Talking about Pussycat Dolls- Jai Ho The victory be to Jesus, husband of the Church!

 

A song to Jesus from his bride the church!


Jai Ho – Pussycat Dolls Music Code

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Colbie Caillat- Realize Jesus is the one you should realize.

 

Colbie Caillat- Realize   Jesus is the one you should realize. He did spell it out, but he’s waiting for you to realize and give him your heart in obedient faith. Judgement Day is coming! We must all stand before the judgement seat of Christ to give account for every deed done in the body whether good or evil. If the blood of Jesus covers us we will stand clean, pure and redemed before the Father. Repent and put on Jesus as Lord by being baptised into Him for the forgiveness of your sins.


Realize – Colbie Caillat Music Code

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Economic Insight: Deregulation NOT the Problem

Great Insight from My Friend Kishore Jethanandani and the WSJ
 
 
I am getting tired of the script on the present crisis. Taking a cue
from Paul Vockler, everybody is starting to say the fault is with
deregulation. I am going to stick my neck out and say that Paul
Vockler is no longer the smart guy who tamed hyperinflation in the
early 1980s. Well, he is acting his age. He should retire. The credit
derivatives market is holding up, its the mortgage securities market
that has collapsed. Please look at the data. If deregulation was the
problem, why are the banks in Europe also doing badly.

I have a simple question. How is that the market did not send out a
signal for the risk in bad bets?

I guess if you making an investment in a bond, you would look at
default rates. If the default rates are low and returns are high, you
will make investments.

Why were the default rates low? Turns out that Fannie Mae and Freddie
Mac were buying up these securities due to their mandates. They got
dumb money from overseas to help them.

Phil Gramm wrote an interesting article in WSJ debunking this
dangerous viral nonsense.

OPINION FEBRUARY 20, 2009

Deregulation and the Financial Panic
Loose money and politicized mortgages are the real villains.
Article

By PHIL GRAMM
The debate about the cause of the current crisis in our financial
markets is important because the reforms implemented by Congress will
be profoundly affected by what people believe caused the crisis.

If the cause was an unsustainable boom in house prices and
irresponsible mortgage lending that corrupted the balance sheets of
the world’s financial institutions, reforming the housing credit
system and correcting attendant problems in the financial system are
called for. But if the fundamental structure of the financial system
is flawed, a more profound restructuring is required.

I believe that a strong case can be made that the financial crisis
stemmed from a confluence of two factors. The first was the
unintended consequences of a monetary policy, developed to combat
inventory cycle recessions in the last half of the 20th century, that
was not well suited to the speculative bubble recession of 2001. The
second was the politicization of mortgage lending.

The 2001 recession was brought on when a speculative bubble in the
equity market burst, causing investment to collapse. But unlike
previous postwar recessions, consumption and the housing industry
remained strong at the trough of the recession. Critics of Federal
Reserve Chairman Alan Greenspan say he held interest rates too low
for too long, and in the process overstimulated the economy. That
criticism does not capture what went wrong, however. The consequences
of the Fed’s monetary policy lay elsewhere.

In the inventory-cycle recessions experienced in the last half of the
20th century, involuntary build up of inventories produced
retrenchment in the production chain. Workers were laid off and
investment and consumption, including the housing sector, slumped.

In the 2001 recession, however, consumption and home building
remained strong as investment collapsed. The Fed’s sharp, prolonged
reduction in interest rates stimulated a housing market that was
already booming — triggering six years of double-digit increases in
housing prices during a period when the general inflation rate was
low.

Buyers bought houses they couldn’t afford, believing they could
refinance in the future and benefit from the ongoing appreciation.
Lenders assumed that even if everything else went wrong, properties
could still be sold for more than they cost and the loan could be
repaid. This mentality permeated the market from the originator to
the holder of securitized mortgages, from the rating agency to the
financial regulator.

Meanwhile, mortgage lending was becoming increasingly politicized.
Community Reinvestment Act (CRA) requirements led regulators to
foster looser underwriting and encouraged the making of more and more
marginal loans. Looser underwriting standards spread beyond subprime
to the whole housing market.

As Mr. Greenspan testified last October at a hearing of the House
Committee on Oversight and Government Reform, "It’s instructive to go
back to the early stages of the subprime market, which has
essentially emerged out of CRA." It was not just that CRA and federal
housing policy pressured lenders to make risky loans — but that they
gave lenders the excuse and the regulatory cover.

Countrywide Financial Corp. cloaked itself in righteousness and
silenced any troubled regulator by being the first mortgage lender to
sign a HUD "Declaration of Fair Lending Principles and Practices."
Given privileged status by Fannie Mae as a reward for "the most
flexible underwriting criteria," it became the world’s largest
mortgage lender — until it became the first major casualty of the
financial crisis.

The 1992 Housing Bill set quotas or "targets" that Fannie and Freddie
were to achieve in meeting the housing needs of low- and moderate-
income Americans. In 1995 HUD raised the primary quota for low- and
moderate-income housing loans from the 30% set by Congress in 1992 to
40% in 1996 and to 42% in 1997.

By the time the housing market collapsed, Fannie and Freddie faced
three quotas. The first was for mortgages to individuals with below-
average income, set at 56% of their overall mortgage holdings. The
second targeted families with incomes at or below 60% of area median
income, set at 27% of their holdings. The third targeted geographic
areas deemed to be underserved, set at 35%.

The results? In 1994, 4.5% of the mortgage market was subprime and
31% of those subprime loans were securitized. By 2006, 20.1% of the
entire mortgage market was subprime and 81% of those loans were
securitized. The Congressional Budget Office now estimates that GSE
losses will cost $240 billion in fiscal year 2009. If this crisis
proves nothing else, it proves you cannot help people by lending them
more money than they can pay back.

Blinded by the experience of the postwar period, where aggregate
housing prices had never declined on an annual basis, and using the
last 20 years as a measure of the norm, rating agencies and
regulators viewed securitized mortgages, even subprime and
undocumented Alt-A mortgages, as embodying little risk. It was not
that regulators were not empowered; it was that they were not alarmed.

With near universal approval of regulators world-wide, these
securities were injected into the arteries of the world’s financial
system. When the bubble burst, the financial system lost the
indispensable ingredients of confidence and trust. We all know the
rest of the story.

The principal alternative to the politicization of mortgage lending
and bad monetary policy as causes of the financial crisis is
deregulation. How deregulation caused the crisis has never been
specifically explained. Nevertheless, two laws are most often blamed:
the Gramm-Leach-Bliley (GLB) Act of 1999 and the Commodity Futures
Modernization Act of 2000.

GLB repealed part of the Great Depression era Glass-Steagall Act, and
allowed banks, securities companies and insurance companies to
affiliate under a Financial Services Holding Company. It seems clear
that if GLB was the problem, the crisis would have been expected to
have originated in Europe where they never had Glass-Steagall
requirements to begin with. Also, the financial firms that failed in
this crisis, like Lehman, were the least diversified and the ones
that survived, like J.P. Morgan, were the most diversified.

Moreover, GLB didn’t deregulate anything. It established the Federal
Reserve as a superregulator, overseeing all Financial Services
Holding Companies. All activities of financial institutions continued
to be regulated on a functional basis by the regulators that had
regulated those activities prior to GLB.

When no evidence was ever presented to link GLB to the financial
crisis — and when former President Bill Clinton gave a spirited
defense of this law, which he signed — proponents of the
deregulation thesis turned to the Commodity Futures Modernization Act
(CFMA), and specifically to credit default swaps.

Yet it is amazing how well the market for credit default swaps has
functioned during the financial crisis. That market has never lost
liquidity and the default rate has been low, given the general state
of the underlying assets. In any case, the CFMA did not deregulate
credit default swaps. All swaps were given legal certainty by
clarifying that swaps were not futures, but remained subject to
regulation just as before based on who issued the swap and the nature
of the underlying contracts.

In reality the financial "deregulation" of the last two decades has
been greatly exaggerated. As the housing crisis mounted, financial
regulators had more power, larger budgets and more personnel than
ever. And yet, with the notable exception of Mr. Greenspan’s warning
about the risk posed by the massive mortgage holdings of Fannie and
Freddie, regulators seemed unalarmed as the crisis grew. There is
absolutely no evidence that if financial regulators had had more
resources or more authority that anything would have been different.

Since politicization of the mortgage market was a primary cause of
this crisis, we should be especially careful to prevent the
politicization of the banks that have been given taxpayer assistance.
Did Citi really change its view on mortgage cram-downs or was it
pressured? How much pressure was really applied to force Bank of
America to go through with the Merrill acquisition?

Restrictions on executive compensation are good fun for politicians,
but they are just one step removed from politicians telling banks who
to lend to and for what. We have been down that road before, and we
know where it leads.

Finally, it should give us pause in responding to the financial
crisis of today to realize that this crisis itself was in part an
unintended consequence of the monetary policy we employed to deal
with the previous recession. Surely, unintended consequences are a
real danger when the monetary base has been bloated by a doubling of
the Federal Reserve’s balance sheet, and the federal deficit seems
destined to exceed $1.7 trillion.

Mr. Gramm, a former U.S. Senator from Texas, is vice chairman of UBS
Investment Bank. UBS. This op-ed is adapted from a recent paper he
delivered at the American Enterprise Institute.

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Profound Quote

The Ring of Economic Truth
 
 

You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they worked for, that, my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it. 
 
Dr. Adrian Rogers

 
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Home in Wichita

Returning Home after More Than Half-a-Lifetime Away (part II…All was not lost after all.)
 
I was born here in Wichita, Kansas, in Wesley Hospital, still the main University of Kansas teaching hospital in Wichita. I left in 1984, having spent 16 of my first 21 years here with a five year hiatus in Manhattan from 1st-5th grades where my mother took her masters in guideance and counseling. I attended Allen Elementary in Wichita for kindergarten, Northview Elementary in Manhattan, Caldwell Elementary for 6th grade, Curtis Junior High for 7th and 8th, Wichita Collegiate School 9th- half of 11th, and Wichita High School Southeast for half of 11th-12th where I graduated in 1981.
 
Although I won scholarships at WSU I planned matriculation to Grinnell College in Iowa where several of my friends had gone. I planned and imagined wide experimentation at Grinnell to see what there was in life that I might have been missing growing up in my relatively sheltered mid-continent environs. But going first to the University of Dallas for an economics seminar and then to Colorado for Bible camp I saw clearly that the path to a happy life and changing the world for good lied in serving Jesus and changing men’s (people’s) hearts though teaching the truth in love. So after a breif relocation to Ft. Collins I relanded in Wichita enrolled at Wichita State with an abundance of scholarship money. I began working in Dave Michael’s campus ministry and made some great life-long friends in Steve Zerger and Bill White. Greg Nevil was the "Pulpit Minister" at Elpyco St Church of Christ where I went to church in those days. In fact I’d been pretty involved in the JOY Bus ministry, Elpyco Teens for Christ.
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Home in Wichita

Home in Wichita after More Than Half-a-Lifetime Away (part I)
 
I’m back! You would not believe how much I had written here before I hit "<control> <e>" and trashed my blog comment. Well, no use crying over spilt milk. I don’t have time to recreate it now but will try to do so over the Christmas break. I’m at WSU again now in grad school and I need to give that my all until December 15th, my last final.
 
To remind myself what I had written I had started a life history from my birth here to my return in general terms with a few specific people, focusing on what was happening when I left and what has happened since, but as I say, hopefully I’ll get back to that in a little over 3 weeks. Until then,
 
Ariva Derche

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Winning the San Diego Bible Bowl

Winning the San Diego Bible Bowl
 
This year I coordinated the Bible Bowl Ministry for our church and helped train a group of about 20 children for the contest in San Diego. We could have the most influence over our own son, of course and Christopher performed brilliantly as we had hoped and expected. Actually the Biblical concept of hope is more like expectation so the previous sentence contains a redundancy. When the Bible speaks of hope it means "expecting something to come to pass" not just "wishful thinking." But even the Bible clarifies this at times. To get back to the topic, Christopher’s little team of 3 once again defeated all the other elementary teams from the other 10 churches involved in the event, though there was some fierce competition out there, especially from Canyon View Church and 61st and Division. I was very proud of him and his competitiveness. He was a little more demonstrative than last year, though, which can sometimes be taken wrongly. There were some people cheering for the 61st and Division team who were a bit shrill and over zealous and it hurt his ears so he motioned for them to be a little more quiet and it seemed to some as though he was trying to get them not to cheer for their team, which was unfortunate because that was not the case, it was that they were hurting his ears. Oh well, he’s just a seven year old third grader, so people should understand…but competitiveness often blinds us. Christopher also placed first among the elementary at our church in the written testing, although a mistake gave him the second place medal and third spot overall instead of second. I was actually a little disappointed with his performance on that part, because he actually correctly placed some events but there is some discrepancy about where a section heading falls and where the bulk of a certain event falls among chapters in the Bible. I was also a little apprehensive about even doing Bible Bowl, because the Bible is the Holy Word of God and is meant to save men’s souls, not to play as a game. And yet I realized that this is an aid for children to enjoy learning the scripture when their parents may be reluctant to push them to study and learn it on their own, not wanting them to develop an aversion to the scripture or to feel that the Bible is just another school book. But it does trivialize the scripture a bit, looking at it as game answers rather than as God’s message of supreme eternal importance to mankind. I was able to set up a study with a fellow yesterday, with Christopher with me, and hopefully Christopher will be able to be a part of some of those studies and will see how the word is meant to be used to transform lives and bring people to Christ. This has been a time of renewal for our whole family, as Tinka and I have started reading the Bible together and praying daily and I’m beginning to train Christopher to do the same.
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