Miscellaneous Thoughts - 1

Righteousness exalts a nation; sin is a disgrace to any people.

Should've Known

VIENNA, Austria – OPEC said at an emergency meeting Friday that it will slash oil production by 1.5 million barrels to stem the "dramatic collapse" of oil prices, but crude prices plunged 7 percent anyway as financial markets spiraled downward across the globe.
Demand for crude has evaporated and the supply levers held by the Organization of Petroleum Exporting Countries appear to have little influence in the current economic climate.
Iran and Venezuela pushed for a cut of 2 million barrels a day, but there were concerns among other OPEC members that a more severe production cut would exacerbate a deteriorating economic crisis and further destroy demand.
OPEC officials, however, signaled they were prepared to slice deeper quickly if crude continues its freefall.
OPEC is already producing 300,000 barrels a day above its own quota of about 29 million barrels.
If that overproduction is stopped, and all members comply with the 1.5-million cut, OPEC would produce about 1.8 million fewer barrels of oil a day.
OPEC officials, however, left no doubt that they were ready to slice production again quickly if Friday's decision does not end the price freefall.
The emergency meeting was initially scheduled for Nov. 18, but that was abruptly rescheduled for Friday in response to prices that have entered a tailspin since their historic high of nearly $150 in July.
OPEC President Chakib Khelil said OPEC was ready to convene another emergency session before its next planned gathering in December in Algeria "if there are further decisions that have to be made.
Analyst John Hall of London-based John Hall Associates said the OPEC decision will not have a dramatic effect, adding he assumed any upward trend would stop at between $80 and $90.
But there was no such trend Friday as markets plunged global and fear of an extended recession spread.
Wall Street joined world stock markets in a precipitous plunge, with the Dow Jones industrials dropping more than 400 points in the opening minutes of trading.
Oil futures slid $4.46 to $63.38 a barrel on the New York Mercantile Exchange.
"It's clear that the ministers are attempting to underpin at $60 a barrel," said James R. Crawford an analyst with Inter Emirates. "But where the market will settle remains open."
OPEC statement Friday reflected alarm over the erosion of revenues for oil producing nations, as did the unusually short deliberations leading to its decision.
"Oil prices have witnessed a dramatic collapse — unprecedented in speed and magnitude," said the 13-nation organization. "This slowdown in demand is serving to exacerbate the situation in a market which has been oversupplied with crude for some time.
It also warned of hard times ahead for suppliers, saying "the fall in demand will deepen" in the coming months.
OPEC indirectly asked Russia and other major oil exporters outside the organization not to undercut efforts to prop up prices.
"OPEC cannot be expected to bear alone the burden of restoring equilibrium," said the statement.
OPEC Secretary-General Abdullah El-Badri said before a meeting with Russian President Dmitry Medvedev on Wednesday that he would not ask Russia for oil production cuts as global prices fall. Some analysts have said Russia was unlikely to agree to production cuts, given that it already is battling with falling output as West Siberian oil fields mature.
But others spoke of behind the scenes negotiations between Moscow and OPEC on the issue.
The fall in crude prices despite OPEC's move suggested the organization's power to raise prices by cutting supply may be fading amid a global economic crisis that has crimped demand for oil. In the past, sizable cuts in OPEC production have led to significant jumps in prices.
The latest weekly report from the U.S. Department of Energy shows that demand has fallen in 38 of the past 42 weeks. U.S. demand is down nearly 10 percent during the past four weeks year on year. The U.S. still consumes one out of every four barrels of oil produced.
El-Badri on Friday took pains to emphasize that OPEC's move was predicated by a need not to raise prices but to put a floor underneath them. Iran, Venezuela and other OPEC members have suggested that for them, selling oil under $80 was a loss-maker, and Iraq on Thursday said it would have to rethink next year's national budget if prices remain under that level.
El-Badri said OPEC could not be expected to solve the world's financial crisis — something the organization did not cause and could not cure.
"OPEC cannot bail out the problems of others," he said.

(AP article from Yahoo! News)

Consistency Is The Name Of The Game

If Barack Hussein Obama is all about redistributing the wealth, then why doesn't he take some of his $150,000,000 contributed to his campaign and give it to McCain who settled for the federal money totalling $86,000,000. If Obama is so much about change, then why is he accepting money from political groups when he originally said he would not. Furthermore, if he is so "concerned" about others, then why does he not give some of his $150 million to fellow Democrats as Harry Reid has asked him to do. It seems that what is good for us (a redistribution of the wealth, a.k.a. socialism) is not good for Obama. Maybe he's not so different from all those other politicians. Well, so much for change...

Way To Go...

Thanks to the "High Court" of Connecticut, there are now three states that have legalized gay "marriage." (If you can't hear the sarcasm in my voice, believe me...it is there.) Thanks to judges believing they are above the people, Constitution, and God, we have a country that is being run into the ground. (Oh I know - they are not the only reason, but they are at least a big one.)

We wonder why our nation is going down the drains, and then events like this happen. How in the world can anyone even argue for a gay "marriage"? That does not even fit the definition of marriage (marry = to join as husband and wife; [thanks Webster!]).

Well, while this happens, the Italian Prime Minister is now saying that the world financial markets need to close while the leaders of the world meet this weekend to form a new global financial system. Hmmm...

Well, at least Glenn Beck spoke passionately about the return of Christ on his nationally syndicated television show. Go Glenn!!!

In case you can't tell, I'm more than frustrated with our nation. I love it, but I'm FRUSTRATED and ANGRY at how our nation has been stolen from us by the socialists and de facto communists! Maybe it's time for a new revolution of the people. After all, isn't this nation based on "We the people..."?!?

More Economic Woes?

Well, don't call me an alarmist, but I've have been closely following the economic struggles of the world. Nation after nation is having to borrow money from other nations to prop up its economy and government. (Read about Iceland and how it could not even receive a loan for 4.5 billion dollars from the U.S., European Union, or the Internation Monetary Fund - all of which should be able to donate that in the blink of an eye...technically.) Now, what happens when those nations who loaned the money need it? Such practices between nations (at least at this time...) is just delaying a true crash. Furthermore, (and this is the important part), several "Central" banks have dropped their interest rates. In other words, several national banks worked in a cooperative effort to help head off a worldwide depression. Consequently, the United Nations, along with many, many, MANY, nations around the world have stepped forward calling for a global monetary policy, fund, and program. In essence, this is the first step toward a true global, one world, monetary system. Now, I know many of you are laughing at this point, but when you are reading the economic news and listening to the political/business leaders of the nations calling for such a thing, it does make you sit up and take notice. Besides, why couldn't this happen? Congress has already spent over $1,000,000,000,000.00 to help "aid" our economy (hello Socialism!!!). At this point, Congress is telling everyone that major changes are needed (including in the functioning of our government, etc.). You see, there are things happening that many people do not know about unless you are a news junkie (okay, I admit I watch too much news...).

I believe if this crisis continues much longer, there will be major changes that will propel us at the speed of light towards the return of Christ. Not that this should surprise us, but are we watching and really waiting for the return of Christ? I do not know.

Common Sense Plan by Dave Ramsey

(The following is Step 2 of Dave Ramsey's "3 Steps To Change The Nation Future". Step 1 is prayer for our leaders. Step 2 includes sending this plan to Congress. Step 3 is to send this plan to others.)

Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps:

I. INSURANCE
A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.
B. In order for a company to accept the government-backed insurance, they must do two things:
1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.
2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.
C. This backstop will cost less than $50 billion—a small fraction of the current proposal.

II. MARK TO MARKET
A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.
B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.

III. CAPITAL GAINS TAX
A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.
B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down.

This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess.

(Further explanation and usage of the above plan can be found at Dave Ramsey's website.)