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The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery.

Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real-estate information company based in Santa Ana, Calif.

These so-called underwater mortgages pose a roadblock to a housing recovery because the properties are more likely to fall into bank foreclosure and get dumped into an already saturated market. Economists from J.P. Morgan Chase & Co. said Monday they didn’t expect U.S. home prices to hit bottom until early 2011, citing the prospect of oversupply.

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Church of Uganda yesterday said Vatican’s open invite to disgruntled Anglicans to embrace the Catholic Church for spiritual relief will have no effect on its following. Ms Alison Barfoot, the Churches external relations officer, said there are no Anglican-Catholic members in their fold to heed the Pope’s call.

Critics say the Apostolic Constitution or decree that Rome made public last month appears calculated to exploit the intra-Anglican divide and trigger mass defections over the issue of homosexuality and consecration of women as bishops. “It seems the Pope created the structure [of Anglican Ordinariate] to allow the disaffected, especially Anglo-Catholic, to preserve their tradition of prayers and liturgy while allowing them to be Catholics,” she said, adding: “We don’t think it’s going to have any impact here.”

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A sudden crisis is unlikely. Other rich countries with far bigger debts relative to the size of their economies, from Italy to Japan, have soldiered on without hitting a wall. Stable politics, transparent laws and economic dominance give America unequalled credibility with lenders. For all the anxiety the declining dollar drew from China this week (see article), it has no serious rival as the world’s reserve currency. America has sensibly used this fiscal freedom to enact an aggressive stimulus programme. This should be maintained for as long as it is needed.

Yet ignoring the future is also costly. The problem is not the deficits in the next couple of years, but in the years that follow. Uncertainty over how taxes may be raised to shrink deficits may already be weighing on business confidence. Worries about inflation or default could start to push up interest rates. Eventually, private investment will be crowded out.

Barack Obama and Congress can pre-empt such corrosive uncertainty with a plan to reduce the deficit now. Far from requiring immediate spending cuts or tax increases, a credible plan would reassure markets and allow an orderly exit from fiscal stimulus. The Federal Reserve provides a model: it does not plan to tighten monetary policy in the near future, but has signalled its willingness to do so when inflation threatens.

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The assumption made by most of her readers in the early ’50s when she came into print was that here we have another H.L. Mencken, here we have another Sinclair Lewis, here we have a sophisticate, and above all a Catholic sophisticate, making fun of these dumb, backwoods, benighted, backward fundamentalists who are screaming “Jesus saves,” who are doing wild and hairy things like handling snakes and so forth, so she must be mocking, she must be having fun with them, she must be satirizing them in the fashion of Mencken or Sinclair Lewis. Of course, Mencken called the Bible the nastiest name he could think of, you know””not the Cotton Belt, not the Tobacco Belt, but the ugly word, the Bible Belt. And for O’Connor that was the glory of her region, these people, backwoods””not our contemporary fundamentalists, not those that have moved into political power. These were the emarginated people in the sidelines of southern life in small, out of the way places, never making it into the news, never wanting to get into the news, never trying to push political candidates forward, never using the Gospel for some so-called larger political end. They were, instead, obsessed with God’s own self-identification in the Jews and in Jesus and in the book that is that story of self-identification, and so she saw””look, these are my brothers and sisters, they are as unlike me as they can be when it comes to the church and its sacraments, but they are a whole of a kind of sweated Gospel, a Gospel that takes God and God’s world with the utmost seriousness, and therefore I’ve got to attend to them, I cannot dismiss them, and so she winds up saying these are people after my own heart, and I want to write about them sympathetically, and of course that just stunned her secular audience, as they couldn’t understand at all what she was trying to do, when she was saying I think, in fact, what St. Thomas says. She says most sins are committed by acts of immoderation, of excess. There’s one and one only quality that can never be sufficiently immoderate, and that’s the love of God. And in fact Thomas says you cannot love God moderately, you cannot love God in a kind of lukewarm fashion. We love God either absolutely or not at all. And she saw in these backwoods, southern, I call them folk Christians more than fundamentalists, that kind of completely radical love of God in their own way.

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This is a must-not-miss. For those of you who do not know Carver’s writings, they are a real treasure–KSH.

Raymond Carver, surely the most influential writer of American short stories in the second half of the 20th century, makes an early appearance in Carol Sklenicka’s exhaustive and sometimes exhausting biography as a 3- or 4-year-old on a leash. “Well, of course I had to keep him on a leash,” his mother, Ella Carver, said much later ”” and seemingly without irony.

Mrs. Carver might have had the right idea. Like the perplexed lower-middle-class juicers who populate his stories, Carver never seemed to know where he was or why he was there. I was constantly reminded of a passage in Peter Straub’s “Ghost Story”: “The man just drove, distracted by this endless soap opera of America’s bottom dogs.”

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It sounds like the start of a joke: a rabbi, a minister and a Muslim sheik walk into a restaurant.

But there they were, Rabbi Ted Falcon, the Rev. Don Mackenzie and Sheik Jamal Rahman, walking into an Indian restaurant, and afterward a Presbyterian church. The sanctuary was full of 250 people who came to hear them talk about how they had wrestled with their religious differences and emerged as friends.

They call themselves the “interfaith amigos.” And while they do sometimes seem more like a stand-up comedy team than a trio of clergymen, they know they have a serious burden in making a case for interfaith understanding in a country reeling from the spectacle of a Muslim Army officer at Fort Hood opening fire on his fellow soldiers.

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There are several reasons, but all come down to this — I believe we are facing an inevitable and culture-determining decision on the three issues centrally identified in this statement. I also believe that we will experience a significant loss of Christian churches, denominations, and institutions in this process. There is every good reason to believe that the freedom to conduct Christian ministry according to Christian conviction is being subverted and denied before our eyes. I believe that the sanctity of human life, the integrity of marriage, and religious liberty are very much in danger at this very moment.

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Samantha Green graduated from Indiana University in May with a $50,000 debt, a degree in journalism and a burning desire to start her career in Chicago.

So far, the only job offers she has gotten are temporary or minimum-wage sales jobs.

“It’s just not something that’s a good fit for me,” says Green, who is doing odd jobs to earn some money.

Her job prospects are so poor that her parents have been helping pay her rent, electric bills and groceries. Now they’re covering her $300 monthly student loan payments, too.

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Sen. Joseph Lieberman, speaking in that trademark sonorous baritone, utters a simple statement that translates into real trouble for Democratic leaders: “I’m going to be stubborn on this.”

Stubborn, he means, in opposing any health-care overhaul that includes a “public option,” or government-run health-insurance plan, as the current bill does. His opposition is strong enough that Mr. Lieberman says he won’t vote to let a bill come to a final vote if a public option is included.

Probe for a catch or caveat in that opposition, and none is visible. Can he support a public option if states could opt out of the plan, as the current bill provides? “The answer is no,” he says in an interview from his Senate office. “I feel very strongly about this.” How about a trigger, a mechanism for including a public option along with a provision saying it won’t be used unless private insurance plans aren’t spreading coverage far and fast enough? No again.

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Asked for the pope’s reaction, the archbishop said, “the main message was that the constitution did not represent any change in the Vatican’s attitude toward the Anglican Communion as such.”

As for the issue of ordaining openly gay men and blessing gay marriages, which a few Anglican provinces have done, Archbishop Williams told Vatican Radio the official policy of the Anglican Communion remains opposed to such practices.

“We have to keep considering this, praying about it (and) reflecting without creating too many facts on the ground that pretend the debate is settled,” he told the radio. At the same time, he said, it must be done in a way that shows how much “we value and appreciate the contribution made already by many faithful gay and lesbian people who serve as clergy and laity in the church.”

Cardinal Walter Kasper, president of the Pontifical Council for Promoting Christian Unity, and Archbishop Williams both said they thought the next topic to be treated by ARCIC would be the relationship between the local and universal church.

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Fifty percent of the evangelical Christian world is hidden. They’re known as women.

Not long ago, I was paging through a list of “top 40” nonfiction authors in World magazine, an evangelical weekly. Thirty-eight of the authors were men; two were women.

I e-mailed an editor, asking about the gender imbalance. He said an upcoming list of fiction authors would include more female names.

What about female authors who write nonfiction, I asked. He took a look at the unsolicited books in his office. Of the 33 sent over the transom, only three were written by women.

I doubt the ratio of evangelical male to female writers is 10 to 1. What I suspect is that these women’s publishers are less apt to push their books.

Posted in * Culture-Watch, * Religion News & Commentary, Books, Evangelicals, Other Churches, Religion & Culture, Women

Delegates at the 170th convention of the Episcopal Diocese of Missouri learned on Friday afternoon that one of the mission churches in Lake St. Louis had become a parish. About 75 members of the Church of the Transfiguration were on hand to provide a presentation of the mission’s history and the work it took to become a parish.

“We started out with about a dozen members,” said Mary Ruth, a longtime member of the newly established parish. “It moved from place to place, meeting room to meeting room, until we finally settled on our present building. Now we’ve added on rooms for Sunday school and meetings.”

Building up missions was a large part of convention business as 300 delegates met to discuss and review the church’s progress on missionary work, not only in Africa but also in Missouri. It was the ongoing theme emphasized by both Bishop George Wayne Smith, 10th bishop of Missouri, and the keynote speaker of the weekend, Dr. Dwight Zscheile.

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The S.C. Ethics Commission has charged S.C. Gov. Mark Sanford with 37 counts of breaking state ethics laws. The commission filed its charges last week but only released them Monday.

Those charges allege that, in 18 instances, Sanford authorized, approved or allowed the purchase of business-class airfare so that he could travel to and within the continents of Europe, Asia and South America.

Four of the flights cited involved a 2008 state Commerce Department trip to Brazil that Sanford extended to Argentina so that the married, two-term Republican governor could see his Argentine lover.

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As American families sit down to their traditional Thanksgiving feasts, they will naturally recall the familiar story of the Pilgrims and, in the process, distort the true character of the nation’s religious heritage.

Most children learn that the Mayflower settlers came to the New World to escape persecution and to establish religious freedom. But the early colonists actually pursued purity, not tolerance, and sought to build fervent, faith-based utopias, not secular regimes that consigned religion to a secondary role. The distinctive circumstances that allowed these fiery believers of varied denominations to cooperate in the founding of a new nation help to explain America’s contradictory religious traditions ”” as simultaneously the most devoutly Christian society in the Western world, and the country most accommodating to every shade of exotic belief and practice.

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There wasn’t much information in the official communique after Pope Benedict and Archbishop of Canterbury Rowan Williams met at the Vatican on Saturday. The terse text mentioned “cordial discussions” about challenges facing Christians, the need to cooperate and their intention to continue bilateral theological dialogue. The only reference to the issue of the day, Benedict’s offer to take alienated Anglicans into the Catholic Church, was mentioned in passing as “recent events affecting relations between the Catholic Church and the Anglican Communion.” Hmm, pretty thin pickings”¦.

The Pravda-like opaqueness of the communique (read it here) prompted me to zoom in on the photographs we got from the Vatican daily L’Osservatore Romano for any other clues there.

Read it all and check out the photos

The Roman Catholic bishops of England and Wales have set up a task force to help the possible exodus of tens of thousands of disaffected Anglicans into their church.

The move was announced as Anglican leader Dr Rowan Williams, the Archbishop of Canterbury, protested to the Pope in the Vatican over its plans to receive Anglican converts en masse.

Pope Benedict XVI was last month accused of attempting to poach Anglicans unhappy about decisions taken in their church to ordain women and sexually-active homosexuals as priests and bishops.

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While the F.H.A. is certainly strengthening the high-end market in the Bay Area by prompting more sales, there are growing concerns that it might become a destabilizing force.

Kenneth Donohue, inspector general for the Department of Housing and Urban Development, the parent agency of the F.H.A., said the higher loan limits were increasing the potential risk to the F.H.A. Last week, the agency said its cash reserves had fallen below their Congressionally mandated minimum because of the large volume of foreclosures.

“If one of these higher-limit loans fail, that’s equivalent to two or three cheaper loans,” Mr. Donohue said. “You have to ask yourself, was the F.H.A. ever intended to address these markets?”

He sees another risk: larger loans will be a greater draw for those who want to commit fraud. That would exacerbate a problem already besetting the agency.

I honestly feel some days like I am living on Mars, I simply cannot believe what is occurring in my own country. Read it all.

“What a good country or a good squirrel should be doing is stashing away nuts for the winter. The United States is not only not saving nuts, it’s eating the ones left over from the last winter.”

–William H. Gross, managing director of the Pimco Group, the bond-management firm, in the article posted just below this entry

The United States government is financing its more than trillion-dollar-a-year borrowing with i.o.u.’s on terms that seem too good to be true.

But that happy situation, aided by ultralow interest rates, may not last much longer.

Treasury officials now face a trifecta of headaches: a mountain of new debt, a balloon of short-term borrowings that come due in the months ahead, and interest rates that are sure to climb back to normal as soon as the Federal Reserve decides that the emergency has passed.

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Within days of taking office in January, the former Belgian prime minister will put his weight behind controversial proposals already floated by the commission’s head, José Manuel Barroso, for a new “Euro tax”.

He will add credence to Mr Barroso’s plans, to be formally tabled in the New Year, by arguing for a Euro-version of a “Tobin Tax” ”“ a levy on financial transactions already floated by Gordon Brown as a solution to the international banking crisis. It would result in a stream of income direct to Brussels coffers, funding budgets that critics say are already rife with waste and overspending.

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The apostolic constitution “Sapientia Christiana,” from its first expressions, shows the urgency, still present, to overcome the existing breach between faith and culture, inviting to a greater commitment of evangelization, in the firm conviction that Christian revelation is a transforming force, destined to permeate ways of thinking, criteria of judgment, and norms of behavior. It is able to illumine, purify and renew the customs of men and their cultures (cfr Proemio, I), and must constitute the central point of teaching and research, in addition to the horizon that illumines nature and the objects of every ecclesiastical faculty.

From this perspective, while underlining the duty of the cultivators of the sacred disciplines to attain, with theological research, a more profound knowledge of the truth revealed, encouraged at the same time are contacts with the other fields of learning for a fruitful dialogue, above all for the purpose of offering a precious contribution to the mission that the Church is called to carry out in the world.

After 30 years, the basic lines of the apostolic constitution “Sapientia Christiana” still keep all their current importance. What is more, in today’s society, where knowledge is increasingly specialized and sectorial, but which is increasingly marked by relativism, it is even more necessary to be open to the wisdom that comes from the Gospel. Man, in fact, is incapable of understanding himself fully and the world without Jesus Christ: Only he illumines his true dignity, his vocation, his ultimate destiny and opens the heart to a solid and lasting hope.

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Companies and groups hiring lobbying firms on health issues nearly doubled this year as special interests rushed to shape the massive revamp of the nation’s health care system now in its final stretch before Congress.

About 1,000 organizations have hired lobbyists since January, compared with 505 during the same period in 2008, according to a USA TODAY analysis of congressional records compiled by the nonpartisan CQ MoneyLine.

Overall, health care lobbying has increased, exceeding $422 million during the first ninth months of the year, according to the Center for Responsive Politics, which tracks money in politics. That’s more than any other industry and a nearly 10% jump over the same period in 2008. The center’s Dave Levinthal said the frenzy of new lobbying activity makes financial sense.

“If lobbying didn’t work, people wouldn’t do it,” he said.

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As one of the few senators undecided on healthcare reform, Arkansas Democrat Blanche Lincoln faces a huge headache. Liberals attack her as an obstructionist, even though she cast a key vote keeping the effort alive. Republicans are lining up to run against her — seven, so far, and counting.

The voters here at home seem conflicted, if not downright confused.

Take Jim Havens. He greeted Lincoln with a warm embrace when she showed up at the University of Central Arkansas for a service honoring veterans; his late brother was a family friend. Moments later, as Lincoln sat on stage, the 73-year-old state employee related his frustrations with the healthcare system: the struggle to cover his wife before Medicare kicked in, the exclusions that made her expensive policy barely worth the cost.

“What we got is broken,” Havens said. But, he quickly added, “what I don’t think we need to do is rush to fix it and make things even worse.”

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The White House is lukewarm about proposals by congressional Democrats to introduce broad legislation to create jobs, instead favoring targeted measures that would be less likely to inflate the deficit, administration officials said.

There is as yet no agreement within the White House or in Congress on how to try to curb the U.S. jobless rate. But the differences in opinion suggest that rifts could emerge among Democrats as they wrestle with how to beat back the highest unemployment rate in a generation.

The jobless rate, which hit 10.2% in October, has continued to climb despite the implementation of a $787 billion stimulus package in February.

The subheader for the article is: White House Is Unenthusiastic on Legislation That Would Raise Government Debt. To which I respond–good for them. Read it all.

As millions of Americans struggle to hold on to their homes, Wall Street has found a way to make money from the mortgage mess.

Investment funds are buying billions of dollars’ worth of home loans, discounted from the loans’ original value. Then, in what might seem an act of charity, the funds are helping homeowners by reducing the size of the loans.

But as part of these deals, the mortgages are being refinanced through lenders that work with government agencies like the Federal Housing Administration. This enables the funds to pocket sizable profits by reselling new, government-insured loans to other federal agencies, which then bundle the mortgages into securities for sale to investors.

While homeowners save money, the arrangement shifts nearly all the risk for the loans to the federal government ”” and, ultimately, taxpayers ”” at a time when Americans are falling behind on their mortgage payments in record numbers.

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But while our culture of imagination is still vibrant, the other critical factor that still differentiates countries today ”” and is not a commodity ”” is good governance, which can harness creativity. And that we may be losing. I am talking about the ability of a society’s leaders to think long term, address their problems with the optimal legislation and attract capable people into government. What I increasingly fear today is that America is only able to produce “suboptimal” responses to its biggest problems ”” education, debt, financial regulation, health care, energy and environment….

The standard answer [to the the governance problem] is that we need better leaders. The real answer is that we need better citizens. We need citizens who will convey to their leaders that they are ready to sacrifice, even pay, yes, higher taxes, and will not punish politicians who ask them to do the hard things. Otherwise, folks, we’re in trouble. A great power that can only produce suboptimal responses to its biggest challenges will, in time, fade from being a great power ”” no matter how much imagination it generates.

Grandma said that, too.

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Praise the LORD! O give thanks to the LORD, for he is good; for his steadfast love endures for ever! Who can utter the mighty doings of the LORD, or show forth all his praise? Blessed are they who observe justice, who do righteousness at all times!

–Psalm 106:1-3

And the LORD roars from Zion, and utters his voice from Jerusalem, and the heavens and the earth shake. But the LORD is a refuge to his people, a stronghold to the people of Israel.

–Joel 3:16