Some family traditions are seemingly untraceable; we do not know where or how they got started. We just do them as part of the warp and woof that weave the family together. But there are some of which we know where and when they began, because we began them. In a few days we will start a new tradition in our family that promises to help unite our family forever, because it is intended to remind us that families go on and on through the generations and that the members of the family are connected to the family eternally.
We will gather all members of the family in what is projected to be a biennial reunion. We envision a combination of daily living and recreation, punctuated by family devotionals. The devotionals are intended as a unified worship of the Father of us all upon whose power we rely to make these family relations everlasting.
Inconstancy is one of the constants of mortality. Plans are made and changed or forgotten. Pledges are given and revoked. Promises are made and broken. People are born, mature, grow old, die, and fade from the memory of the living. All earthly things seem to fail and fade.
Yet many wish and hope for the sweetest experiences and relations of life to continue unceasingly. God, the Father of us all, has promised that they can. They are found most bountifully within the family. How in this world of all things temporary and changing do we find the power to make things everlasting and unchanging?
We can only find it by drawing the power and influence of the eternal world into this one. God Himself has to do it. Because our Father in Heaven wants us to bring our families into heaven, He has established heavenly places on earth where heavenly promises can be made by mortals, made eternal by the participation of God in the promise-making and His help in the promise-keeping.
These holy places are the holy Temples of God, built under God’s direction, dedicated by His authority, sanctified by His presence. Inside these holy Temples heaven takes up residence on earth.
Imperfect man and woman can enter into these Temples, there join hands under the authority of God, and make solemn promises that can unite them as a family that may last forever. The promises may last forever, because God is a party to the promises. By those who hold heavenly power and authority to act in His name our Heavenly Father wraps binding cords of eternity around the hearts of the participants. As the mortal husband and wife remain true to God He keeps them united and through the atonement of Jesus Christ overcomes their mortal imperfections. This blessed association is available today to all who will.
Heavenly connections thus made and honored reach through the generations, tying grandparents, parents, and children together, on and on throughout the past and future. As each new child is born, he or she is connected to the family, and as each family member passes beyond this life the connections remain unbroken.
And we do not have to wait to celebrate this family union. We will remember and celebrate it this week, and for every day to come. Our Father intended it that way.
Sunday, June 26, 2011
Sunday, June 12, 2011
Of People and Government
One hundred-fifty years ago William Tecumseh Sherman was engaged in the early efforts to put down the rebellion in the southern slave states. He had the idea that it would require several hundred thousand troops. The savvy people of the day seriously thought that Sherman was crazy. After the war and more than a million soldiers later Sherman had another insightful comment:
The federal government, having caused the recent economic turmoil and the resultant recession by an elaborate and pervasive system of guaranties and subsidies, then precipitating a financial panic with massive intervention programs that drove investors out of the markets, quickly followed up with new laws to take over the healthcare and financial systems, simultaneous with uncontrolled spending. The government has tried all that it can do—and far more than it should do. The government’s quack medicine recurrently and unpredictably applied, like in the 1930s, is making sure that private initiative has little chance for recovery.
This highlights the fundamental question: do you or do you not trust people. This is not a new question. It is as old as government, which is practically as old as time. The evidence of the ages is clear: trusting people is the only economic system that works.
The reason is not complicated. Government economic programs are run by men and women making decisions about things that they do not fully understand, applying their own incentives to other people’s money, property, and talents. As smart as these men and women might be—and they are neither smarter nor dumber than the rest of the population—they are not smart enough to know enough to run an economy of over 300 million individuals making billions of economic decisions every day. No mortal is, and until the Second Coming of Christ government remains in the hands of the mortals.
Fortunately, if you trust the people you do not need to make their choices for them. Leave them alone, and they will know best how to invest their money, how to create new jobs, how to invent new products, how to be more efficient, and they will do it in the best ways that they know how, because their own money, resources, and reputations are on the line. Those who are best at these many tasks will succeed the most.
Because government has different incentives and does not work that way, the founders of the United States adopted a government whose founding document begins with the words, “We the People”. Today we have a changing system of government, increasingly based upon the idea of, “You the People”, and it is not working very well. That formula never has.
My opinion is, the country is doctored to death, and if President and Congress would go to sleep like Rip Van Winkle, the country would go on under natural influences, and recover far faster than under their joint and several treatment.We need more Shermans today. No one knew better than Sherman what government could do militarily. He also knew its limitations and understood that military competence does not transfer to economic competence.
(William T. Sherman, letter to General Ulysses S. Grant, February 14, 1868, in William Tecumseh Sherman, Memoirs of William T. Sherman, p.922)
The federal government, having caused the recent economic turmoil and the resultant recession by an elaborate and pervasive system of guaranties and subsidies, then precipitating a financial panic with massive intervention programs that drove investors out of the markets, quickly followed up with new laws to take over the healthcare and financial systems, simultaneous with uncontrolled spending. The government has tried all that it can do—and far more than it should do. The government’s quack medicine recurrently and unpredictably applied, like in the 1930s, is making sure that private initiative has little chance for recovery.
This highlights the fundamental question: do you or do you not trust people. This is not a new question. It is as old as government, which is practically as old as time. The evidence of the ages is clear: trusting people is the only economic system that works.
The reason is not complicated. Government economic programs are run by men and women making decisions about things that they do not fully understand, applying their own incentives to other people’s money, property, and talents. As smart as these men and women might be—and they are neither smarter nor dumber than the rest of the population—they are not smart enough to know enough to run an economy of over 300 million individuals making billions of economic decisions every day. No mortal is, and until the Second Coming of Christ government remains in the hands of the mortals.
Fortunately, if you trust the people you do not need to make their choices for them. Leave them alone, and they will know best how to invest their money, how to create new jobs, how to invent new products, how to be more efficient, and they will do it in the best ways that they know how, because their own money, resources, and reputations are on the line. Those who are best at these many tasks will succeed the most.
Because government has different incentives and does not work that way, the founders of the United States adopted a government whose founding document begins with the words, “We the People”. Today we have a changing system of government, increasingly based upon the idea of, “You the People”, and it is not working very well. That formula never has.
Sunday, June 5, 2011
Of Depressions and Government Rescues
The government is running out of things to do. I am referring to the economy and with reference to improving the economy. A successful government program to recover from the financial crisis and recession that the government caused is turning out to be much harder than presidential candidate Barack Obama promised.
All prolonged recessions and depressions are caused by governments. The recent financial crisis occurred, first, because the elaborate house of cards of government promises and guarantees that dominated the mortgage and housing markets was flattened by a puff of the wind of reality. With government reinforcement and in fact much prodding, builders were encouraged to build more houses bigger and faster than people could use them, realtors were rewarded for selling them, mortgage brokers were drawn to get mortgages for people who could not afford them, and investors were lured into thinking that there was no risk in pumping their money into funding these mortgages. Reality eventually took over, as it always does.
All of this would have caused a major recession, but former Treasury Secretary Hank Paulson ensured that the recession would turn into a full blown financial panic. Nearly every Sunday in the fall of 2008 Paulson was on national camera, little hiding his deer-in-the-headlights expression, announcing the latest desperate and ill-conceived Federal financial rescue program. Remember that the disastrous $700 billion Troubled Asset Relief Program (that was not used to purchase assets after all) was Paulson’s idea. The markets were spooked by it. Markets tanked when Congress defeated it and tanked again when Congress passed it about a week later (sweetened with enough pork to buy needed votes). Investors went on strike.
President Obama has been unsuccessful, coming up on three years, in ending the strike. In fact, each time investors have shown some interest in coming back some new government plan or program has renewed enough uncertainty to drive investors back to the sidelines. For example, in early 2009 bank stocks were starting to recover until the Administration decided to impose stress tests to see how banks would fair if the Obama recovery plan failed. Investors returned to their seats to watch, and even the regulators’ findings that the banks could weather continued recession did not bring more than a tepid response from bank investors. The Obama Administration’s plan to restructure the entire banking and financial system—realized in the Dodd-Frank Act—has served to warn investors against taking new investment risks until they could see how it would all play out. It now seems clear that the financial crisis has been replaced by a regulatory crisis, with the regulators already falling way behind the mandates of the last Congress to write hundreds of new rules and no bank able to make any business plans extending much beyond a few months.
The housing markets remain at depression levels. New Dodd-Frank rules are making it much harder for families to get, lenders to offer, and investors to fund new mortgages for new houses. Is an economic recovery even conceivable with housing and mortgage markets mired in depression?
Our government has tried pulling its other levers. The United States has never, ever, witnessed the amount of government spending intended to stimulate the economy artificially. The Federal Reserve has expanded the money supply by trillions of dollars. Most of that Federal Reserve money has gone into funding government deficits, driving down the value of the dollar, and stimulating the prices of gold, silver, oil, and other commodities. The government takeover of the healthcare system, it was argued, was the only way to control medical costs that were said to be harming the economy.
Of course, there are more government actions waiting in the wings. The Administration wants to raise taxes dramatically, especially on investors and businesses—the energy business, the banking industry, investment firms, anyone who uses carbon (one of the elements necessary to life and essential to breathing), “rich” people, and small businesses that would be caught in the definition of “rich people.”
And yet the economy remains in the doldrums. Nothing seems to work. It conjures up memories of the Great Depression, that economic recession that Franklin Roosevelt was eager to take over. Through the whole decade of the 1930s FDR tried one thing after another to restore economic recovery, but nothing worked. Instead, FDR helped weaken world faith in representative government, greatly encouraging the willingness of desperate people to embrace the desperate measures of the dictators in Italy, Germany, Japan, and the Soviet Union who gave us World War II.
The Obama Administration has tried everything that government can do. Why not now try getting government out of the way and letting the people solve this one as they always have? Investors still have plenty of money ready to invest, if they were only confident that the rules would not change and that their investments would not be taxed away. Businessmen would be eager to hire new employees if they only knew how much the employees would cost and that some new government program would not impose new costs and burdens on their business. Banks would love to lend to businesses and provide mortgages if the regulators would stop changing the rules and discouraging banks from making loans to anyone other than to the government.
Maybe there is the worry that government will not get credit for the recovery if there is no new government program to point to, no government guarantee to praise, no stimulus spending to trumpet. Maybe that would be O.K. But I would be ready to vote for the government leaders who removed the obstructions to investment, lowered tax rates, lifted regulatory burdens, and dispelled the clouds of regulations and barriers to growth that are gathering on the horizon.
All prolonged recessions and depressions are caused by governments. The recent financial crisis occurred, first, because the elaborate house of cards of government promises and guarantees that dominated the mortgage and housing markets was flattened by a puff of the wind of reality. With government reinforcement and in fact much prodding, builders were encouraged to build more houses bigger and faster than people could use them, realtors were rewarded for selling them, mortgage brokers were drawn to get mortgages for people who could not afford them, and investors were lured into thinking that there was no risk in pumping their money into funding these mortgages. Reality eventually took over, as it always does.
All of this would have caused a major recession, but former Treasury Secretary Hank Paulson ensured that the recession would turn into a full blown financial panic. Nearly every Sunday in the fall of 2008 Paulson was on national camera, little hiding his deer-in-the-headlights expression, announcing the latest desperate and ill-conceived Federal financial rescue program. Remember that the disastrous $700 billion Troubled Asset Relief Program (that was not used to purchase assets after all) was Paulson’s idea. The markets were spooked by it. Markets tanked when Congress defeated it and tanked again when Congress passed it about a week later (sweetened with enough pork to buy needed votes). Investors went on strike.
President Obama has been unsuccessful, coming up on three years, in ending the strike. In fact, each time investors have shown some interest in coming back some new government plan or program has renewed enough uncertainty to drive investors back to the sidelines. For example, in early 2009 bank stocks were starting to recover until the Administration decided to impose stress tests to see how banks would fair if the Obama recovery plan failed. Investors returned to their seats to watch, and even the regulators’ findings that the banks could weather continued recession did not bring more than a tepid response from bank investors. The Obama Administration’s plan to restructure the entire banking and financial system—realized in the Dodd-Frank Act—has served to warn investors against taking new investment risks until they could see how it would all play out. It now seems clear that the financial crisis has been replaced by a regulatory crisis, with the regulators already falling way behind the mandates of the last Congress to write hundreds of new rules and no bank able to make any business plans extending much beyond a few months.
The housing markets remain at depression levels. New Dodd-Frank rules are making it much harder for families to get, lenders to offer, and investors to fund new mortgages for new houses. Is an economic recovery even conceivable with housing and mortgage markets mired in depression?
Our government has tried pulling its other levers. The United States has never, ever, witnessed the amount of government spending intended to stimulate the economy artificially. The Federal Reserve has expanded the money supply by trillions of dollars. Most of that Federal Reserve money has gone into funding government deficits, driving down the value of the dollar, and stimulating the prices of gold, silver, oil, and other commodities. The government takeover of the healthcare system, it was argued, was the only way to control medical costs that were said to be harming the economy.
Of course, there are more government actions waiting in the wings. The Administration wants to raise taxes dramatically, especially on investors and businesses—the energy business, the banking industry, investment firms, anyone who uses carbon (one of the elements necessary to life and essential to breathing), “rich” people, and small businesses that would be caught in the definition of “rich people.”
And yet the economy remains in the doldrums. Nothing seems to work. It conjures up memories of the Great Depression, that economic recession that Franklin Roosevelt was eager to take over. Through the whole decade of the 1930s FDR tried one thing after another to restore economic recovery, but nothing worked. Instead, FDR helped weaken world faith in representative government, greatly encouraging the willingness of desperate people to embrace the desperate measures of the dictators in Italy, Germany, Japan, and the Soviet Union who gave us World War II.
The Obama Administration has tried everything that government can do. Why not now try getting government out of the way and letting the people solve this one as they always have? Investors still have plenty of money ready to invest, if they were only confident that the rules would not change and that their investments would not be taxed away. Businessmen would be eager to hire new employees if they only knew how much the employees would cost and that some new government program would not impose new costs and burdens on their business. Banks would love to lend to businesses and provide mortgages if the regulators would stop changing the rules and discouraging banks from making loans to anyone other than to the government.
Maybe there is the worry that government will not get credit for the recovery if there is no new government program to point to, no government guarantee to praise, no stimulus spending to trumpet. Maybe that would be O.K. But I would be ready to vote for the government leaders who removed the obstructions to investment, lowered tax rates, lifted regulatory burdens, and dispelled the clouds of regulations and barriers to growth that are gathering on the horizon.
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