Friday, January 5, 2018

Republicans and Democrats: Leaving Many Christians Behind

“I feel politically homeless as we enter 2018, and I know I am not alone. Many Christians are feeling the same, as other Christians have undertaken completely uncritical support for a president who is the antithesis of the Gospel of Jesus Christ, endangering the reputation of Christianity, especially among a new generation.
Of course, the two political parties are not morally equivalent; it makes a great difference how we vote, as we will have the opportunity to do later this year. The Republican Party’s political sellout to Donald Trump ― and the lack of a clear moral alternative by the Democrats many people of faith are excited to support — leaves many of us feeling politically homeless”....

Matthew 25 Pledge:

House Flippers Triggered The Housing Market Crash

“We’ve been telling the history of the housing crash all wrong, said Gwynn Guilford. The conventional wisdom goes like this: “Poor people were reckless and stupid, and banks got greedy,” resulting in a global financial crisis. But the more researchers study the 2007 housing crash, the more we learn that’s not what happened. A new working paper from the National Bureau of Economic Research argues that it was wealthy and middle-class house flippers who inflated the bubble to “cataclysmic proportions,” not borrowers with bad credit. Researchers found that the biggest growth in mortgage debt came from borrowers with credit scores in the middle to high range, and that most of them were buying second or third homes they hoped to quickly “flip” for a profit. “Recall that back then the mantra was that housing prices would keep rising forever.” Meanwhile, mortgage debt belonging to the “subprime” borrowers who supposedly fueled the crisis “stayed virtually constant throughout the boom.” When the bubble finally popped, the affluent investors “accounted for a disproportionate share of defaults,” because they had less incentive to hold on to their extra houses. By comparison, “the share of single-mortgage borrowers who couldn’t keep up on their loan payments barely budged between 2005 and 2008.” Maybe it’s time to find a new name for the so-called subprime crisis.”

The Week; Sept. 15, 2017

Note: This is reminiscent of ‘buying on margin’ speculation in the stock market that kicked off the Great Depression.