bad decisions. Thus when the next boom arises, there will be little hesitation to do the same thing again. Do we want to encourage that sort of moral hazard? I don't think so. As my mom would tell me, though, the burned hand learns best.

I'm certain that there are a bunch of folks a-wishin' and a-hopin' for the deal to go through soon. And sure, it's terrible if someone's forced to go into foreclosure because they can't afford the home they bought. But the fact is, many people bought homes they had no business buying. Bailing them out is a temporary fix that does nothing to prevent it from recurring.

Sure, we're supposed to be charitable during the holidays. But charity can take many forms. Ensuring that understanding why this crisis happened so that we don't have to live through it again may be the best gift for future homebuyers.


Comments: The rationale for this is the old "Half a loaf is better than none"! The danger is that it really might make the mess worse than it is! Additionally any lending institution can already unilaterally offer a better rate to a homeowner to help them stay in their home.

Inevitable is a high-risk game

Death, Taxes and Mrs. Clinton: Only two of them are inevitable

Excerpt:

The Inevitable is a high-risk game. You can get far being the inevitable choice. A lot of people will believe it and support you, especially the weak, and the pragmatic. They give you early support and early money. Others see the endorsements and contributions. Another level of giver and supporter kicks in. It starts to show in the national polls. Everyone knows you're inevitable.

But there are two problems with this strategy. One is that your support is by definition broad but shallow. You have a lot of people, but they won't crawl over broken glass for you. When I talk to Hillary supporters they mostly enact a facsimile of what they think passion is, and are reduced to a dulled aggression. "We're gonna win."

The second part of the inevitability problem is that once you seem no longer inevitable--once the polls stop rising or start to fall, once that air is out of the balloon and the thing that made everyone fall in line is gone--well, what do you do? If the main argument of your candidacy is you're inevitable and suddenly you're evitable, where does that leave you? What does it leave you with? Mere hunger. Insistence: "It will be me."

Comment: More great Peggy Noonan! Re Hillary, I predict an Obama surprise in Iowa. More on the "one-time Lady Macbeth of Little Rock" below:

Washington Times: The Maginot Line doesn't always hold

Excerpt:

The one-time Lady Macbeth of Little Rock — before she scraped the Arkansas buckshot mud off her sturdy matronly pumps and became a New Yorker — looked invincible at Halloween and for a few weeks afterward but suddenly her campaign plane over Iowa looks a little like a broom and a prayer.

Some polls there put her running behind Barack Obama, with John Edwards trailing not far behind. The trouble she made for herself a month ago, with garbled answers to a simple question about driver's licenses for illegal aliens, continues with yarns about dirt on Mr. Obama that she's saving for a later kill. Now there's a new controversy over the suspicion, utterly believable, that her campaign connived with CNN to plant questions meant to sabotage Wednesday night's Republican debate.

What won't be seen in a YouTube debate

Death, Taxes and Mrs. Clinton

I will never forget that breathtaking moment when, in the CNN/YouTube debate earlier this fall, the woman from Ohio held up a picture and said, "Mrs. Clinton, Mr. Obama, Mr. Edwards, this is a human fetus. Given a few more months, it will be a baby you could hold in your arms. You all say you're 'for the children.' I would ask you to look America in the eye and tell us how you can support laws to end this life. Thank you."

They were momentarily nonplussed, then awkwardly struggled to answer, to regain lost high ground. One of them, John Edwards I think, finally criticizing the woman for being "manipulative," using "hot images" and indulging in "the politics of personal destruction." The woman then stood in the audience for her follow up. "I beg your pardon, but the literal politics of personal destruction--of destroying a person--is what you stand for."

Comment: Peggy Noonan! I love her!

11.29.2007

Automailer - 2nd Try

Today was my 2nd use of Automailer. For my earlier usage see Automailer - 1st Try.

I'm working with a project manager who had a need to send an email to 850 desktop users. He did not know how to easily do this so I volunteered to do the mailing for him (knowing that I have the Automailer in my toolbox). I had to get my manager's approval to help him. I send it as it if was sent from the project manager with him as the contact person.

Sifting through the 850 rows (Microsoft Access), I eliminated rows where the email was NULL and also several duplicates. Then I exported to a [TAB] delimited *.txt file. I did a sample email to just the project manager and myself earlier this week. So today all I had to do was use the larger set of emails (744 with the NULLs and duplicates eliminated). Automailer sent the 744 emails out in less than 2 minutes.

It was one of the highlights of my day! (That and the resolution to the SQL Server Management Studio issue!).

What I am looking forward to ... trying this out with 3,000 addresses. Hopefully soon I will have a project need to try this!

The end of JASC

Corel will close Eden Prairie office

Excerpt:

Software company Corel Corp. will close its Eden Prairie operations, the company said Wednesday, putting an end to the Twin Cities digital-media business once known as Jasc Software Inc.
....

Corel entered the Twin Cities in 2004 when it bought the former Jasc Software. Jasc, founded in 1991 by a former pilot (the name stands for "Jets and Software Co.," developed the Paint Shop line of photo management and editing software, which established a loyal following despite competing with the much larger Adobe Systems' PhotoShop. Those titles will still be sold by Corel.

Comment: What a great company JASC was. One used to be able to download Paint Shop Pro for free, and use it for 30 days of so. The local support was so capable. Need help? Just call those folk up and they helped you. I still have an old copy of Paint Shop Pro (I think version 7) that I use at work. Sorry to see these folk lose their jobs!

Nehemiah's wall found?

Israeli says elusive bibical wall found

A biblical wall that has eluded archaeologists for years has finally been found, according to an Israeli scholar. A team of archaeologists in Jerusalem has uncovered what they believe to be part of a wall mentioned in the Bible's Book of Nehemiah.

The discovery, made in Jerusalem's ancient City of David, came as a result of a rescue attempt on a tower which was in danger of collapse, said Eilat Mazar, head of the Institute of Archaeology at the Shalem Center, a Jerusalem-based research and educational institute, and leader of the dig.

Artifacts including pottery shards and arrowheads found under the tower suggested that both the tower and the nearby wall are from the 5th century B.C., the time of Nehemiah, according to Mazar. Scholars previously thought the wall dated to the Hasmonean period (142-37 B.C.).

The findings suggest that the wall is actually part of the same city wall the Bible says Nehemiah rebuilt, Mazar said. The Book of Nehemiah (chapters 3-6) gives a detailed description of construction of the walls, destroyed earlier by the Babylonians.

Comment: Here's the odd thing, our reading tonight was Nehemiah 3 (Kathee has a cold so we only read one chapter).

SQL Server 2005 migration

I'm almost completed migrating my work website (Intranet) from SQL Server 2000 to SQL Server 2005.

The hardest so far:


  1. Figuring out what replaces SQL Server 2000 "Entrprise Manager".
  2. The answer is "Management Studio".
  3. The the question was: Where do I get "Management Studio"?
  4. The answer is SQL Server 2005 Developer Edition


I had installed SQL Server 2005 Express, but this edition's Management Studio does not support data transformation (import and export functions). So that was a red herring.

Once I figured out what I needed, the next question was, "where do I get it?". I ended up buying it
from Amazon.

After I received it, I found out that it is available for free for the apppropriate techology people at work. I tried to install it on my XP workstation, but the install did not complete (and the Management Studio did not install). Utter frustration! I wrestled with that in several nights of sleep! (I do my best work while asleep). I ended up installing
SQL Server 2005 Developer Edition on my Vista workstation and today it all checked out.

I have two environments at work (one can have three, but I find two to suffice). Today I completely checked out my development environment with SQL Server 2005 (a DBA replicated all of my production data from SQL Server 2000 (production) to SQL Server 2005 development. All my code (Cold Fusion) worked flawlessly (I was surprised ... but I attribute this to Cold Fusion not to me!).

So this giant load is off my plate now! Next week the DBA's (Database Administrators) will switch my production environment to SQL Server 2005 and I will be complete!

Outsourcing Email

When E-Mail Is Outsourced

Excerpt:

In the world of e-mail, outsourcing means two things: Google or Microsoft. Both have been marketing Web-based messaging services to small businesses, nonprofits and other groups, and they’ve focused more intensely on the higher education market over the past year. Besides services that are completely free and interfaces that are familiar to students, they offer a wide array of features, tools that let people collaborate in real time — and of course, the cool factor.

The availability of viable options outside of the university IT department has forced administrators to consider the consequences of abandoning their in-house e-mail systems. Does it make financial sense to keep spending resources on aging proprietary software when it’s available on the Web? Do colleges’ services still offer advantages over those reflexively preferred by students? And in offloading a primary function of the campus information technology infrastructure, what role would remain for administrators who previously oversaw e-mail services?

----
Many students have come to demand e-mail access at close to real time, integrated chat and several gigabytes of space because that’s what’s freely available from such competing services as Windows Live Hotmail, Yahoo and Gmail. The ad-supported offerings have taken advantage of massive economies of scale to effectively make storage limits and e-mail clients a thing of the past. At the University of Pennsylvania, where 2 of the 12 schools are phasing in Microsoft’s Live @ edu, there was no comparison between the old 75-megabyte limit and the five gigabytes now available, said Ira Winston, the executive director of computing and educational technology services for three of the schools.

“We just can’t keep up with the likes of Google, Microsoft and Yahoo,” he said. Since students are already coming in with their own accounts, and with 30 percent of them forwarding their college mail to personal inboxes, the debate wasn’t whether to partner with one of the Web services — it was “who to outsource to.”

The outcome of that decision didn’t necessarily weigh heavily on Winston. Since Google and Microsoft’s contracts are relatively short-term and non-exclusive, choosing a provider won’t lock in a college indefinitely, and different units within an institution can potentially use separate e-mail systems. Students can still always forward their e-mail. For Winston, the most important element was “providing the best services to our students and not constraining them to any one provider,” he said. “It almost doesn’t matter who you pick.”

Comment: Outsource your email and your users will be happy (imagine 5 gigabytes of email space instead of 10 or 20 megabytes!) and there will be no Exchange servers to be upgraded, have a BCP plan, etc.

Diplomatic understatement!

Nixon Papers Recall Concerns on Israel’s Weapons

Washington
Nixon Papers Recall Concerns on Israel’s Weapons
By DAVID STOUT
Published: November 28, 2007
The newly released documents provide insights into America’s relationship with Israel.

Excerpt:

After President Nixon met Prime Minister Meir at the White House in late September 1969, he said: “The problems in the Mideast go back centuries. They are not susceptible to easy solution. We do not expect them to be susceptible to instant diplomacy.”

Comment: They won't be solved until Christ's return!

Democrats CNN/YouTube plants

Democrats CNN/YouTube plants

Comment: One must wonder how inept CNN is! (By the way: I think the YouTube debates are stupid! I did not watch (I was at church)!)

11.28.2007

The old fake $1M bill trick!



Man Tries to Deposit Fake $1M Bill

Excerpt: The federal government has never printed a million-dollar bill!

Comment: And if it ever did ... it would catch a lot of attention!

English only and reasonable assimilation

English-Only Showdown: Does Nancy Pelosi really object to a common language in the workplace?

Excerpts:

Should the Salvation Army be able to require its employees to speak English? You wouldn't think that's controversial. But House Speaker Nancy Pelosi is holding up a $53 billion appropriations bill funding the FBI, NASA and Justice Department solely to block an attached amendment, passed by both the Senate and House, that protects the charity and other employers from federal lawsuits over their English-only policies.

The U.S. used to welcome immigrants while at the same time encouraging assimilation. Since 1906, for example, new citizens have had to show "the ability to read, write and speak ordinary English." A century later, this preference for assimilation is still overwhelmingly popular. A new Rasmussen poll finds that 87% of voters think it "very important" that people speak English in the U.S., with four out of five Hispanics agreeing. And 77% support the right of employers to have English-only policies, while only 14% are opposed.

....

Yet the public is ready for leadership that will forthrightly defend reasonable assimilation. California Gov. Arnold Schwarzenegger won plaudits when he said last June that one way to close the Latino learning divide was "to turn off the Spanish TV set. It's that simple. You've got to learn English." Ruben Navarette, a columnist with the San Diego Union-Tribune, agreed, warning that "industries such as native language education or Spanish-language television [create] linguistic cocoons that offer the comfort of a warm bath when what English-learners really need is a cold shower."


Comment: Teddy had it right 100 years ago. See below:


Theodore Roosevelt's ideas on Immigrants and being an AMERICAN in 1907.

"In the first place, we should insist that if the immigrant who comes here in good faith becomes an American and assimilates himself to us, he shall be treated on an exact equality with everyone else, for it is an outrage to discriminate against any such man because of creed, or birthplace, or origin. But this is predicated upon the person's becoming in every facet an American, and nothing but an American...There can be no divided allegiance here. Any man who says he is an American, but something else also, isn't an American at all. We have room for but one flag, the American flag... We have room for but one language here, and that is the English language... and we have room for but one sole loyalty and that is a loyalty to the American people."

11.27.2007

Wells Fargo write down - not as bad as it could be!

Wells Fargo to Absorb $1.4 Billion Provision in Fourth Quarter for Losses on Loans

Excerpt:

Until Wells Fargo disclosed its projected losses late Tuesday, the San Francisco-based bank had suffered relatively little damage in a mortgage meltdown that had already battered other major U.S. lenders.

"Clearly, this is a disappointment because (Wells) had been seen as better managers of credit than many other big banks," said RBC Capital Markets analyst Joseph Morford. "But now they have a big blemish on them, too."

After gaining 34 cents to finish at $29.83 in Tuesday's regular session, Wells Fargo shares plunged $1.40, or 4.7 percent, in the extended trading that followed a Securities and Exchange Commission filing outlining the bank's home equity loan losses.

"Maybe people are going to be freaked out about Wells Fargo's losses, but they shouldn't be," said Punk, Ziegel & Co. analyst Richard Bove. "Wells Fargo isn't superhuman and they made some bad loans just like everyone else."

Like several of its peers, Wells Fargo will take its lumps in the fourth quarter by recognizing $1.4 billion in pre-tax losses, with most of the trouble concentrated in a bundle of high-risk home equity loans that the bank intends to purge from its books.

The fifth-largest U.S. bank also is retroactively registering $265 million in expenses tied to its share of the costs for a $2.25 billion settlement that credit and debit card network Visa Inc. reached with American Express Co. earlier this month. Wells Fargo owns a 5 percent stake in Visa.

The legal expenses will trim Wells Fargo's previously reported earnings for the second quarter of 2006 by 2 cents per share and lop off 4 cents per share from its earnings for its most recent quarter ended in September.

Well Fargo intends to liquidate $11.9 billion in home equity loans that have been flagged as major problems. The nettlesome loans represent about 14 percent of the bank's total home equity portfolio of $83.4 billion.

Comment: Compared to others, not as bad!

Believe it or not—the earth is young!

Believe it or not—the earth is young!

Believe it or not, methods to ‘date’ the earth as being very old just don’t add up. For a start, the various methods contradict one another, and are often contradicted by the evidence itself.

Comment: good read with helpful links.

Scouring the ruins of the mortgage crisis

Oil $$$ comes home! This is not a bad thing! Just the result of the US addiction to imported oil, the falling dollar, and the subprime crisis!

Citigroup to sell $7.5 billion stake to Abu Dhabi

Intro:

Citigroup Inc (NYSE: C) is selling up to 4.9 percent of itself for $7.5 billion to the Gulf Arab emirate of Abu Dhabi, giving the largest U.S. bank fresh capital as it wrestles with the subprime mortgage crisis and the resignation of its chief executive.

More:

Abu Dhabi blazes trail with Citi deal

Excerpt:

A $7.5 billion Abu Dhabi deal to buy Citigroup Inc (C.N: Quote, Profile, Research) shares may have created a model for acquisitions by Gulf and other emerging-market investors scouring the ruins of the U.S. mortgage crisis for bargains.

Muddy Night Football

Daylong rain turns the new sod at Heinz Field into a quagmire

One of the more enjoyable (to watch) football games of the season was played last night. The Steelers beat Miami 3-0 with a FG in the last 20 seconds of the game! The funniest play was a Miami punt where the football sank nose down in the mud ... no bounce ... just phwapt!

SI: Steelers beat Dolphins 3-0 Pittsburgh scores in final minute on muddy field

Excerpt:

Late in the third quarter, Brandon Fields' punt from near the Miami goal line came straight down and plugged in the soggy turf like an arrow, burying itself several inches deep.

War, Peace, and the Christian

Who Would Jesus Bomb? War, Peace, and the Christian

Excerpt:

In truth, questions of war and peace are never easy this side of the New Jerusalem. This is why Christians through the centuries have avoided both pacifism and militarism: holding to a "just war" concept that killing is never good but is sometimes best. This "just war" concept limits such action to duly constituted governments, and strictly contains the bounds of such warfare. The intentional killing of innocent non-combatants, for instance, is wrong and outside the parameters of just war.

There are times when the alternative to war is clearly more bloodshed, more violence. Think about what would have happened around the world if the United States had taken no action after the attack on America on September 11, 2001? There are other times when the issues are much more complicated, and good Christians may disagree about whether military action is biblically warranted, even as we remember to pray for our leaders to make wise decisions.


Wikipedia: Just War doctrine

Comment: The need to pray for our national leaders to make wise decisions is emphasized!

11.26.2007

Executive inexperience

Which candidate is likened to a Yellow-billed Oxpecker?

____________, Uniquely Unqualified

Excerpt:


The Yellow-billed Oxpecker stands atop the mighty rhinoceros, gobbling ticks and chirping loudly when danger looms. This tiny bird would make a perfect mascot for ___________________’s presidential bid. .... And, like the Oxpecker, ________ is remarkably unprepared for the presidency.

Backlash Against Tithing?

The Backlash Against Tithing

Comment: I have mixed feelings about this article. The Christian certainly needs to generously and faithfully support his local church. I'm not convinced what some call tithing is really tithing at all (based upon my studies in the Old Testament).

Excerpt:

The anti-tithing movement has found support in some unlikely places: theologically conservative divinity schools and church pulpits. At Southeastern Baptist Theological Seminary in Wake Forest, N.C., professor Andreas Kostenberger challenges tithing in classes on the New Testament. He teaches that if you add up all taxes paid by the ancient Israelites, they exceed 10%, and that in the New Testament there's no percentage rule. He says pastors perpetuate the 10% figure out of "pragmatism, tradition and ignorance, quite frankly."

After 25 years leading Union Missionary Baptist Church in Chesapeake, Ohio, the Rev. Bob Barbour stopped preaching about tithing a few years ago. He now promotes what he calls "grace giving" -- a voluntary, unspecified amount -- because, he says, it squares better with Scripture. The church still receives enough to cover expenses, he says. And if it falls short, so be it: "You can't beat people over the heads."

Desktop evolution

Windows / Mac comparison

Comment: Interesting graphic comparing / contrasting Windows and Mac from Windows 95 to current. The reader comments are also interesting.

Not shown: KDE or GNOME (for Linux).

Personally, I like the XP desktop best.

11.25.2007

Sunday happenings

Ralph Harmon preached from Romans 8:1-11 this morning at 4th Baptist.

Brother and his wife arrived home from Hawaii. I called them at 7:30 a.m. and they had just walked in the door. We are going up there (Maple Grove) to see them at 3 this afternoon.

We bought a 36" wreath from the Boy Scouts. Roger is going to hang it for us.

Rachel flies to Hartford Connecticut for 2 to three weeks (audit trip).

We expect to worship at 4th tonight. Back to work tomorrow (after 5 days off).

Back to the 30s?

A Time for Bold Thinking on Housing

Economic View
A Time for Bold Thinking on Housing
By ROBERT J. SHILLER
Published: November 25, 2007
For lessons in real-estate innovation, look back to the 1930s.

Excerpts:

WE have to consider the possibility that the housing price downturn will eventually be as big as that of the last truly big decline, from 1925 to 1933, when prices fell by a total of 30 percent.
....
This crisis should be an occasion for some inspired thinking about fundamental changes in our real estate institutions. The actions that have already been taken are not impressive. The housing market is worsening, and more and more home owners are getting into trouble with their mortgages.

The public response to the housing downturn of 1925-33 provides an important lesson in what government and private institutions can accomplish. Back then, people weren’t content with temporary palliatives. They were thinking big, and revolutionary changes were made in real estate institutions. Without those fundamental changes, the Great Depression would have been much worse than it was, and we would be in a more vulnerable situation today.
....
The real estate appraisal industry needs to rethink its methods. How did it happen that appraisers acquiesced in valuations that were more and more discordant with economic fundamentals? Basic concepts and procedures need change.

Comment: Before that housing crisis, mortgages were not required to be self-amortizing! I'm not sure what the solutions are, but I've suggested before that Mortgage brokers should be licensed. It would help to require greater amounts down (say 10%), and to eliminate the so-called liar loans. On the other hand, we need to avoid the dangers of over legislating a solution!

11.24.2007

Nightmare Economic Scenario?

Mortgage Failures Could Create Nightmare

Excerpt:

In the months ahead, millions of other adjustable-rate mortgages like Colombo's will reset, giving them a higher interest rate as required by the loan agreements and leaving many homeowners unable to make their payments. Soaring mortgage default rates this year already have shaken major financial institutions and the fallout from more of them, some experts say, could spread from those already battered banks into the general economy.

The worst-case scenario is anyone's guess, but some believe it could become very bad.

"We haven't faced a downturn like this since the Depression," said Bill Gross, chief investment officer of PIMCO, the world's biggest bond fund. He's not suggesting anything like those terrible times -- but, as an expert on the global credit crisis, he speaks with authority.

"Its effect on consumption, its effect on future lending attitudes, could bring us close to the zero line in terms of economic growth," he said. "It does keep me up at night."

Some 2 million homeowners hold $600 billion of subprime adjustable-rate mortgage loans, known as ARMs, that are due to reset at higher amounts during the next eight months. Subprime loans are those made to people with poor credit. Not all these mortgages are in trouble, but homeowners who default or fall behind on payments could cause an economic shock of a type never seen before.

Some of the nation's leading economic minds lay out a scenario that is frightening. Not only would the next wave of the mortgage crisis force people out of their homes, it might also spiral throughout the economy.

We hire a president, not a Bible study teacher

Peggy Noonan: We're making too much of politicians' religious faith

Excerpt (her conclusion):

There are some people who believe faith doesn't belong in politics. But it does, and it is there inextricably. The antislavery movement, the temperance movement, the civil rights movement, the antiabortion movement, all were political movements animated in large part by religious feeling. It's not that it doesn't matter. You bring your whole self into the polling booth, including your faith and your sense of right and wrong, good and bad, just as presidents bring their whole selves into the Oval Office. I can't imagine how a president could do his job without faith.

But faith is also personal. You can be touched by a candidate's faith, or interested in his apparent lack of it. It's never wholly unimportant, but you should never see a politician as a leader of faith, and we should not ask a man who made his rise in the grubby world of politics to act as if he is an exemplar of his faith, or an explainer or defender of it

We have the emphasis wrong. It's out of kilter. And the result is a Mitt Romney being harassed on radio shows about the particulars of his faith, and Hillary Clinton--a new-class yuppie attorney and board member--announcing how important her Methodist faith is and how much she loves wearing her diamond cross. For all I know, for all you know, it is true. But there is about it an air of patronizing the rubes and boobs.

We should lighten up on demanding access to their hearts. It is impossible for us to know their hearts. It's barely possible to know your own. Faith is important but it's also personal. When we force political figures to tell us their deepest thoughts on it, they'll be tempted to act, to pretend. Do politicians tend to give in to temptation? Most people do. Are politicians better than most people? Quick, a show of hands. I don't think so either.

Comment: See earlier CFG post: I don't care if my President is a Christian

11.23.2007

The Second Amendment is an individual right

Opinion Journal: The Supreme Court has a historic opportunity to affirm the individual right to keep and bear arms

Excerpt:

The Fourth Amendment says, "the right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated . . ." The "people" here does not refer to a collectivity, either.

The rights guaranteed in the Bill of Right are individual. The Third and Fifth Amendments protect individual property owners; the Fourth, Fifth, Sixth and Eighth Amendments protect potential individual criminal defendants from unreasonable searches, involuntary incrimination, appearing in court without an attorney, excessive bail, and cruel and unusual punishments.

The Ninth Amendment protects individual rights not otherwise enumerated in the Bill of Rights. The 10th Amendment states, "The powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people." Here, "the people" are separate from "the states"; thus, the Second Amendment must be about more than simply a "state" militia when it uses the term "the people."

Consider the grammar. The Second Amendment is about the right to "keep and bear arms." Before the conjunction "and" there is a right to "keep," meaning to possess. This word would be superfluous if the Second Amendment were only about bearing arms as part of the state militia. Reading these words to restrict the right to possess arms strains common rules of composition.

Colonial history and politics are also instructive. James Madison wrote the Bill of Rights to provide a political compromise between the Federalists, who favored a strong central government, and the Anti-Federalists, who feared a strong central government as an inherent danger to individual rights. In June 1789, then-Rep. Madison introduced 12 amendments, a "bill of rights," to the Constitution to convince the remaining two of the original 13 colonies to ratify the document.

Madison's draft borrowed liberally from the English Bill of Rights of 1689 and Virginia's Declaration of Rights. Both granted individual rights, not collective rights. As a result, Madison proposed a bill of rights that reflected, as Stanford University historian Jack Rakove notes, his belief that the "greatest dangers to liberty would continue to arise within the states, rather than from a reconstituted national government." Accordingly, Mr. Rakove writes that "Madison justified all of these proposals (Bill of Rights) in terms of the protection they would extend to individual and minority rights."

One of the earliest scholars of the Constitution and the Bill of Rights, Justice Joseph Story, confirmed this focus on individuals in his famous "Commentaries on the Constitution of the United States" in 1833. "The right of the citizens to keep and bear arms," Story wrote, "has justly been considered, as the palladium of the liberties of republics, since it offers a strong moral check against the usurpation and arbitrary power of rulers . . ."

More from Opinion Journal

Comment: Earlier CFG posts on the 2nd Amendement

Boxbe - new antispam option

boxbe.com

Despite filters, tidal wave of spam bears down on e-mailers

Excerpt:

For a start, tens of millions use Google's Gmail because it was designed with built-in spam defenses. Others are joining social-networking sites such as Facebook and MySpace, where they control who has access to their personal profile, to exchange e-mail with friends, family and business associates.

Many also use phishing filters provided by Microsoft on its Internet Explorer browser. Last month, Yahoo, eBay and PayPal took a major step to shield customers from phishing attacks. They announced eBay and PayPal customers who use Yahoo Mail should start receiving fewer bogus e-mails because it now uses DomainKeys, an e-mail-authentication technology.

A new breed of e-mail services, such as CertifiedEmail from Goodmail Systems, put the financial onus on the senders of unsolicited commercial e-mail.

CertifiedEmail treats e-mail as a FedEx-like service. For less than one-fourth of a penny per message, commercial marketers, government agencies and non-profits are guaranteed delivery of e-mail to individuals who have indicated they will accept the messages from that specific sender. Recipients see a blue seal verifying that the message is legitimate, says David Atlas, senior vice president of worldwide sales and marketing at Goodmail.

Another free option, Boxbe, lets users of Gmail, Microsoft Outlook and Yahoo Mail create a guest list, giving them final say on who is allowed to send e-mail. Anyone not on the list receives an invitation to join when they send an e-mail to the Boxbe user.

Comment: Bluebottle and other services have a white list system.

Mall of America: wunderbar

For foreign shoppers, a weak dollar is wunderbar, utmärkt, trÈs bien

Excerpt:

With euros, kroner and Canadian loonies gaining new muscle, Minnesota retailers are reaping rewards from far-flung consumers.

Andrea Guðjónsdóttir arrived in Minnesota from Iceland last week with nothing but the clothes on her back. Oh, and two empty suitcases, which she promptly filled to near-bursting with clothes, toys and other gifts during a five-day shopping spree in the Twin Cities.

"Everything's so cheap," said Guðjónsdóttir, 35, who lives in Akranes, a seaport city on Iceland's west coast. "You can pay $30 for Levi's here; at home, it'd be $200."

Comment: The Mall of America: where I don't shop. Article illustrates exchange rate benefits to Europeans.

Thanksgiving photos




Nathan's pecan pie



Fei Fei's salad



Rachel's corn casserole



Roger with turkey



Me w rolls (that I really had nothing to do with!)



Note: Snow outside!





Green Bay crushed Detroit



Blue and Emily



Risk



World domination (until we quit at 7 p.m.)

Eggies restaurant

We have today off and are basically relaxing with light errands.

We ate out this morning at Eggies in Crystal which is a small grill that specializes in breakfast. Very good.

It is right by the Metro Women's Center.


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11.22.2007

Now Thank We All Our God

Brian McCrorie: Now Thank We All Our God

Comment: a worthwhile reflection on thanksgiving.

Opinion Journal: The Desolate Wilderness

Intro:

Here beginneth the chronicle of those memorable circumstances of the year 1620, as recorded by Nathaniel Morton, keeper of the records of Plymouth Colony, based on the account of William Bradford, sometime governor thereof:


The Desolate Wilderness: Nathaniel Morton describes what he and other Pilgrims saw in 1620


Comment: The Wall Street Journal has published this editorial annually since 1961.