Wednesday - My business partner and I went out for dinner at the Palamino and then went over to watch my brother Mark's band GB Leighton play. Also watched the T-wolves lose in overtime but got to talk to one of the front-office personnel at the club and it was pretty cool to actually talk some basketball and gain some insight.
Thursday - Mark and his side of the family came over to celebrate. We had some wine, ate some turkey (even though it was late because we accidentally re-froze it the night before after thawing it on Wednesday), played some board games and had a nice nap.
Friday - Took the boys to Lifetime to play hoops for a couple of hours to lose the 10 pounds I ate the day before and then basically hung out with my dad during the day and evening and watched Robin Hood.
Saturday - Thanksgiving at the Miller's house shooting squirrels and spending time with my brothers in law (Jon, Scott, Dave, Ben, Tim, Josh) in New Prague. Time always seems to fly when spending time with my brothers - I am blessed to have them in my life. After spending most of the day there, I drove to my friend Brad's house and proceeded to kill about 10,000 zombies with my friends from church in a late-night video game / eating extravaganza. Life just doesn't get much better!
Sunday - Great message - my family participated in an advent reading and did a marvelous job. I'm very thankful to God for my family.
Grace & Peace
Nov 29, 2010
Nov 25, 2010
Thanksgiving Quote
If any person or any power or any wisdom or any love awakens any admiration or any amazement or any joy, let it be the greatest Person and the greatest power and the greatest wisdom and the greatest love that exists—Jesus Christ. (John Piper on Colossians 1:13-20)
Have a blessed Thanksgiving, remembering to thank the One who gave His life for us, orchestrated from the beginning of time.
I am extremely thankful to Him for not only those who read this blog, but also for family and those I am fortunate to call my friends.
Grace & Peace (& Thankfullness)
PLW
Nov 24, 2010
History, Will Teach Us...?
Stealing a little thunder from Vox, a brief look at Ireland's history may prove important to understand their current financial demise...
Ireland, much like America, has fought hard to maintain it's Independence from British rule. From the beginning of the 12th century until today, Ireland has fought off Catholic rule, Potatoe famines, and British occupation and control over their country.
However, because of their economic decline and massive debt issues, the EU and the IMF are now seeking to infuse an estimated 85 billion Euros ($113 billion) in debt to save the country from bankruptcy. Of that amount, 35 billion euros would be given to stabilize the banks and another 50 billion euros would be required to finance the government.
As a result, Ireland would now, after years of fighting for its independence, revert basically back to British (EU and IMF) rule.
And I agree with most people that this is just the start of a global banking and debt crisis for the entire EU as well as the United States. With a bailout of that size, the Irish government is asking its citizens to shell out approximately 22,000 Euros per person to finance this debt. Impossible.
Grace & Peace
PLW
Ireland, much like America, has fought hard to maintain it's Independence from British rule. From the beginning of the 12th century until today, Ireland has fought off Catholic rule, Potatoe famines, and British occupation and control over their country.
However, because of their economic decline and massive debt issues, the EU and the IMF are now seeking to infuse an estimated 85 billion Euros ($113 billion) in debt to save the country from bankruptcy. Of that amount, 35 billion euros would be given to stabilize the banks and another 50 billion euros would be required to finance the government.
As a result, Ireland would now, after years of fighting for its independence, revert basically back to British (EU and IMF) rule.
And I agree with most people that this is just the start of a global banking and debt crisis for the entire EU as well as the United States. With a bailout of that size, the Irish government is asking its citizens to shell out approximately 22,000 Euros per person to finance this debt. Impossible.
Grace & Peace
PLW
Nov 22, 2010
Basketball Season Kick-Off
Well the chauffeuring season has officially begun with Hunter and Jalen both playing traveling basketball on two different teams, both with tournaments this weekend on opposite sides of the Twin Cities.
Hunter's team played decent but didn't play well enough to finish in the top three. Hunter continues to improve on his offense and his defense continues to be his strong suit. He is one of the teams better defenders and rebounders and really has shown some solid aggressive play. He scored 8 of the 20 points in a loss on Sunday afternoon but was generally pleased with his performance.
Completely opposite in play styles is Jalen, who doesn't know what defense is but loves to take the ball to the hole. Jalen's team had a chance to play with the Twolves watching them a couple of weeks ago and then played in a tournament at Irondale High School (northern metro team) in which they finished first!
Needless to say, I am very proud of both of my boys and look forward to carting them around and enjoying the days of their youth.
Grace & Peace.
PLW
Grace & Peace.
PLW
Nov 19, 2010
Law of Unintended Consequnces
Sometimes, ok most of the time, crisis leads to overreaction. My wife would certainly agree that I constantly overreact to situations that don't require such immediate and urgent attention.
Congress also tends to go overboard in trying to fix perceived problems by congressional over-regulation (i.e. making bad laws).
Admittedly, more bank oversight on lending would have stemmed SOME of the problems of the housing bubble, but you also had a major issue with appraisal issues, mortgage fraud, and speculative buying.
In the latest from the SEC witch-hunt on 401k fees,the SEC is proposing a reduction of the 12b-1 fees within 401k plans, qualified plans, etc.
For those that don't know, 12b-1 fees are embedded into the mutual funds that are used within 401k and other plans. Typically, employers will have 10-15 different mutual funds for employees to choose. Traditionally, instead of the employer paying those fees (audit fees, transaction fees, financial advisory fees, etc.), these are charged to the client in this fee arrangement.
Reducing this fee, however, would not only affect the large 401k industry, but also a majority of financial planning firms (like mine")
It would also mean that if this goes through, the mutual fund industry will loose a LOT of money because advisors will naturally move into areas that allow them to make a living or turn completely to a fee-based service (the law of unintended consequence once again).
We'll see.
Grace & Peace
PLW
Congress also tends to go overboard in trying to fix perceived problems by congressional over-regulation (i.e. making bad laws).
Admittedly, more bank oversight on lending would have stemmed SOME of the problems of the housing bubble, but you also had a major issue with appraisal issues, mortgage fraud, and speculative buying.
In the latest from the SEC witch-hunt on 401k fees,the SEC is proposing a reduction of the 12b-1 fees within 401k plans, qualified plans, etc.
For those that don't know, 12b-1 fees are embedded into the mutual funds that are used within 401k and other plans. Typically, employers will have 10-15 different mutual funds for employees to choose. Traditionally, instead of the employer paying those fees (audit fees, transaction fees, financial advisory fees, etc.), these are charged to the client in this fee arrangement.
Reducing this fee, however, would not only affect the large 401k industry, but also a majority of financial planning firms (like mine")
It would also mean that if this goes through, the mutual fund industry will loose a LOT of money because advisors will naturally move into areas that allow them to make a living or turn completely to a fee-based service (the law of unintended consequence once again).
We'll see.
Grace & Peace
PLW
Nov 18, 2010
Name Change
Greetings:
Just wanted to send a note that I have changed the name of my blog from 'Wight's Words' to the 'Wight Letters'.
The reason for this naming convention has to do with the fact that there is another blog similarly named in the blogosphere to my previous name.
SO, although the name has been altered, my jaded sense of humor and astonishingly good looks remain intact.
Grace & Peace
PLW
Just wanted to send a note that I have changed the name of my blog from 'Wight's Words' to the 'Wight Letters'.
The reason for this naming convention has to do with the fact that there is another blog similarly named in the blogosphere to my previous name.
SO, although the name has been altered, my jaded sense of humor and astonishingly good looks remain intact.
Grace & Peace
PLW
Nov 17, 2010
And More Defecit Reduction Proposals
Now, the Bi-Partisan Center's Debt Reduction Task Force has proposed a 6.5% national sales tax...
Curious. How about the easy solution (but politically suicidal of course) to actually reduce the size of government by reducing entitlement programs (and no, extending the age of Social Security to age 69 doesn't really help address the fraud and far-reaching benefits within the program)?
If Washington REALLY wants to see change, they will look to cut these programs and scale them back. People need to be less dependant, not more dependant, on government.
Interestingly enough, Congress is also looking at simplifying the tax code, which would be a good start. But when it comes down to looking for meaningful deficit reduction strategies, entitlement programs are really the biggest chunk of our national budget (roughly 60%) and changes in those programs will give us the most noticeable long-term financial improvement (not to mention also reigning in Bernanke and his money-printing press).
Grace & Peace.
PLW
Curious. How about the easy solution (but politically suicidal of course) to actually reduce the size of government by reducing entitlement programs (and no, extending the age of Social Security to age 69 doesn't really help address the fraud and far-reaching benefits within the program)?
If Washington REALLY wants to see change, they will look to cut these programs and scale them back. People need to be less dependant, not more dependant, on government.
Interestingly enough, Congress is also looking at simplifying the tax code, which would be a good start. But when it comes down to looking for meaningful deficit reduction strategies, entitlement programs are really the biggest chunk of our national budget (roughly 60%) and changes in those programs will give us the most noticeable long-term financial improvement (not to mention also reigning in Bernanke and his money-printing press).
Grace & Peace.
PLW
Nov 16, 2010
Social Security Reform
FYI - The first stab at Social Security reductions:
I think they are missing the point: Social Security was never meant to be a primary pension for Americans. It was intended as a supplemental retirement plan from pensions already established by corporations. It also began when the average life-expectancy was 55, not 85.
What they need to do is create incentives for individuals to bear the responsibility of their retirement for themselves rather than handcuffing them with silly penalty rules, maximum contribution levels, and minimum income stipulations. This, of course, is asking way too much.
Grace & Peace,
PLW
The bipartisan National Commission on Fiscal Responsibility and Reform, as part of a proposal to slash $3.8 trillion from the federal budget deficit, is taking the combo-and-then-some approach.
In its draft plan to rescue Social Security and prevent what some see as inevitable in the absence of action — a sudden 22% reduction in benefits for all beneficiaries in 2037 — the deficit commission wants to tax 90% of covered earnings by 2050, make the benefit formula more progressive so that high-income recipients receive relatively less, index the retirement age to longevity gains, and dampen COLAs, among other measures. (See the commission's proposal on www.FiscalCommission.gov).
I think they are missing the point: Social Security was never meant to be a primary pension for Americans. It was intended as a supplemental retirement plan from pensions already established by corporations. It also began when the average life-expectancy was 55, not 85.
What they need to do is create incentives for individuals to bear the responsibility of their retirement for themselves rather than handcuffing them with silly penalty rules, maximum contribution levels, and minimum income stipulations. This, of course, is asking way too much.
Grace & Peace,
PLW
Nov 15, 2010
Voting Turnout / Taxes
I am always amazed that the number of people that hit the voting ballots are less than 50%, especially with increasing unemployment, rising federal and state government deficits. and so much hype about local referendums.
I also just received my proposed property tax assessment for 2011. What I find ironic is NOT that my property values have steadily declined year after year (since 2007), but my property taxes (with no school or local referendums passed) are going up.
Conclusion: local and state governments are not calling it a tax, but they are either changing the formula, or increasing the mil rate which is really a tax in another name. Either way, they have figured out yet another way to reach into every place to increase revenues rather than to cut entitlement programs.
Coming soon to a 1040 near you: Reduced federal and state income tax deductions. Its another area where they are able to increase tax revenue without calling it a tax.
I know the Bible says,“Render to Caesar the things that are Caesar’s', but its getting completely out of hand.
Grace & Peace
PLW
I also just received my proposed property tax assessment for 2011. What I find ironic is NOT that my property values have steadily declined year after year (since 2007), but my property taxes (with no school or local referendums passed) are going up.
Conclusion: local and state governments are not calling it a tax, but they are either changing the formula, or increasing the mil rate which is really a tax in another name. Either way, they have figured out yet another way to reach into every place to increase revenues rather than to cut entitlement programs.
Coming soon to a 1040 near you: Reduced federal and state income tax deductions. Its another area where they are able to increase tax revenue without calling it a tax.
I know the Bible says,“Render to Caesar the things that are Caesar’s', but its getting completely out of hand.
Grace & Peace
PLW
Nov 14, 2010
Quote
Props to Vox contributor Dread451 this quote which sums up my feelings on our current government gone wrong:
"I agree to this Constitution with all its faults, if they are such: because I think a General Government necessary for us, and there is no Form of Government but which may be a Blessing to the People if well administered; and I believe further that this is likely to be well administered for a Course of Years and can only end in Despotism as other Forms have done before it, when the People shall become so currupted as to need a Despotic Government, being incapable of any other."
-- Benjamin Franklin
Nov 4, 2010
Post Voting Day Memoirs
Historic election results on Tuesday:
1) Minnesota Senate changes hands to Republican control after 40 years
2) Sweeping changes in the US House of Representatives with 60 seats going to Republican candidates and a return for Republican control of the US House
3) High voter turnout - 41.5% (Minnesota was in the 50% range for eligible voters)
4) Additional Republican Governor's (at least 10 from yesterday's count)
Interestingly enough, from a stock market perspective, the markets historically fare better with different parties in control of the House,Senate and Executive branches (gridlock be darned).
Romans 13:1-5 talks about civil authority and has something to say about who is really in charge of our government:
In the end, God is sovereign.
Grace & Peace
PLW
1) Minnesota Senate changes hands to Republican control after 40 years
2) Sweeping changes in the US House of Representatives with 60 seats going to Republican candidates and a return for Republican control of the US House
3) High voter turnout - 41.5% (Minnesota was in the 50% range for eligible voters)
4) Additional Republican Governor's (at least 10 from yesterday's count)
Interestingly enough, from a stock market perspective, the markets historically fare better with different parties in control of the House,Senate and Executive branches (gridlock be darned).
Romans 13:1-5 talks about civil authority and has something to say about who is really in charge of our government:
Let every person be subject to the governing authorities. For there is no authority except from God, and those that exist have been instituted by God. Therefore whoever resists the authorities resists what God has appointed, and those who resist will incur judgment. For rulers are not a terror to good conduct, but to bad. Would you have no fear of the one who is in authority? Then do what is good, and you will receive his approval, for he is God’s servant for your good. But if you do wrong, be afraid, for he does not bear the sword in vain. For he is the servant of God, an avenger who carries out God’s wrath on the wrongdoer. Therefore one must be in subjection, not only to avoid God’s wrath but also for the sake of conscience.
In the end, God is sovereign.
Grace & Peace
PLW
Nov 1, 2010
If we are called...
I have been looking into the Doctrine of Election.
For those unfamiliar with this idea, I think this linked article of the original writings by John Calvin present this idea (forgiving the early English that is used) very well.
John MacArthur also talks about this concept in his book, The Body Dynamic written in 1996. In it he states the following:
You must understand that your faith and salvation rest entirely on God’s election (cf. Acts 13:48). And yet the day you came to Jesus Christ, you did so because of an internal desire—you did nothing against your will. But even that desire is God-given—He supplies the necessary faith so we can believe (Eph. 2:8).
Think about it—if your salvation depends on you, then praise to God is ridiculous. But, in truth, your praise to God is completely appropriate, because in forming the Body before the world began, He chose you by His sovereign decree apart from any of your works. The doctrine of election demonstrates God being God, exercising divine prerogatives. For that we must praise Him.
I have to admit, this concept is difficult to get my head around. I'd like to know what the rest of you think about it, if you have researched or looked into it at all.
In other news, Olivia was a Unicorn, Jalen was Harry Potter, and Hunter was a...hunter for Halloween.
Grace & Peace.
PLW
For those unfamiliar with this idea, I think this linked article of the original writings by John Calvin present this idea (forgiving the early English that is used) very well.
John MacArthur also talks about this concept in his book, The Body Dynamic written in 1996. In it he states the following:
You must understand that your faith and salvation rest entirely on God’s election (cf. Acts 13:48). And yet the day you came to Jesus Christ, you did so because of an internal desire—you did nothing against your will. But even that desire is God-given—He supplies the necessary faith so we can believe (Eph. 2:8).
Think about it—if your salvation depends on you, then praise to God is ridiculous. But, in truth, your praise to God is completely appropriate, because in forming the Body before the world began, He chose you by His sovereign decree apart from any of your works. The doctrine of election demonstrates God being God, exercising divine prerogatives. For that we must praise Him.
I have to admit, this concept is difficult to get my head around. I'd like to know what the rest of you think about it, if you have researched or looked into it at all.
In other news, Olivia was a Unicorn, Jalen was Harry Potter, and Hunter was a...hunter for Halloween.
Grace & Peace.
PLW
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