Sunday, December 21, 2008

Happy Hanukkah To Our Jewish Friends


Beginning at sundown today, our Jewish friends and neighbors begin celebrating the 8 days of Hanukkah. This from

The festival of Hanukkah (also spelled Chanukah) was established to commemorate the Jewish Maccabees' military victory over the Greek-Syrians and the rededication of the Second Temple, which had been desecrated by the Greek-Syrians, to the worship of God. Thus, Hanukkah is a celebration of Jewish national survival and religious freedom.

National Survival

The story of the Maccabees' military feats has been preserved in The First Book of Maccabees. In short, in response to religious persecution and oppression, Judah Maccabee and his four brothers organized a group of resistance fighters known as the Maccabees. The Maccabees, using guerilla warfare, miraculously succeeded to drive the far larger Greek-Syrian army out of Judea. The Hanukkah story proclaims the message of the prophet Zachariah: "Not by might, not by power, but by My spirit."

Religious Freedom

The purification of the Temple began on the 25th day of the Hebrew month of Kislev in the year 165 BCE. According to the Talmud, the single-days-worth of pure oil found in the Temple miraculously burnt for eight days until more pure oil could be brought.

Celebrating Hanukkah

In commemoration of these miracles, a Hanukkah Menorah (also called a Hanukkiah) is lit during each of the eight nights of Hanukkah. Lighting the Hanukkah Menorah is the central observance of the festival. One candle is lit the first night, and an additional candle is lit each successive night. Thus, on the last night of Hanukkah, all eight candles of the Hanukkiah are lit. The candles should be lit by a window or door in order to fulfill the commandment to "publicize the miracle." While lighting the candles, blessings are recited and the ancient chant Hanerot Hallalu is traditionally sung. After lighting the candles, it is a tradition to sing Maoz Tzur.

Hanukkah is a fun festival, especially for children. After lighting the Hanukkah candles together, families (and often invited guests) will eat and play games. Traditional Hanukkah food is oil-rich in commemoration of the miracle of the oil that burned for eight days. Potato pancakes (Latkas in Yiddish, Livivot in Hebrew) are a Hanukkah favorite. Israelis eat Hanukkah doughnuts called soofganiot. Dreidel (sivovon in Hebrew) is a traditional Hanukkah game, with game rules so simple that the whole family, from toddlers to grandparents can play together. The custom of giving Hanukkah gelt (money) to children has evolved into a gift-giving tradition in many Jewish families today.

Happy Hanukkah!

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There is always an easy solution to every human problem—neat, plausible, and wrong.
Henry Louis Mencken (1880–1956)
“The Divine Afflatus,” A Mencken Chrestomathy, chapter 25, p. 443 (1949)
... and one could add "not all human problems really are."
It was beautiful and simple, as truly great swindles are.
- O. Henry
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Tracking Interest Rates

Tracking Interest Rates


SEARCH BLOG: FEDERAL RESERVE for full versions... or use the Blog Archive pulldown menu.

February 3, 2006
Go back to 1999-2000 and see what the Fed did. They are following the same pattern for 2005-06. If it ain't broke, the Fed will fix it... and good!
August 29, 2006 The Federal Reserve always acts on old information... and is the only cause of U.S. recessions.
December 5, 2006 Last spring I wrote about what I saw to be a sharp downturn in the economy in the "rustbelt" states, particularly Michigan.
March 28, 2007
The Federal Reserve sees no need to cut interest rates in the light of adverse recent economic data, Ben Bernanke said on Wednesday.
The Fed chairman said ”to date, the incoming data have supported the view that the current stance of policy is likely to foster sustainable economic growth and a gradual ebbing in core inflation”.

July 21, 2007 My guess is that if there is an interest rate change, a cut is more likely than an increase. The key variables to be watching at this point are real estate prices and the inventory of unsold homes.
August 11, 2007 I suspect that within 6 months the Federal Reserve will be forced to lower interest rates before housing becomes a black hole.
September 11, 2007 It only means that the overall process has flaws guaranteeing it will be slow in responding to changes in the economy... and tend to over-react as a result.
September 18, 2007 I think a 4% rate is really what is needed to turn the economy back on the right course. The rate may not get there, but more cuts will be needed with employment rates down and foreclosure rates up.
October 25, 2007 How long will it be before I will be able to write: "The Federal Reserve lowered its lending rate to 4% in response to the collapse of the U.S. housing market and massive numbers of foreclosures that threaten the banking and mortgage sectors."
"Should the elevated turbulence persist, it would increase the possibility of further tightening in financial conditions for households and businesses," he said.

"Uncertainties about the economic outlook are unusually high right now," he said. "These uncertainties require flexible and pragmatic policymaking -- nimble is the adjective I used a few weeks ago."

December 11, 2007 Somehow the Fed misses the obvious.
[Image from:]
December 13, 2007 [from The Christian Science Monitor]
"The odds of a recession are now above 50 percent," says Mark Zandi, chief economist at Moody's "We are right on the edge of a recession in part because of the Fed's reluctance to reduce interest rates more aggressively." [see my comments of September 11]
January 7, 2008 The real problem now is that consumers can't rescue the economy and manufacturing, which is already weakening, will continue to weaken. We've gutted the forces that could avoid a downturn. The question is not whether there will be a recession, but can it be dampened sufficiently so that it is very short.
January 11, 2008 This is death by a thousand cuts.
January 13, 2008 [N.Y. Times]
“The question is not whether we will have a recession, but how deep and prolonged it will be,” said David Rosenberg, the chief North American economist at Merrill Lynch. “Even if the Fed’s moves are going to work, it will not show up until the later part of 2008 or 2009.
January 17, 2008 A few days ago, Anna Schwartz, nonagenarian economist, implicated the Federal Reserve as the cause of the present lending crisis [from the Telegraph - UK]:
The high priestess of US monetarism - a revered figure at the Fed - says the central bank is itself the chief cause of the credit bubble, and now seems stunned as the consequences of its own actions engulf the financial system. "The new group at the Fed is not equal to the problem that faces it," she says, daring to utter a thought that fellow critics mostly utter sotto voce.
January 22, 2008 The cut has become infected and a limb is in danger. Ben Bernanke is panicking and the Fed has its emergency triage team cutting rates... this time by 3/4%. ...

What should the Federal Reserve do now? Step back... and don't be so anxious to raise rates at the first sign of economic improvement.
Individuals and businesses need stability in their financial cost structures so that they can plan effectively and keep their ships afloat. Wildly fluctuating rates... regardless of what the absolute levels are... create problems. Either too much spending or too much fear. It's just not that difficult to comprehend. Why has it been so difficult for the Fed?

About Me

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Michigan, United States
Air Force (SAC) captain 1968-72. Retired after 35 years of business and logistical planning, including running a small business. Two sons with advanced degrees; one with a business and pre-law degree. Beautiful wife who has put up with me for 4 decades. Education: B.A. (Sociology major; minors in philosopy, English literature, and German) M.S. Operations Management (like a mixture of an MBA with logistical planning)