The £900,000 mansion that will become the home of a newly-appointed bishop was previously sold by the Church of England for less money, it has been revealed.
The Grade II-listed Georgian former rectory was sold for £750,000 in 2007 after the church deemed it ‘unsuitable’ for the clergy.
But the diocese is set to buy back the imposing property for the Right Reverend Peter Hancock in a controversial move away from his traditional historic palace.
More than five years later, there is still no answer to perhaps the most critical question raised by the man-made disaster: How much did it all cost?
In July, three economists at the Federal Reserve Bank of Dallas, Tyler Atkinson, David Luttrell and Harvey Rosenblum, gave it a shot, at least as far as the United States economy goes.
…their examination offers a panoramic view of the variety of ways in which the financial crisis diminished the nation’s standard of living. At a bare minimum the crisis cost nearly $20,000 for each American. Adding in broader impacts on workers’ well-being ”” an admittedly speculative exercise ”” could raise the price tag to as much as $120,000 for every man, woman and child in the United States. With this kind of money we could pay back the federal debt or pay for a top-notch college education for everyone.
The US Federal Reserve was being complacent by planning for years of below-target inflation, warned Minneapolis Fed President in a clarion call for more economic stimulus.
“We’re running the risk of being content with inflation running consistently below our target. That’s inappropriate,” said Narayana Kocherlakota, who votes on Fed monetary policy this year, in an interview with the Financial Times. “Right now we’re sitting with an outlook for inflation that even by 2016”‰.”‰.”‰.”‰is not getting back to 2 per cent.”
Mr Kocherlakota’s remarks illustrate the growing anxiety about low global inflation that led Christine Lagarde, head of the International Monetary Fund, to warn this week that “rising risks of deflation” could be disastrous for the world’s economic recovery ”“ calling it the “ogre that must be fought decisively”.
The Church of England has been accused of scoring an “extraordinary” own goal spending hundreds of thousands of pounds buying a house for a bishop so he would not live in the grandeur of a medieval palace.
The Church Commissioners, the Church’s property arm, announced last month that the next bishop of Bath and Wells will not live in the 800-year-old palace occupied by his predecessors.
Instead, the Rt Rev Peter Hancock will be housed in a property outside Wells offering greater “privacy” and which would be more “conducive to effective ministry and mission”.
More Americans, 42%, say they are financially worse off now than they were a year ago, reversing the lower levels found over the past two years. Just more than a third of Americans say their financial situation has improved from a year ago.
These results come from Gallup’s annual “Mood of the Nation” poll, conducted Jan. 5-8. Gallup has found that Americans’ economic confidence, self-reported consumer spending, and perceptions of job creation improved in 2013. Despite Americans’ more positive views of the overall U.S. economy in 2013, nearly two-thirds believe their personal financial situation deteriorated or was stable over the past year.
Though down from mid-2013, the percentage of Americans saying they are financially better off than a year ago is nearly in line with the historical average (38%), spanning 1976-2014. On the other hand, the share of Americans saying they are financially worse off compared with a year ago is, by historical standards, high — eight percentage points above the average. The record high of 55% occurred in May and September 2008, the year (and, in the latter case, the month) of the global financial meltdown.
Here’s what we learned from the in-depth report on how women are doing in post-recession America.
–1 in 3 American women, 42 million women, plus 28 million children, either live in poverty or are right on the brink of it. (The report defines the “brink of poverty” as making $47,000 a year for a family of four.)
–Nearly two-thirds of minimum wage workers are women, and these workers often get zero paid sick days.
–Two-thirds of American women are either the primary or co-breadwinners of their families.
The Vancouver School of Theology (VST) is selling its Iona Building, in the theological neighbourhood of the University of British Columbia (UBC) campus, to UBC for an agreed price of $28 million.
The deal has yet to be finalized by both sides, but the schools announced in a joint press release that UBC plans to take possession of the building in July 2014 and begin using the facility, which will house UBC’s Vancouver School of Economics.
VST, an independent theological school, plans to use part of the proceeds of the sale to continue its existing operations as a theological college at UBC and to set aside a substantial portion of the remainder in an endowment that will generate income to support professional and pastoral training. It retains ownership of nearby Somerville House and Chapel of the Epiphany. The Iona Building was built in 1927 on land leased from UBC for 999 years.
Just six months ago, 35-year-old Air Force veteran Robert Wright returned to the Charleston area with his wife and four children to face an uncertain future.
A large cyst on Wright’s brain had resulted in his medical retirement from the service he joined in 1997, serving multiple deployments overseas. With a stent in his brain and unable to work, Wright would be staying at home with wife Bethany, 33, who home-schools their four children, two of whom have medical issues as well.
They never expected that home would be a new 5-bedroom house, fully furnished and mortgage-free, in the emerging McKewn subdivision in North Charleston.
Read it all from the local paper.
American consumers in 2013 were more upbeat than at any time in the previous six years as views on the economy, finances and the buying climate improved.
The Bloomberg Consumer Comfort Index…averaged minus 31.4 for 2013, the highest since 2007, when it was minus 10.5. The weekly index fell for the first time since mid-November, dropping to minus 28.7 for the period ended Dec. 29, from minus 27.4.
An improved job market, higher stock prices and rising home values lifted sentiment at the end of the year and helped drive holiday retail shopping. Stronger wage and employment growth would help propel bigger gains in confidence and encourage Americans to boost spending, which accounts for almost 70 percent of the economy.
Although the Fed expects to keep reducing the program “in measured steps” next year, the timing and the course isn’t preset. “Continued progress [in the economy] is by no means certain,” Mr. [Ben] Bernanke said. “The steps that we take will be data-dependent.”
If the Fed proceeds at the pace he set out, it would complete the bond-buying program toward the end of 2014 with holdings of nearly $4.5 trillion in bonds, loans and other assets, nearly six times as large as the Fed’s total holdings when the financial crisis started in 2008.
Still, officials””worried that investors would quake at the thought of less Fed support””went to lengths to demonstrate that they would keep interest rates low for years to come, even after the bond-buying program ends.
Read it all.
While plenty of baby boomers, born from 1946 to 1964, have become affluent and many elderly around the U.S. face financial hardship, the wealth disparity of this father and daughter is emblematic of a broad shift occurring around the country. A rising tide of graying baby boomers is less secure financially and has a lower standard of living than their aged parents.
The median net worth for U.S. households headed by boomers aged 55 to 64 was almost 8 percent lower, at $143,964, than those 75 and older in 2011, according to Census Bureau data. Boomers lost more than other groups in the stock market and housing bust of 2008, and many also lost their jobs in the aftermath at a critical point in their productive years.
Americans see little prospect that President Barack Obama and Congress can get much done beyond keeping the government open for the next few months.
A Bloomberg National Poll finds 78 percent of respondents say the political gridlock in Washington will hurt the nation’s economy in 2014.
Large majorities say they want the government to ensure the new health-care law functions well, that policy makers agree to revise the tax code, and that an accord is reached to provide a pathway to U.S. citizenship for undocumented immigrants.
Yet most doubt those things can be accomplished in the current political environment…
The Atlantic has a story out about how the aging of the baby boom will lead to a housing crash. I am skeptical, because research I am doing with Hyojung Lee suggests that old people do not move out of their homes very much, and so as boomers age, they will not be glutting the market with their houses.
But there is another reason to think that the homeownership rate could fall: people are getting married at a decreasingly low rate. Susan Brown at Bowling Green has a study that shows that the marriage rate has dropped by 60 percent since 1970; right now slightly less than half of American households are married couple households. As recently as 1960, 3/4 of American households were married couple households.
A federal bankruptcy judge granted Detroit unprecedented powers Tuesday to shed billions of dollars in debt, including the ability to slash city employee pensions despite a state constitutional provision protecting them.
In approving the nation’s Âlargest-ever municipal filing, Judge Steven Rhodes cleared the way for Detroit’s emergency manager to develop a plan to reorganize the city’s estimated $18 billion in debt. Beyond cutting worker pensions and retiree health benefits, the city could stiff bondholders and sell city assets such as its water and sewer authority and its priceless art collection.
The former Crystal Cathedral will close to the public as it undergoes a transformation from a space built as a television studio as much as a sanctuary into the spiritual home for the Orange County Catholic community of more than 1.2 million people.
Beginning Sunday, the newly named Christ Cathedral will be closed for construction as crews launch a $29 million effort to restore the more than 75,000-square-foot space.
The Diocese of Orange has been working with liturgical consultants and architects to modify the church built in the vision of the Rev. Robert Schuller into one that meets the requirements of a Catholic cathedral.
“The beauty and inspiration evoked by the cathedral grounds and its architecture are only surpassed by the extraordinary communities of faith that now call this campus home,” Bishop Kevin Vann said in a statement. “The cathedral will be an international center of faith and evangelization, a vessel for the love of God, a beacon of faith, a home for neighbor and traveler, and a sanctuary for the human spirit.”
A few years ago I wrote an article for the Moultrie Observer regarding the purple bows that were on the wreaths on the doors at St. John’s Episcopal Church at 609 South Main Street. In 2012 there were no purple bows or wreaths on the doors, as the church sat empty when the members of St. John’s left The Episcopal Church to form St. Mark’s Anglican Church. However, 2013 will mark the return of the purple bows, and the new spiritual home of St. Mark’s Anglican.
On September 30, 2013, St. Mark’s was able to purchase the building from the Episcopal Diocese of Georgia….
U.S. borrowers are increasingly missing payments on home equity lines of credit they took out during the housing bubble, a trend that could deal another blow to the country’s biggest banks.
The loans are a problem now because an increasing number are hitting their 10-year anniversary, at which point borrowers usually must start paying down the principal on the loans as well as the interest they had been paying all along.
More than $221 billion of these loans at the largest banks will hit this mark over the next four years, about 40 percent of the home equity lines of credit now outstanding.
Pope Francis called for renewal of the Roman Catholic Church and attacked unfettered capitalism as “a new tyranny”, urging global leaders to fight poverty and growing inequality in the first major work he has authored alone as pontiff.
The 84-page document, known as an apostolic exhortation, amounted to an official platform for his papacy, building on views he has aired in sermons and remarks since he became the first non-European pontiff in 1,300 years in March.
In it, Francis went further than previous comments criticizing the global economic system, attacking the “idolatry of money” and beseeching politicians to guarantee all citizens “dignified work, education and healthcare”.
According to CT sister resource Managing Your Church, the average base salary of a full-time senior pastor in 2012-2013 ranges from $33,000 to $70,000. Eighty-four percent of senior pastors surveyed said they also receive a housing allowance, which accounts for $20,000 to $38,000 in added compensation. The Joint Committee on Taxation calculates the exemption amounted to $700 million in recent years, notes Peter Reilly of Forbes.
CT previously reported how the threat to pastor parsonages lost its legal legs but was revived again, and examined debate over whether or not Congress should change the rules on pastor housing allowances. CT also noted the quirky reasoning that recently allowed one prominent pastor to claim two parsonages.
In the Southeast, South Carolina ranked better than neighboring states such as Georgia, which posted 8.1 percent unemployment, Tennessee at 8.4 and North Carolina at 8.0 percent for October. Among the lowest jobless rates for states in the region were Alabama and Louisiana, both at 6.5 percent for October.
South Carolina’s largest employment gains included 2,600 additional jobs in manufacturing and 1,800 in construction.
College of Charleston economist Frank Hefner said the latest data is encouraging news for the jobs market.
“Back to the past, that’s where we are,” he said. “We are trying to make up for five years of lost activity, and we are getting back to those levels.”
Read it all from the local paper.
…what if the world we’ve been living in for the past five years is the new normal? What if depression-like conditions are on track to persist, not for another year or two, but for decades?
You might imagine that speculations along these lines are the province of a radical fringe. And they are indeed radical; but fringe, not so much. A number of economists have been flirting with such thoughts for a while. And now they’ve moved into the mainstream. In fact, the case for “secular stagnation” ”” a persistent state in which a depressed economy is the norm, with episodes of full employment few and far between ”” was made forcefully recently at the most ultrarespectable of venues, the I.M.F.’s big annual research conference. And the person making that case was none other than Larry Summers. Yes, that Larry Summers.
And if Mr. Summers is right, everything respectable people have been saying about economic policy is wrong, and will keep being wrong for a long time.
Hundreds of congregations have filed for bankruptcy or defaulted on loans. University of Illinois law professor Pamela Foohey, who tracks church bankruptcies, says more than 500 congregations filed Chapter 11 between 2006 and 2011””and the pace hasn’t slowed since. About 90 congregations filed for bankruptcy in 2012, even as the overall rate of bankruptcy filings declined 13.4 percent.
Meanwhile, the church bond market, once a refuge for cautious investors, is now a black hole, says Rusty Leonard, CEO of Stewardship Partners, a Christian investment management firm.
Before the 2008 economic crash, church bonds had strong investment appeal due to a decades-long safety record. Now, “the market has disappeared,” said Leonard. “The options for a new church trying to build a building are significantly reduced. We’ll see fewer buildings.”
The Mormon church stands to own nearly 2 percent of Florida by completing a deal to buy most of the real estate of the St. Joe Co. for more than a half-billion dollars.
The megapurchase was announced jointly Thursday by a corporate representative of church, which owns the nearly 295,000-acre Deseret Ranches in Central Florida, and by the real-estate and timber business, which has built several communities along the Panhandle coast.
According to the announcement, a church entity, AgReserves Inc., will buy 382,834 acres ”“ the majority of St. Joe’s timberlands ”“ in Bay, Calhoun, Franklin, Gadsden, Gulf, Jefferson, Leon, Liberty and Wakulla counties for $565 million.
..before realtors get too confident about the future, it is worth looking at some sobering research from the International Monetary Fund, buried deep inside this autumn’s Global Financial Stability Report. This analysis, which looks at mortgage real estate investment trusts (M-Reits) ”“ which invest in packages of mortgage bonds ”“ did not make headlines when the IMF met last month, because M-Reits are a fairly specialist sector. That is a pity, given that the IMF says the rapidly expanding world of M-Reits has the potential to deliver nasty surprises if, or when, US interest rates rise.
Most notably, even a modest increase in rates could spark fire sales of mortgage-backed bonds, which would raise mortgage interest rates sharply for consumers. And that could not just hurt housing markets but produce knock-on waves of instability in other areas of finance.
“Rapid M-Reit deleveraging has important spillover implications,” the IMF report warns.
After it sparked controversy and opposition from a number of area residents, the Anglican diocese is scrapping plans to build a subsidized housing facility in a south west Edmonton neighbourhood….
The decision came after news of the project sparked rising tensions in the neighbourhood.
“We don’t think the project can be successful in this particular place,” Anglican Bishop Jane Alexander said.
If Dorchester County passes a local-option sales tax next week, the people most apt to be hurt are renters. The reason: Property owners who rent to them don’t always use their tax savings to cut rental rates, officials say.
But based on what has happened in Berkeley and Charleston counties where they have approved the tax, paying an extra one-percent sales tax doesn’t sting for many owners when compared with the benefits of the property tax credit they get.
The Gallup Economic Confidence Index rose six points last week to -30. While this marks the second straight week of improvement since the end of the federal government shutdown, confidence is still well below the -15 reading Gallup found in mid-September, in the weeks before the shutdown. It remains sharply lower than the -3 reached earlier this year.
The latest results are for the week ending Oct. 27, based on interviews with more than 3,500 U.S. adults. The index represents Americans’ net optimism about the economy, combining their views about current economic conditions and their perceptions of the economy’s direction. The index has a theoretical maximum of +100 if all Americans think the economy is “excellent” or “good” and improving, and a theoretical minimum of -100 if all believe the economy is “only fair” or “poor” and getting worse.
It would be nice if more Christians understood that our faith always has local implications, including our life in public, which is in the polis, and therefore our faith has local political ramifications. The are derivative, yes, they are always penultimate, but they do matter.
This whole campaign makes me sad. It is a pitch to lessen property taxes by raising sales taxes. Allegedly.
It is immoral in all sorts of ways but here are two principle reasons why I will vote no. First, it is a regressive tax. Those least able to will have to pay more tax (and yes it goes on groceries!). And secondly, the other argument I hear all over is all the other counties are doing it so we should to, otherwise we will lose business etc. to nearby counties which already have the (dumb, immoral) tax. This is right out if 1 Samuel where Israel asks for a King since all the other nations have one.
Now this may cause property taxes to be slightly higher, and since we own our home, that will involve us. I don’t know anyone who likes higher taxes, but if this is the implication of my vote this coming November, so be it.
County Leaders should be ashamed of themselves (especially since this is the fourth time they have tried this)–KSH.
Larry Hargett might be right: Dorchester County residents might not know enough about a local option sales tax yet to vote on it.
If the county councilman is, that’s not good news for leaders pushing the Nov. 5 referendum.
Earlier this year, County Council unanimously approved a referendum for the local election Nov. 5. Now they are visibly frustrated by the sometimes hostile opposition.