Saturday, February 21, 2009

A WELS Layman Discerns the Obvious




Luther at the Diet of Worms.



Anonymous has left a new comment on your post "CORE Ignores the Obvious":

As a WELS layman whose eyes were opened through Ichabod to this apostasy only a month ago, let me ask if this is a proper summation of the CORE matter:


CORE says "Christ is at the CORE of everything* we do."

Footnote:
* Except:
a) they don't trust in the efficacy of the Word alone;

"Therefore you had better not boast much about the Spirit if you do not have the visible, external Word; for it will surely not be a good spirit but the wretched devil from hell. The Holy Spirit has embodied His wisdom and counsel and all mysteries of the Word and revealed them in Scripture and ****so no one needs to excuse himself or took and search for anything else."*** [emphasis mine in Luther's sermon words]

b) they provide false testimony about WELS beliefs by openly attending religious training with those that we would not even permit to sup with us at Holy Communion;

c) "Church and Change" scrambles to find ways to augment church worship experience and slick them up, instead of holding dear to the Theology of the Cross and the orderly worship of our forefathers.

d) The longer we lay-leaders let SkiCOREski prance in the Fox Valley without running him out of town pelting him with dog sh*t, the more wrath we'll face from our fellow WELS congregants when their eyes are opened, not to forget the double-edged sword of Christ Almighty Himself;

e) WELS doesn't have the money for such nonsense;

f) we must be on guard in our own congregations for pastors trying to water down liturgical worship, especially in the loosey-goosey Northern Wisconsin district (see the "Rite Worship for Outreach" Bible Study/presentation from the 2008 District convention; even Pastor Schroeder's research showed "contemporary worship" was the bottom of the list of things the unchurched were looking for);

g) I'm now on double-secret probation from the Church & Chicanery cabal for violating Matthew 18, because I didn't first sit down with Ski, hold his hand, and politely explain and itemize this pastors (sic) apostasy to his own satisfaction.


I submit in Love, not Fear, (1 John 4)
Your reader,
Diet O. Worms

"For Satan needs do no more through the enthusiasts than always produce doubt. He thinks it is enough where he can speak haughtily and contemptuously about us, as the rebel sacramentarians do. None of them take pains to make clear and to prove their arrogance, but their concern is to make our interpretations contemptible and uncertain. They teach doubt, not faith... The devil knows he can accomplish nothing in the bright light of truth, so he stirs up the dust, hoping to raise a cloud before our eyes so that we cannot see the light. In the cloud he dazzles us with will o' the wisps to mislead us. Having made up their minds concerning their peculiar notions, they attempt to make the Scriptures agree with them by dragging passages in by the hair. But Christ has faithfully stood by our side up to this point and will continue to trod Satan under our foot. He will protect you all against the seductions of your tyrant and Antichrist and mercifully help us to gain his freedom. Amen." Martin Luther, "A Letter of Martin Luther to Two Pastors"


"From now on, Diet, you are on double secret-probation!"

Church Solutions - Feel the Hype?



"Double frapachino caramel mocha de-caff double shot? Aww-right!"


Wisc. Movie Theater to Become Church – Permanently

02/12/2009

The former home of the Big Picture movie theater in downtown Appleton, Wisc., is the new branch home of Freedom, Wisc.-based St. Peter Lutheran Church.

Pastor Jim Skorzewski is starting up The Core, a new ministry of the church aimed at 19-to-35 year olds. The movie theater they have purchased has an IMAX screen, which Skorzewski can’t wait to use. In that room, the church will construct a 30-foot by 90-foot performance platform.

The former concession stands will be turned into coffee lounges and cafes with free WiFi.

The official opening is April 19, but the services have started already, meeting at 5:30 p.m. Sunday evenings.

Source:

WWLP.com: Big movie theater to turn into church

Related Content:

Movie Theater Churches Consider Staying Put

Willow Creek Began in Movie Theater

CORE Ignores the Obvious



The Obvious - Fellowship with the Babtists, who oppose infant baptism and baptismal regeneration as Romanism.



The Obvious - Ski bragging about skipping Deutschlander for Stanley.


The CORE website:


For all who may read this, fans and critics alike, we’re not going to try and “sell” you on anything or try to convince you to see things from our perspective. However, we do feel we need to clarify our stance on some things as there are far too many incorrect assumptions out there. And, since we cannot force people to put the best construction on our actions all we can do is make it very clear what we at The CORE believe and if people want to skew that or twist it then so be it.

Let’s start with this: We DO NOT believe there is anything inherently wrong with traditional worship. We are not saying that everyone has to worship the way we plan to. For some, an organ and a traditional worship space are wonderful. For others, however, that fails to connect with where they are at in their spiritual walk of faith. Would you force a mission congregation in the middle of Africa to worship in a traditional worship space with a pipe organ? We highly doubt it. You would allow them to make their culture a part of how they do corporate worship. Why then is it any different here? We will do worship with screens and a band because we believe there are thousands of Lost souls who need Jesus and that more modern music is a way to engage them so that we are able to share the Gospel with them.

If you have ever been to one of our worship services you know that the Law and Gospel are very clearly presented. There is no sugar coating or watering down the Word. Ski’s sermons slap you in the face with your sin and also offer you God’s grace and forgiveness through his Son’s death on the cross. We will regularly celebrate the Lord’s Supper together at an altar of sorts even if it may not look like the altar you have in your church and Lord willing will celebrate many baptisms at a baptismal font that also may not look like the one you have in your church. We don’t believe the early Christian’s worshiped with an organ in a building with pews, an altar, a baptismal font, and stained glass windows. Would you still call what they did worship? We certainly would.

Numbers in and of themselves do not equal success. But the fact that numbers represent souls who heard the Gospel at any given service? Now in that regard, they do represent success. Even if the only ones present were ourselves, the Law and Gospel preached in their truth and purity equals success. Can we do anything to add to that Law and Gospel? Most certainly not. However, we CAN do and often actually do a ton to distract people from the truth of God’s Word. Our unkind words and actions towards our fellow believers is a prime example of that.

We love that critics conveniently overlook the fact that we say over and over again “Christ is at the core of everything we do as a church.” That’s pretty hard to criticize now, isn’t it? If you are skeptical of what we do, we don’t blame you. However, before you criticize, all we ask is that come to a service and see for yourself what it is that we do. See that the Law and Gospel are preached; that we don’t have to compromise our beliefs in any way to reach people in a different way.

“Therefore, in the present case I advise you: Leave these men alone! Let them go! For if their purpose or activity is of human origin, it will fail. But if it is from God, you will not be able to stop these men; you will only find yourselves fighting against God.’” Acts 5:38-39

Janinne Skorzewski at 3:10pm February 21
Well said!

Pamela Plamann at 7:18am February 22
A BIG thank you to The Core for reaching out to those that are in dyer (sic) need of having Christ in their lives.


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Keep an eye on: The Big Picture
February 21, 2009

What's the issue: The state's only large-format theater closed its doors Oct. 15 after 19 months of operation.

The Big Picture Theater of Adventure and Discovery began operations at 215 E. Washington St. on March 19, 2005.

In an interview with The Post-Crescent, co-owner Jim Bork, president of Big Picture Concepts, said low attendance led to the closure, which put 13 employees out of work.

The building is for sale.

Why is it important: The $5.1 million, 300-seat theater opened showing educational films such as "Lewis & Clark: Great Journey West."

The top adult ticket price was $8.50. It was later reduced to $7.50.

In September, the theater played host to a Star Trek convention, showing films like "Star Trek: The Wrath of Khan."

The local Wildwood Film Festival held its fifth annual event at The Big Picture in April.

The theater, which boasts a screen 80 feet wide and 60 feet tall, closed after a well-received foreign film festival.

The city had deeded the property, formerly occupied by a printing company, to Bork and co-owners Chuck and Donna Barnum with a promise the owners would repay a city investment in the property.

The city improved the property years before the theater project was proposed.

Bork told The Post-Crescent attendance was less than half of the 200,000 to 250,000 the theater needed annually to meet financial obligations.

By August 2006, the theater was $4 million in debt, including $1.6 million owed to the city of Appleton.

The theater made one partial payment of $74,724.46 on that debt. In its developer's agreement with the city, the theater was responsible for 14 annual installments in $118,400.

The city has not foreclosed on the property.

— By Steve Wideman

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Big Picture Could See Big Regional Draw
Marketplace , Jan 25, 2005 by Lebrun, Margaret
EmailPrint
Jim Bork and partner Chuck Barnum are after a "wow" factor when they open The Big Picture Theater of Adventure & Discovery in downtown Appleton in March. The state's second large-format film theater boasts an 80-foot wide and 6-story high screen and seating for about 300.

Under construction since last fall, the 19,000-square-foot, $51 million project has been a dream of Bork's for years. He recalls seeing largeformat films in larger cities across the country and being wowed" by the experience.

"I remember thinking that would play well in this area," says Bork, who spent 25 years with Aid Association for Lutherans (now Thrivent) and the last seven years teaching business and social sciences at Fox-Valley Technical College. "The films are family friendly and they have a little educational value. This is a family area, and we're anticipating success here."

Bork and Barnum, who owned an Appleton nursing home, bought the 215 E. Washington St. site from the city of Appleton with a tax incremental financing arrangement.

The Big Picture's executive director, Ed Bisaillon, played a big role in bringing the Humphrey IMAX to Milwaukee in 1998. Bisaillon has also been involved in large-format theaters in Nebraska, Illinois and Ohio. In Hastings, Nebraska, the museum he directed more than quadrupled its annual 50,000 attendance when it added a large-format movie screen. He expects Appleton's theater to draw 250,000 a year.

"The fact that one of these large-format theaters is coming to Northeast Wisconsin is a real feather in the cap of the area," Bisaillon says.


---

Big Picture’s name is no exaggeration




By Stefanie Scott


Walking into the lobby of The Big Picture Theater of Adventure & Discovery, the smell of buttery popcorn hits the senses and makes the stomach rumble.

From the framed movie posters on the wall to the box office where tickets are sold, it seems like a typical day at the movies.

But once patrons make their way into the theater portion of the facility, they immediately realize they’re not entering the local Cineplex. The immense movie screen hovers before them measuring 80 feet wide and six stories tall.

“It was just huge,” said Dvin Kohls, 10, of Winneconne, who recently viewed “Everest,” a dramatic true story of climbers who tried to make it to the summit of the magnificent mountain. “The whole thing was just great. If I had the chance, I’d come back all the time.”

Kohls and his buddies said they never expected the film to be so exciting, but that the action and special effects rival that of summer blockbuster movies.

The Big Picture, 215 E. Washington St., downtown Appleton, opened its doors in March providing family-friendly, non-violent films about science, nature and history.

“I was the dreamer behind this,” said Jim Bork, one of The Big Picture owners. “For many years, I wanted to bring this to the Fox Cities. The facility couldn’t have turned out better.”

The screen size and sound system create an immersive experience extending beyond the field of vision so viewers feel like they’re part of the film.

Doug Nelson and son Cody, 10, definitely felt like they had been transported from the streets of Appleton to the Himalayan mountains.

“When the woman slid down the rope and started spinning, I felt like I was spinning,” said the younger Nelson.

His father recalls a collective sigh from the audience as the picture panned over the steep cliffs.

In fact, the overwhelming quiet spoke volumes to the father who knows that kids only remain silent when they’re truly captivated.

“It was exciting because you never knew what was going to happen next,” Cody said.

Keeping with a complete theater experience, co-owner Chuck Barnum gets groups together to take a picture before the film. He climbs high on a ladder and gets a bird eye view for the visitors to take home as a memento, he said.

“When the kids leave, they always say they’ll be back,” Barnum said. “My motivation for being a part of this is to provide an exceptional experience and when they say that, I know we’re connecting.”

The theater shows three different large-format documentary films throughout the day. In addition to “Everest,” The Big Picture currently presents one or two other large-format movies.

A new film will replace an existing one every month and a half. “Speed,” a film about the human drive to go faster will debut in summer 2005. Shows typically last an hour, with seven showings daily.

The owners like to gauge audience reaction to the films. “In the pre-show, when they see some of the special effect, they’re just like ‘Wow,’ with their mouths hanging open – that’s really rewarding,” Bork said.

Theater management likens their films to programming seen on the Discovery and National Geographic channels. Topics for large-format films range from ocean creatures to car racing, many often crated in a first-person perspective.

“It gives kids a chance to experience history rather than just read it out of a textbook,” Bork said.

The local owners invested $5.1 million to make The Big Picture the second large-format theater in Wisconsin. While the Milwaukee Public Museum operates an IMAX system, the Appleton theater uses German-made Kinoton product.

The theater uses special, large film called 8/70 – a single frame measures four times larger than standard 35 mm and captures more details and boasts clarity, vivid detail and realism.

A 7,000-watt projector lamp brings brightness to the production. The system proves 3-D capable, a technology that filmmakers say they will be making more use of in the future.

Clear, crisp sound effects emit from the digital Dolby sound system.

Every one of the 298 roomy seats have been carefully arranged to ensure an obstructed view. Customers always get the best seat in the house.

The Big Picture has already received tremendous response from school and other youth groups. Now they hope the summer will bring more family outings and tourists.

“We really want to appeal to the family market,” Bork said. “This is the type of place grandparents, parents and kids can enjoy together.”

Sally Korn was excited to hear about the new facility because she had taken her three kids – ranging in age from 11 to 18 – to several similar theaters around the Midwest.

“We’ve always enjoyed these movies,” she said. “We’ve been going since the youngest was 3 years old.”

In addition to the exciting, edu-tainment that The Big Picture has already been showing, the management hopes to mix it up a bit this summer with a few classic Hollywood titles.

While the theater stands out for its ability to show large-format films, it can also present 5/70 film, the format in which many early Hollywood movies was shot. Although no specific titles have been chosen, Bork says “How the West was Won,” “2001 Space Odyssey” and “Sound of Music,” are just a few of the well-known films created in this format.

“We’re not interested in competing with area cinemas or making a steady diet of these movies, but we want to expose people to what’s available,” Bork said.

The facility offers assistive listening devices and wheelchair spaces with companion sitting on a first-come, first-serve basis.

Patrons should arrive about 20 minutes before a showing to ensure a seat. Refreshments such as popcorn, nachos, candy and soda are sold at the lobby concession stand.

The gift shop sells souvenirs from books to stuffed animals with an educational focus. DVDs of some of the other large format documentaries are available in the shop.

Tickets available online at www.bigpicturetheater.com or by phone at (920) 731-7700. The box office is open noon to 6 p.m. Monday through Friday.

Prices are $8.50 for ages 12 to 59, $7.50 for 60 and older, $6.50 for children ages 3 to 11. Matinees offer a 50 cent discount. Stay for additional films for $4.50 each. Children under 3 should sit on the lap of parent.


***

GJ - The Appleton area already has a surplus of WELS congregations, and many in the area are not happy with this new development.

It would be interesting to see the budget and who is paying the bills. A building that large is an energy hog, even before the 20 Sub-Woofers Behind That Screen! are fired up.

Endowment? What Endowment?





Pitt, Carnegie Mellon suing investment manager

They want $114 million back after questions were raised by audit

Saturday, February 21, 2009

By Len Boselovic and Jonathan D. Silver, Pittsburgh Post-Gazette

The University of Pittsburgh and Carnegie Mellon University yesterday filed suit against Westridge Capital Management and its operators, seeking the immediate return of more than $114 million they invested. They also asked a federal judge to appoint a receiver to oversee the investment manager.

The lawsuit, filed in U.S. District Court, comes after the two universities said they were unable to collect the money from Westridge or get documentation regarding the status of their money from Westridge's principal partners, Paul Greenwood and Stephen Walsh.


The schools put their money into Westridge Capital Management Enhancement Funds, a Virgin Islands fund that invested in commodities.

The complaint described them as "enhanced index" funds.

Managers of such funds try to outperform a market index by investing a minimal amount of money in a market index and investing the majority of the funds into other investments that provide returns above those provided by the market index. The promise of market-beating returns made it a popular strategy in recent years for endowments, pension funds and other large investors.

Michigan Lutheran Seminary, RIP



The Old Main is no longer there.
This was mislabled the Plywood Palace, which was a boys' dorm.
I made a mistake in my Human Nature.


One WELS observer says, and I agree, that MLS will not survive synodical budget cuts. I pointed out that the Gurgel-Mueller Church Growth administration killed enrollment first with insane tuition increases, then finished the job by talking up the closing of the school. One flapjaw at The Love Shack even put out a story after the defenestration of Gurgel, that MLS could be closed anyway, in spite of the convention. The press reported Rev. Flapjaw's remarks, and SP Schroeder had to do damage control. That has been a feature of the Church and Changers, always undermining the stated goals of the convention.

Two other factors are the birth drought in general, which lowers the recruitment pool, and the poor location of the school. They should have spent their money relocating MLS a long time ago. I imagine parents think of the location whenever they choose which prep to support.

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Anonymous has left a new comment on your post "Michigan Lutheran Seminary, RIP":

Hi, we don't need the synod postition (sic) either. The president's (sic) of the schools(who are very capable men) can report to the synod president and their respective boards which currently act like nothing more than an advisory board with calling authority. Church growth didn't get us into this mess. Leaders and called workers who can't comprehend challenge and meet expectations are the reason we are here. If you want to blame this all on church growth then you better start looking at all the called workers who can't achieve goals and our killing our churches with the lack of enthusiasm and effort to try and share the Gospel. I don't like the entertainment and some of the tactics of church growth but I am irritated with the notion that this is THE problem.

***

GJ - Once prep tuition went from being a bit pricey to being a bone-cruncher, the preps lost a whole group of students who might have attended. The schools were bled dry on purpose by the Church Growthers, so now they are kosher. I don't believe the writer realizes how many millions have been diverted to pay for Fuller, Trinity Deerfield, and Willow Creek training; to fund CG missions that went EC, Roman Catholic, or LCMS (POP-Lutheran, Columbus); to experiment; to jump-start WELS; to pay off lawsuits caused by criminal church workers; to publish slick but useless magazines; to give CG buddies high-paying jobs at The Love Shack.

The Church Shrinkers are allergic to doing congregational work. Kelm is almost parish-experience free. He did start an ELCA church near Pittsfield, which is still going, I heard. Larry Olson had one call, which never grew, so they made him Waldo Werning Professor of Church Growth at MLC.

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Anonymous has left a new comment on your post "Michigan Lutheran Seminary, RIP":

I often wonder if possibly the prep system is no longer relevant. During the past several decades, the number of WELS high schools has increased dramatically. Areas previously not served by WELS high schools now have them. For example, the metro Detroit area now has Huron Valley Lutheran High. MLS used to (maybe still does) get many of its dormer students from this area.

I have run into a number of prep alumni who have not sent their children on to prep school (where they would need to be dormer students). Sometimes this is because of the expense; often it is because there is another school within commuting distance.

Perhaps MLS could be turned into an area Lutheran high school. I have heard that some of the area WELS Lutheran high schools do provide limited facilities for dorming students.

***

GJ - Doubtless the area high schools have competed for the same students. The genius of WELS can be seen in closing the New Ulm prep and moving it to Prairie, where no Lutherans live. The New Ulm area parents immediately built an area high school, a fairly big one. Some parents like to see their children more than twice a year. Martin Luther College lost many of their students because Norm Berg would not support WELS parochial schools with mission support. Norm was always channeling Fuller nonsense because he went there, like all the Mission Board people. MLC did not get the students who wanted to become teachers because the teaching positions shriveled up. WELS liberals are good at shooting themselves in the foot.

Perhaps in the long run this was going to happen, but the Church Shrinkers are the ones who got the tuition way out of balance and de-motivated a generation of students. How they mismanaged the money is the theme of the Kuske Report, linked in my set of WELS 2009 Convention files.

Bankrupt Theatre a Stage for WELS Emergent Church



Ski, now known as Pastor Jim, prepared to start a WELS mission by skipping Deutschlander's WELS presentation for Andy Stanley's Babtist presentation. That has been a WELS tradition for decades - learn missions from the false teachers
who hate Lutheran doctrine and worship.
Hasn't that worked just great?



"We can fill this space if we keep having three-hour parties."


Logo for webpage.


Here is the link, where clicking on the little camera will open up the video report.

Downtown Appleton Theater Gets New Lease on Life

Updated: Feb 21, 2009 08:46 AM MST

Big Picture's New Lease on Life

By Matt Smith

An empty building in downtown Appleton sees life once again.

The Big Picture Theatre, which almost instantly failed several years ago. For nearly two-and-a-half years it sat empty, leaving the city unable to collect tax revenue on the property.

It lost about $3 million in its property valuation and cost the city $48,000 in potential tax revenue but now it breathes new life.

Pastor Jim has a big mission for the movie theater-turned-church. It's called The Core, an outreach of St. Peter Lutheran Church in Appleton.

Three weeks in the building, it finds 100 people coming each Sunday night -- and the official launch doesn't begin until this weekend on the World Wide Web.

"I see this space, we view it very much as a community space, so we'd love to have people in and out of our building," Pastor Jim Skorzewski said.

The church signed a one-year lease for the building. It doesn't change much for the city since it's still technically on the market.

"Where will we be at a year from now? I wish I could tell you. Is it going to be just the right size? Is it going to be too big? Too small? I don't know," Skorzewski said.

For the city this could become somewhat of a Catch-22. One one hand, it's great that a building this size downtown is occupied. On the other hand, if the church decides to buy the building it becomes a non-profit, meaning the city couldn't collect any tax revenues.

But arguably the city could see a much greater impact. The argument: Bring more people to The Core and you bring more people downtown.

Jennifer Stephany of Appleton Downtown Inc. said, "That's exactly what you need in the central district, certainly at a time we're trying to bring more people into the district, and that kind of foot traffic is going to be good for everybody."


***

GJ - Get a bankrupt property to start something new in WELS - when was that last tried? I remember - Prairie, the prep school property created from a failed Roman Catholic prep school. Prairie is now a prison, giving new meaning to the question, "When did you get out?"

WELS is much better at turning their property over to non-Lutherans - the Coral Springs church in Florida, run into the ground by Church Growth superstars, now Roman Catholic; Crossroads in S. Lyons, Michigan, now Evangelical Covenant. If memory serves me, some of the same CG scoundrels were involved in both disasters.

Ivy League Losses



Sterling Memorial Library at Yale was financed
from the estate of a railroad magnate.
Harvard's library was built in memory of a young man
who went down on the Titantic.


From the New York Times.

Harvard has said its overall endowment portfolio declined 22 percent from July through October and that it could end the fiscal year in June down 30 percent. That performance is in line with the average for university endowments, though some have done better. Yale’s endowment was off 13.4 percent in the comparable four-month period, while Princeton’s was down 11 percent, and both have projected a total 25 percent drop for the fiscal year.



Harvard borrowed money to invest, increasing their returns but also their losses - so they got burned too. They are selling off their liquid assets to make ends meet. That is part of the stock market meltdown, because many institutions are doing the same.

Bank of America and Citibank are both facing insolvency. I believe they each have about $2 trillion in assets. Obamessiah is now talking about nationalizing the banks "for a short time."

---

CNBC

Several Goldman Sachs partners have leveraged their Goldman Sachs stock to buy alternative investments such as hedge funds & private equity, and they have done so through their Goldman Sachs brokerage accounts.

But Goldman stock has declined in value by more than 50 percent since last spring, meaning that Goldman Sachs is in the awkward position of making margin calls on its own partners, who can't meet those calls because their alternative investments are underwater and they don't have enough cash on hand.


Ben Stein thought they were giving away Goldman Sachs stock when it was priced much higher. The Goldman Sachs partners, as rich as they were, borrowed against their own stock to buy speculative investments, which are plummeting in value along with the GS stock. This is another source of stock price meltdown. The most liquid assets are sold first.

After the 2006 elections, liar loans to illegals and speculators went through the roof, sending home prices into the stratosphere (credit bubble). Rating agencies collected huge fees to rate the equities based on these mortgage bundles, listing most of them as AAA or the equivalent. Credit default swaps (insurance on debt) were sold all over the world because they were also rated highly by Moody's and other rating businesses.

It is known that there was an organized run on the credit market in September of 2008. About $500 billion was withdrawn from money market accounts in one hour. A few are making big money from bear runs on financials, selling stock first (selling short) and buying it later when they have pounded the price down.

Some old frauds are exploding, like ammo cooking off in a fire, because the meltdown exposed various Ponzi schemes. Madoff is the biggest, with $50 billion looted. Another one just broke - $8 billion. A third one involved only about $600 million, so no one notices that story. The third one was exposed because one employee asked a few key questions of the fraudster. Police were summoned. Each Ponzi scheme adds to the meltdown because people lived as though they had real money when it was all gone.

Additional detonations will be heard as equities based on credit card debt sink in value. Oh yes, they bundle up credit card debt and sell it as an investment. When people refuse to pay their credit cards or cannot, the equities based on the debt turn to garlic.

Las Vegas casinos have been left half-completed. When vice goes begging for cash, things are bad.

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Bruce Church has left a new comment on your post "Ivy League Losses":

Rush Limbaugh speculated that hedge funds and money markets withdrew that $500 billion in one day in order to make the Republicans look bad and get Obama elected, but I'd say it's much more likely that someone figured out that the whole US economy had become hallowed (sic) out so it was a house of cards waiting for a gust a wind to come along.

***

GJ - I am not a financial expert. The proof is that I have not bankrupted any large banks or made any hedge funds insolvent. I think several scenarios are possible. One is definitely the election spin. Perhaps the scheme got out of hand, since all banking runs on trust. If I had to pay every bill I owe tomorrow, I would be flat busted too. Some think a few billionaires like George Soros wanted Obamessiah in power and colluded to make fortunes with naked bear runs on various institutions. A second alternative is that China pulled a lot of cash at once to destabilize America, but that got out of hand because we decided to stop buying so much cheap Chinese junk. Millions of Chinese are out of work and very restless. A few years ago, one financial magazine noted that young Chinese people stay heavily in debt (compared to wages) for the latest fads. In other words, they can afford a recession even less than we can.

Bruce Church is right about debt being a house of cards ready to fall. Consumer debt kept zooming, and houses were used to fuel that. Pay off Discover with an equity loan, build another debt, pay with a re-fi, etc.