King Josiah was a good king. But he did not have a person that could succeed him. His sons, Shallum (Jehoahaz) and Eliakim (led under the name Jehoiakim) and subsequent leaders from that line could not follow suit.
Anyway, read it for your own benefit. Jeremiah is a really good book to read and do start reading the Word as it gives faith!
Anyway, it has been a morning of cleaning and cleaning. Bedsheets, vacuuming, arranging and re-arranging stuff inside my cupboard. It looks so much work-able now.
Some news lately:
The US has announced details of a plan to buy up to $1 trillion (£686bn) worth of toxic assets to help repair banks' balance sheets.
I think this is a good news for everyone. These toxic assets were the cause of most bank failures. Toxic assets - Mortgage and other assets, for example mortgage backed securities. Due to the high default rates of the assets, we call them toxic assets (You are kind of bound to lose money - which isn't very healthy - that's why it's toxic I reckon). It gives a chance for the banks to recover faster than normal with the aid of this plan.
How does it work?
Well, I ripped it from the US treasury website as it is hard to explain:
- Bank seeks to sell pool of mortgages worth $100
- Private auction decides that asset is now worth $84
- Private investor and government put up $6 each
- They then borrow remaining $72 from government
- That loan is guaranteed against any losses
- If asset is later sold at higher price, government makes profit and private investor pays back loan and pockets profit.
- If asset is sold at lower price, government and private investors could lose initial investment
The assets are those mortgage or asset backed securites which are pretty "toxic" in that case!
Well, this is just a dummy illustration. I don't think most of them would bid $84 for such assets (Too high).
Ok. coming back to earth!
Bryan YEe
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