Tim Cook Speaks Up
Tim Cook 10-30-14 Throughout my professional life, I’ve tried to maintain a basic level of privacy. I come from humble roots, and I don’t seek to draw attention to myself. Apple is already one of the most closely watched companies in the world, and I like keeping the focus on our products and the incredible things our customers achieve with them.
At the same time,
10-31-14 Well, it’s Halloween, so I figured it’d be fitting to feature a Halloween-related fatwa (Islamic edict) on YDM. Meet Malay Islamic scholar Ustaz Abdullah Zaik Abdul Rahman, president of the Islamist group ISMA, a man who seeks to drive Malaysia back into the 7th century through fearmongering, blatant lying, and utter lunacy.
When Malaysia’s National Fatwa Council issued a fatwa informing Muslims that taking part in Halloween celebrations was in violation of sharia, Zaik decided to add his two cents on the issue. He claimed non-Muslims worldwide organize Halloween festivities to “shake the faith” of Muslims and “spread atheism.” Yes, because Christians worldwide are conspiring and celebrating Halloween in order to turn people they’ve never had contact with into… atheists? Did anyone follow Zaik’s logic there? Was there even any logic there?
Zaik has also stated that he believes pluralism and liberalism are among the many methods Jews use to erase national identity, which Zaik sees in a religious framework due to Malaysia’s strong Muslim leanings. Another alleged Jewish conspiracy thought up by a Muslim who lacks any hard evidence to back his assertion… yawn.
As I’m sure you’ve read on this site or elsewhere, many Muslims say that non-Muslims living in sharia-governed areas (dhimmis) are not held to the same standard of conduct because they are not forced to strictly adhere to sharia. However, we’ve seen that this isn’t the case on many occasions. Zaik claims that dhimmis must live by sharia and not “act beyond their means,” calling non-sharia-compliant actions of those non-Muslims a form of extremism. In the same breath, he argued sharia was not extremist. At another rally focused on stirring up anti-Christian sentiment, Zaik called for sharia punishments (hudud) to be applied to non-Muslims as well. It would be funny if these crazies didn’t believe every word they said.
BOTTOM LINE IS:
WE NEED TO REACH MORE PEOPLE, FASTER;
AND THE MORE HELP WE HAVE - THE FASTER WE'LL GROW.
North Carolina Muslim pleads guilty to trying to aid Islamic State He wanted to join the Islamic State as well, not just provide support for it. And so we see yet another convert to Islam misunderstand his new religion so as to think it involves violence against unbelievers — and yet no law enforcement authorities are calling upon Muslim groups in the U.S. to institute programs read more
Canada: Muslim arrested for ties to jihadis in Pakistan, has arsenal of firearms Canada on high alert since the two jihad murders of Canadian soldiers last week. “Canada arrests Pakistani gun owner, alleges security threat,” by Richard Valdmanis, Reuters, October 30, 2014: (Reuters) – Police have jailed a Pakistani gun collector living in Ontario, alleging he is a terrorist threat to Canada, his lawyer said on Thursday, days read more
Leaflets claiming to be from the Islamic State found at Quantico Marine base, but Arabic is upside-down and reversed “We came from Mexico on a train.” Chilling and entirely possible. Nonetheless, this is likely to be just a hoax, as the Arabic text — “There is no god but Allah and Muhammad is his prophet” — is upside-down and reversed, which is not an error that a member of the Islamic State is likely read more
Hamas-linked CAIR “disappointed” that it failed to intimidate UC Berkeley into canceling Bill Maher appearance Bill Maher is going to speak at UC Berkeley, and the Hamas-linked Council on American-Islamic Relations (CAIR) is crestfallen that its fascist campaign to defame and destroy everyone who dares to speak the truth about Islam and jihad has failed this time. Said Hamas-linked CAIR’s Zahra Billoo: “While Mr. Maher has the right to speak read more
Video: Robert Spencer and Michael Coren on the Islamic jihad against Christianity Yesterday, on my weekly Jihad Watch segment on Michael’s Sun TV program. Video thanks to AlohaSnackbar01. read more
Former US Ambassador to Iraq: Obama Administration was warned about rise of the Islamic State, “did almost nothing” The last thing that the Obama Administration wanted to do was acknowledge that there was another Islamic jihad group that was not al-Qaeda, but that shared the same beliefs and goals as al-Qaeda. Nor did Obama want to acknowledge that there were Islamic jihadists among the Syrian “rebels” that he was so anxious to support read more
Mali: “Particularly violent combat” between French troops and Islamic jihadists; one soldier killed Remember the jihad in Mali? The jihadists do. The conflict between the jihadis and Western forces is not actually a series of discrete, localized “clashes,” as it is portrayed in the mainstream media. It is actually a global defense against forces with a unified ideology and common goals. And it will be an endless war read more
UNRWA schoolbooks in Gaza stress jihad, martyrdom, denial of Israel, and return of “refugees” by force of arms And the schoolbooks are just one small part of the UNRWA/Hamas symbiosis in Gaza. “As usual, the question is – is anyone listening?” Apparently not Malala Yousafzai. “UNRWA-Hamas Symbiosis Detailed in New Film,” Arutz Sheva, October 29, 2014 (thanks to Inexion): In a new documentary video entitled UNRWA Goes to War, journalist David Bedein builds read more
Maryland: Marine dad banned from school after complaining about Islam assignment There is nothing wrong with students learning about Islam in school. The problem is that because of influence from pressure groups such as the Council on Islamic Education, public school textbooks are for the most part heavily biased, with scarcely a critical word about Islam, Muhammad depicted as a cross between Gandhi and Fred McMurray read more
U.S. military ordered to hide identities, change routines to avoid jihad terrorist attacks “Guard what you post on Facebook and Twitter. Do not post anything that links you to the Defense Department. Do not post any opposition to terrorist groups.” Why not “Be aware, prepared, and resolute to defend yourselves, your family and your country”? Why not “Don’t scuttle around in darkness, living your life in fear of read more
20 to 30 former Guantanamo detainees suspected of joining the Islamic State, other jihad groups This is not surprising, since absolutely nothing was done at Guantanamo to disabuse these men of the beliefs that led them to wage jihad in the first place. Any such action would have been “Islamophobic.” “Sources: Former Guantanamo detainees suspected of joining ISIS, other groups in Syria,” by Justin Fishel and Jennifer Griffin, FoxNews.com, October read more
[VOTER INTIMIDATION SHOWS DEMOCRAT DESPERATION - AND BIG BROTHER POWERS - As Liberal Democrat Bob Beckel says - ANYTHING to get out the vote!] The New York State Democratic Committee is bullying people into voting next week with intimidating letters warning that it can easily find out which slackers fail to cast a ballot next Tuesday. [Well, Republicans want ELIGIBLE voters to vote, Democrats want EVERYONE to vote. But it's an effective lie - one they are happy to repeat because "anything to win" in their motto.] http://nypost.com/2014/10/30/democrats-threaten-voters-to-get-to-the-polls/
Facebook is mining its data of user’s posts to find out how users feel about certain candidates or issues and sharing that data with ABC News and BuzzFeed for use in their 2016 reporting, the social networking site will announce on Friday. http://www.politico.com/blogs/media/2014/10/facebook-data-mining-for-political-sentiment-197933.html
Mitch McConnell willing to kill Obamacare with just 51 votes [Call me a skeptic.] http://www.washingtonexaminer.com/article/2555486
Rep. Smith Slams Use of Obamacare Funds to Promote ‘Dreamer’ Amnesty. Using federal tax dollars from the health fund, the foundation then sponsored ads on Univision reminding qualifying illegal aliens to renew their Deferred Action for Childhood Arrival (DACA) permits before they expire. http://cnsnews.com/news/article/brittany-m-hughes/rep-smith-slams-use-obamacare-funds-promote-dreamer-amnesty
I have never in my increasingly long life felt vulnerable as a Jew in America. I never even dreamed it would happen. But it has now — with the Obama administration. You will excuse me if I think my Jewish American friends that vote Democratic every year by rote are a bit sick. I have tried to have patience with them for about a decade, tried to persuade them with reason, but now I think they’re… well, there’s an excellent Yiddish word… ferkochta. Or suffering from a Stockholm Syndrome so massive it wouldn’t fit in all the Volvo factories in Sweden. http://pjmedia.com/rogerlsimon/2014/10/30/welcome-to-berlin-1937/?singlepage=true
Government Agencies Scramble to Purchase Hazmat Suits Orders from one company surpass 1 million as concerns about Ebola linger. WHY IF THERE’S NOT A PROBLEM? http://www.infowars.com/government-agencies-scramble-to-purchase-hazmat-suits/
Non-Citizens Are Voting James O’Keefe documents the problem in North Carolina, where the Senate race is close. [But not to worry - there is no need for Voter I.D. - that would be racist.] http://www.nationalreview.com/article/391474/non-citizens-are-voting-john-fund
IRS Stonewalls Cruz Investigation; Cruz Threatens Subpoena Come January http://www.breitbart.com/Big-Government/2014/10/30/IRS-Stonewalls-Cruz-Investigation
[Here is one October Surprise which the Democrats will use to the max:] http://news.yahoo.com/graham-remark-helping-white-men-joke-182608380–election.html
Mary Landrieu: Obama unpopular in Louisiana because of racism – video http://www.conservativefiringline.com/mary-landrieu-obama-unpopular-louisiana-racism-video/
Donna Brazile: Ultra Liberal Democrat strategist on CNN ‘Lock the gates of hell’ to keep GOP demons ‘out of Obama’s way http://www.examiner.com/article/donna-brazile-lock-the-gates-of-hell-to-keep-gop-demons-out-of-obama-s-way
House GOP’s lawyers give up on anti-Obama lawsuit? [At least they seem to still be trying....] House Speaker John Boehner’s still-unfiled lawsuit against President Barack Obama for exceeding his constitutional power is in more trouble. “The litigation remains on track, but we are examining the possibility of forgoing outside counsel and handling the litigation directly through the House.” http://www.msnbc.com/rachel-maddow-show/house-gops-lawyers-give-anti-obama-lawsuit
The National Security Agency might not have only collected personal information belonging to millions of Americans. It may very well have shared it too – with at least one foreign government. [I'm sure Obama must be so proud, but he will say he just learned about it in the news, he is angry, mistakes were made, someone will be punished - now stop talking about it. Oh, and "What difference does it make?"] http://www.theblaze.com/stories/2014/10/30/the-nsa-scandal-may-have-just-gotten-even-worse/
DOD Orders Off-Duty Troops [in America] To Hide Their Military Identity In Public [I see that our military does not think of ISIS as a JV Team. And police are not allowed to use a person's obvious Muslim appearance in order to profile possible danger!] http://clashdaily.com/2014/10/breaking-dod-orders-duty-troops-hide-military-identity-public/
Parents of some junior high school students are outraged after a teacher gave their kids an assignment that seriously invaded their privacy, without even notifying them. https://mail.google.com/mail/u/0/#drafts?compose=149661eac08b088e According to Fox 13 Salt Lake City, a “health” teacher at Mapleton Junior High in Utah have student a “homework” assignment to raid the family’s medicine cabinets and report back to her with the contents therein.
Read: Romans 5:1-8
God demonstrates His own love toward us, in that while we were still sinners, Christ died for us. —Romans 5:8
Bible in a Year: Jeremiah 22-23; Titus 1
Bill Crowder Years ago I asked a young man who was engaged to be married, “How do you know that you love her?” It was a loaded question, intended to help him look at his heart’s motives for the upcoming marriage. After several thoughtful moments, he responded, “I know I love her because I want to spend the rest of my life making her happy.”
We discussed what that meant—and the price tag attached to the selflessness of constantly seeking the best for the other person, rather than putting ourselves first. Real love has a lot to do with sacrifice.
That idea is in line with the wisdom of the Bible. In the Scriptures there are several Greek words for love but the highest form is agape love—love that is defined and driven by self-sacrifice. Nowhere is this more true than in the love our heavenly Father has shown us in Christ. We are deeply valued by Him. Paul stated, “God demonstrates His own love toward us, in that while we were still sinners, Christ died for us” (Rom. 5:8).
If sacrifice is the true measure of love, there could be no more precious gift than Jesus: “For God loved the world so much that he gave his one and only Son” (John 3:16 nlt).
How can it be
That Thou, my God,
Shouldst die for me? —Wesley
The measure of love is what you are willing to give up for it.
Insight: As a result of Christ’s sacrifice, Paul mentions two great benefits for the follower of Christ. In verse 1, he says that we have “peace with God,” an idea that he unpacks in Philippians 4, where we read of the incomprehensible peace of God, but also the relationship we have with the God of peace Himself (vv.8-9). In Romans 5:2, Paul also declares that we now have “access” to God. This was a stunning idea that he explained more fully in Colossians 1:21, “And you, who once were alienated and enemies in your mind by wicked works, yet now He has reconciled.” We receive the gifts of peace with God and access to God because of Christ’s loving sacrifice on our behalf.
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Patrick Goodenough 10-30-14 (CNSNews.com) – Nineteen out of 20 countries with the lowest scores in an annual survey of gender equality around the world are Islamic, and 12 are Arab states.
As a bloc, the Muslim world’s showing in this year’s “Global Gender Gap” report, compiled by the World Economic Forum (WEF) and released on Tuesday, is even worse than in previous recent years, when 17 of the bottom 20 were Islamic states.
The survey, covering a total of 142 countries this year, measures gaps between women and men in four key areas: political empowerment, economic participation and opportunity, educational attainment, and health and survival.
The 20 countries at the bottom of the 2014 list, in order from the lowest-ranked, are Yemen, Pakistan, Chad, Syria, Mali, Iran, Cote d’Ivoire, Lebanon, Jordan, Morocco, Guinea, Mauritania, Saudi Arabia, Egypt, Oman, Ethiopia, Algeria, Turkey, Bahrain and Tunisia.
With the exception of Ethiopia, all are Muslim-majority states.
The highest-ranking Islamic state in the WEF survey is Kazakhstan in 43rd place. (Mozambique, ranked 27th, is a member of the Organization of Islamic Cooperation bloc, but does not have a Muslim majority.)
The highest-placed Arab state is Kuwait, in 113th position.
Dean Garrison 1-9-14 Is this really a kinder and gentler Egypt? As Morsi was being removed a lot of media sources were hailing it as some sort of victory and I held firm to a belief that it was not. Just because you removed the Muslim Brotherhood from power it does not mean that you have removed the Muslims.
They still despise Christians.
They still support Sharia Law.
I wrote a piece back in July after Morsi was removed that almost no one read. Why? Because people were in love with the hype. If you want to read my opinion on why nothing has changed in Egypt you can go to the link below. If not that’s fine too. As the old saying goes… You can bring water to a mule but you can’t make him bathe.
At any rate, with all of the changes in Egypt, one thing has seemingly remained the same and that is the treatment of Coptic Christians. The stories of Copts being mistreated has not stopped with the new regime.
Why is that?
People seem to forget that Continue reading
Originally posted 2014-01-09 19:53:02.
Palestinian authorities call for Jerusalem “Day of Rage” after Palestinian terror attack inflames tensions The Fatah faction of Palestinian Authority (PA) President Mahmoud Abbas has called on Palestinians to stage a “day of rage” in Jerusalem on Friday, a move that observers fear may trigger mass unrest in the Jewish state’s capital, after a Wednesday assassination attempt on prominent Jewish activist Yehuda Glick caused a spike in tensions. The Times of Israel conveyed statements from an official PA news agency, originally translated by the Israel-based Palestinian Media Watch, calling on the “fighters and to the masses of the Palestinian people to aid the Al-Aqsa Mosque and occupied Jerusalem.” Recent months had seen Israeli-Arab friction steadily increasing in Jerusalem, as top Palestinian leaders – up to and including PA President Mahmoud Abbas and Prime Minister Rami Hamdallah – claimed Israel was seeking to desecrate and destroy Muslim holy sites on the city’s Temple Mount. The area is considered holy by both Jews and Muslims, though the former are forbidden to pray on the site. There is nonetheless a record, stretching back decades [PDF], of Arab and Muslim leaders claiming that Jews are seeking to desecrate and destroy what they refer to as the Noble Sanctuary. Two weeks ago Abbas gave a speech exhorting Palestinians – per a translation published by the Ma’an News Agency – to use “any means necessary” to prevent Jews from entering the area. The American-born Glick had long been at the forefront of movements aimed at expanding Jewish rights on the Temple Mount, and eyewitness testimony indicates that he was targeted over his activities. The suspected shooter – Islamic Jihad-affiliated terrorist Muataz Hijazi – had two years ago told a news outlet that he “wish[ed] to be a thorn in the throat of the Zionist plan to Judaize Jerusalem.” Israeli counter-terror forces tracked Hijazi down after the shooting, surrounding the house in which he was holed up and killing him after he opened fire on them. Authorities in Jerusalem moved to dampen tensions Thursday morning by among other things temporarily closing the Temple Mount to any worshipers. Palestinian officials blasted the effort. A spokesman for Abbas declared the closure – which applied to all religions, was explicitly temporary, and was aimed at dampening violence in the immediate aftermath of the terrorist attack – to be a “declaration of war” not just against Palestinians but against “the Arab and Islamic nation.” Israeli officials reopened the site by the evening.
Tel Aviv wins outstanding World Class culinary honors The world’s foodies have had their say: Tel Aviv is an outstanding culinary destination. The White City snagged two top honors in the recently published Saveur Culinary Travel Awards 2014 and Israel’s airline raised a glass to an In-flight Wine award, as selected by the American-based, globally recognized culinary-travel magazine. Tel Aviv was listed as an “outstanding” pick for Best Culinary Destination with a population fewer than 800,000 and was tipped as “outstanding” for Best Markets & Shops, International. Jerusalem was given a “notable” mention for its markets as well. Meanwhile, El Al was also awarded an “outstanding” ranking for its impressive wine list in the Best In-Flight Wine Program category. “Across 21 categories, we’ve identified the very best—according to both an expert panel of world travelers and you, our readers—as well as additional outstanding and notable picks in each category,” the magazine reads. Tel Aviv’s restaurants, bars and chocolateries are often cited among the world’s best. The city’s Imperial Craft Cocktail bar recently won Best Bar in the Middle East; Mul-Yam won for the Best in the World cookbook; and Ika Chocolate won at the International Chocolate awards.
The following is adapted from a speech delivered at Hillsdale College on October 9, 2014, sponsored by the College’s Van Andel Graduate School of Statesmanship.
William Voegeli 10-30-14 Four years ago I wrote a book about modern American liberalism: Never Enough: America’s Limitless Welfare State. It addressed the fact that America’s welfare state has been growing steadily for almost a century, and is now much bigger than it was at the start of the New Deal in 1932, or at the beginning of the Great Society in 1964. In 2013 the federal government spent $2.279 trillion—$7,200 per American, two-thirds of all federal outlays, and 14 percent of the Gross Domestic Product—on the five big program areas that make up our welfare state: 1. Social Security; 2. All other income support programs, such as disability insurance or unemployment compensation; 3. Medicare; 4. All other health programs, such as Medicaid; and 5. All programs for education, job training, and social services.
That amount has increased steadily, under Democrats and Republicans, during booms and recessions. Adjusted for inflation and population growth, federal welfare state spending was 58 percent larger in 1993 when Bill Clinton became president than it had been 16 years before when Jimmy Carter took the oath of office. By 2009, when Barack Obama was inaugurated, it was 59 percent larger than it had been in 1993. Overall, the outlays were more than two-and-a-half times as large in 2013 as they had been in 1977. The latest Census Bureau data, from 2011, regarding state and local programs for “social services and income maintenance,” show additional spending of $728 billion beyond the federal amount. Thus the total works out to some $3 trillion for all government welfare state expenditures in the U.S., or just under $10,000 per American. That figure does not include the cost, considerable but harder to reckon, of the policies meant to enhance welfare without the government first borrowing or taxing money and then spending it. I refer to laws and regulations that require some citizens to help others directly, such as minimum wages, maximum hours, and mandatory benefits for employees, or rent control for tenants.
All along, while the welfare state was growing constantly, liberals were insisting constantly
What took them so long to realize this? Every country muslims immigrate to are turned upside down with their antics and refusal to assimilate into their host country. The more that invade, the bolder they get. They have one wish and one wish only: for Sharia to be the law of the planet and those that oppose them to be annihilated.
10-30-14 In December of 2013, two new studies, one funded by the German government, found that the majority of Muslims believe that Islamic Sharia law should take precedence over the secular constitutions and laws of their European host countries.
What follows are some of the most important stories about the rise of Islam in Germany during 2013:
Young German patriots have joined the French ‘Generation Identity’ movement against Islamization and Multiculturalism
Gatestone Institute In January, the Turkish-run Kuba Camii Mosque in Eschweiler, a city situated along the German-Belgian-Dutch border and about 50 kilometers (30 miles) west of Cologne, for the first time began publicly calling Muslims to prayer. The Turkish imam of the Kuba Camii Mosque, Bahri Ciftci, declared his hopes that “the public prayer call will be a symbol of a tolerant, intercultural and interreligious common coexistence.”
The mosque is one of a growing number of Islamic institutions in Germany publicly calling the Muslim faithful to prayer—five times a day, seven days a week—with cries of Allahu Akbar!
10-30-14 RT The Al-Aqsa Mosque in Jerusalem has been closed to all worshipers for the first time since 1967. Palestinian leader Mahmoud Abbas called the closure a ‘declaration of war.’ Both Jewish and Muslim worshipers will be prohibited from visiting the site “until further notice,” Israel’s public security minister said. Following the announcement, Israeli Prime Minister Benjamin Netanyahu ordered “a significant hike” in the number of police forces patrolling Jerusalem, Naharnet daily reports.
Palestinian authorities quickly responded to the move, saying it was a “dangerous and blatant challenge”that would lead to more tension and instability in an already volatile situation. This dangerous Israeli escalation is a declaration of war on the Palestinian people and its sacred places and on the Arab and Islamic nation,” Abbas’ spokesman Nabil Abu Rudeina quoted him as saying.
SHOCKER NOT: Barack Hussein Obama sides with Palestinians, demands Israel re-open the mosque, calls for restraint: US demands Israel re-open Temple Mount
Muslim Terrorist’ being released by Obama back to battlefield, NATO on alert with Russian bombers where they shouldn’t be, insulting our allies, wrecked our economy, fanning racial flames, piling on more debt, and the list could go on for page after page. We can stop this insanity by getting rid of liberal democrats next week. Wake up America. Harry Reid has sit on almost 400 bills passed by the house (many which were bi-partisan) at the behest of Barack Obama. VOTE.
10-30-14 As many as 20 to 30 former Guantanamo Bay detainees released within the last two to three years are suspected by intelligence and Defense officials of having joined forces with the Islamic State and other militant groups inside Syria, Fox News has learned.
The intelligence offers a mixed picture, and officials say the figures are not exact. But they are certain at least some of the released detainees are fighting with the Islamic State, or ISIS, on the ground inside Syria. Others are believed to be supporting Al Qaeda or the affiliated al-Nusra Front in Syria.
A number of former detainees also have chosen to help these groups from outside the country, financing operations and supporting their propaganda campaigns.
Sharon Rondeau 10-30-14 Vietnam combat veteran Terry George Trussell was released from the Dixie County jail on bond today by Judge James C. Hankinson
(Oct. 30, 2014) — The Post & Email was notified just after 3:00 p.m. EDT that Dixie County, FL resident Terry Trussell has been released from the county jail on bond after a 10:00 a.m. EDT hearing.
Trussell was jailed by Judge James C. Hankinson on October 9 after Hankinson declared him guilty of “failure to appear” for a scheduled arraignment hearing on charges stemming from Trussell’s reporting of corruption within the Dixie County courthouse. Trussell had, in fact, identified himself as present in the courtroom, which eyewitnesses reported Hankinson ignored, then ordered sheriff’s deputies to handcuff and arrest him.
An eyewitness to Thursday’s proceedings, Col. Harry Riley
Mike Adams 10-30-14 (NaturalNews) Nurse Kaci Hickox, who has made headlines over the last few days by refusing to quarantine herself after returning from the Ebola front lines in Africa, turns out to have been trained as an “intelligence officer” under a two-year CDC program modeled after the U.S. military.
As you can see from the document below, Hickox graduated from a two-year CDC intelligence officer training program in 2012. This is the same nurse whose LinkedIn page was recently scrubbed to hide her ties to the CDC, an agency that stands to benefit tremendously in both political power and budgets if an Ebola outbreak sweeps across America.
The official intelligence designation granted to Nurse Hickox by the CDC was “Epidemic Intelligence Service Officer,” and she is a graduate of the 2012 EIS program according to this CDC document (PDF). (See page 138 – 139 for her name and photo, or view photo below.)
That same year, the CDC graduated 81 such “intelligence officers” whose names and photos are also listed in the public document.
The CDC models its operations after the U.S. military
Robert Romano 10-30-14 “[T]he Committee decided to conclude its asset purchase program this month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping the Committee’s holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.”
That was the Federal Reserve announcing the supposed conclusion of quantitative easing (QE), that is, its U.S. treasuries and Government Sponsored Enterprises (GSE) mortgage-backed securities purchase program that was announced in late 2008 in the middle of the financial crisis.
In the same breath, the central bank announced that there are still be tens of billions of dollars of asset repurchases every year. As mortgage principal is paid down, the Fed will continue to purchase new mortgage debt. As Treasury debt matures, it will continue to buy new Treasury debt.
Call it QE forever.
This is significant because $1 trillion of the Fed’s treasuries holdings are in 1 to 5 year maturities. So, right there, you have an average $200 billion a year, or $17 billion a month of treasuries purchased by the Fed.
As for mortgages, $1.71 trillion of its $1.715 trillion of its holdings are between 10 and 30 years’ maturity. More precise data is not offered, therefore, depending on the average maturity of the Fed’s mortgage holdings, whether the mortgages were 30-year mortgages to begin with, and even the interest rate on the loans in question, it is hard to say how much principal will be repaid annually.
For example, if one assumes they were 30 year paper, at average interest rate of 5 percent, and an average maturity of 15 years, one might expect about $50 billion of principal repayment annually from its holdings. If it’s 20 years, then that number drops to $40 billion. If it’s 25 years, down to about $30 billion.
So, since we know the Fed bought a lot more long-term mortgage paper than short-term, let’s split the difference on the long end and say principal will be repaid at about $35 billion a year. That means the Fed will be buying about $35 billion of new mortgage paper issued by the GSEs — Fannie, Freddie, and Ginnie — every year.
Guess what? That’s enough to cover about 60 percent of the $58 billion of net, new mortgages that were guaranteed by the GSEs in 2013, and more than enough to cover 100 percent of them in 2014 on account of the fact that outstanding mortgage debt guaranteed by the GSEs has actually dropped by $37 billion this year so far, according to data compiled by the Federal Reserve.
But, because the Fed’s portfolio will be maturing on an annual basis faster than it is acquiring new mortgages, by 2019, MBS purchases could be $40 billion a year. By 2024, $50 billion a year. And so forth for as long as the repurchase program continues.
So, even though the Fed holds about 35 percent of mortgages issued by the GSEs, as principal is repaid on its holdings, it still may be able to acquire a majority of net, new GSE mortgages going forward, especially if overall mortgage maturity exceeds the number of new mortgages entering the system.
Therefore, the asset purchases are not concluded. In fact, they will never be concluded. Such is the nature of open market operations.
Robert Romano is the senior editor of Americans for Limited Government.
Republicans to Officially Present Alternative to Obamacare. I Still Don’t See Gong Across State Lines For Insurance, Or Tort Reform As Part Of Their Plan…..
Kate Pavlich 3-17-14 Republicans have voted more than 50 times to repeal or alter Obamacare as the popularity of the legislation continues to be nearly non-existent. In the process, Republicans have been criticized for failing to present an alternative piece of legislation to replace Obamacare. More than a dozen alternative plans have been crafted on the Hill, but Republicans haven’t been able to rally around a single plan. Now, that’s changing as Republican prepare to present Americans with an official alternative to the Affordable Care Act:
The plan includes an expansion of high-risk insurance pools, promotion of health savings accounts and inducements for small businesses to purchase coverage together. The tenets of the plan — which could expand to include the ability to buy insurance across state lines, guaranteed renewability of policies and changes to medical-malpractice regulations — are ideas that various conservatives have for a long time backed as part of broader bills.
But this is the first time this year that House leaders will put their full force behind a single set of principles from those bills and present it as their vision. This month, House leaders will begin to share a memo with lawmakers outlining the plan, called “A Stronger Health Care System: The GOP Plan for Freedom, Flexibility, & Peace of Mind,” with suggestions on how Republicans should talk about it to their constituents.
The timing for this legislation is great for Republicans who just came off of a special election win in Florida where Democrat Alex Sink lost by running on a fix, don’t repeal platform. Not only can Republicans running for election in the fall run against Obamacare, a law that will only continue to make the lives of Americans worse and more expensive, they can run on a new alternative.
Originally posted 2014-03-17 16:35:46.