More on the Banking Disaster

Here's more on the roles in oversight of Freddie and Fannie.

The brewing of the financial collapse from the housing bubble and burst

I hope this doesn't offend as it is partisan, but contains a lot of facts that are pertinent. Where would you disagree with these issues?

Moral Response to Financial Crisis from US Bishops

WASHINGTON-Bishop William Murphy of Rockville Centre, New York, chairman of the United States Conference of Catholic Bishops' Committee on Domestic Justice and Human Development, urged the Bush Administration and Congress, September 26, to consider the moral aspects of the current financial crisis.

He stressed responsibility, accountability, awareness of advantages and limitations of the market, solidarity, subsidiarity and the common good, in the search for just and effective responses to the economic turmoil, while considering its human impact and ethical dimensions.

The text of the letter follows.

September 26, 2008

Dear Secretary Paulson, Majority Leader Reid, Minority Leader McConnell, Speaker Pelosi and Minority Leader Boehner:

The economic crisis facing our nation is both terribly disturbing and enormously complicated. I write to offer the prayers of the U.S. Catholic Bishops and express the concerns of our Conference as you face difficult choices on how to limit the damage and move forward with prudence and justice. As pastors and teachers, my brother bishops and I do not bring technical expertise to these complicated matters. However, we believe our faith and moral principles can help guide the search for just and effective responses to the economic turmoil threatening our people.

• Human and Moral Dimensions: This crisis involves far more than just economic or technical matters, but has enormous human impact and clear ethical dimensions which should be at the center of debate and decisions on how to move forward. Families are losing their homes. Retirement savings are at risk. People are losing jobs and benefits. Economic arrangements, structures and remedies should have as a fundamental purpose safeguarding human life and dignity. The scandalous search for excessive economic rewards even to the point of dangerous speculation that exacerbates the pain and losses of the more vulnerable are egregious examples of an economic ethic that places economic gain above all other values. This ignores the impact of economic decisions on the lives of real people as well as the ethical dimension of the choices we make and the moral responsibility we have for their effect on people.

• Responsibility and Accountability: Clearly, effective measures are required which address and alter the behaviors, practices and misjudgments that led to this crisis. Sadly, greed, speculation, exploitation of vulnerable people and dishonest practices helped to bring about this serious situation. Many blameless and vulnerable people have been and will be harmed. Those who directly contributed to this crisis or profited from it should not be rewarded or escape accountability for the harm they have done. Any response of government ought to seek greater responsibility, accountability and transparency in both economic and public life.

• Advantages and Limitations of the Market: Pope John Paul II pointed out that “the free market is the most efficient instrument for utilizing resources and effectively responding to needs…But there are many human needs which find no place on the market. It is a strict duty of justice and truth not to allow fundamental human needs to remain unsatisfied.” Both public and private institutions have failed in responding to fundamental human needs. A new sense of responsibility on the part of all should include a renewal of instruments of monitoring and correction within economic institutions and the financial industry as well as effective public regulation and protection to the extent this may be clearly necessary.

• Solidarity and the Common Good: The principle of solidarity reminds us that we are in this together and warns us that concern for narrow interests alone can make things worse. The principle of solidarity commits us to the pursuit of the common good, not the search for partisan gain or economic advantage. Protection of the vulnerable – workers, business owners, homeowners, renters, and stockholders – must be included in the commitment to protect economic institutions. As Church leaders we ask that you give proper priority to the poor and the most vulnerable.

• Subsidiarity: Subsidiarity places a responsibility on the private actors and institutions to accept their own obligations. If they do not do so, then the larger entities, including the government, will have to step in to do what private institutions will have failed to do.

This is a challenging time for our nation. Everyone who carries responsibility should exercise it according to their respective roles and with a great sensitivity to reforming practices and setting forth new guidelines that will serve all people, all institutions of the economy and the common good of the people as a nation. This includes not just the leaders of the economic life of our country. It means the political leaders and all those whose own expertise can contribute to a resolution of the current situation.

Our Catholic tradition calls for a “society of work, enterprise and participation” which “is not directed against the market, but demands that the market be appropriately controlled by the forces of society and by the state to assure that the basic needs of the whole society are satisfied” (Centesimus Annus). These words of John Paul II should be adopted as a standard for all those who carry this responsibility for our nation, the world and the common good of all.

Sincerely,

Most Reverend William F. Murphy
Bishop of Rockville Centre
Chairman, Committee on Domestic Justice and
Human Development

There's more trouble than the Bailout fiasco

I'm with Ron Paul on this one.

Roubini Call Bailout a Disgrace

Roubini has been pretty direct about this all along. We'll see if he's just a pessimest or if he's more honest about the trouble than anyone else.

Pelosi's Pep talk for historic bailout vote

In a stunning moment of bipartisanship, Pelosi rallies the troops from both sides of the aisles...NOT!



Pelosi making history; good job!

Another success, 40 Days for Life (updated)

5 babies saved Saturday in LA:
From blog: DAY 7: A star appears…

"John Anthony is helping lead the 40 Days for Life vigil at Family Planning Associates, the busiest abortion facility in Los Angeles. He knew Saturday would be a difficult day, and was praying as many volunteers as possible would be on hand to stand witness.

Those prayers were answered — and then some — with the arrival of actor Eduardo Verastegui, the start of the movie Bella, and several of his friends.

“Eduardo arrived a little after 8 am and did not stop counseling, praying and encouraging women to choose life for their babies — with love, tenderness, humility and compassion — until a little after noon,” John Anthony said. “God is good — five babies were saved that morning!”

But that isn’t the end of the story. John Anthony said it wasn’t just abortion-minded mothers that caught Eduardo’s attention. “The day had a dramatic ending when eight nurses from the clinic came outside to meet Eduardo!” He spoke with the nurses and gave them copies of his new Spanish language pro-life video, “Dura Realidad.”

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UPDATE: so far 48 babies saved!
From blog: DAY 6: 48 and counting…

"One of the many inspiring stories I heard while out here was from Josh Brahm, the dynamic young man who is coordinating the 40 Days for Life campaign in Fresno, California. Josh shared a story with me that I’d like to share with you.

Here it is in his own words…

I stood outside of Planned Parenthood for about 6 and a half hours today, most of those hours alongside my wife, who is 9 months pregnant. A young, attractive girl started walking toward me from the Planned Parenthood driveway. I smiled at her thinking she was a Planned Parenthood employee.

The young woman said she wanted to ask me some questions, and I told her that I’d be glad to answer any questions she could think of. She asked why we were out here. At that point I knew she wasn’t a Planned Parenthood employee, because she would have known exactly why we’re out here! I told her that we were there to peacefully pray for an end to abortion. I introduced myself and asked for her name, and she shook my hand saying her name was Ashley.

Then she said, “Well, I changed my mind.” I figured maybe she had become pro-life, so I asked her what she meant by that. Ashley responded, “I was going to have an abortion, but I’m not going to now.” My eyes widened, I gave her a huge smile and told her that she was my new favorite person! (Except for my wife, of course!)

Ashley explained further that she saw a news story on TV about us this morning and knew she couldn’t have an abortion. I hadn’t seen that coverage yet, so I asked her what it was about the story that changed her mind. She said that she saw men and women praying and holding signs and Bibles, and she knew that she couldn’t go through with the abortion.

Ashley is 16 years old and 5 weeks pregnant. Her parents wanted her to have the abortion and have now kicked her out of their house and taken her cell phone. She’s living with a friend now. I began to tell Ashley about the local pregnancy care center and how much help we personally can offer her as well. I told her, “You’re not alone.”

Josh, thanks to you and your wife for faithfully leading this effort in Fresno, and Ashley — I was so honored to get to meet you while there. Your courage is truly inspiring.

This is the day the Lord has made. Let us rejoice and be glad!"

Yours for Life,

David Bereit
National Campaign Director
40 Days for Life

DAY 5: God is at work!