A moment to stand united - from U.S. Congress Member Keith Ellison

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Recent attacks on our nation's diplomatic missions in Libya, Egypt, and Yemen have led to the tragic deaths of four Americans, including Chris Stevens, the U.S. Ambassador to Libya.

My heart goes out to the loved ones of these brave public servants, who paid the ultimate sacrifice working to spread freedom and democracy abroad.

I urge all Americans to put politics aside for a moment to show respect for the victims and their loved ones. This is a moment for Americans to stand united around the freedoms and democratic values our public servants gave their lives for.

As we reflect on this tragic loss, let it renew our common aspiration for greater understanding, tolerance, and peace.

Sincerely,

Keith Ellison
Member of Congress, Minnesota's Fifth Congressional District

Ellison for Congress
P.O. Box 6072
Minneapolis, MN 55406

http://ellison.house.gov/
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September 14th - Holy Cross Day

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September 14th
Episcopal Calender: Holy Cross Day
Orthodox Calendar: Exaltation of the Precious and Life-Giving Cross
Roman Catholic Calender: Exaltation of the Cross

Today is Holy Cross Day on the Episcopal Calendar. God is revealed through the cross, not human sophistry. We often substitute theology, head knowledge and doctrine for true spirituality, which is found by being in union with Christ. It is through Christ we are brought near to God, through his cross. Christianity is different in this way from every other religion. We are saved and come to know God by the cross, not by any human effort, gnosis, wisdom, or intellectual pursuit, or by being "spiritual."
We Christians of all stripes- conservative and liberal, Catholic and Protestant- stray away from the Gospel when we lose sight of the Cross. We want to be relevant and cool in our discourse with the world, but in our sometimes well-intentioned efforts to make points of connection with postmodern culture, we often lose sight of the cross of Christ. We are ashamed of the gospel message of redemption through Christ's sacrifice and subsequent resurrection (Romans 1.16). The world may think the preaching of the cross is foolish, but it is the power of God for salvation.
++++++++++++++++++++++++++++++++++Scripture Readings for Holy Cross Day

Sing ye to the Lord anew canticle: because he hath done wonderful things. His right hand hath wrought for him salvation, and his arm is holy. The Lord hath made known his salvation: he hath revealed his justice in the sight of the Gentiles. He hath remembered his mercy his truth toward the house of Israel. All the ends of the earth have seen the salvation of our God. Sing joyfully to God, all the earth; make melody, rejoice and sing.
- Psalm 97 [98].1-4

Tell ye, and come, and consult together: who hath declared this from the beginning, who hath foretold this from that time? Have not I the Lord, and there is no God else besides me? A just God and a saviour, there is none besides me. Be converted to me, and you shall be saved, all ye ends of the earth: for I am God, and there is no other. I have sworn by myself, the word of justice shall go out of my mouth, and shall not return:  For every knee shall be bowed to me, and every tongue shall swear. [25] Therefore shall he say: In the Lord are my justices and empire: they shall come to him, and all that resist him shall be confounded.

- Isaias 45.21-25

But God forbid that I should glory, save in the cross of our Lord Jesus Christ; by whom the world is crucified to me, and I to the world. For in Christ Jesus neither circumcision availeth any thing, nor uncircumcision, but a new creature. And whosoever shall follow this rule, peace on them, and mercy, and upon the Israel of God. From henceforth let no man be troublesome to me; for I bear the marks of the Lord Jesus in my body. The grace of our Lord Jesus Christ be with your spirit, brethren. Amen.

- Galatians 6.14-18

 For let this mind be in you, which was also in Christ Jesus: Who being in the form of God, thought it not robbery to be equal with God: But emptied himself, taking the form of a servant, being made in the likeness of men, and in habit found as a man. He humbled himself, becoming obedient unto death, even to the death of the cross. For which cause God also hath exalted him, and hath given him a name which is above all names: That in the name of Jesus every knee should bow, of those that are in heaven, on earth, and under the earth: And that every tongue should confess that the Lord Jesus Christ is in the glory of God the Father.

- Philippians 2.5-11

Now is the judgment of the world: now shall the prince of this world be cast out. And I, if I be lifted up from the earth, will draw all things to myself. (Now this he said, signifying what death he should die.) The multitude answered him: We have heard out of the law, that Christ abideth for ever; and how sayest thou: The Son of man must be lifted up? Who is this Son of man? Jesus therefore said to them: Yet a little while, the light is among you. Walk whilst you have the light, that the darkness overtake you not. And he that walketh in darkness, knoweth not whither he goeth. Whilst you have the light, believe in the light, that you may be the children of light.

- John 12.31-36a

A Christian Confession - Traditional and Progressive

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Introduction
This is my amateurish attempt at expressing my Christianity. My Christianity does not fall neatly among perceived divisions of conservative and liberal Christianity. These labels, though sometimes unavoidable, and very limiting to my faith and I am sure the faith of many.

I am an orthodox, traditional Christian. I am also a progressive Christian. I reject right-wing Christianity and fundamentalism, but also the kind of liberal Christianity that rejects or downplays historic, orthodox Christianity. I reject the notion that I can be pigeonholed into being a “conservative Christian” or  “liberal Christian.” Christianity, and life and general, is so much more broad than that.

I do not care any longer what others think about me. I am too old for that. What I believe now and how I attempt to live my life as a Christian in the world is a culmination of 52 years of life on this planet, with all the joys and sufferings it offers.

I find warm fellowship with Christians who are Catholic and Protestant; liberal and evangelical; Unitarian and Gnostic.

Facebook is the contemporary world village. One prayer group I belong to on Facebook, which I would have to say is very evangelical, is very encouraging. Most of the people seem to be charismatic or Pentecostal. I pray for the people in the group, and I ask them to pray for me. I look forward to visiting this Facebook group every day. I also am encouraged and hopeful when I see my more progressive Christian friends on Facebook post articles and comments. I feel kindred spirits with people in both camps.

The Anglo-Catholic tradition provides the best context for me to be both traditional and progressive. The classic Anglican model of Bible, Tradition, and Reason, is the best I have found to understand my place in the world as a Christian.

I am an orthodox, traditional Christian: Scripture and Tradition
My faith in Jesus Christ is based on the Bible, Creeds, and Sacraments.

Scripture and the Gospel

The Bible is basis for Christian doctrine and is reliable in bringing us to faith in Christ.

I believe the gospel as proclaimed in the New Testament: Christ's Incarnation, Virgin Birth, true divinity and true humanity, life, miracles, death, burial, resurrection and ascension. I am not ashamed of the Gospel, or of Jesus Christ.

I believe in the need for personal conversion, prayer and evangelism.

The Holy Spirit and Miracles

I believe in the need of being filled with the Holy Spirit. I believe that God can perform miracles today, even if they may seem to be rare. I believe in a personal God who hears and answers prayer. I believe in being filled with the Holy Spirit and speaking in tongues. I believe in praying for physical healing. Jesus Christ is the same yesterday, today and forever.

Liturgy 

I prefer traditional language and liturgy in worship. I use the King James and Douay versions of the Bible, and the 1662 and 1928 Books of Common Prayer.

I believe in the traditional symbols of Father, Son, and Holy Spirit, which I believe are Divinely Revealed. I am not ashamed of the Holy Trinity, or the Creeds and Councils the Church's understanding of the Trinity is based on. I prefer traditional liturgy. I do not care for neutered liturgical language of the liberal churches, or for the entertainment-centered “worship” I have seen in some evangelical or mega-churches. I am not entirely opposed to contemporary or contextualized modes of liturgy. The Church I attend now combines catholic liturgy with gospel singing.

Sacraments

I believe in the Sacramental grace of Baptism and the Lord's Supper. I believe that when we are baptized we are born again, regenerated, and joined to Christ and his Church. I believe that Christ's Body and Blood are truly present in the symbols of Bread and Wine in the Eucharist, and that we are nurtured and divinized by our union with Christ's Real Presence in the Lord's Supper.

Catholic Christianity

Some traditional believers in the Anglican communion are evangelical or protestant; some, like me, are catholic. I have a devotion to the Blessed Mother and the Eucharist, pray the Rosary, and have icons.

Universalism

I am a universalist; I consider this as part of orthodox Christianity. I believe that God's love will conquer all in the end. This is a stream of Christian tradition which is ignored and downplayed, but seems to be the hope held out in the Bible. Many of the fathers believed that all will be reconciled.

I am a progressive Christian: Reason 
While accepting the authority and witness of the Bible, Tradition, and the Church, I also accept Reason.

I accept the Bible as divinely inspired, and reliable in bringing us to faith in Christ. But it has human elements in it also, some that our time and culture bound. To understand the Bible, one needs to be filled with the Holy Spirit, informed by the tradition of the Church, and aided by reason.

Social justice and Liberation Theology

As a progressive Christian, I believe in preaching social justice and liberation, and in aspiring to an altruistic life-style.

True Christianity does not tell the poor and oppressed to wait for the next life for justice, we work for it here now. Sometimes, people do not receive justice in this life; we still must proclaim justice and liberation and work for it.

I do not believe that Capitalism is God's holy plan for the economy, and but rather believe that socialistic models of social welfare and the economy are much more compatible with Biblical teaching and the Christian ethos. Capitalism has become a violent idol for American Christians.

Christians have too long ignored the message of social justice in the Bible, which is obvious as the sun in the sky in broad day light. Social justice is not just a “liberal” value, it is a Biblical value.

Gender and Sexuality

I believe in egalitarian relationships between men and women, and I am for full inclusion of LGBT persons in the Church. I  believe intimate relationships between two people should be monogamous, and ideally life-long. I do believe that there is grace for people divorced and separated.

People do not choose their sexuality, and frankly, I do not know how anyone can think otherwise. I argue for the acceptance of same-sex relationships on the basis of the natural state of things. To promise gay and lesbians that they can be “converted” is cruel and unscientific, and leads eventually to tragedy and heart ache.

I reject contemporary attempts to subjugate women to men. It is madness to try and impose subordinate relationships from the biblical era when women were clearly property and fathers could sell their daughters. The contemporary “complimentarian” movement among some evangelicals and traditional Christians, is in my view, subordinationism and misogyny in drag.

I accept without hesitation women ordained to the three-fold ministry of Bishop, Priest, and Deacon. It was women who were the first witnesses to the resurrection, it was women who supported financially the ministry of Jesus, and it was women that stood by him at the cross, when all the men save John the Theologian abandoned him. The Bible itself witnesses to at least one female apostle and a deaconess.

I believe women should be able to control without hindrance their reproductive lives. I believe that elective birth control is a basic component of women's health and that it is a positive evil, misogynist and oppressive, to deny it to them.

Non-Violence

I believe that the Christian Church has long abandoned non-violent and non-militaristic modes of spirituality and discipleship that were clearly present in the ancient church. Although I am not absolute pacifist, I am very sympathetic to that position, and that war should be a last, tragic resort, and cannot be justified solely on the grounds of perceived national interests.

In Summary

I do not like labels in general (although sometimes we have to use them), and even my confession and outline above is no doubt simplistic and may be revised in the years ahead.

I suppose some people may say I am a “liberal” because I accept gay relationships, while others will say I am a “fundamentalist” because I believe in speaking in tongues or prefer the KJV Bible. I can care less.

I am just a guy, just a Christian, who tries to connect with God every day.

HERE'S WHAT OBAMACARE DOES, WE NEED TO SELL IT WITH ALL OUR MIGHT

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via We Should Be Praising Obamacare With All Our Might (The PCTC Blog http://pleasecutthecrap.typepad.com/main/2012/09/obamacareisgreatlaw.html )

HERE'S WHAT OBAMACARE DOES, WE NEED TO SELL IT WITH ALL OUR MIGHT ~

"...With less than eight weeks to go before we (hopefully) reelect President Obama, I was confronted with a Republibot yesterday that just plain made my mind numb. She's on Medicare, and because she's a Romney supporter with all her might, she has convinced herself that Obamacare will do great harm to Medicare, and that it's all around just really evil. She actually said, (and I'm not making this up. I wish I was.) "I don't want a panel of 12 people deciding..." I cut her off, knowing she was talking about "death panels."

I can't believe anyone still believes there will be death panels in Obamacare. But since there obviously are, this piece became necessary. In this piece, you will find out what is in Obamacare, and why it makes our health care system better.

Look, folks, it's this simple. Two and a half years ago, President Obama signed into law the most sweeping change to our health insurance system ever. It needs improvement; I will not argue that at all. But overall, it's a very progressive law.

This law does a lot for people, and not just because it will make insurance available to those who haven't carried a policy for years. Even those who have the same plan they've had for years will see major improvements in their coverage...

... the Affordable Care Act strengthens Medicare in ways that will make it even more difficult for Republicans to kill it. Also, strengthening it will increase the appeal of the program, and quite possibly set it up as an irresistible version of the "public option" so many claim as essential to a successful universal health care plan...

...Is the ACA perfect? Of course not. No single bill ever is. But it's damn good, and it improves our health insurance system enough that all we'll need to do going forward is to tweak it to make it better. It does a lot, and we need for everyone to know this..."

More at: http://pleasecutthecrap.typepad.com/main/2012/09/obamacareisgreatlaw.html
(RJ)

Sent on the Sprint® Now Network from my BlackBerry®

Favorite Albums: Chris Squire's Fish Out of Water

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The Favorite album I want to recognize in this post is Fish Out Of Water, a solo  Album by Yes bassist Chris Squire, released in 1975. I probably bought my copy a few years later, perhaps 1979. I had gotten into Yes later on, after they were well established. One of the first concerts I ever went to was a Yes Concert, I believe in 1979. It was the first concert in the then brand new Cedar Rapids Civic Center. The gimmick Yes had for that tour was a revolving stage. I had just purchased a fender jazz bass, and I got to see my bass hero Chris Squire perform live in the arena.

As a young bassist, one of my favorite bass players was, and still is, Chris Squire of Yes. His classical sounding melodic bass lines are unmistakable and have influenced a couple of generations of bassists, including Rush's Geddy Lee. Squire is especially associate with the Rickenbacker Bass.

He is one of the founding members of Yes, one of the progressive rock bands of the late sixties and early seventies. Squire will always be associated with such Yes songs as Round About and Owner of a Lonely Hearts, and the Fish.

Squire's nickname is the Fish, which comes from a incident where he flooded a hotel room by accident while he was in a shower. He was also known for spending a lot of time in the bathroom when he lived with fellow Yes band mate Bill Buford.

Fish out of Water has only five tracks but they are sublime. This is a case of a very creative and interesting album, which while, not a great commercial success (#25 in UK, #69 in US), has had some longevity. The structure of the music blends rock, jazz, and classical in one cohesive sound. The album features a full orchestra as well as rock instrumentation.

The bass is made to be prominent in the mix of the album, and rightfully so. It is melodic but holds down the bottom. Squire puts on a clinic for bass work.

Squire's vocal work does not sound much different from Yes band mate Jon Anderson, singing in the higher register with a lot of power and discipline.

The first track, Hold Out Your Hand, is a opens the album with the organ from the London Cathedral, and then a stunning stereo bass riff by Squire.

The song flows into the next track, You by My Side.

Side one concludes with Silently Falling, an 11 minute track with full orchestration.

Side 2 opens with the track, Lucky Seven, so named for its 7/8 time signature. It has a jazz feel to it with minor keys and saxophone.

The album closes with Safe, a fifteen minute track that reprises a theme from Yes's song, Close to the Edge.

Fortunately, Fish out of Water is still available for down load, a little more difficult to obtain on CD, although an enhanced import is available but is pricey.

Fish Out of Water is a personal favorite of mine, by one of my greatest bass influences.

Track Listing 
All songs written by Chris Squire.

Side One
"Hold Out Your Hand" – 4:13
"You By My Side" – 5:00
"Silently Falling" – 11:27

Side Two
"Lucky Seven" – 6:54
"Safe (Canon Song)" – 14:56






Purchase Fish Out Of Water:
MP3 Download

Chris Squire Web Sites

Chris Squire 
Chris Squire My Space
Chris Squire Facebook

Video for Hold Out Your Hand and You by My Side:



Personnel 
Chris Squire – basses, lead and backing vocals, additional drum fills on "You By My Side", 12-string electric guitar on "Silently Falling" and "Safe"
Andrew Jackman – acoustic and electric pianos, conductor, orchestration
Bill Bruford – drums, percussion
Patrick Moraz – bass synthesizer and organ on "Silently Falling"
Jimmy Hastings – flute
Mel Collins – alto saxophone on "Lucky Seven", tenor saxophone on "Silently Falling"
Barry Rose – pipe organ on "Hold Out Your Hand"
Adrian Bett – woodwinds leader
Jim Buck – horns leader
Julian Gaillard – strings leader
John Wilbraham – brass leader
Nikki Squire – backing vocals on "Hold Out Your Hand"

Production
Chris Squire: Producer
Greg Jackman: Engineer
Nigel Luby: Assistant Engineer
Phil Carson: Overdubs, Mastering
Trevor Spencer: Mastering
Graham Preskett: Mastering

CANADA'S ECONOMY OUTPACING THE US

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IMF says Canada will likely outperform this year, sees slower growth in 2011
Thu Jul 8, 9:57 AM
Joe Mcdonald, The Associated Press
Email StoryIM StoryPrintable View.By Joe Mcdonald, The Associated Press

BEIJING, China - Canada's economy is on track to grow more quickly this year than previously expected, putting it ahead of the United States and most other advanced economies, according to new estimates from International Monetary Fund.

The IMF said Thursday it's raising the 2010 growth forecast for Canada to 3.6 per cent from its previous estimate of 3.1 per cent, issued in April.

The IMF's July report also raised its U.S. growth estimate to 3.3 per cent, up from 3.1 per cent and its world estimate to 4.6 per cent from 4.2 per cent.

Asian countries with rapidly maturing economies will grow more quickly than the United States, Japan and European countries that have historically been more advanced.

China's growth for this year, for instance, is now projected at 10.5 per cent, up five percentage points, while the IMF expects India's economy will advance 9.4 per cent this year (up six percentage points from the April projection.)

Next year isn't looking so rosey for Canada, however.

The IMF has lowered its projection for 2011 growth by four percentage points to 2.8 per cent. Also notable was a reduction in the IMF's 2011 projection for China, which has been reduced by three percentage points from April's.

In contrast, the U.S. growth projection for next year was raised by three percentage points to 2.9 per cent, slightly ahead of Canada, while the world outlook for 2011 was raised by eight percentage points to 4.3 per cent.

The IMF, a Washington-based multnational organization affiliated with the United Nations and the World Bank, said Europe's debt crisis might stall the global rebound and governments need to shore up shaky public confidence.

Its quarterly World Economic Outlook warned that "risks have risen sharply" and Europe has to quickly resolve debt problems and restore confidence in its banks.

Europe's problems "could spill over to other regions and stall the global recovery," said Jose Vinals, director of the fund's monetary and capital markets department, at a news conference in Hong Kong.

"Further credible and decisive policy action is needed to resume progress on financial stability and keep the economic recovery on track," Vinals said.

Risks so far are limited to financial markets and activity in other fields stabilized at a high level in May, the IMF said. It said industrial output and trade grew by double digits and there was a modest but steady recovery in developed economies and strong growth in emerging nations.

"The numbers for economic activity have come in strong — in fact, stronger than we have forecast," said Olivier Blanchard, director of the IMF's research department.

The fund raised this year's U.S. growth forecast from 2.7 per cent to 3.3 per cent. The outlook for Germany and other European nations that use the euro common currency was unchanged at 1 per cent.

A global "double dip," or relapse into recession, is "very unlikely," Blanchard said.

Asian economies recovered strongly this year, driven by buoyant exports and stronger domestic demand, the IMF said.

The fund raised its 2010 growth forecast for Japan to 2.4 per cent from 1.9 per cent and for India to 9.4 per cent from 8.8 per cent. The estimate of the Asia region's growth rose to 7.5 per cent from seven per cent.

However, it warned that weakness in Europe "would affect Asia through both trade and financial channels."

Weak data from major economies in recent weeks have diminished confidence in a strong rebound from last year's recession.

The fund's forecast for 2011 growth was unchanged at 4.3 per cent, a decline from this year's rate.

In a move that might fuel concern the recovery is fading, the fund lowered its 2011 growth forecast for Japan from two per cent to 1.8 per cent and for Britain to 2.1 per centfrom 2.5 per cent.

In Europe, the IMF said governments must resolve uncertainty about banks' exposure to sovereign debt and other risks and make sure lenders have enough capital and markets have adequate liquidity.

It said many advanced economies urgently need to push ahead financial reforms including recapitalizing banks, restructuring and consolidating banking industries and overhauling regulation.

"In the absence of complete banking sector recapitalization and restructuring, the flow of credit to the economy will continue to be impaired," the IMF said.

BMO's 5 year 2.99% Mortgage Offering

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On first glance this looks like a great deal. 2.99% for a 5 year mortgage- the lowest 5 year rate ever.
However a closer analysis offers some of the points to be aware of.

Consider:

This is a two-week promo (at the moment) valid until JANUARY 25TH.

There are conditions to their offer. The main terms of BMO's special are as follows:

Maximum Amortization: 25 years
Rate Hold: Up to 90 days
Pre-Approvals: Allowed
Lump-sum Pre-payments: 10% maximum per year (1/2 of the 20% that BMO normally allows)
Optional Payment increase: 10% maximum per year (again, 1/2 of the 20% that BMO normally allows)
Term: Fully closed unless you sell the property, refinance (with BMO only), or early renew into another BMO mortgage.
BMO Mortgage Cash Account: Not available with the Low-Rate
BMO Skip-a-Payment: Not available with the Low-Rate
BMO ReadiLine: Not available with the Low-Rate
Other Details: Not applicable to non-owner occupied rental properties

Most importantly, the client is tied to BMO for the entire 5 year term of their mortgage, even if they want to break it and pay a penalty, they are forced to stay with BMO at whatever rate BMO offers. Client loses negotiating power.

This rate and mortgage is great if you plan to live in the house for many years and will not need to refinace during the term.

CAAMP'S VIEW ON TODAY's MORTGAGE ISSUES

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BASED ON OUR RESEARCH AND KNOWLEDGE OF THE SECTOR, WE SEE NO REASON TO TIGHTEN OR RESTRICT ACCESS TO RESIDENTIAL MORTGAGES AT THIS TIME1. CURRENT ENVIRONMENT Canada has a well-earned reputation for exercising economic prudence. As a result, we have managed to avoid a mortgage or housing market meltdown. Our banks are stable and our economy, while impacted by the general global economic slowdown, remains healthier than most. CAAMP’s extensive industry research indicates that the Canadian mortgage industry is healthy. We must continue to “stress test” our own financial sector to determine how it would withstand potential weakening of the economy. The more educated we are about the debt we incur (mortgages, credit cards, lines of credit), the better off we will be2. FEDERAL GOVERNMENT ACTIONS TAKEN The federal government responded promptly when it was determined changes were needed in the mortgage market. There have been three significant sets of changes in the past 36 months: - Amortization periods shortened to 30 years from 35 and 40 years - Minimum down payment increased to 5 per cent of purchase price. No 100% LTV mortgages - Homeowners refinancing their mortgage may borrow up to 85 per cent of the equity in their home; down from 90% and 95% - These changes have impacted the mortgage market; re-financings have decreased dramatically and mortgage credit growth has slowed Based on our extensive research and knowledge of the sector, we see no reason to further tighten or restrict access to mortgages at this time3. REASONS FOR CURRENT CONCERN1) Housing Market Prolonged low interest rates are making it more attractive to purchase a home Research shows that the vast majority of homeowners can accommodate rate increases (84 per cent surveyed in CAAMP’s fall 2011 research said they could handle a $200/month increase) CAAMP’s fall 2011 survey indicates mortgage borrowers are prudent, increasing their lump sum payments and paying down their mortgage faster than required Supply and demand drive housing prices – provinces and municipalities should be more aware of their land-use policies and how they impact housing supply2) Media Focus on Insurance Ceiling - Changes in Some Banks’ Lending Practices It is a fact that CMHC is approaching its $600 billion government-imposed limit on mortgage default insurance. Private insurers have a $300 billion limit. This has nothing to do with mortgage insurers being responsible for an increasing number of higher risk mortgages Lenders are buying portfolio insurance against defaults on low risk mortgages - cases where homeowners have more than 20 per cent equity in their homes. These are not high risk mortgages. CMHC is approaching its limit because the number of mortgage holders has grown, the population and housing units have increased and lenders have been insuring low risk mortgages, leveraging the government’s triple A credit rating for other bank business Residential mortgage credit in Canada continues to expand. During the past five years, outstanding residential mortgage credit has expanded by 53%, or an average rate of 8.9% per year. The growth rate is slowing The volume of outstanding residential mortgage credit passed the $1 trillion threshold in July 2010, and as of August 2011, it reached $1.079 trillion Increased homeownership results in an increase in mortgage default insurance However, mortgage defaults are rare. CMHC reported it paid out $454 million in the first nine months of 2011 which represents a 0.42 per cent default rate Overall mortgage arrears rates in Canada are declining and never approached the level of the early 1990s. The housing market in Canada is growing organically and safely There is no parallel in Canada to the subprime default problems that plagued the US market3. FURTHER RESTRICTIONS ON ACCESS TO MORTGAGESWho will be affected? Self-employed borrowers who represent a growing portion of our labour force (currently 2.67 million people, or 15% of employment in Canada) New Canadians who can afford a down payment but have yet to build credit and employment history First time homebuyers who want to enter the homeownership market and build equity These are not the people who fall in to a sub-prime loan category like we saw in the US; yet these changes will impact them The housing industry is an engine of growth in Canada. If we impede its growth, we will add to unemployment and depress the economy If fewer mortgage lenders are able to insure their loans simply because the insurance program has not kept pace with the growth in the mortgage market, then consumers will have less choice when it comes to negotiating a mortgage. Less choice, or less competition, will inevitably lead to higher borrowing costs for the Canadian consumer Likewise, if mortgage brokers are restricted in the mortgage products they can offer, consumer choice will be diminished and costs will increase This reduced access to capital will make it more difficult for people who can legitimately afford to buy a home4)What are the Risks of Further Restricting Access to Mortgages?CAAMP has one of the most comprehensive collections of research on the mortgage industry. It includes original data on borrowers and the characteristics of mortgage loans. This research has revealed repeatedly that borrowers and lenders in Canada have been prudent, and only a very small share of borrowers would have trouble affording future rises in mortgage rates.There are risks, but most are related to the broader economy through two channels:UnemploymentThe broader economic data suggests that the Canadian economy is slowing. If that results in job losses, the housing market would be negatively affected, and there would be impacts on mortgages held by people who lose jobs and then struggle to make payments.Declining Housing PricesHousing prices could decline in a weaker market. In a recession, there is the threat of a downward spiral: a weak economy harming the housing market which negatively affects the broader economy. We believe and trust that the federal government will act to mitigate such a negative scenario.These risks have nothing to do with mortgage products themselves.Risks to the Canadian mortgage market are dependent on the performance of the broader economy. In that light, the best means to control mortgage market risk is through strong economic management. In particular, care must be taken not to take any measures in the mortgage market that unnecessarily reduce housing activity that would be damaging to the economy.

VIEWS ON BANK of MONTREAL'S 5 YEAR RATE

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A good explainatory article by Robert McLister of Canadian Mortgage Trends explaining the pros and cons of Bank of Montreal's just announced 5 year 2.99% rate:BMO Cranks Up the Heat AgainBMO is dead-set on winning mind share among consumers.It's coming back to the market with two new deep-discount rate promos: A 5-year fixed at 2.99% (which starts Thursday, March 8, 2012) A 10-year fixed at 3.99% (which starts Sunday, March 11, 2012) Both of these specials are low-frills, meaning: A Lower Maximum Amortization: 25 years versus 30-40 years elsewhere Less Lump-sum Pre-payment Ability: 10% maximum per year (i.e., 1/2 of the 20% that BMO normally allows) A Smaller Payment Increase Option: Up to 10%, once per year (again, 1/2 of the 20% that BMO normally allows) A Locked Term: The Low-rate Mortgage is fully closed unless you sell the property, refinance (with BMO only), or early renew into another BMO mortgage. In other words, unless you sell, you're not leaving BMO for 5 years, like it or not. Both the 5-year and 10-year promos run for 3 weeks, until March 28, 2012.We've heard talk that TD and RBC will not match BMO's pricing on the 5-year term. We'll see. The last time BMO ran this special, its competitors quickly responded with 4-year rates of 2.99%. Despite the one less year, those competing offers came with all the normal bells and whistles.Unfortunately for competitors, a 2.99% five-year rate makes more headlines than a four-year promo at the same price, and BMO knows it. This deal has garnered almost a dozen major media stories already, and the press release only came out four hours ago.As for BMO's 10-year deal, it is 146 basis points below the nearest Big 6 bank competitors' advertised rates. It is BMO's lowest 10-year rate ever, and it matches ING's current 3.99% offer. (ING was the first bank in Canada to advertise 10-year rates below 4.00%.)With these rates, BMO is starting to make other big banks look increasingly silly. CIBC, National Bank, RBC, and TD are currently promoting 5-year "special offer" rates of 4.04%. That's 105 basis points above BMO (albeit with more flexibility). Those rates border on ridiculous, and they insult the intelligence of increasingly savvy consumers who know that well-qualified borrowers rarely pay anything close to those rates.Yes, we say that knowing that BMO's Low-rate mortgage is highly restrictive and not suitable for most.It is, however, suitable for some. The target market includes many: First-time buyers Rental property owners Owners of 2nd homes The customer should have no foreseeable need to break, increase or aggressively prepay his/her mortgage for five years.In posting more transparent rates than its peers, BMO is taking a page from brokers and smaller rivals. In doing so, it's building credibility with consumers at its competitors' expense.Frank Techar, BMO's Canadian banking head, tells Bloomberg: "The reaction to our January offer was fantastic." With a mortgage market that BMO CEO William Downe admits is "slowing," 2.99% is a big fat worm on a hook. It is bait that gets BMO's phones ringing.It also gives BMO's sales force a chance to upsell people into higher margin mortgages without all the restrictions of BMO's Low-rate product. (There's a lot of that going on, according to the BMO mortgage specialists we've talked to.)With this rate sale, BMO is certain to take flak for fuelling consumer borrowing at a time when high debt levels are worrying policymakers.To that end, Techar maintains that BMO is not fuelling the fire. He tells the Financial Post that these rates "are consistent with the debate around the need to reduce consumer debt levels."In an interview with Reuters, he said: "People are not going to stretch to get the largest mortgage they can with a 25-year amortization product. Because the monthly payments are higher, they...will go to a 30-year amortization product." (He's right.)Downe recently said this to analysts about BMO's Low-rate Mortgage:"We think that's a product that is good for Canadians; it's good for Canada; it's good for our customers, and we intend to continue to promote it in this environment.It's a product that we believe addresses all of the risks that are currently being debated, whether or not the consumer debt levels that are too high in Canada and a possible fallout from economic slowdown and rising interest rates. It helps our customers pay less interest. It mitigates their interest rate risk for five years. It helps them retire debt free by paying off their balance faster, and it works against market price appreciation. In fact, it helps with...house price appreciation, because the shorter amortization reduces the maximum purchase price people can afford."Being a 5-year fixed, this product does mitigate some risk. A 200 basis point rate increase by 2017 would only lift payments $133/month on the average Canadian mortgage of $151,000.As for rumours that policymakers are ticked off by BMO's pricing, the last time anyone looked, it's still a free market. BMO can price as it sees fit within regulations. As long as underwriting standards remain high, God bless it for bringing down rates industry-wide.Even if rates like 2.99% do spur more interest in mortgages, it doesn't mean lenders will approve high-risk borrowers. BMO's average loan-to-value (LTV) is just 60%. More notably, BMO's residential mortgage portfolio has a long-run loss rate of less than 2 basis points (i.e., exceptionally low).Barring a run-up in bond yields, we could now start seeing competitors (like mortgage brokers) respond with full-frills 5-year offers that are just a pittance above BMO's rate. Some might even match or beat it.We'd strongly encourage most folks to consider paying a bit more to avoid the low-rate mortgage restrictions—especially if the premium is small (0.05%-0.10%) and especially if you can benefit from the service and extras that come with a standard mortgage.Side Note: Here are a few more details about BMO's Low-rate Mortgage: Rate Hold: Up to 90 days Pre-Approvals?: Yes BMO Mortgage Cash Account: Not available with the Low-Rate mortgage BMO Skip-a-Payment: Not available with the Low-Rate mortgage BMO ReadiLine: Not available with the Low-Rate mortgage Rentals Allowed? Yes 2nd Homes Allowed? Yes

Children's art amount

To contact us Click HERE
Happy spring.  At the office we are busy meeting personal clients, completing corporate year ends and excited for yet another personal tax season. It's nice to see everyone this time of year and do a little catching up.

With the 2011 personal tax season here, there are some additional credits available in 2011.  Probably the most common credit will be the children's art amount. 

All the details can be found by following this link: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/370/menu-eng.html

For clarification or just to arrange a personal tax meeting please get in touch with us.

Have a great week

Favorite Albums: Chris Squire's Fish Out of Water

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The Favorite album I want to recognize in this post is Fish Out Of Water, a solo  Album by Yes bassist Chris Squire, released in 1975. I probably bought my copy a few years later, perhaps 1979. I had gotten into Yes later on, after they were well established. One of the first concerts I ever went to was a Yes Concert, I believe in 1979. It was the first concert in the then brand new Cedar Rapids Civic Center. The gimmick Yes had for that tour was a revolving stage. I had just purchased a fender jazz bass, and I got to see my bass hero Chris Squire perform live in the arena.

As a young bassist, one of my favorite bass players was, and still is, Chris Squire of Yes. His classical sounding melodic bass lines are unmistakable and have influenced a couple of generations of bassists, including Rush's Geddy Lee. Squire is especially associate with the Rickenbacker Bass.

He is one of the founding members of Yes, one of the progressive rock bands of the late sixties and early seventies. Squire will always be associated with such Yes songs as Round About and Owner of a Lonely Hearts, and the Fish.

Squire's nickname is the Fish, which comes from a incident where he flooded a hotel room by accident while he was in a shower. He was also known for spending a lot of time in the bathroom when he lived with fellow Yes band mate Bill Buford.

Fish out of Water has only five tracks but they are sublime. This is a case of a very creative and interesting album, which while, not a great commercial success (#25 in UK, #69 in US), has had some longevity. The structure of the music blends rock, jazz, and classical in one cohesive sound. The album features a full orchestra as well as rock instrumentation.

The bass is made to be prominent in the mix of the album, and rightfully so. It is melodic but holds down the bottom. Squire puts on a clinic for bass work.

Squire's vocal work does not sound much different from Yes band mate Jon Anderson, singing in the higher register with a lot of power and discipline.

The first track, Hold Out Your Hand, is a opens the album with the organ from the London Cathedral, and then a stunning stereo bass riff by Squire.

The song flows into the next track, You by My Side.

Side one concludes with Silently Falling, an 11 minute track with full orchestration.

Side 2 opens with the track, Lucky Seven, so named for its 7/8 time signature. It has a jazz feel to it with minor keys and saxophone.

The album closes with Safe, a fifteen minute track that reprises a theme from Yes's song, Close to the Edge.

Fortunately, Fish out of Water is still available for down load, a little more difficult to obtain on CD, although an enhanced import is available but is pricey.

Fish Out of Water is a personal favorite of mine, by one of my greatest bass influences.

Track Listing 
All songs written by Chris Squire.

Side One
"Hold Out Your Hand" – 4:13
"You By My Side" – 5:00
"Silently Falling" – 11:27

Side Two
"Lucky Seven" – 6:54
"Safe (Canon Song)" – 14:56






Purchase Fish Out Of Water:
MP3 Download

Chris Squire Web Sites

Chris Squire 
Chris Squire My Space
Chris Squire Facebook

Video for Hold Out Your Hand and You by My Side:



Personnel 
Chris Squire – basses, lead and backing vocals, additional drum fills on "You By My Side", 12-string electric guitar on "Silently Falling" and "Safe"
Andrew Jackman – acoustic and electric pianos, conductor, orchestration
Bill Bruford – drums, percussion
Patrick Moraz – bass synthesizer and organ on "Silently Falling"
Jimmy Hastings – flute
Mel Collins – alto saxophone on "Lucky Seven", tenor saxophone on "Silently Falling"
Barry Rose – pipe organ on "Hold Out Your Hand"
Adrian Bett – woodwinds leader
Jim Buck – horns leader
Julian Gaillard – strings leader
John Wilbraham – brass leader
Nikki Squire – backing vocals on "Hold Out Your Hand"

Production
Chris Squire: Producer
Greg Jackman: Engineer
Nigel Luby: Assistant Engineer
Phil Carson: Overdubs, Mastering
Trevor Spencer: Mastering
Graham Preskett: Mastering

"Forced" Charity? Or Common Good?

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I don’t understand this complaint some people have about being “forced” to give charity through tax-based government social spending. The Law forces us to do or not do a lot of things. Jesus, Peter, and Paul all tell us to pay our taxes. What is the problem? Jesus says love your neighbor as yourself, not just other Christians, not just the “deserving.” Our taxes might be used for a lot of things we do not agree with.  Do you really have a problem with providing health care for poor people? Old people? Children? Food stamps for the hungry? I believe like the late Senator Paul Wellstone said, “We all do better when we all do better.” I think that is a very Christian statement from a good Jewish man. 

- Lance

The House I Live In Trailer- the Racist, Expensive, and Ineffective "War on Drugs."

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It is high time to end the war on drugs. It is a racist policy, that does not curb drug abuse, and it is a trillion-dollar failure. It feeds into the prison-industrial complex. Eugene Jarecki's film which won the documentary award at Sundance will be released October 5th. One of the judges interviewed in the film said "I have only seen 3 or 4 drug pins, we mostly send away poor, drug-addicted people." The drug war represents oppression with its systematic racism. It ultimately affects all of us and is one of the forces undermining our democracy. IT is simply bad policy. It destroys communities and families and is ineffective. - Lance
"The War on drugs is a war on people, especially a war on people of color." - Eugene Jarecki Posted by Ryan Adams via Awards Daily Blog  on Sep 22, 2012 in Documentary 
An investigative look at America’s war on drugs and its impact on the criminal justice system. Director Eugene Jarecki was Bill Maher’s first guest on Real Time tonight with a message that’s been obscured for decades: The so-called War on Drugs is effectively a War on Minorities, and the causalities of that war are predominantly young Black men, with a focus on the experiences of Nannie Jeter, a former employee of filmmaker Eugene ‘s family.The House I Live In won the Grand Jury Prize for Documentary at Sundance 2012, and will open in limited release on October 5, 2012. 
+++++++++++++++++++++++++++++++++++++“The war on drugs is bullshit...The war on drugs really is a war on minorities...we had slavery, and then we had the Jim Crowe laws, and I really believe that the successor to those two ways of putting down minorities, the black man is the drug wars.” - Bill Maher

Eugene Jarecki appeared on Real Time with Bill Maher Friday evening, September 21st, 2012. It is an excellent interview, powerfully prophetic about the war on drugs and its racist dimension. 

The Civil Right Movement and Public Religion by Rev. Wil Gafney, Ph.D. via Huffington Post

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via the Huffington Post.
I'm watching some public officials, (Congressman Darrell Issa, Senator Roy Blunt, Senator Marco Rubio and former Senator Rick Santorum) trying to transform freedom of religion into freedom to impose religion. They seem to imagine that their religious beliefs or moral conscience is superior to those of others, and trump matters of settled law, i.e. Roe v. Wade, and the professional judgment of the medical community by trying to deny women access to healthcare for which they do not care, or more specifically to which they object on the basis of their personal ideological and religious beliefs. I believe our Senators, Representatives, presidential candidates and other politicians would do well to take a lesson on the use of religion in the public square from the Civil Rights Movement.

The Movement emerged from the Black Church and was based on principles articulated and affirmed in Christianity and its scriptures, including the inherent dignity of black men and women (sadly in that order for some) as human beings having been created in the image God, and the liberating gospel of Jesus Christ. Yet when the Movement pressed for legal remedies to the social and statutory marginalization of persons of African descent, the Movement appealed to the founding documents of the United States and our Legislative, Judicial and Executive branches of government. The tireless Civil Rights workers and their leaders did not seek to impose their vibrant, transformative, egalitarian Christianity on the public square. Rather they were fueled by their faith to work through the legal and political systems. By not specifying a normative Christian practice for those who would advocate for the full enfranchisement of black people, the Civil Rights Movement was home to persons of a variety of faith commitments.

However, neither the stalwarts of the Movement nor, as recently claimed by Rick Santorum, President John F. Kennedy, believed that there was no place for persons of faith in the public square. In each boycott, beating, arrest and in the aftermath of the murders of Emmett Till, James Chaney, Andrew Goodman, Michael Schwerner, Medgar Evans, and the Rev. Dr. Martin Luther King, Jr., just to name a few, the faithful witness of the Black Church was on display to the world without ever asserting a call to capitulation or conversion, to which the life and death of the Jewish Mr. Schwerner bears testimony. Far from shying away from faith-claims, the Movement sought to hold only those who claimed that they were professing Christians to the standards of the Gospel life, teaching and the death-transcending resurrection power of Mary's Child, Jesus, of Nazareth. There is perhaps no more eloquent example of intra-Christian call to conscience than Dr. King's "Letter From a Birmingham Jail," written to white clergymen who opposed and denounced him and the Movement.

Freedom as an American cultural value and freedom as a religious value are related but they are not the same. Freedom of religion is also freedom from religion. No one has the right to impose their religion on another person, on or in her body or to deny her medical treatment -- whether she pays her own insurance premiums or not -- or to use medical professionals and technology to intimidate women or men into making choices in accord with someone else's religion.

"And if America is to be a great nation, this must become true. So let freedom ring from the prodigious hilltops of New Hampshire. Let freedom ring from the mighty mountains of New York. Let freedom ring from the heightening Alleghenies of Pennsylvania! Let freedom ring from the snowcapped Rockies of Colorado! Let freedom ring from the curvaceous peaks of California! But not only that; let freedom ring from Stone Mountain of Georgia! Let freedom ring from Lookout Mountain of Tennessee! Let freedom ring from every hill and every molehill of Mississippi. From every mountainside, let freedom ring."

- the Rev. Dr. Martin Luther King, Jr., "I Have A Dream," 23 April 1963

+++++++++++++++++++
Wil Gafney, Ph.D. is Associate Professor of Hebrew and Old Testament at the Lutheran Theological Seminary at Philadelphia in Pennsylvania and is an Episcopal Priest canonically resident in the Diocese of Pennsylvania. She is also a member of the Dorshei Derekh Reconstructionist Minyan of the Germantown Jewish Center in Philadelphia PA. In addition she has co-taught courses with and for the Reconstructionist Rabbinical Seminary in Wyncote, PA.

Children's art amount

To contact us Click HERE
Happy spring.  At the office we are busy meeting personal clients, completing corporate year ends and excited for yet another personal tax season. It's nice to see everyone this time of year and do a little catching up.

With the 2011 personal tax season here, there are some additional credits available in 2011.  Probably the most common credit will be the children's art amount. 

All the details can be found by following this link: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/370/menu-eng.html

For clarification or just to arrange a personal tax meeting please get in touch with us.

Have a great week

The Case For A Variable Rate When Rates Are Rising

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It’s been a great ride! Canadian homeowners have been benefiting from ultra-low interest rates over the last two years. Unfortunately the time has come: the rate climate is starting to heat up. As the Prime lending rate starts to gradually increase toward more normal lending rates of 5% to 6%, do variable-rate mortgages still make sense? Of course the answer depends on your own personal
situation, but there are definite compelling reasons to choose variable.

Fixed-rate mortgages play a significant role with many Canadian homeowners, particularly those who may lose sleep wondering what will happen next with rates. Fixed mortgages are also ideal for those on a very tight budget; a fixed rate gives you the security of knowing exactly how much your mortgage will be so you can plan accordingly. Many first-time homebuyers choose a fixed-rate mortgage for this reason

For those who are not on a tight budget, a variable-rate mortgage can be a wise financial move, even in a rising rate environment. Lenders offer variable-rate mortgages at the Prime lending rate minus a certain percentage, which varies
by lender. So as the Prime rate increases, so will your mortgage payments. How fast Prime will increase will be determined by inflation and other key economic factors.
Studies have shown that most Canadians hold their mortgage for 15 years or longer, and that over the long term, less overall interest is paid with a variable-rate
mortgage.If you believe that minimizing the total amount of interest you pay over the life of your mortgage is an important goal, then the case for variable-rate mortgages is very strong.

The question to ask is: what do you want to pay right now

– a lower variable rate, or a higher fixed rate? Prime rate increases tend to be gradual so it can take several Prime increases to reach current fixed rates. In the meantime, you can keep your savings for lifestyle, investments or to pay down your mortgage! Let’s compare using today’s rates for a $250,000 mortgage, assuming Prime increases 0.75% per year: The question to ask is: what do you want to pay right now

– a lower variable rate, or a higher fixed rate? Prime rate increases tend to be gradual so it can take several Prime increases to reach current fixed rates. In the meantime, you can keep your savings for lifestyle, investments or to pay down your mortgage! Let’s compare using today’s rates for a $250,000 mortgage, assuming Prime increases 0.75% per year:

5-year Fixed-Rate Mortgage (4.75%)
Year Monthly Payment Balance
1 $1,419 $244,620
2 $1,419 $238,982
3 $1,419 $233,073
4 $1,419 $226,880
5 $1,419 $220,390
Total Paid: $85,118

5-year Variable-Rate Mortgage (Prime -0.5%)
Year Monthly Payment Balance
1 (2.00%) $1,059 $242,205
2 (2.75%) $1,148 $234,964
3 (3.50%) $1,238 $228,171
4 (4.25%) $1,327 $221,733
5 (5.00%) $1,417 $215,569
Total Paid: $74,268
Difference in total payments = $10,850
Difference in interest paid = $4,821

In this case, choosing a variable-rate mortgage allows you to keep $15,671 over those five years, even though the Prime rate was rising. Of course, the Prime rate could increase faster than what has been used in this example. Since no one can
accurately predict interest rate movements, your best bet is to have a good conversation with an experienced mortgage planner who can help you assess your own situation, and determine if a variable-rate mortgage is right for you.

CANADA'S ECONOMY OUTPACING THE US

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IMF says Canada will likely outperform this year, sees slower growth in 2011
Thu Jul 8, 9:57 AM
Joe Mcdonald, The Associated Press
Email StoryIM StoryPrintable View.By Joe Mcdonald, The Associated Press

BEIJING, China - Canada's economy is on track to grow more quickly this year than previously expected, putting it ahead of the United States and most other advanced economies, according to new estimates from International Monetary Fund.

The IMF said Thursday it's raising the 2010 growth forecast for Canada to 3.6 per cent from its previous estimate of 3.1 per cent, issued in April.

The IMF's July report also raised its U.S. growth estimate to 3.3 per cent, up from 3.1 per cent and its world estimate to 4.6 per cent from 4.2 per cent.

Asian countries with rapidly maturing economies will grow more quickly than the United States, Japan and European countries that have historically been more advanced.

China's growth for this year, for instance, is now projected at 10.5 per cent, up five percentage points, while the IMF expects India's economy will advance 9.4 per cent this year (up six percentage points from the April projection.)

Next year isn't looking so rosey for Canada, however.

The IMF has lowered its projection for 2011 growth by four percentage points to 2.8 per cent. Also notable was a reduction in the IMF's 2011 projection for China, which has been reduced by three percentage points from April's.

In contrast, the U.S. growth projection for next year was raised by three percentage points to 2.9 per cent, slightly ahead of Canada, while the world outlook for 2011 was raised by eight percentage points to 4.3 per cent.

The IMF, a Washington-based multnational organization affiliated with the United Nations and the World Bank, said Europe's debt crisis might stall the global rebound and governments need to shore up shaky public confidence.

Its quarterly World Economic Outlook warned that "risks have risen sharply" and Europe has to quickly resolve debt problems and restore confidence in its banks.

Europe's problems "could spill over to other regions and stall the global recovery," said Jose Vinals, director of the fund's monetary and capital markets department, at a news conference in Hong Kong.

"Further credible and decisive policy action is needed to resume progress on financial stability and keep the economic recovery on track," Vinals said.

Risks so far are limited to financial markets and activity in other fields stabilized at a high level in May, the IMF said. It said industrial output and trade grew by double digits and there was a modest but steady recovery in developed economies and strong growth in emerging nations.

"The numbers for economic activity have come in strong — in fact, stronger than we have forecast," said Olivier Blanchard, director of the IMF's research department.

The fund raised this year's U.S. growth forecast from 2.7 per cent to 3.3 per cent. The outlook for Germany and other European nations that use the euro common currency was unchanged at 1 per cent.

A global "double dip," or relapse into recession, is "very unlikely," Blanchard said.

Asian economies recovered strongly this year, driven by buoyant exports and stronger domestic demand, the IMF said.

The fund raised its 2010 growth forecast for Japan to 2.4 per cent from 1.9 per cent and for India to 9.4 per cent from 8.8 per cent. The estimate of the Asia region's growth rose to 7.5 per cent from seven per cent.

However, it warned that weakness in Europe "would affect Asia through both trade and financial channels."

Weak data from major economies in recent weeks have diminished confidence in a strong rebound from last year's recession.

The fund's forecast for 2011 growth was unchanged at 4.3 per cent, a decline from this year's rate.

In a move that might fuel concern the recovery is fading, the fund lowered its 2011 growth forecast for Japan from two per cent to 1.8 per cent and for Britain to 2.1 per centfrom 2.5 per cent.

In Europe, the IMF said governments must resolve uncertainty about banks' exposure to sovereign debt and other risks and make sure lenders have enough capital and markets have adequate liquidity.

It said many advanced economies urgently need to push ahead financial reforms including recapitalizing banks, restructuring and consolidating banking industries and overhauling regulation.

"In the absence of complete banking sector recapitalization and restructuring, the flow of credit to the economy will continue to be impaired," the IMF said.

BMO's 5 year 2.99% Mortgage Offering

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On first glance this looks like a great deal. 2.99% for a 5 year mortgage- the lowest 5 year rate ever.
However a closer analysis offers some of the points to be aware of.

Consider:

This is a two-week promo (at the moment) valid until JANUARY 25TH.

There are conditions to their offer. The main terms of BMO's special are as follows:

Maximum Amortization: 25 years
Rate Hold: Up to 90 days
Pre-Approvals: Allowed
Lump-sum Pre-payments: 10% maximum per year (1/2 of the 20% that BMO normally allows)
Optional Payment increase: 10% maximum per year (again, 1/2 of the 20% that BMO normally allows)
Term: Fully closed unless you sell the property, refinance (with BMO only), or early renew into another BMO mortgage.
BMO Mortgage Cash Account: Not available with the Low-Rate
BMO Skip-a-Payment: Not available with the Low-Rate
BMO ReadiLine: Not available with the Low-Rate
Other Details: Not applicable to non-owner occupied rental properties

Most importantly, the client is tied to BMO for the entire 5 year term of their mortgage, even if they want to break it and pay a penalty, they are forced to stay with BMO at whatever rate BMO offers. Client loses negotiating power.

This rate and mortgage is great if you plan to live in the house for many years and will not need to refinace during the term.

CAAMP'S VIEW ON TODAY's MORTGAGE ISSUES

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BASED ON OUR RESEARCH AND KNOWLEDGE OF THE SECTOR, WE SEE NO REASON TO TIGHTEN OR RESTRICT ACCESS TO RESIDENTIAL MORTGAGES AT THIS TIME1. CURRENT ENVIRONMENT Canada has a well-earned reputation for exercising economic prudence. As a result, we have managed to avoid a mortgage or housing market meltdown. Our banks are stable and our economy, while impacted by the general global economic slowdown, remains healthier than most. CAAMP’s extensive industry research indicates that the Canadian mortgage industry is healthy. We must continue to “stress test” our own financial sector to determine how it would withstand potential weakening of the economy. The more educated we are about the debt we incur (mortgages, credit cards, lines of credit), the better off we will be2. FEDERAL GOVERNMENT ACTIONS TAKEN The federal government responded promptly when it was determined changes were needed in the mortgage market. There have been three significant sets of changes in the past 36 months: - Amortization periods shortened to 30 years from 35 and 40 years - Minimum down payment increased to 5 per cent of purchase price. No 100% LTV mortgages - Homeowners refinancing their mortgage may borrow up to 85 per cent of the equity in their home; down from 90% and 95% - These changes have impacted the mortgage market; re-financings have decreased dramatically and mortgage credit growth has slowed Based on our extensive research and knowledge of the sector, we see no reason to further tighten or restrict access to mortgages at this time3. REASONS FOR CURRENT CONCERN1) Housing Market Prolonged low interest rates are making it more attractive to purchase a home Research shows that the vast majority of homeowners can accommodate rate increases (84 per cent surveyed in CAAMP’s fall 2011 research said they could handle a $200/month increase) CAAMP’s fall 2011 survey indicates mortgage borrowers are prudent, increasing their lump sum payments and paying down their mortgage faster than required Supply and demand drive housing prices – provinces and municipalities should be more aware of their land-use policies and how they impact housing supply2) Media Focus on Insurance Ceiling - Changes in Some Banks’ Lending Practices It is a fact that CMHC is approaching its $600 billion government-imposed limit on mortgage default insurance. Private insurers have a $300 billion limit. This has nothing to do with mortgage insurers being responsible for an increasing number of higher risk mortgages Lenders are buying portfolio insurance against defaults on low risk mortgages - cases where homeowners have more than 20 per cent equity in their homes. These are not high risk mortgages. CMHC is approaching its limit because the number of mortgage holders has grown, the population and housing units have increased and lenders have been insuring low risk mortgages, leveraging the government’s triple A credit rating for other bank business Residential mortgage credit in Canada continues to expand. During the past five years, outstanding residential mortgage credit has expanded by 53%, or an average rate of 8.9% per year. The growth rate is slowing The volume of outstanding residential mortgage credit passed the $1 trillion threshold in July 2010, and as of August 2011, it reached $1.079 trillion Increased homeownership results in an increase in mortgage default insurance However, mortgage defaults are rare. CMHC reported it paid out $454 million in the first nine months of 2011 which represents a 0.42 per cent default rate Overall mortgage arrears rates in Canada are declining and never approached the level of the early 1990s. The housing market in Canada is growing organically and safely There is no parallel in Canada to the subprime default problems that plagued the US market3. FURTHER RESTRICTIONS ON ACCESS TO MORTGAGESWho will be affected? Self-employed borrowers who represent a growing portion of our labour force (currently 2.67 million people, or 15% of employment in Canada) New Canadians who can afford a down payment but have yet to build credit and employment history First time homebuyers who want to enter the homeownership market and build equity These are not the people who fall in to a sub-prime loan category like we saw in the US; yet these changes will impact them The housing industry is an engine of growth in Canada. If we impede its growth, we will add to unemployment and depress the economy If fewer mortgage lenders are able to insure their loans simply because the insurance program has not kept pace with the growth in the mortgage market, then consumers will have less choice when it comes to negotiating a mortgage. Less choice, or less competition, will inevitably lead to higher borrowing costs for the Canadian consumer Likewise, if mortgage brokers are restricted in the mortgage products they can offer, consumer choice will be diminished and costs will increase This reduced access to capital will make it more difficult for people who can legitimately afford to buy a home4)What are the Risks of Further Restricting Access to Mortgages?CAAMP has one of the most comprehensive collections of research on the mortgage industry. It includes original data on borrowers and the characteristics of mortgage loans. This research has revealed repeatedly that borrowers and lenders in Canada have been prudent, and only a very small share of borrowers would have trouble affording future rises in mortgage rates.There are risks, but most are related to the broader economy through two channels:UnemploymentThe broader economic data suggests that the Canadian economy is slowing. If that results in job losses, the housing market would be negatively affected, and there would be impacts on mortgages held by people who lose jobs and then struggle to make payments.Declining Housing PricesHousing prices could decline in a weaker market. In a recession, there is the threat of a downward spiral: a weak economy harming the housing market which negatively affects the broader economy. We believe and trust that the federal government will act to mitigate such a negative scenario.These risks have nothing to do with mortgage products themselves.Risks to the Canadian mortgage market are dependent on the performance of the broader economy. In that light, the best means to control mortgage market risk is through strong economic management. In particular, care must be taken not to take any measures in the mortgage market that unnecessarily reduce housing activity that would be damaging to the economy.

VIEWS ON BANK of MONTREAL'S 5 YEAR RATE

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A good explainatory article by Robert McLister of Canadian Mortgage Trends explaining the pros and cons of Bank of Montreal's just announced 5 year 2.99% rate:BMO Cranks Up the Heat AgainBMO is dead-set on winning mind share among consumers.It's coming back to the market with two new deep-discount rate promos: A 5-year fixed at 2.99% (which starts Thursday, March 8, 2012) A 10-year fixed at 3.99% (which starts Sunday, March 11, 2012) Both of these specials are low-frills, meaning: A Lower Maximum Amortization: 25 years versus 30-40 years elsewhere Less Lump-sum Pre-payment Ability: 10% maximum per year (i.e., 1/2 of the 20% that BMO normally allows) A Smaller Payment Increase Option: Up to 10%, once per year (again, 1/2 of the 20% that BMO normally allows) A Locked Term: The Low-rate Mortgage is fully closed unless you sell the property, refinance (with BMO only), or early renew into another BMO mortgage. In other words, unless you sell, you're not leaving BMO for 5 years, like it or not. Both the 5-year and 10-year promos run for 3 weeks, until March 28, 2012.We've heard talk that TD and RBC will not match BMO's pricing on the 5-year term. We'll see. The last time BMO ran this special, its competitors quickly responded with 4-year rates of 2.99%. Despite the one less year, those competing offers came with all the normal bells and whistles.Unfortunately for competitors, a 2.99% five-year rate makes more headlines than a four-year promo at the same price, and BMO knows it. This deal has garnered almost a dozen major media stories already, and the press release only came out four hours ago.As for BMO's 10-year deal, it is 146 basis points below the nearest Big 6 bank competitors' advertised rates. It is BMO's lowest 10-year rate ever, and it matches ING's current 3.99% offer. (ING was the first bank in Canada to advertise 10-year rates below 4.00%.)With these rates, BMO is starting to make other big banks look increasingly silly. CIBC, National Bank, RBC, and TD are currently promoting 5-year "special offer" rates of 4.04%. That's 105 basis points above BMO (albeit with more flexibility). Those rates border on ridiculous, and they insult the intelligence of increasingly savvy consumers who know that well-qualified borrowers rarely pay anything close to those rates.Yes, we say that knowing that BMO's Low-rate mortgage is highly restrictive and not suitable for most.It is, however, suitable for some. The target market includes many: First-time buyers Rental property owners Owners of 2nd homes The customer should have no foreseeable need to break, increase or aggressively prepay his/her mortgage for five years.In posting more transparent rates than its peers, BMO is taking a page from brokers and smaller rivals. In doing so, it's building credibility with consumers at its competitors' expense.Frank Techar, BMO's Canadian banking head, tells Bloomberg: "The reaction to our January offer was fantastic." With a mortgage market that BMO CEO William Downe admits is "slowing," 2.99% is a big fat worm on a hook. It is bait that gets BMO's phones ringing.It also gives BMO's sales force a chance to upsell people into higher margin mortgages without all the restrictions of BMO's Low-rate product. (There's a lot of that going on, according to the BMO mortgage specialists we've talked to.)With this rate sale, BMO is certain to take flak for fuelling consumer borrowing at a time when high debt levels are worrying policymakers.To that end, Techar maintains that BMO is not fuelling the fire. He tells the Financial Post that these rates "are consistent with the debate around the need to reduce consumer debt levels."In an interview with Reuters, he said: "People are not going to stretch to get the largest mortgage they can with a 25-year amortization product. Because the monthly payments are higher, they...will go to a 30-year amortization product." (He's right.)Downe recently said this to analysts about BMO's Low-rate Mortgage:"We think that's a product that is good for Canadians; it's good for Canada; it's good for our customers, and we intend to continue to promote it in this environment.It's a product that we believe addresses all of the risks that are currently being debated, whether or not the consumer debt levels that are too high in Canada and a possible fallout from economic slowdown and rising interest rates. It helps our customers pay less interest. It mitigates their interest rate risk for five years. It helps them retire debt free by paying off their balance faster, and it works against market price appreciation. In fact, it helps with...house price appreciation, because the shorter amortization reduces the maximum purchase price people can afford."Being a 5-year fixed, this product does mitigate some risk. A 200 basis point rate increase by 2017 would only lift payments $133/month on the average Canadian mortgage of $151,000.As for rumours that policymakers are ticked off by BMO's pricing, the last time anyone looked, it's still a free market. BMO can price as it sees fit within regulations. As long as underwriting standards remain high, God bless it for bringing down rates industry-wide.Even if rates like 2.99% do spur more interest in mortgages, it doesn't mean lenders will approve high-risk borrowers. BMO's average loan-to-value (LTV) is just 60%. More notably, BMO's residential mortgage portfolio has a long-run loss rate of less than 2 basis points (i.e., exceptionally low).Barring a run-up in bond yields, we could now start seeing competitors (like mortgage brokers) respond with full-frills 5-year offers that are just a pittance above BMO's rate. Some might even match or beat it.We'd strongly encourage most folks to consider paying a bit more to avoid the low-rate mortgage restrictions—especially if the premium is small (0.05%-0.10%) and especially if you can benefit from the service and extras that come with a standard mortgage.Side Note: Here are a few more details about BMO's Low-rate Mortgage: Rate Hold: Up to 90 days Pre-Approvals?: Yes BMO Mortgage Cash Account: Not available with the Low-Rate mortgage BMO Skip-a-Payment: Not available with the Low-Rate mortgage BMO ReadiLine: Not available with the Low-Rate mortgage Rentals Allowed? Yes 2nd Homes Allowed? Yes

Michelle Obama says protecting the right to vote is the nation’s most important civil rights issue

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via KMOJ, the People's station

Michelle Obama says protecting the right to vote is the nation’s most important civil rights issue.

The Associated Press says the First Lady told a group of black lawmakers and leaders that they owed it to the people who fought and died for equal rights in the 60’s to ensure that ‘every voter can freely cast a ballot.’

Mrs. Obama’s remarks were given at an annual awards banquet for the Congressional Black Caucus, in response to a national push to pass laws requiring voters to show ID at the polls.  Critics believe the laws are unfair because they harm minorities, poor people, and college students; a group that tends to vote Democratic.

Obama says the voting rights amendment is the “march of our time” and, the “sit-in of our day.”

Why Bother with an iPhone iPad App?

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Why bother with an iPhone iPad App is a question that we get on a regular basis. To me it sounds like Why bother buying a car? Often we miss the importance of things that make Business easier, and an App is one of those things. Like most new things, the early adapters grab it while the majority sit and wonder why. Then they turn it inside out and upside down until it becomes something that more of us can use. This describes an App or a Mobile Application, in this case for an iPhone, iPad, or any smart phone on the market.

Now imagine that you have a sales force that is constantly away from the office. In the field potential clients are asking your team for information on your services and products. Imagine if your sales person can access the specs, quantities, reviews, pictures and history of the products and services that you offer? If there is an objection to the sale that cannot be answered, immediately, on the spot, as it is being asked, do you think that might have an effect on your closing ratio? That is what an Mobile Application can do for you.

What if your Business relies on sensitive and changing information? An App can allow you to update and alter information as needed in real time, so that you people have the most current information. Perhaps the sensitivity of your information needs to be protected, then an App would make it easily accessible, transportable and protected.

There are an endless number of applications for Applications for Business. When your team needs information to close deals, educate your clients and impress potential new clients, an App is one of the most effective forms of support. Of course, you could also just use it to play games, but only after the work is done!

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How Your Business Goals Affect Internet Development

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If you have a Business, we hope that you have Business goals. Some goals are short term and others are long term. When it comes to Internet Development, you only need to look a short distance behind to understand how you should apply yourself to the future. Five years ago, most Businesses were working to have a website. Today, having a website is the bare minimum, but working your overall web presence is the key to online success.

If your mind just shut off, you are not alone. After the SEO, on-page, off-page, Web 2.0, keywords, apps, mobile, smart phones, www, video sites, social media, local search, upload, download, exe, dir, url, clf, lol, mic-key-mouse, it’s a wonder we get any sleep at night! And, you are expected to get everything else in your life and business accomplished at the same time. It seems that there is no rest for the weary. But actually, there is.

When it comes to your web presence, DIY will no longer produce enough results to make it worth your while. The web has changed, continues to evolve and in five years will be ten generations older. Currently, the trust factor is increasing and more people are buying directly from Internet, to a degree. The most powerful piece of information is that most consumers go online to research new products and services in their neighborhood, then hop in their car to go purchase them. On the other hand, less than thirty percent of local businesses are properly leveraging search engines, apps and social media. The conclusion is that there are more people searching for products and services than there are businesses to provide them. The businesses are physical there, but they cannot be found. Ask not what the Internet can do for you, but find out How Your Business Goals Affect Internet Development.

The Shotgun Show is a highly effective and cleverly disguised Online Marketing How To platform that is the 21^st Century Internet Marketing Strategy and vehicle for Social Media Marketing. Get with an Internet Marketing Company that knows how to leverage the new “word of mouth.”

http://shotgunshow.com

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