Heard about this on the news today, and had to find it. The Evangelical Alliance has designed 10 commandments to help Christian bloggers to keep on the straight and narrow paths through cyberspace.

Ten Commandments for Bloggers

1 You shall not put your blog before your integrity

2 You shall not make an idol of your blog

3 You shall not misuse your screen name by using your anonymity to sin

4 Remember the Sabbath day by taking one day off a week from your blog

5 Honor your fellow-blogger's above yourselves and do not give undue significance to their mistakes

6 You shall not murder someone else's honor, reputation or feelings

7 You shall not use the web to commit or permit adultery in your mind

8 You shall not steal another person's content

9 You shall not give false testimony against your fellow-blogger

10 You shall not covet your neighbor's blog ranking. Be content with your own content

Some of the spelling was British-English and I corrected it to American-English, otherwise the text is quoted word for word from the original source.


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Thoughts on the Economic Crisis

Given the recent turmoil in our financial markets and the ongoing negotiations around a bailout package for Wall Street, it's not surprising that much of the debate last night focused on the current economic crisis (instead of the planned foreign policy). Very early on, after starting this blog, I have been criticizing predatory and unsound lending.



During the debate Obama acknowledged foreclosures as the root of the financial crisis and has pledged to help homeowners. That of course should be a no brainier, so not much kudos to him for getting that much right.

Whatever the solution to this mess is, a bipartisan approach that includes help for ordinary homeowners who are on the verge of foreclosure, and not just the big financial institutions. Specifically, any bailout proposal must include provisions that assist struggling homeowners, including greater access to loan modifications and a change in the bankruptcy law to allow homeowners to restructure their mortgages in bankruptcy court as is allowed with vacation homes and yachts. It is my belief that we also need to make stricter regulations that would outlaw or severely limit such predatory products as ARM's, payday loans as well as other products that take advantage of the very people that they purportedly are suppose to help.

As ordinary taxpayers we are being asked to bail out financial institutions that caused this crisis. This is crazy. Main Street is being asked to foot the bill, if this going to happen, it should also reap the benefits as well.


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Digital Converter Isn't Saving Money Like It's Suppose To

The other day, I mentioned that I was having problems with my digital converter box and rabbit ears. In case you missed it, the problem is this. There are 4 stations in Topeka and the digital converter can only find two of them PBS (11.1, 11.2 & 11.3) and NBC (27.1 & 27.2). I cannot seem to bring in CBS and ABC, both of which are located physically closer to me then the NBC station. In actuality, the 27.2 station is really CW, but it is owned by the local NBC affiliate. There is also a local FOX affiliate, that is currently owned by yet another company that I am not pulling in either.

A friend of mine, on the east side of town is able to get everything except the ABC and FOX affiliates. Digitally, he can get seven channels to my 5 and the ABC affiliate he can't pull in digitally, he was able to get analog with only the rabbit ears.

Not sure, what to do to fix this problem. I would love to disconnect the cable and just have the the local channels through the digital converter. Anybody have any ideas? How can I correct this problem? I want to save additional funds, but must get at least the local ABC, CBS, NBC and PBS affiliates.

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WaMu Becomes 13th Bank Failure

On Thursday, federal regulators moved in and seized Washington Mutual (WaMu).

Unlike many of the 12 bank failures that the FDIC has overseen this year, the J.P. Morgan-WaMu transaction isn't expected to impact the agency's national deposit-insurance fund. It wasn't immediately clear how the transaction would be structured to avoid the insurance fund taking a hit.
- Wall Street Journal

This failure marks the largest bank failure in U.S. history, Washington Mutual's. buyer will be J.P. Morgan Chase.

While the exact structure of the transaction wasn't immediately known, J.P. Morgan is expected to acquire Washington Mutual's deposits and branches, as well as other operations. The deal isn't expected to result in any hit to the Federal Deposit Insurance Corp.'s bank-insurance fund, according to a person familiar with the arrangement. Some analysts have worried that a WaMu failure could cost more than $20 billion.

Federal regulators have been heavily involved in orchestrating the transaction, which comes as WaMu grapples with its bad mortgage loans. Regulators were hoping to fend off a collapse of WaMu, which, with more than $300 billion in assets, would mark by far the largest banking failure in U.S. history.
- Wall Street Journal

--- All of WaMu’s deposits, including those above federal insurance limits, will be acquired by JPMorgan, so no depositors will lose money. Deposits totaled $188 billion as of June 30 but the sum is smaller now because of recent outflows.
- LA Times

I am still considering moving my Grocery fund from WaMu to a local bank, Topeka based Core First Bank, which recently expanded to Denver. Although, I would be interested in what JP Morgan-Chase might offer me.

"There will be no interruption in services and bank customers should expect business as usual come Friday morning," FDIC Chairman Sheila Bair said in a statement.
CNNmoney.com

Of course, I am more interested in the credit side of the terms, which seem a bit more fuzzy.

JPMorgan also is buying all of WaMu’s assets, meaning its outstanding mortgages, other loans and credit card business. So WaMu borrowers now will become JPMorgan borrowers.
- LA Times

Since, I transferred my Fingerhut debt to a 0% WaMu card, this will be one that affects me. I called customer service and they said no comments were being made at this time. After further questioning, they didn't have any information.

All of WaMu’s 2,239 branches nationwide in 15 states will become part of JPMorgan’s Chase retail bank system.
- LA Times

The big question I have. Will JP Morgan change the name on WaMu branches? or will they keep the WaMu name, like they did when they took over Bear Stearns earlier this year?

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Possible WaMu Suitors Reluctant To Absorb Bad Debts

According to the Wall Street Journal, SeekingAlpha.com, MarketWatch.com and others

WaMu is now in talks with private-equity groups. Apparently Washington Mutual (WM) has approached private-equity firms such as Carlyle and Blackstone (BX), to gauge their interest in a potential takeover, according to sources close to the companies.

Additionally, WaMu continues to explore other options, include a sale to another financial institution,

though Santander (STD) has now dropped out, and TD Bank (TD) seems largely uninterested. JP Morgan (JPM), Citigroup (C) and Wells Fargo (WFC) have conducted some due diligence, but are reluctant to absorb WaMu's loans. This morning, Fitch noted there is an increased likelihood of a partial sale - leading to greater uncertainty for debt holders.

WaMu, which has 2,300 branches, has a 98 percent chance of defaulting on its debt over the next five years, according to credit-default-swap traders.


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2 Newest Panels to be Dedicated

I have been lax about getting this updated this year. So busy at work and all. However, I must get this posted, as it so critically important.

1. We are now on Facebook, join us there to help keep on up with the updates.

2. We will be dedicating the next two 60-foot mural panels on Sunday Sept 28, 2008 @ 1 pm. Everyone is invited.
20th and Western
Gather in the back ExpoCenter parking lot on Western.

A dedication ceremony for the 2008 installation at the Great Mural Wall of Topeka will be from 1 to 3 p.m. Sunday at the intersection of S.W. 20th and Western streets. Two 60-foot murals, titled "Central Park" and "Free Fair," will be installed.

Speakers will include Shawnee County Commissioners Vic Miller and Sylvia Ortiz and lead mural artist David Loewenstein. The event is coordinated by the Chensey Park Neighborhood Improvement Association.
- Topeka Capital Journal

Politics or the The Country First Takes Front Page on Economic Front

Today, as the economic future of America continues to look bleak, the two candidates for president, took very different strategies.

First, you have one candidate, that says he must put the Country first and suspends his campaign to return to Washington to help hammer out a plan to help solve the country's economic problems.

McCain said he's temporarily canceling campaign events and advertising to return to Washington and join talks on the Treasury's plan for the U.S. financial system, and urged his Democratic rival to join him in an urgent meeting with President Bush and congressional leaders.
The Arizona Republican also called for the first presidential debate, scheduled for Friday evening, to be delayed as lawmakers continue to hammer out modifications to the plan.
- MarketWatch.com

Meanwhile, the other candidate is putting politics first and is still campaigning, at least in terms of Friday's debate. Has said he would not suspend his campaign like McCain did.

But Obama said that Friday's planned debate at the University of Mississippi should go on as planned to tell voters how he and McCain plan respond to this crisis.
It's "important to communicate to the people where we need to go in order to pull out of this thing," the Illinois senator commented. Obama added that the public needs to know the candidates can manage several issues at once.

- MarketWatch.com

The topic for the debate was to be foreign policy, not the economy. As of yet, there has been no change to that topic according to CBS News with Katie Couric.

While, I don't think this is a time for partisan bickering, I have problems with some provisions of the plan as it currently stands. Quite frankly, those provisions, I am quite surprised are reportedly supported by a so called conservative (President Bush). What, in particular do I have a problem with? That would be the U.S. Government taking an equity stake in the companies it bails out. That to me sounds to much like socialism.

The massive rescue plan is facing skepticism in Congress as members seek assurances that it will work as intended. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have been pushing for the plan on Capitol Hill for two days.

McCain said he's confident that lawmakers and the administration can come up with a compromise plan before markets open Monday.
- MarketWatch.com

Both candidates are to jointly meet with President Bush at thew White House tomorrow (Thursday). It will be interesting to see what kind of plan the trio can come up with.


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