More About Socially Conscious Investing

After printing Whitni Thomas' letter to the editor yesterday, the Guardian has published an interview with Charles Middleton the managing director of UK's Triodos Bank.

In the U.S., the Cooperative Baptist Fellowship Foundation is launching an initiative to provide microcredit to alleviate global poverty. Don Durham, president of the CBF Foundation, gave a workshop about this at the CBF General Assembly last June. Here's what the Dallas Morning News wrote about this initiative:

Don Durham, president of the CBF Foundation, provided information on new investment opportunities that will soon be available through the CBF Foundation. The CBF Foundation board is launching a new initiative to provide small loans to the poor who have no collateral and lack access to capital. By investing in these micro enterprise loans, Fellowship Baptists, churches and partner organizations can help alleviate global poverty.

Here's a link to the audio (MP3) of Phil Smith and Don Durham's presentation:

Microcredit: Empowering the Poor to End Poverty (Birmingham, June 20, 2008)

On Socially Conscious Investing

Whitni Thomas, daughter of CBF Oklahoma Coordinator T and Kathie Thomas, has a letter to the editor published in today's Guardian.

Whitni, an investment manager for Triodos Bank in London, wrote in response to an article about the enormous sums that some British charities had lost pursuing higher financial returns from banks in Iceland. She writes:

Instead of charities depositing their cash in a bank because it offers a titillating interest rate, what if they used their cash to also meet their charitable objectives? It is possible to earn a healthy interest rate by depositing funds in a bank with a capital adequacy ratio nearly double the mandatory minimum, with the knowledge (through full transparency) that deposits are only lent to organisations delivering positive social and environmental change. Now is the time for charities and foundations to demand more from their investment advisers, and make their money work harder by delivering social good as well as financial return.

Before accepting her position with Triodos Bank, a bank that invests only in projects that advance the common good, Whitni was involved in providing micro-loans to impoverished women in Mexico. Before that she was an investment banker with J.P. Morgan.

Web Browsing Increases Brain Power

BBC is reporting that "Internet Use is 'Good for the Brain.'"

It is particularly beneficial for people who are middle aged and older. Gary Small, a professor at UCLA, says "A simple, everyday task like searching the web appears to enhance brain circuitry in older adults."

Now I've got the perfect alibi for all the time I spend surfing on the web. I'm increasing my brain power.

Britain Leading World Out of Economic Crisis

Paul Krugman, newly announced recipient of the Nobel Prize in Economics, has posted an essay commending British Prime Minister Gordon Brown for showing the world how to deal with the current economic crisis.

Krugman reveals that U.S. Secretary of Treasury Henry Paulson lost precious time and taxpayer money by failing to heed Federal Reserve Chairman Ben Bernanke's recommendation for an "equity injection" -- a sort of temporary part-nationalization of financial instititions. The reason why is that, as George Soros indicated on Bill Moyers Journal last week, Paulson is a "market fundamentalist" who believes in the perfect equilibrium of free markets. He does not believe in government intervention in the markets. Instead, Paulson devised a plan for the government to buy up an inexhaustible supply of bad speculative instruments from bankrupt private financial institutions.

Paulson should have known that those speculative instruments were all smoke and mirrors. Wall Street did. It reacted by trimming 2 trillion dollars worth of wealth off the market in one week.

In the meantime, British Prime Minister Gordon Brown took a path similar to the one that Bernanke had suggested. Over the weekend, other world leaders appear to be following Brown's lead as governments around the world are coordinating efforts to respond to the current economic crisis. Even Paulson, belatedly, seems to have seen the light. Today, stock markets around the world are up.

We desperately need to get rid of the economic fundamentalists that are running our economy under the current administration. We need some "economic realists" who know that blind faith in "the magic of free markets" is a fairy-tale made popular by a Hollywood actor who was elected president of the United States.

Thumbs Up to John McCain

As this brief video demonstrates, John McCain is beginning to reign in the excesses of his followers.

Thumbs up to John McCain. Once again, he's exhibiting the qualities that made him an American hero.

If Sarah Palin begins to demonstrate a similar restraining influence on her followers, I'll post a blog to give her credit.

Campaigning at the Brink of Anarchy

Talking Points Memo has some pointed words to say about the role that Republican Presidential ticket is playing in ratcheting up incendiary rhetoric against the Democratic Presidential ticket. Here's a quote:

Even an establishmentarian like David Gergen is now alarmed at the McCain team's own role in fomenting all the fury. "There is a free-floating sort of whipping-around anger that could really lead to some violence," Gergen said last night. "And I think we're not far from that...I think it's really imperative the candidates try to calm people down."

Or listen to Joe Klein: "We are on the edge of some real serious craziness here and it would be nice if McCain did the right thing and told his more bloodthirsty supporters to go home and take a cold shower."

The Atlantic has published a story suggesting that the political climate is verging on a return to the "Unthinkable" atmosphere of the late 1960's.

We need some cooler heads to ratchet down the rhetoric at Republican rallies. It is time for McCain and Palin to demonstrate some genuine leadership abilities.

On the Value of Sewage

Your local waste treatment plant and those stinking confined animal feed lots could be viewed as gold mines if research into generating electricity from biowaste proves viable. Here's what scientists at Oregon State University are saying:

While it's producing significant amounts of hydrogen from sewage, this system also cleans the water. Conceptually, treatment plants could be developed that take in sewage on one end and send clean water and hydrogen fuel out the other. Their production potential may only be limited by the amount of raw waste they have available – and sewage in the future may no longer be a waste disposal problem but rather a valued commodity, another important component of the nation's sustainable energy equation.

Other forms of biowaste could also be used, scientists say. The use of woody biomass is possible. The large amounts of waste from food processing factories would be a good candidate, as well as agricultural waste such as the huge amounts of manure produced in cattle, hog, and other livestock operations. In that context, it may be quite possible to make a silk purse out of a sow's rear.

In the laboratory, these scientists are already close to the Department of Energy's hydrogen cost goal of $2 to $3 per gasoline gallon equivalent.

When hydrogen can be produced at a price equivalent to the price of gasoline, hydrogen powered fuel cell vehicles will be able to economically replace gasoline powered vehicles.

Food for Thought

Chief Executive Magazine has published a story indicating that 80% of America's CEO's support John McCain for President.

70% of them are afraid of Barack Obama.

I suspect that the CEO's were nearly as fearful of Gore in 2000 and Kerry in 2004.

New Baptist Covenant Midwest Region Meeting Announced

The Steering Committee for the New Baptist Covenant Midwest Region is pleased to announce that the New Convention Center in Norman, Oklahoma has been selected for the first ever meeting of the Midwest Region of the New Baptist Covenant.

The meeting will be held on August 6-7, 2009.

Former President Jimmy Carter has agreed to speak at our meeting.

We will be celebrating the 400th anniversary of the founding of the Baptist denomination.

To see the full press release click here.

Barack Obama as Good Samaritan

Leisha Camden of Oslo, Norway has translated an article about Barack Obama that was published in the Norwegian newspaper VG.

It appears to be an authentic Good Samaritan story from an incident that happened twenty years ago.

Paulson's Bailout Passes Both Houses

One Inkcinct cartoon is worth a thousand words.

Here's a link to the words.

The End of American Exceptionalism

I had opportunity to read Andrew Bacevich's The Limits of Power: The End of American Exceptionalism while visiting my sister during her recent set-back in her struggle against ovarian cancer.

Bacevich's book is essential reading for those trying to understand the dramatic changes that are taking place in our country's economy and politics. He begins with a review of the "War Without Exits" and moves on to deal with "The Crisis of Profligacy." Next he discusses "The Political Crisis" and predicts it will be followed by a "Military Crisis." He contends that we have been pushed to the "Limits of Power" and concludes that the era of American exceptionalism is over. I highly recommend this book. It is a quick read and is hard to put down at a time when what he discusses is unfolding hourly in news reports.

The author is a retired Army colonel now teaching history and international relations at Boston University. The book is dedicated to the memory of his son, Andrew John Bacevich, who was killed in the line of duty in Iraq in May 2007.

Here's my favorite paragraph:

Pick the group: blacks, Jews, women, Asians, Hispanics, working stiffs, gays, the handicapped -- in every case, the impetus for providing equal access to the rights guaranteed by the Constitution originated among pinks, lefties, liberals, and bleeding-heart fellow travelers. When it came to ensuring that every American should get a fair shake, the contribution of modern conservatism has been essentially nil. Had Martin Luther King counted on William F. Buckley and the National Review to take up the fight against racial segregation in the 1950s and 1960s, Jim Crow would still be alive and well.

Visualizing the Bible

All 1189 chapters of the Bible as a bar graph with the length of each bar proportional to the number of verses in the chapter. Above this, arcs represent 63,779 cross references between chapters; different colors denote varying distances between connected chapters. Created by Chris Harrison of Carnegie Mellon University and Christoph Römhild of North Elbian Evangelical Lutheran Church.

The image received honorable mention in the 2008 International Science and Engineering Visualization Challenge. The winning images were published by New Scientist Magazine.

John Imbler Interview

Podcast (28MB MP3) of Dr. Bruce Prescott's 9-21-08 "Religious Talk" radio interview with Dr. John Imbler, Executive Vice President and Associate Professor of Christianity and Disciples Studies at Phillips Theological Seminary. We talk about ecumenism, about the faculty and history of Phillips Seminary, about the opening of an extension of the seminary at the United Ministry Center in Norman, and about recent developments in the way men and women are being prepared for ministry.

Nathan Brown: Not Exactly Job

Podcast (25MB MP3) of Dr. Bruce Prescott's 9-14-08 "Religious Talk" radio interview with poet Nathan Brown. We talk about his recent book of poetry "Not Exactly Job"

Lou Dobbs Over-the-Line

Lou Dobbs' rant about Treasury Secretary Paulson yesterday was way over-the-line. He did more than challenge Paulson's policies and proposals, he attacked him personally with some of the most condescending and insulting language I have heard from a host on CNN. Here's a transcript of Dobb's rant:

DOBBS: Well this Treasury secretary is the same buffoon who said a week ago there wasn't a problem, two weeks ago wasn't a problem, three weeks ago and really we don't care what he wants. He is nothing more than an empty suit parading around as the leader of this administration's economic team.

So Mr. Paulson, get over yourself. Either we straighten out the corruption and the excess on Wall Street and indeed in every aspect of this economy or we're going to have continuing, continuing crises, so get over your bad self, Henry Paulson.

You're hardly a genius and you're in no position to even utter a word as to what you would prefer. Shut up, get on with the job and listen to the people for a change. You have no -- absolutely no right to a view on this at all in my opinion. Thank you very much, Kitty. Kitty Pilgrim.

Well it's the subject of our poll tonight. As you might guess, Secretary Paulson I find to be an incompetent jerk. But we would like to get your opinion. Should Wall Street executives who oversaw the biggest market meltdown in American history be paid a dime of taxpayer-funded bonus money? Yes or no? Cast your votes at loudobbs.com. We'll have the results here later in the broadcast.

And yes, I said Henry Paulson, Treasury secretary, is absolutely an incompetent in a parading preening popinjay right now in the midst of crisis, not a lot of help.

I am not a fan of Henry Paulson. I am not a fan of the Bush administration. I am not a fan of Wall Street and I am certainly no fan of Wall Street executives, but everyone who holds office in this country deserves a modicum of respect.

I happen to agree with the point that Dobbs was raising. The compensation of Wall Street executives certainly needs to be reduced if the federal government steps in to bail out the finance industry.

Dobbs could have made his point without the name calling and the insulting personal attacks. We need to clean up more than the sleaze and greed on Wall Street. We also need to clean up the sleazy demagoguery in the mainstream media.

On McCain's Economic Prescription

Listening to John McCain's speech about the economic crisis this morning was difficult for me. I recall that McCain trusts Phil Gramm for economic advice more than anyone else.

Gramm was the co-chair of McCain's re-election campaign until he resigned just two months ago for the distraction he caused McCain's campaign when he said that the U.S. is only in a "mental recession" and "we have become sort of a nation of whiners."

Gramm was my congressman when I attended seminary. When he first ran he was a Democrat, but his economic philosophy was more palatable to Republicans and he changed parties.

More than anyone else in Congress, Gramm was the force behind the deregulation of the finance industry that led us into our current financial mess. He got plenty of help from his wife, Wendy, who sat on the board of Enron.

McCain's solution to the economic crisis is to fire the head of the Security and Exchange Commission and prosecute Wall Street executives for doing what Phil Gramm's legislation authorized them to do. Without saying so explicitly, McCain indicated he would also undo the effects of Gramm's legislation.

I wonder whether McCain realizes that Phil Gramm's policies -- policies that he supported -- are at the root of our current economic crisis?

I not sure McCain gets it yet.

America's Three Wise Men?

Today's Washington Post has published an article about the three key leaders guiding our country and the world through the current economic crisis. A crisis that some say may dwarf the Great Depression. Here is some basic information about America's three wise men:

Paulson, 62, is an investment banker who rose through the ranks of Goldman Sachs to lead the firm. A lanky former Dartmouth College offensive tackle and an intense workaholic, he said he agreed in 2006 to become the Bush administration's third Treasury secretary to prepare the government for a possible market crisis.

Bernanke, 54 and calm of demeanor, is one of the foremost scholars of financial crises, especially the Great Depression. Before being named Fed chairman in 2006, the largest organization he had run was Princeton University's economics department.

Geithner, 47, was a career staff member at the Treasury Department when Lawrence Summers, then a Treasury undersecretary, plucked him from obscurity in the early 1990s. He became a key member of the group that guided the Clinton administration's response to the international financial crises in the 1990s and has been honing his knowledge of Wall Street since taking over the New York Fed in 2003.

The key thing to note is that both Paulson and Bernanke took their jobs in 2006 with full knowledge that they would be dealing with the current economic crisis. It didn't come as a surprise to them or to many other people in this country.

Few in positions of leadership or in the mainstream media would listen to warnings about the housing bubble that the Bush administration created to prop up the economy while we went to war in Iraq. If you weren't afraid of listening to "liberal" voices on the internet (-- the only place they could find a voice), you could find repeated warnings that this would be the result of neo-conservative policies.

The Source of Uncle Sam's Deficit

The Center on Budget and Policy Priorities has published a report about "How Projected Surpluses Became Deficits." The chart above puts the information in a nutshell.

I really didn't get much from the Bush tax cuts. I think it was something like $60 a year. I'd gladly give it back with interest if it would help stabilize the economy of our country.

I wonder how many people in the upper income percentiles would do the same?

Are Crows Smarter than Apes?

Can crows think?

Are they smarter than apes?

Research at the University of Auckland in New Zealand seems to indicate so. Here's a link.