THE greatest financial bombshell to shatter the status quo of the financial world of the USA has just exploded. A fortnight ago it was strenuously denied that any such thing would happen, but this denial has suddenly been reversed.
The great financial pillars in USA, Fannie Mae and Freddie Mac, have changed ownership. To all intents and purposes they have been nationalised and de facto have come under the control of the USA Government.
Between them, Fannie Mae and Freddie Mac accounted for $3 trillion, almost half of the USA mortgage market. This year, so far, they issued more than 80 per cent of all new mortgages. A home buyer with $150.000 mortgage can save $18,000 on interest, according to Freddie Mac Marketing. Freddie Mac has financed homes for more than 50,000,000 people since 1970.
In August this year the debts of Freddie Mac outstripped its assets by $5.6 billion. By its intervention the USA Government could end up owning 80 per cent of the two consortiums. All we can do is wait and see how the market settles down.
Whether we like it or not, serious days are ahead for us all. We know not what a day will bring forth. Shares in both Fannie and Freddie have lost 90 per cent of their value this year.
Without the action that has been taken, Henry Paulson, USA's Treasury Secretary declared:"Few Americans would be able to find loans to buy homes."
Consumer confidence could collapse, and the already fragile global economy would contract dramatically!
All we can do is to pray for a drastic change, otherwise we teeter on the edge. We in Northern Ireland are still on a very steep downgrade. The recession has come upon us very suddenly, and no one can prophesy when we will reach its final decline.
Sacrifices will be forced from us, and there is no way we can resist. Our comforts will have to go. The value of our money will no longer maintain its worth. The prices which have already hit our pockets will rocket. We must face the fact that hard times are upon us and in no way can we escape them. We need to prepare for the storm ahead of us all.
The time-bomb set for detonation
A former soldier in the Iraq and Afghan wars, turned writer, Andy McNab, has issued a solemn warning to the West.
We are all aware of the promises made to the soldiers of the First World War, when they were told about the heroes welcome awaiting them, a welcome which was entirely non-existent.
Once again our troops have not been treated as they deserve to be treated. Andy McNab contends that the troops who have needed mental care to enable a smooth transition into civilian life, has been withheld. A time-bomb is already ticking. Surely the government needs to act immediately. Any other time will be too late. Irreparable damage has already been done in many cases, and further harm must be avoided at all costs.
Hands off the one day for God
God gives man six days in which he can work and play. God demands from us one day for His work and worship.
Alas, man, not content with six days, wants to rob God, his creator, of His day.
God made His rules with us in mind. We all need one day in seven, primarily to worship Him and secondly to rest both mind and body from the matters that occupy us during the other six days.
God gave His Son for you and me. Give Him the one day He demands.
The attempt to turn Sunday into a second Sports Day can only call down God's judgment upon us. 'Remember the Sabbath Day, to keep it holy.'
Those who picketed the Oval Football Grounds last Sunday made a most important protest. The desecration of the Lord's Day indicates the rejection of our Lord and Saviour Jesus Christ. It is monstrous to state that because the IFA cannot fulfil its task of properly manning all its fixtures, that Sunday must be stolen from God and thieved by man. No wonder Mr Winston Churchill said: "Sunday is a divine and priceless institution." The world without Sunday properly sanctified is a pagan world.
Yet Another Terrifying Setback for Children
Last week I wrote about the grim future that some children have to face.
Now it has been revealed that many children are facing another trial – the non-payment of Child Support to which they are entitled..
The latest figures from the former CSA, now the new Child Maintenance and Enforcement Division (CMED) show that 12,000 out of 51,000 children are not receiving their maintenance entitlement.
As a matter of record, 40 million of this debt will have to be written off, the children being the losers.
Instant steps must be taken to remedy this heart-breaking situation. According to the report, fathers are the main culprits. Shame on those men who perpetrate such cruelty on their own children! I am sure that all right-thinking people would urge the CMED to relentlessly pursue these heartless individuals and extract from them their debts to their long-suffering families. The fact that only 12 people were successfully prosecuted for non-payment of child support between April and December last year, screams out the tragedy of this whole business.
You are guiding little footsteps
In the way they ought to walk;
You are dropping a word from Jesus
In the midst of your household talk.
Living your life for love's sake,
Till the homely cares grow sweet,
And sacred the self-denial
That is laid at the Master's feet.