An Ecumenical Question

Throughout Church history, theological controversy has been one of the enduring features. Name any communion or denomination and you will find one which has struggled with this matter. St. Maximus the Confessor was imprisoned, exiled and lost his tongue and compared to many he got off easy. For that matter, I’d be willing to guess that among those reading this very essay, if they are Christian, have themselves had discussions, often perhaps heated, of this sort. As the title indicates, I’m leading towards a question but to start I’m going to preface that with a few remarks.

Two fragments from Scripture are perhaps relevant. (1 Corinthians 13:12) “For now we see through a glass, darkly; but then face to face: now I know in part; but then shall I know even as also I am known.”  For the second passage, Romans 2 offers that Jesus not men will be the final judge. 

We may argue about our view of the theology, Christology, soteriology, or whatever topic, but we all must admit we only see dimly the truths to which we attest. Who is right in these argument? From the second it might be said that these arguments will only be settled at the eschaton.

My question then is why then might we argue? What is the core reason for which we dispute. What is at stake? I’d be very curious to hear a variety of responses to this.

For myself, my answer might be as follows. Trinitarian theology and Christology, the parables and teachings of Jesus, Paul, James and so on are beautiful. They possess symmetry and a poetry have no little impact. Teachings that obscure this beauty … that is what is problematic. Why? Because it hinders others from seeing it. The core problem is not that you will be judged adversely if you’re a Calvinist and if at the eschaton Calvin’s teaching was fraught with error (and no, please don’t take this as a generic attack on Calvinism, the “if” is important there). The problem might be with Calvinism is whether his teachings obscures or conceals some important part of the Gospel. 

Stem Cells From Blood Coming Soon?

It could happen.

Blood drawn with a simple needle stick can be coaxed into producing stem cells that may have the ability to form any type of tissue in the body, three independent papers report in the July 2 Cell Stem Cell. The new technique will allow scientists to tap a large, readily available source of personalized stem cells.

Because taking blood is safe, fast and efficient compared to current stem cell harvesting methods, some of which include biopsies and pretreatments with drugs, researchers hope that blood-derived stem cells could one day be used to study and treat diseases — though major safety hurdles remain.

The findings “represent a huge and important progression in the field,” stem cell biologist Shinya Yamanaka of Kyoto University in Japan and the Gladstone Institute of Cardiovascular Disease in San Francisco, Calif., writes in a commentary appearing in the same issue of the journal.

All this without the need to destroy embryos.  This just keep looking better and better for getting stem cells from adults rather than the more riskier and ethically challenged embryonic stem cells.

Things Heard: e126v3

Good morning.

  1. NASA’s “new” mission.
  2. Black panthers in the news.
  3. Mr Obama’s popularity, one measure.
  4. Not unrelated to my post on mortgages … the why they (the government that is) did it.
  5. Coming of age.
  6. Confusion about who.
  7. A lexicon on the inner life: Attention.
  8. Gender and the gaol.
  9. A girl in the wide world.
  10. Orange.
  11. Micro-economics of banks.
  12. Hope and change.

Things Heard: e126v2

Good morning.

  1. Guns and scholarship.
  2. Social cooperation and competition.
  3. The Steele kerfuffle.
  4. Mark Twain and his admiration for a Saint.
  5. Photoshopping and news.
  6. The expected (?) reaction.
  7. Spain?
  8. Ya think?

Us And Credit: A Little History

From Rajan’s book Fault Lines, I summarize the latter part of the first chapter (sub-titled “A Short History of Housing Credit”). From Rajan, before we embark on this little history:

Easy credit has large, positive, immediate, and widely distributed benefits, whereas the costs all lie in the future. It has a payoff structure that is precisely the one desired by politicians, which is why so many countries have succumbed to its lure. Rich countries have, over time, built institutions such as financial sector regulators and supervisors, which can stand up to politicians and deflect such short term myopia. The problem in the United States this time was that the politicians found a way around these regulatory structures, and eventually public support for housing credit was so widespread that few regulators, if any, dared oppose it.

Prior to the Great Depression (also a time of great credit expansion and by golly also a period of great income inequality) mortgages were different. At that time mortgages where offered only by banks and credit unions and were short term, 5 years with a single capital repayment when the loan came due. These loans were variable rate, so the borrower bore the credit risk. In the 30s at the height of the Depression, loans were drying up and foreclosures a looming threat (10% of loans were threatened by foreclosure). So the government stepped in, creating HOLC and the FHA. HOLC was to buy defaulting loans and restructure them to 20 year amortizing mortgages with a fixed rate. The government held these loans for a short time but moved these into the private sector when it could … but the private sector at the time did not trust long term loans. So … the FHA guaranteed them, financing this by requiring insurance. HOLC disbanded in 1936 and was restructured as FNMA (Fannie Mae). FNMA bought FHA insured mortgages and financed them by issuing long term bonds sold to insurance and pension funds. 
In the 1960s short term interest rates went up and the system broke. To fix it, FNMA was split in two, FNMA and GNMA (Ginnie Mae). GNMA continued as FNMA had before, but now FNMA sold its repackaged loans directly to the public. When Lyndon Johnson had budget fights at hand, FNMA balance sheets were removed as a government liability. FHLM (Freddie Mae) was also created at this time to repackage loans made by the thrifts (credit unions) … and for the same reason it too was privatized. In the 1970s and early 80s. Fed chairman Paul Volcker increased short term interest rates to “hitherto unimagined levels” to tame inflation. This was lethal for the savings and loan industry and it would have gone bankrupt. But … housing was too important politically and the industry too well connected. So it was deregulated. The sizeable loss for the thrifts was converted neatly into an enormous loss for the taxpayers. This meant that Fannie and Freddie came to play in increasingly important role in mortgage financing. 
Fan and Fred are curious beasts, known to the industry (apparently) as GSEs or government sponsered enterprises. They have private shareholders to whom their profits are due. They are however not public. They have political perks and duties. They are exempt from federal and state taxes, government appointees on their boards, and a line of credit from the US Treasury. The “full faith and credit” of the US backs these organizations. These perks come with a mandate to — support housing finance. To do this they do two things, they buy mortgages which conform to certain size limits and credit standards. They also package these loans together and issue mortgage backed securties after insuring them against default. They also started borrowing directly from the market and investing mortgages backed securities. 

But much of the profit stemmed from their low cost of financing, deriving from the implicit government guarantee, and this was a critical political vulnerability.

Here is where the politicians stepped in. In 1992 Congress passed the “Federal Housing Enterprise, Safety, and Soundness Act.” The act instructed HUD to develop affordable housing goals for the agencies and monitor progress towards these goals. Rajan notes that when Congress writes an act with “Safety and Soundness” in the title, you must realize that Congress means that ironically. Even though Fan/Fred couldn’t head off this bill, they did manage to restructure it to their advantage. They insured that the legislation required that they hold less capital than other regulated financial institutions and that this new regulator (within HUD) was subject to Congressional appropriations. This meant that if it really started, you know, regulating Fan/Fred the friends of Fan/Fred in Congress could cut their purse strings. 

The combination of an activist Congress, government supported private firms hungry for profit, and a weak and pliant regulator proved disastrous.

Under the Clinton admin, HUD steadily increased the amount of funding it required the agencies to allocate to low income housing. The administration set ever higher mandates for the percentage of these loans, from 42% in 1995 to 50% in 2000. In 1977 the CRA (community reinvestment act) had required banks to lend in their local markets, but set no explicit goals, which was left to the regulators. The Clinton admin put pressure on the regulators to apply threats and fines on banks to increase loans … and so they did. In 2000, the Clinton admin ramatically cut the minimum down payment required to qualify for an FHA (federally insured loan) to 3%,  increased the maximum size of the mortgage, and halved the premiums it charged for the insurance. Mr Bush’s administration doubled down on these practices. The pushed the mandate to 56%. 
How much lending went this way? Well, in Rajan’s words

On average, these entities accounted for 54% of the market across the years, with a high of 70% in 2007. He (Pinto) estimates that in June 2008 the mortgage giants, the FHA, and various other government programs were exposed to about $2.7 trillion in sub-prime and Alt-A loans, approximately 59% of the total loans in those categories. It is very difficult to reach any other conclusion than that this was a market driven largely by government, or government influence money.

Things Heard: e126v1

A belated Happy Birthday Mr America.

  1. Books, celebrated.
  2. Some links for the 4th: on the founders, freedom, sacrifice, and chains.
  3. Where theology starts … and what it needs to remember, namely hew to what is true not new or topical.
  4. Rain, not in Spain.
  5. Anaphalaxis.
  6. If he was a fan, he’d be calling him pragmatic.
  7. Heh.
  8. Evidence that Mr Obama isn’t so smart, e.g., his admission that he “doesn’t get it.”
  9. Fingers.
  10. Cinema, here and here.
  11. Looking at the zeitgeist.
  12. 30 years of draconian regulations.

Fireworks, 206 years ago

Wednesday July 4th 1804, we Set out Eairly & passed the mouth of the outlet of a large lake which comes in on the north Side. this pond or lake is large & their has been a Great many bever found in it, high land on the South Side & praries, we Delayed a Short time at noon to dine. a Snake bit Jo. Fields on the out Side of his foot, this was under the hills near the praries on the South Side, we passed a Creek on the South Side about 15 yards wide. comes out of the large prarie, and as it has no name & as it is the 4 of July, Capts. name it Independence Creek we fired our Bow piece this morning & one in the evening for Independance of the U. S.

– Sgt. John Ordway, Lewis & Clark Expedition, 4 July 1804

Happy Independence Day!

America, bless God.

Friday Link Wrap Up

Two weeks of links to catch up!

Closing Guantanamo; big priority during the campaign, not so much now.  (Well, especially since even Democrats don’t even want to do it.)

The Obama administration turned down using Dutch oil skimmers because they couldn’t meet our stringent government environmental regulations on how pure the decontaminated water was that they dumped back into the Gulf of Mexico, right on-sight of the spill.  Instead, we transport the oily water to facilities and decontaminate it there.  Huge efficiency drop during a major catastrophe because, ironically, of environmental regulationsRead the whole article for more things we turned down that could have averted a lot of this problem.

Our own Treasury Secretary is ignorant of economic history.  Timothy Geithner said this at the latest G-20 summit:  “One of the mistakes made in the 1930s was that countries pulled back their recovery efforts too soon, prolonging the Great Depression.”  However, precisely the opposite happened.  Recovery efforts failed, lasted too long, and that’s what prolonged the Great Depression.  NewsBusters has the charts.

School vouchers improve graduation rates. Now we have a government study to prove what common sense already told us.

Sharia Law in the UK:  Dogs barred from buses so as not to offend Muslims.

Democrats have decided that there will be no budget this year.  Hey, at least (this time) they’re being honest about it.  I guess they’ll just spend until it doesn’t feel good anymore.  Or until they’re voted out.  Whichever comes first.

In Venezuela’s socialist paradise, the government’s Food Ministry rounds up 120 tons of rice because it might be sold above regulated prices.  At the same time, 80,000 tons of food was found rotting in government warehouses.  Government efficiency at its finest.

Another example of bait-and-switch in the passage of ObamaCare.  Obama rejected the idea that the individual mandate was a tax increase, but in defending it from state lawsuits, the administration does classify it as a tax increase.  This way, the mandate falls under a law that forbids the states from interfering in tax collections.  In addition, “an early draft of an administration regulation estimates … a majority of workers—51 percent—will be in plans subject to new federal requirements….”

If your 11-year-old asks a particular Massachusetts school for a condom, they’ll get it, no questions asked.  Also, parents objections will not be taken into consideration.  Actually, there’s no real age limit on the policy; any kid can get one.  Only in Massachusetts.  For now.

And finally, all that hard work pays off, but not the way you thought it would.  (From Chuck Asay.  Click for a larger version.)

50 leaders of the evangelical generation: #36 Ralph Reed. Political muscle

[I am working on a project that may become a book on the most influential evangelicals leaders of our generation, since 1976, and the impact they’ve had on the church and their times. I will introduce them briefly on this blog from time to time. Who should be on this list?]

#36  Ralph Reed. Political muscle  b.1961 

 Ralph Reed is “perhaps the finest political operative of his generation,”[1] and has certainly been the most bare-knuckled evangelical political brawler of the last 20 years. As executive director of the Christian Coalition (1989-1997), he built one of nation’s most effective grassroots organizations and played a pivotal role in the election of the first Republican Congress in 40 years. Under his leadership, the organization grew from 2,000 over 2 million members and supporters in 3,000 local chapters.

Reed’s departure from the Coalition to form his own consulting firm in Atlanta provided a vivid demonstration of the importance of leadership.  The group was never the same, and today it is a shell of the organization it was in its heyday. Reed went on to have a successful career as a political consultant to both corporations and candidates. He headed George W. Bush’s southern campaign and transformed the Georgia Republican Party, building first-time Republican majorities in the State House and capturing the Governor’s Mansion and both U.S. Senate seats. 

Reed made a run for public office, but he found that his work as a political operative and consultant involved associations and tactics that didn’t bode well as a candidate. As one of the toughest of the modern political players, the ugly and risky strategies he used in high-profile political races did not look statesmanlike (or of a high ethical standard) in the bright light of a candidacy, and he was soundly defeated in the Georgia Republican primary for Lt. Governor in 2006.

This surprised observers who had seen nothing but success from the the young wunderkind:

Many thought “the young man who at 33 graced Time magazine’s cover in 1995 as “The Right Hand of God” might appear there again, perhaps a decade from now, taking the oath of office on the steps of the U.S. Capitol. Instead, there was Reed, just 45 but with crow’s-feet carved gently into his temples, offering a meager group of supporters a curt concession speech in a hotel ballroom in Buckhead. He had lost the primary to a little-known state senator named Casey Cagle in a 12-point landslide, Reed’s once invincible lead in the polls and fund raising eroded by a year of steady revelations about his ties to the convicted former G.O.P. superlobbyist Jack Abramoff. In the political vernacular that Reed loves to employ, he was waxed.”[2]

Nonetheless, Reed remains one of the brightest and most sought-after political consultants in the nation and is extending his public voice through The Faith and Freedom Coalition advocacy group, which he started in 2009. He also published an insightful political thriller called Dark Horse that demonstrated Reed’s knowledge of both national politics and Christian conservatives. 


[1] Wall Street Journal

 

[2] http://www.time.com/time/magazine/article/0,9171,1218060,00.html

Nuts in ignorance

“Anaphylaxis is an acute multi-system severe type I hypersensitivity reaction.” Such a reaction is brought on by the human body reacting to an allergen, or allergens, which it perceives as poisonous. Those persons, who happen to have a hypersensitivity towards certain allergens, such as peanuts, will experience an allergic reaction upon exposure to said allergens. The reaction, which runs in a cascade manner, has the potential to progress into anaphylactic shock, a condition where the body’s airways are swelled and constricted, and cardiac arrest occurs. In other words, if left immediately untreated, a person going into anaphylactic shock will most likely die.

Enter a post at both hellinahandbasket and Chicago Boyz in which James Rummel likens the banning of peanuts from commercial airline flights as one example of our leaning towards a nanny-state environment. From the Chicago Boyz post,

I’m voicing my bemusement over this situation because I just heard that there are tentative plans to have the US government ban all peanuts on commercial flights.

No more peanuts for you, you healthy bastard! Your inflight snack, which is nothing more than an ounce or two of roasted nuts, might cause the poor bastard sitting next to you to keel over from the odor!

My private charity for 18 years was a free self defense course for violent crime survivors, and I specialized in the elderly and disabled. I don’t think anyone can credibly claim that I am unsympathetic to the plight of those suffering from disabilities.

But banning peanuts because someone sitting somewhere on an entire airplane might be allergic? If there are people out there that are so hypersensitive to something so prevalent in our society, then they should be living inside of a bubble somewhere. If the problem is so deadly, their bodies so sensitive, then they could be passing someone in the street who ate a peanut butter sandwich and die in their tracks!

Now I read James on a pretty regular basis. He’s very level headed. While I can understand his frustration at the notion of losing access to airline peanuts, albeit for a few hours at a time for however many (or few) times he travels by air, I do take exception towards his attitude about those persons who do have a medically confirmed hypersensitivity towards peanuts (to be specific). His expecting someone so hypersensitive to live in a bubble is tantamount to expecting his disabled, elderly students, confined to wheelchairs / walkers, to stay in their homes and not bother the rest of us able-bodied persons to accommodate them as we get on with our daily business.

Yet, why the push for banning allergens, such as peanuts, from airline flights? In a word, time. As I mentioned earlier, the anaphylactic shock reaction is a cascade function, which is neither initiated or limited simply by the amount of allergen perceived. Therefore, reactions can occur with minute contact and reactions, once started, can progress into full anaphylactic shock. Once such a reaction occurs, treatment with epinephrine must be immediate. Those individuals who are diagnosed with hypersensitivity typically carry two doses of epinephrine with them at all times. However, while these injections provide immediate reversal of the allergic reaction, their effectiveness is limited in time (~30 minutes). Hence, it may be necessary to provide the individual with additional medical care.

This is why you see advocacy for limiting or banning allergens from airline flights and you don’t see advocacy for banning peanuts from, say, baseball games. I doubt that people, who are hypersensitive to peanuts, would choose to attend a major league baseball game, what with the bags of peanuts flying about. However, if they were to make the poor decision to attend such a game, and if they were to find themselves in anaphylactic shock, then a call to 911 would typically find paramedics at their side within minutes. The differences between the airline flight and the baseball game should be clear:  need vs. want, non-accessible vs. accessible medical facilities.

A commenter, emfdl, at hellinahandbasket, states,

Ban ‘em for all I care; I take my own peanut butter crackers with me when I fly. And I’m sorry, but if someone has that big a problem with an allergy, best they should stay in their air controlled bubble and let the rest of the world get on with life.

I don’t know who the person is, but if he truly believes that statement, then he’s an ignorant fool. And heaven help the likes of emfdl if they take that attitude while amongst me and my loved ones who suffer from allergic hypersensitivity.

Whenever I’ve heard of someone suffering a heart attack, while onboard an airline flight, it seems that the flight always diverts to the closest airport in order to provide that individual with the care they need. Rather than write-off individuals, with medically confirmed hypersensitivity, shouldn’t we extend them the same level of concern we do to other disabilities?

Also ref: The Peanut Allergy Answer Book

Things Heard: e125v5

Good morning.

  1. It’s not Obama’s “Katrina” (in the sense of an egregious display of federal incompetence)  … it’s worse.
  2. Blind no more. Dumb?
  3. Heathcare and cost. This is not unrelated.
  4. I can’t imagine why that would be blasphemous.
  5. Life continues to imitate The Princess Bride, in the “I don’t think that word means what you think it does” way.
  6. Enron economist dissed.
  7. Irony in smoke.
  8. How to replace an statute ruled un-Constitutional with another. This is not unrelated.
  9. Ireland.
  10. The Doctor is in.
  11. Genes and insurance.
  12. That other place is called, “not good.” 
  13. Computers and kids.

A Naive Question Regarding Stimulus

We are being fed the line from the Administration and Keynesian/neo-Keynesian economists that what we don’t need now government spending sanity, but more stimulus. So here’s the background and then the question …

A leading if not the primary cause of the current recession is the result of 20 years of government stimulus in the form of the government push for low/middle income housing. Now the difference there is during the last 20 years the government stimulus has been in the form or high risk loans which were then repackaged and sold to large banking establishments and foreign investors. This is to be distinguished from the current stimulus which comes in the form of government giveaways which are underwritten by large banking establishments and foreign.

So … if Keynesian stimulus is a primary cause of this recession, why then do Keynesian think that is the fix?

"Unexpectedly"

Just had to point this out.  Since at least January, Glenn Reynolds has been noticing how often the term "unexpectedly" keeps showing up in news reports about the economy, either by the administration or by the reporters themselves.  Examples:

Jan. 8:  Employers unexpectedly cut jobs in December, even after the stimulus.

Feb. 4:  The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week.

Mar. 31:  Private payrolls dropped unexpectedly fell in March.  (Though at some point, the word "unexpectedly" was excised later.  Perhaps they realized Glenn was on to them.)

Jun. 5:  The withdrawal of federal tax credits for home buyers led to a steeper-than-expected [aka unexpected] plunge in May home sales in much of the U.S., as the housing market struggles to wean itself from government support.

Jun. 11:  Sales at retailers unexpectedly fell in May.

The first few pages of this search will give you an idea of how often this comes up.

Y’know, after all this "unexpected" bad news after the stimulus, you’d think that they’d try something different.  Instead they want to do the exact same thing.  That’s government for you.

Things Heard: e125v4

Good morning.

  1. Whales as lunchmeat.
  2. ACOG and Kagan, here and here.
  3. Fame and the patriarch.
  4. “Practicing virtue is hard” 
  5. Government official paid too much. Hmm. Color me unsurprised.
  6. An Eastern take on the spy ring kerfuffle.
  7. On God.
  8. Heh, NSFBS.
  9. How it works, vuvuzela edition.
  10. For the Palin fans.
  11. Our Justice department under Mr Obama.
  12. Green bags.
  13. School choice in Georgia.
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