Finally, A Cure for Financial Woes

Finally, a financial strategy that makes sense.

FOUR extra ravens are being drafted into the Tower of London because of the financial crisis — to prevent a 350-year-old curse coming true.

My suspicion, though I’m unable to confirm it, is that in order to reduce labor costs, either fewer ravens were used or an inferior grade of bird was used. Perhaps the common, ordinary wren.

At least financial wizards have identified the source and are making aggressing plans at increasing the number of spare ravens in Tower of London.

I’ll certainly sleep better at night.

Reblog this post [with Zemanta]

Christian Carnival CCXLIV

Christian Bible, rosary, and crucifix.
Image via Wikipedia

It’s National Bailout Day, seeing as how our illustrious US Congress has allocated $700 billion for Wall Street bankers. As Christians, I think we probably could put $700 billion to better use, don’t you?

But I got to thinking that our lives are not ours, we have been purchased at a cost. How much did it cost for Jesus to bail us out? In that view, $700 is mere paper. The Son of God sacrificed Himself.

Chasing the Wind is please tonight to host the 244th Christian Carnival, this week’s collection of the best Christian writing found on the planet. (Hey, if you find better, at least you’re looking. Halleluiah. 🙂 )

In order they were received, here they are –

And that” wrap up this week’s edition. Submit your blog article to the next edition of christian carnival ii using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Reblog this post [with Zemanta]

Mortgage Meltdown

An advertisement for 100% mortgages seen outsi...
Image via Wikipedia

I had been thinking this, but hadn’t seen anybody writing about it.

Sub-prime mortgages have led to a financial crisis. The blame for sub-prime mortgages generally get laid on the greed of the mortgage bankers, but is that all there is to it?

Twenty years ago I remember the push to get banks and lending into low-income minority neighborhoods. There was a push at the time to make mortgages easier for those who could least afford them because it was good for the neighborhood.

Stan Liebowitz’s book, Housing America: Building out of a Crisis, puts the blame back on the federal government. I agree – without the government pushing banks to lend to risky people, there would have been less risk. Simple, no?

Reblog this post [with Zemanta]

Update from A Mortgage Fable

– The Community Reinvestment Act. This 1977 law compels banks to make loans to poor borrowers who often cannot repay them. Banks that failed to make enough of these loans were often held hostage by activists when they next sought some regulatory approval.

Robert Litan, an economist at the Brookings Institution, told the Washington Post this year that banks “had to show they were making a conscious effort to make loans to subprime borrowers.” The much-maligned Phil Gramm fought to limit these CRA requirements in the 1990s, albeit to little effect and much political jeering.