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By
JIM STREET Ed
& Pub When told
often enough and with enough conviction, lies can become truth in the minds
of many. It is a ploy used by some to get their way in spite of reasoned
opposition. It may have
been another Big Lie or it might just have been very short memory but Federal
Reserve Chairman Ben Bernanke was approved for a second term last week in
spite of his support of policies that fed the housing bubble which, in turn,
was a major cause – if not the major cause – of the current economic
downturn. This was on
the same day a $1.9 trillion increase in the national debt was approved. It is all part
of an idiotic idea that the way out of a recession is to spend more and keep
interest rates low to encourage more people to buy what they can’t afford. OPINION When the
basement is flooded, you don’t pump in more water and if you are deep in
debt, you don’t borrow more money. But that was the muddled thinking behind
all the “stimulus” ideas. The new lie is
that the main cause of the downtown was not the housing bubble but “greed on
Wall Street” and not enough government oversight of the economy. “Greed” can be
good if it causes people to work harder and invest their earnings in
businesses that provide jobs for the rest of us. That is what drives the
markets, including Wall Street. The
government's bailout of financial institutions deemed "too big to
fail" has created a risk that the US could face a worse fiscal meltdown
in the future, an independent watchdog assigned to review the program told
Congress this week. The Troubled
Assets Relief Program, known as TARP, has not addressed the problems that led
to the last crisis and in some case those problems have festered and are a
bigger threat than before, Treasury Department Special Inspector General Neil
Barofsky wrote. "Even if
TARP saved our financial system from driving off a cliff back in 2008, absent
meaningful reform, we are still driving on the same winding mountain road,
but this time in a faster car," he wrote. "The
market mentality now seems fixed that the US government will continue to step
in and bail out giant financial institutions," said Sen. Susan Collins
of Maine, ranking member of the Senate Homeland Security and Governmental
Affairs Committee. "In spite
of objections that the Fed helped fuel the housing bubble with its
loose-dollar policies, and the fact that those policies continue to date, the
Senate has voted to reconfirm one of the architects of the financial crisis
that brought the US economy to its knees," Americans for Limited
Government President Bill Wilson said. Federal policy
dictated low rates with the mistaken belief that they would help more people
become homeowners, causing too many to “buy” homes they could not afford and
driving home prices ever skyward. The bubble
burst, just as any would when it contains more air than its surface can
contain. The stock market bubble also burst, largely as a result of the
housing crisis. Many of the “sub-prime” mortgages that could not support
themselves were “bundled” and sold as a kind-of insurance to holders of the
notes. Left to their
own devices, both markets would have corrected and returned to normal and
they are trying to do just that right now if the government will let them. "The
SIGTARP's report is just another reminder of how Congress and the
administration have ignored the role that politics and government played in
causing the housing crisis and the economic collapse while pursuing other
regulatory reforms will not fix the underlying problem," said US Rep.
Darrell Issa of California, the ranking member on the House Oversight and
Government Reform Committee. "The
government has stepped in where the private players have gone away,"
Barofsky said. "If we take government resources and replace that market
without addressing the serious [underlying] concerns, there really is a risk
of" artificially pushing up home prices in the coming years. The report
warned that these supports mean the government "has done more than
simply support the mortgage market. In many ways it has become the mortgage
market with the taxpayer shouldering the risk that had once been borne by the
private investor." Barofsky's
report echoed concerns raised by housing experts in recent months, as home
sales and prices rebounded. They warn that
the primary reason for the turnaround last year has been billions of dollars
in federal spending to lower mortgage rates and prop up demand. Once that
spigot of cash is turned off, they caution, the market will be vulnerable to
a dramatic turn for the worse. Daniel Alpert,
managing partner of investment bank Westwood Capital, wrote in a report that
national home prices are bound to fall 8 to 10 percent below the lows of last
spring. "The
lion's share of the remaining decline will occur in markets that saw sizable
bubbles but have not yet retrenched," he wrote. Will we ever
learn? Gambling aids
sinners It was played
in ancient times and, in 2006, generated more than $90 billion in gross
reve-nues in the United States. It includes
slot machines, roulette wheels, dice tables, cards and the lottery. Then we move
on to animals like horses, dogs and even chickens. Another big betting avenue
is any sporting events like football, soccer, basketball and the list goes
on. The American
Indians no longer have the buffalo to survive on so now many depend on
casinos. There are more
than 2 million known compulsive-addicted gamblers, another estimated 3
million and more than 15 million at risk today. Gambling leads
to increased political corruption, more organized crime, higher crime rates,
more drug and alcohol abuse and even suicides. Loss of jobs
and money, family violence, higher divorce rates and demoralized children go
along with it. The question
is what does the Bible say about gambling? First, God made and designed us
for work (Genesis 2:4 and 5, Exodus 20:9.) God will bless
the right kind of work if it is done honestly (Deuteronomy 28:12. How we obtain
our money is going to be judged and He does not approve of money made from
prostitution, dishonesty or the making of idols or false gods (1 Corinthians
3:13, Proverbs 13:11.) Gambling feeds
the sin of lust and it causes us to try to get something for nothing and not
be content with what God has provided (James 4:1 to 3, 2 Peter 1:4.) See you in
Church next Sunday. Brother J Mars closest this trip If you've been out in the early evening lately, perhaps you've
noticed Jupiter, which has been dominating the evening sky the past several
months, now sinking closer to the setting Sun in the west. And if you turned around and looked behind you, perhaps you've
also noticed another “star” rising after dark and dominating the sky in the
east. That "star" is the planet Mars. Traveling nearly 67,000 miles per hour, Earth orbits the Sun
once each year. Mars, the next planet out from the Sun, moves only 54,000
miles per hour, has further to travel and thus takes nearly two Earth-years
to orbit the Sun. Since we speed around the Sun more quickly, we regularly pass
between Mars and the Sun about every two years. When we do, Mars is on the opposite side of Earth from the Sun,
which astronomers call opposition – and this is about to occur today, Jan.
29. At opposition, Earth and Mars pass nearest each other, making
Mars appear larger and brighter than usual. So now and for the next few weeks, Mars outshines all the
brightest stars except Sirius, which is now in the southeast in the early
evening. If Earth and Mars orbited the Sun in perfect circles, Mars would
appear the same size and brightness at each opposition. But since their orbits are elliptical, at some oppositions Earth
and Mars pass nearer than at others. On average we pass within 48 million
miles, rounding to the nearest million.
But the distance can be as little as 34 million miles or as much
as 64 million miles. This time around, we're passing at 62 million miles so this is
not one of Mars' more spectacular oppositions, although it will still be well
worth noting. Perhaps you recall the excitement in August 2003 when Mars
passed less than 35 million miles and was extraordinarily bright – that was
pretty spectacular. All the planets further out from the Sun come to opposition
regularly. The period between Jupiter's oppositions is about 13 months and
for the more distant Saturn, Uranus and Neptune, just over a year. At opposition, planets rise around sunset, are up all night and
set around sunrise. And since they are then at their largest and brightest, the few
weeks before and after opposition are the best times for observing them. By coincidence, on the night of Mars' upcoming opposition, it
has a companion to escort it across the sky – the almost full Moon. And then the first week of February, the Red Planet passes near
the lovely Beehive star cluster. They will be in the same binocular field of
view several nights in a row – a sight you won't want to miss.
Saturday, Jan. 30, the full Moon is called Old Moon and Moon
After Yule. Tuesday, Feb. 2, commonly known as Groundhog Day, today is also
Candlemas, a cross-quarter day celebrating the middle of winter. Thursday morning, Feb. 4, gibbous Moon is below Virgo's
brightest star Spica high in the south. Friday, Feb. 5, the Moon is at third quarter. Sunday, Feb. 7, the crescent Moon is to the upper right of
Scorpius' brightest star Antares low in the southeast. Thursday morning, Feb. 11, the crescent Moon is to the upper
right of Mercury very low in the east southeast at dawn and to the planet's
lower left the next morning.
The Sun, Moon and planets rise in the east and set in the west
due to Earth's west-to-east rotation on its axis. As evening twilight ends, Jupiter is setting in the west as Mars
is rising in the east. At the first light of dawn, Mercury is very low in the
southeast, Saturn is in the southwest and Mars is in the west. Stargazer appears every
other week, space permitting. Paul Derrick is an amateur astronomer who lives
in Waco. Contact him at 918 N. 30th, Waco, 76707, (254) 753-6920 or paulderrickwaco@aol.com. See the Stargazer Web
site at www.stargazerpaul.com. The Texas
Forts Trail By
TUMBLEWEED SMITH As you travel
along highways in central and west Texas, you’ve probably seen those blue and
white signs with crossed sabers indicating you’re on the Texas Forts Trail. It stretches
from Jacksboro to Aspermont on the north to Eldorado and Mason on the south. It’s a
650-mile loop containing eight historic military forts and one Spanish
Presidio. If you choose
to drive it, plan to spend at least three days, preferably five. Along the way,
you’ll see monuments to the Texas pioneer spirit and learn about unique
events like the goat cook-off in Brady or the world’s largest amateur rodeo
in Stamford. You’ll see the
stone chimneys at Fort Phantom Hill near Abilene, the only things left
standing after a fire. Just out of
Menard is Fort McKavett, which had more than 35 buildings in the 1870s. Fort
Richardson at Jacksboro was the biggest military installation in the country
in 1874. San Angelo’s
Fort Concho is called the best-preserved western fort in the United States. Other forts on
the trail are in Mason, Bronte, Albany and Graham. A Spanish
Presidio south of Menard, built to protect a mission, dates back to 1757 and
was the first place that Europeans in Texas came into conflict with Comanche
Indians. The Comanche
were fierce warriors and forced the Spanish to withdraw from Texas, leading
to the establishment of a new line of defense along the Rio Grande. Margaret
Hoostra of Abilene is regional coordinator of the Forts Trail and says it is
one of a series of historic trails set up back in the late ‘60s when San
Antonio was gearing up for Hemisfair, an event which drew large numbers of
crowds to the Alamo City. “Governor John
Connally wanted to give people coming to San Antonio the opportunity to visit
other parts of Texas,” Margaret said. “He got with the highway department and
developed a series of ten trails around the state, Forts, Brazos, Forest,
Lakes, Hill Country, Independence, Mountain, Pecos, Plains and Tropical.” The trails
were highly successful for a while, then nothing happened for several years
until George W. Bush became governor. Margaret said
he was interested in preservation and rural economic development. “He was
concerned that too many historic theaters, court houses and hotels were being
demolished,” she said. “He thought those places define who we are. “He pulled
together various agencies to consider the situation,” Margaret said. “The
Texas Historical Commission took a look at those old driving trails and made
them into heritage tourism regions. “The Forts
Trail was the pilot project,” she said. “In the late ‘90s, we proved to be a
very successful program. We increased tourism and awareness of history. “Now, all the
trails are up and active,” Margaret said. “Each one of us is an independent,
non-profit organization. “We get an
annual grant from the Texas Historical Commission and our job is to promote
our part of Texas, including the cities that don’t have a fort,” she said.
“We help them tell their stories. We don’t mix mortar but we promote and
encourage preservation of the forts so we don’t lose them. “We make
people aware of the forts, their importance and relevance and encourage
visitation to them,” Margaret said. “Every fort has a personality and a
unique story to tell.” |
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