Daily Archives: February 9, 2009

Rod Dreher: How much 'truth' is too much?

I don’t need to believe that my church is perfect. But I have learned that my personal response to stories of child abuse is so strong that it prevents me from seeing any other truth. As a Catholic, I kept telling myself that the evil of some priests and bishops does not obviate the church’s teaching. But the deeper I immersed myself in details of the crimes and the stories of the victims, my grief and fury distorted and overwhelmed logic.

The fault was mine. But any institution ”” sacred or secular ”” that has to depend on deception, and the willingness of its people to be deceived, to maintain its legitimacy will not get away with it for long. These days, the attempt to withhold or suppress information doesn’t work to protect authority, but rather to undermine it….

I did not agree with the way Father Neuhaus answered that question when faced with the American Catholic Church’s worst-ever crisis. But he was not wrong to ask it.

Read it all.

Posted in * Christian Life / Church Life, * Culture-Watch, * Religion News & Commentary, Children, Media, Other Churches, Parish Ministry, Religion & Culture, Roman Catholic, Sexuality

Kendall Harmon–Jim Naughton Rightly Sees that TEC is on the Hot Seat Heading into GC 2009

Mr. Naughton, someone with whom I am in frequent disagreement on some Episcopal Church issues, nonetheless correctly assesses the significance of the Alexandria Primates Communique:

The Episcopal Church is going to have to make a decision this summer on whether to remove impediments to the consecration of gay bishops put in place at our last General Convention.

Now there are all sorts of problems with this. He doesn’t mention blessing of noncelibate same sex partnerships, which are also against the teaching and practice of the Anglican Communion and whihc need to be explicitly stopped. And he doesn’t mention that the “impediments” placed were not placed in the way in which they were asked to be placed, nor has restraint been shown by TEC in its practice since (one need only give evidence from the finalists in several dioceses for the post of bishop). He is also quite wrong to say this is about doing the “conservatives” bidding or playing into “their” hands. This is about submitting one to another in the body of Christ, and doing what the Anglican Communion has repeatedly asked us to do.

The key point Mr. Naughton and other activists have grasped is this: Lambeth 1998 1.10 has once again been affirmed. This is where the Communion is, and this is our communal standard. All the pressure is on the leadership of the Episcopal Church to agree to abide by this standard in 2009.

Posted in Uncategorized

A Look back to December 2008: Thoughts from Geoffrey Hoare

I was asked at a dinner party why I had not made a comment about the new ”˜Anglican’ province being formed in North America and claiming 100,000 members. I really don’t have anything to add to what I have already said. The Archbishop of Canterbury has met, eaten and prayed with some of the leading schismatics and appears to be open to the process of this new province seeking recognition through formal channels. Martyn Minns, the Nigerian bishop, originally from Nottingham, England, now residing in New Jersey, has made some comments to the effect that the new province really doesn’t need to operate according to the rules of an English charity (under which the Anglican Consultative Council operates), and suggests that the Archbishop of Canterbury would ”˜clarify’ things for Anglicans if he would get behind this innovation. I’m tired of it all and continue to suspect that The Episcopal Church will continue to be marginalized, –or at least those parts of the church that are willing to move beyond tolerance of GLBT people to affirmation.

Read it all.

Posted in * Anglican - Episcopal, --Proposed Formation of a new North American Province, Archbishop of Canterbury, Common Cause Partnership

Star-Telegram: Fort Worth-area Episcopalians elect provisional bishop

The newly elected provisional bishop of the reorganized Episcopal Diocese of Fort Worth said Saturday that he will work to “make the wide embrace of Christ’s love available” in the wake of a bitter split between two factions of the diocese.

The Rt. Rev. Edwin F. “Ted” Gulick Jr. made his remarks during a news conference at Trinity Episcopal Church after his nearly unanimous election, with 80 of 81 delegates voting for him and one delegate abstaining.

He will lead a group that chose to remain with the Episcopal Church after a majority of delegates in the 24-county diocese voted in November to leave the church.

Read it all.

Posted in * Anglican - Episcopal, Episcopal Church (TEC), TEC Conflicts, TEC Conflicts: Fort Worth

Willem Buiter–Good Bank/New Bank vs. Bad Bank: a rare example of a no-brainer

The logic is simple. Many (probably most, possibly all but a handful) high-profile, large border-crossing universal banks in the north Atlantic region are dead banks walking – zombie banks kept from formal insolvency only through past, present and anticipated future injections of public money. They have indeterminate but possibly large remaining stocks of toxic – hard or impossible to value – assets on their balance sheets which they cannot or will not come clean on.

This overhang of toxic assets acts like a tax on new lending. Banks are required, by regulators or by market pressures, to hoard capital and liquidity rather than engaging in new lending to the real economy. The public financial support offered in the form of capital injections (in the US mainly through preference shares and other non-voting equity), guarantees for assets and for liabilities (old and new), insurance of toxic assets (as provided to Citigroup by the US sovereign) and possibly in the future through direct purchases by the state of toxic assets (using TARP money in the US) and the creation of one or more publicly owned ”˜bad banks’ has been a complete failure.

The bad bank proposals the Obama administration and other governments are considering are non-starters, for the simple reason that they require the valuation of assets whose true value (even on a hold-to-maturity basis) can only be guessed at. The good bank proposal only requires the valuation of those assets on the balance sheets of the existing banks that are easy to value: transparently valued assets. The toxic stuff is left on the balance sheet of the existing banks, which become the legacy bad banks.

Read it all.

Posted in * Economics, Politics, Economy, The 2009 Obama Administration Bank Bailout Plan, The Banking System/Sector

Washington Post: Taking Apart the $819 billion Stimulus Package

I found these graphics helpful.

Posted in * Economics, Politics, Economy, The Fiscal Stimulus Package of 2009

A USA Today Editorial: Expanding legalized gambling doesn’t guarantee easy money

According to recent surveys, serious proposals to seek revenue from new or expanded gambling operations are percolating this winter in at least a third of the states.

There’s just one problem: The most recent evidence says the promised riches won’t materialize. A few examples:

”¢ Kansas authorized state casinos in 2007 on the notion that $200 million could be raised each year for debt reduction, capital improvements and property tax relief. Nearly two years later, private casino developers have pulled out of three of the four proposed casino sites, fearing that there’s little money to be made in today’s down economy.

This isn’t the primary reason to oppose it, but it is yet another one. Read it all.

Posted in * Culture-Watch, * Economics, Politics, Gambling, Politics in General, State Government

State lawmakers bet gambling can help with budgets

A tell-tale sign America’s chips are down: States are increasingly turning to gambling to plug budget holes.

Proposals to allow or expand slots or casinos are percolating in at least 14 states, tempting legislators and governors at a time when many must decide between cutting services and raising taxes.

Gambling has hard-core detractors in every state, but when the budget-balancing alternatives lawmakers must consider include reducing education funding or lifting sales taxes, resistance is easier to overcome, political analysts said.

“Who wouldn’t be interested if you’re a politician who needs to fund programs?” said Bo Bernhard, director of research at the International Gaming Institute at the University of Nevada, Las Vegas ”” a government-funded program.

It is simply a hidden tax on the poor and it is fool’s gold for policy makers. Makes the heart sad. Read it all.

Posted in * Culture-Watch, * Economics, Politics, Gambling, Politics in General, State Government

Dallas Morning News: Fort Worth congregations loyal to Episcopal Church reorganize

Fort Worth-area congregations remaining loyal to the Episcopal Church officially reorganized as a diocese Saturday, electing a provisional bishop and other leaders.

Present for the packed special meeting was the Rev. Katharine Jefferts Schori, presiding bishop of the 2 million-member Episcopal Church.

She declared that the diocese “is again a full part of the Episcopal Church.”

In November, a large majority of clergy and lay delegates ”“ led by Bishop Jack Iker ”“ voted to withdraw the diocese from the Episcopal Church and realign with a more conservative, Argentina-based province of the Anglican Communion.

Read it all.

Posted in * Anglican - Episcopal, Episcopal Church (TEC), TEC Conflicts, TEC Conflicts: Fort Worth

U.S. bank bailout to rely in part on private money

Wall Street helped produce the global financial and economic crisis. Now, as the Obama administration prepares to unveil a revised bailout plan for the banking system, policy makers hope Wall Street can be part of the solution.

Administration officials said the plan, to be announced Tuesday, was likely to depend in part on the willingness of private investors other than banks like hedge funds, private equity funds and perhaps even insurance companies to buy the contaminating assets that wiped out the capital of many banks.

The officials say they are counting on the profit motive to create a market for those assets. The government would guarantee a floor value, officials say, as a way to overcome investors’ reluctance to buy them.

Details of the new plan, which were still being worked out during the weekend, are sketchy. And they are likely to remain so even after Treasury Secretary Timothy Geithner announces the plan on Tuesday. But the aim is to reduce the need for immediate U.S. government financing and relieve fears that taxpayers will pay excessive prices if the government takes over risky securities. The banks created those securities when credit and home prices were booming a few years ago.

Besides devising a way to bring private investors into the bank bailout, the Treasury plan is expected to inject more capital into some banks and to give many homeowners relief from immediate foreclosures.

Read it all.

Posted in * Economics, Politics, Economy, Office of the President, Politics in General, President Barack Obama, The 2009 Obama Administration Bank Bailout Plan, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government, Treasury Secretary Timothy Geithner

Tom Ricks on Yesterday's Meet the Press

MR. [DAVID] GREGORY: So what are the biggest challenges he faces now in Afghanistan?

MR. [TOM] RICKS: Well, I think the first thing is to recognize that it’s not really a war in Afghanistan, it’s a war in Afghanistan and Pakistan. As a friend of mine said, it’s hard to win a war in Afghanistan when the enemy wants to fight it in the next country over, Pakistan.

MR. GREGORY: Right. And that’s the Taliban fighting and winning battles in Pakistan. This is where we went to war to take them out of power.

MR. RICKS: And that’s very scary. And our supply lines through Pakistan are being challenged. Bridges are being blown up, American convoys are being attacked. So I think the first thing that Obama will do is begin to look at it as an Afghan-Pakistan war, in which Pakistan is really the more important factor. We could lose in Afghanistan. It would be unhappy, but not, you know, terrible for us. If you lose Pakistan, you end up having the mujahideen, Islamic extremists, with nuclear weapons. And that was a major al-Qaeda goal that we really do not want to see happen. I don’t think that Newsweek got it quite right the other day when they referred to Afghanistan as potentially Obama’s Vietnam. I think potentially Obama’s Vietnam is Pakistan.

Caught this on the way home from worship yesterday on satellite radio. Mr. Ricks’ new book sounds fascinating. Read it all.[/i]

Posted in * Economics, Politics, * International News & Commentary, America/U.S.A., Asia, Defense, National Security, Military, Foreign Relations, Iraq War, Pakistan

A visit to a U.S. ally, but an increasingly wary one

When the envoy Richard Holbrooke arrives here Monday looking for ways to stop a runaway Islamist insurgency that is destabilizing Pakistan, he will find a pro-American but weak civilian government, and a powerful army unaccustomed and averse to fighting a domestic enemy.

In a nuclear-armed nation regarded as an ally of the United States and considered pivotal by the Obama administration to ending the war in neighboring Afghanistan, Holbrooke will face a surge of anti-American sentiment on clear display by private citizens, public officials and increasingly potent television talk shows.

Some remedies offered by his hosts are likely to be unappealing. On almost every front, Pakistani leaders are calling for less American involvement, or at least the appearance of it.

Read it all.

Posted in * Economics, Politics, * International News & Commentary, America/U.S.A., Asia, Foreign Relations, Pakistan

Flight 1549 Pilot Tells of Terror and Intense Focus

The landing had to be perfect in several ways, he said.

“I needed to touch down with the wings exactly level,” he said. “I needed to touch down with the nose slightly up. I needed to touch down at a ”” at a descent rate that was survivable. And I needed to touch down just above our minimum flying speed, but not below it. And I needed to make all these things happen simultaneously.”

After the plane splashed down, he turned to his first officer. “We said, ”˜Well, that wasn’t as bad as I thought,’ ” he said.

The plane was evacuated and Captain Sullenberger, “after bugging people for hours,” said he finally learned that all 155 people on board had survived.

Read it all.

Posted in * Culture-Watch, * General Interest, Travel

Alaa Al Aswany: Why the Muslim world can't hear Obama

Our admiration for Obama is grounded in what he represents: fairness. He is the product of a just, democratic system that respects equal opportunity for education and work. This system allowed a black man, after centuries of racial discrimination, to become president. This fairness is precisely what we are missing in Egypt.

That is why the image of Obama meeting with his predecessors in the White House was so touching. Here in Egypt, we don’t have previous or future presidents, only the present head of state who seized power through sham elections and keeps it by force, and who will probably remain in power until the end of his days.

Accordingly, Egypt lacks a fair system that bases advancement on qualifications. Young people often get good jobs because they have connections. Ministers are not elected, but appointed by the president. Not surprisingly, this inequitable system often leads young people to frustration or religious extremism. Others flee the country at any cost, hoping to find justice elsewhere.

We saw Obama as a symbol of this justice. We welcomed him with almost total enthusiasm until he underwent his first real test: Gaza.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, * Religion News & Commentary, America/U.S.A., Foreign Relations, Islam, Israel, Middle East, Office of the President, Other Faiths, Politics in General, President Barack Obama, Religion & Culture, The Palestinian/Israeli Struggle, War in Gaza December 2008--

ENS: Ted Gulick unanimously elected provisional bishop by TEC Affiliated Group in Fort Worth

About 400 delegates and overflow visitors who filled the 116-year-old Trinity Church and its parish hall on Fort Worth’s south side for a February 7 special organizing convention celebrated being “called to life” anew and getting back to the business of being the Episcopal Diocese of Fort Worth.

About 19 clergy and 62 lay delegates representing 31 congregations unanimously elected the Rt. Rev. Edwin “Ted” Gulick, bishop of Kentucky, as provisional bishop by a voice vote in clergy and lay orders. Gulick, who will serve as provisional bishop until at least mid-year while continuing to serve the Diocese of Kentucky, received a standing ovation and sustained applause.

“I cannot tell you how moved I am by your trust and how awed I am by this responsibility,” Gulick told the gathering. He offered thanks to Presiding Bishop Katharine Jefferts Schori, as well as to the people of the Diocese of Kentucky.

Read it all.

Posted in * Anglican - Episcopal, Episcopal Church (TEC), Presiding Bishop, TEC Bishops, TEC Conflicts, TEC Conflicts: Fort Worth

Diocese of Fort Worth Releases Four Parishes

In a hearing Monday, Feb. 2, the Bishop and Standing Committee of the Episcopal Diocese of Fort Worth took action under diocesan Canon 32 to release the property and assets of four parishes from the Corporation of the diocese. The rectors and elected wardens of the four parishes were notified of the hearing and invited to attend. The property of Trinity Episcopal Church, Fort Worth, and St. Martin-in-the-Fields Episcopal Church, Southlake, has been transferred into the name of the Rectors and Wardens of those parishes, respectively. The property of St. Christopher’s Episcopal Church, Fort Worth, and St. Luke’s Episcopal Church, Stephenville, will be transferred upon removal of financial encumberances in the form of building loans currently in the name of the Corporation.

Read it all.

Posted in * Anglican - Episcopal, Episcopal Church (TEC), TEC Conflicts, TEC Conflicts: Fort Worth

Roderick Strange–Riveted by Mark’s Gospel, in one sitting

Almost thirty years ago I spent a memorable night at the Oxford Playhouse. The stage was bare except for a table and chair. As the performance began, Alec McCowen walked on and placed a copy of the King James’ Bible on the table, in case, he remarked with self-deprecating humour, he forgot his lines. And then he began to recite the Gospel according to St Mark. It was spellbinding. We may be familiar with much of the text, but probably from hearing passages read out in church, as they will often be this year; but to hear the text whole was another experience altogether.

More recently I read the text straight through again in a single sitting. It took me about two hours. Once more the experience was riveting. I would encourage anyone, whether Christian or not, to do the same. The text as a whole has a power we may miss when pondering just particular passages or sections.

Read it all.

Posted in Theology, Theology: Scripture

Pope to address Jews after bishop denies Holocaust

Israel’s chief Rabbinate is resuming dialogue with the Vatican after freezing ties over a Holocaust-denying bishop and the pope will meet major Jewish groups to try to make amends, a Church source said on Saturday.

The Rabbinate pulled out of a meeting with Vatican officials scheduled for March 1-4 in the midst of an international outcry over the Pope Benedict’s lifting of the excommunications of four traditionalist bishops, including Richard Williamson, who denies the full extent of the Holocaust.

The meeting will now take place in late February or mid-March and will most likely include a papal audience.

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Posted in * Religion News & Commentary, Inter-Faith Relations, Judaism, Other Churches, Other Faiths, Pope Benedict XVI, Roman Catholic

Religion and Ethics Weekly: Darwin at 200

DE SAM LAZARO: Despite the extremes of argument, many people of faith who are also scientists insist that evolution and religious belief need not conflict. For instance, they say God can work through evolution.

Prof. [LOREN] HAARSMA: I think Christians are very ”” even Christians who oppose the theory of evolution ”” are comfortable saying God works through natural, scientifically understandable processes. If the majority of Christians could come to the place where they say, “I might or might not believe in evolution, but it’s OK for Christians to believe in evolution,” that would take some of the weight off. On the other side, it would be very helpful if science educators could find better ways to discuss how different religious views might view evolution.

Dr. [FRANCIS] COLLINS: If God, who is outside space and time, chose to create a universe and populate it with creatures in his image with whom he could have fellowship, who are we to say that the process that we as scientists have uncovered ”” the Big Bang, the formation of stars and planets and the mechanism of evolution to create life and ultimately human life ”” is not the way we would have done it? I find that enormously satisfying. Nothing that I know as a scientist is in contradiction to that. Nothing that I know as a believer is in contradiction to that.

Read it all.

Posted in * Culture-Watch, History, Religion & Culture, Science & Technology

ENS: Primates' communiqué, Windsor report draw praise, criticism

[Robert] Duncan made no mention of the primates’ call for mediated talks in his official statement responding to the February 5 communiqué issued after the leaders or primates of the Anglican Communion’s 38 provinces ended their five day meeting in Alexandria, Egypt. Instead, in that statement, he portrayed the members of the proposed new “Anglican Church in North America” as people “who are attempting to remain faithful amidst vast pressures to acquiesce to beliefs and practices far outside of the Christian and Anglican mainstream.”

[Bonnie] Anderson told ENS that “the primates spoke in a new voice in their communiqué.” Anderson, who plans to issue a full statement next week, went on to say that “while I didn’t agree with everything they said, I appreciated their emphasis on relationships and their commitment to mission. The Windsor Continuation Group is another matter. They seem firmly anchored in the past, yearning for a centralized authority that can solve all of our problems. This is troubling, because centralization disenfranchises the laity, and diminishes the importance of the witness of the local church.”

In their communiqué, the primates called for the development of a “pastoral council” and Williams’ ability to appoint of “pastoral visitors” to assist in healing and reconciliation given the current “situation of tension” in the Anglican Communion. They also encouraged all parties in the current controversies to maintain “gracious restraint” with respect to actions that could exacerbate the tensions, such as same-gender blessings, cross-border interventions and the ordination of gay and lesbian people to the episcopate.

Read it all.

Posted in * Anglican - Episcopal, --Proposed Formation of a new North American Province, Anglican Primates, Common Cause Partnership, Episcopal Church (TEC), Primates Meeting Alexandria Egypt, February 2009, Same-sex blessings, Sexuality Debate (in Anglican Communion), TEC Polity & Canons

A Reflection by the Primate of Canada Fred Hiltz

The Primates gave considerable attention to the report of the Windsor Continuation Group. It addressed the strained relationships within the Communion over matters of sexuality and unity, and provides recommendations for ways forward in deepening and in some cases restoring Communion. A very significant recommendation, which the Primates whole-heartedly affirmed, is to examine the Instruments of Communion, their respective roles and the manner in which they relate to one another.

The moratoria on the selection of Bishops in same-gender unions, rites of blessings for same-sex unions and cross-border interventions were much discussed. The Primate’s letter acknowledges that deep differences over these matters are held with great conviction. There was a continuing call for gracious restraint on all three fronts.

Read it all.

Posted in * Anglican - Episcopal, Anglican Church of Canada, Anglican Primates, Anglican Provinces, Primates Meeting Alexandria Egypt, February 2009, Same-sex blessings, Sexuality Debate (in Anglican Communion)

Notable and Quotable

A: Basically what happens is that after a period of time, economies go through a long-term debt cycle — a dynamic that is self-reinforcing, in which people finance their spending by borrowing and debts rise relative to incomes and, more accurately, debt-service payments rise relative to incomes. At cycle peaks, assets are bought on leverage at high-enough prices that the cash flows they produce aren’t adequate to service the debt. The incomes aren’t adequate to service the debt. Then begins the reversal process, and that becomes self-reinforcing, too. In the simplest sense, the country reaches the point when it needs a debt restructuring. General Motors is a metaphor for the United States.

Q: As goes GM, so goes the nation?
A: The process of bankruptcy or restructuring is necessary to its viability. One way or another, General Motors has to be restructured so that it is a self-sustaining, economically viable entity that people want to lend to again.

This has happened in Latin America regularly. Emerging countries default, and then restructure. It is an essential process to get them economically healthy.

We will go through a giant debt-restructuring, because we either have to bring debt-service payments down so they are low relative to incomes — the cash flows that are being produced to service them — or we are going to have to raise incomes by printing a lot of money.

It isn’t complicated. It is the same as all bankruptcies, but when it happens pervasively to a country, and the country has a lot of foreign debt denominated in its own currency, it is preferable to print money and devalue.

Q: Isn’t the process of restructuring under way in households and at corporations?

A: They are cutting costs to service the debt. But they haven’t yet done much restructuring. Last year, 2008, was the year of price declines; 2009 and 2010 will be the years of bankruptcies and restructurings. Loans will be written down and assets will be sold. It will be a very difficult time. It is going to surprise a lot of people because many people figure it is bad but still expect, as in all past post-World War II periods, we will come out of it OK. A lot of difficult questions will be asked of policy makers. The government decision-making mechanism is going to be tested, because different people will have different points of view about what should be done.

Ray Dalio, Chief Investment Officer, Bridgewater Associates in this weekend’s Barrons (full content limited to subscribers)

Posted in * Economics, Politics, Consumer/consumer spending, Credit Markets, Economy, Housing/Real Estate Market, Office of the President, Personal Finance, Politics in General, President Barack Obama, Stock Market, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The Fiscal Stimulus Package of 2009, The Possibility of a Bailout for the U.S. Auto Industry, The September 2008 Proposed Henry Paulson 700 Billion Bailout Package

From boom to bread line in a Florida exurb

Desperation has moved into this once-middle-class exurb of Fort Myers, where hammers used to pound.

Its straight-ahead stare was hidden amid the chatter of 221 families waiting for free bread at Faith Lutheran Church on a recent Friday morning, and it had appeared a block away a few days earlier, as laid-off construction workers in flannel shirts scavenged through trash bags at a home foreclosure, grabbing wires, CDs, anything that could be sold.

“I knew it was coming,” said Gloria Chilson, 56, the former owner of the house, as she watched strangers pick through her belongings. “You take what you can; you try not to care.”

Welcome to the American dream in high reverse. Lehigh Acres is one of countless sprawling exurbs that the housing boom drastically reshaped, and now, the bust is testing whether the experience of shared struggle will pull people together or tear them apart.

Read it all.

Posted in * Economics, Politics, Economy, Housing/Real Estate Market, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--