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· More on the Financial Crisis
· Sept. 17 - Constitution Day
Capitol Hill Prayer Partners
P.O. Box 5152
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The Daily Brief Wednesday, September 17, 2008
"Be always on the watch, and pray that you may be able to escape all that is about to happen, and that you may be able to stand before the Son of Man." (Luke 21:36)
The Daily Brief
1. Federal Government Bails out AIG with $85B Life Preserver - Fox News
In the largest government bailout of a private company in U.S. financial history, the Federal Reserve provided AIG $85 billion in emergency loans to save the insurer from bankruptcy. The government provided the loan at a very high interest rate and it was contingent on AIG providing the entire company's assets as collateral. Also, the U.S. government received equity warrants that will effectively give the U.S. taxpayers a 79.9% stake in AIG. This action heavily dilutes AIG's current stockholders but it does not wipe them out completely. The decision to rescue AIG was a remarkable turnaround from what Treasury Secretary Henry Paulson and other government officials said just days earlier. AIG and its $1 trillion balance sheet has extensive ties to the already battered U.S. financial system. The need to come to AIG's help was caused by the insurer's inability to raise cash, something that was exacerbated after major ratings agencies cut AIG's credit ratings. "The federal government determined AIG needed to be rescued and it was too big to fail. That's something we should be happy about," said Art Hogan, chief market strategist at Jeffries & Co.
· As men scramble to find ways to save themselves, intercede that this shaking will cause many to look to the only One who can offer true salvation, and "insurance" in our lives: Jesus Christ, the Author and the Finisher of our faith.
· "And this word, Yet once more, signifies the removing of those things that are shaken, as of things that are made, that those things which cannot be shaken may remain." (Heb. 12:27)
2. Clobbered: Dow Plummets 449 on Credit Fears - Associated Press
Credit fears swept Wall Street on Wednesday, pushing the blue chips to their second epic selloff of the week and overshadowing the Fed's emergency takeover of insurance giant American International Group.
· Analysts are saying that the market is behaving irrationally, based solely upon fears. Investors are selling first; thinking things through later. Bind the spirit of fear that is crippling Wall Street this week, and loose confidence. Pray that investors and their counselors will consider the "bigger picture" before they make any more moves in the financial sector. God yet has a plan for our nation, and it is not for our destruction.·
· "For God did not give us a spirit of fear, but a spirit of power, of love and of a sound mind." (2 Tim. 1:7)
3. Barclays snaps up Lehman business for $1.75 billion - Market Watch
Barclays said Wednesday it's paying $1.75 billion to acquire the U.S. investment banking and capital markets operations of Lehman Brothers in a cash deal that will safeguard thousands of jobs.
· Although this move is good for Lehman's, is it good for America? We now have an example of another country buying up U.S. debt, putting us in financial bondage to a foreign power. In the end, is this wise?
· "Owe no one anything except to love one another, for he who loves another has fulfilled the law." (Romans 13:8)
4. Texas Works to Avert Health Crisis After Ike - Bloomberg
Three days after Hurricane Ike delivered a less- powerful punch than predicted, coastal Texas is struggling to fend off a health-care crisis. In Galveston, water and sewer systems aren't working. Its hospital is closed. The city is littered with debris and officials are asking for help against disease-carrying mosquitoes. One of the biggest challenges may be ensuring clean drinking water for the region. Tainted water can cause diarrhea and dehydration. (In addition) . . . about 1.8 million customers in the state are without power. Thousands of residents have been lining up for water, food, ice and gasoline.
· Pray for comfort and salvation among the families and friends of the 47 known to have lost their lives during or after hurricane Ike. Offer thanksgiving that there was only minor damage to oil rigs off the Texas and Louisiana coasts. Give thanks that more FEMA and state volunteer assistance is now coming into Galveston, Houston and rural areas devastated, damaged and flooded. Pray for endurance and protection for all crews clearing debris and working to restore electrical and other services. Pray for adequate water, food and medical supplies. Pray for former hurricane Katrina victims who had relocated to Texas and are suffering from flashbacks and trauma as their homes were again flooded or damaged by Ike. [Prayers offered by Intercessors for America]
· "For the eyes of the Lord are toward the righteous, and His ears attend to their prayer." (I Peter 3:12)
5. Feds Arrest 175 in Bust of Violent Mexican Drug Cartel - AP
The top U.S. lawyer announced that authorities have arrested 175 people in the United States and in Italy on charges related to drug trafficking by an extremely violent Mexican drug cartel. Attorney General Michael Mukasey says the coordinated arrests on Tuesday and Wednesday were part of a 15-month investigation into activity by the Gulf cartel. Mukasey says the cartel is responsible for the importation and distribution of tons of cocaine, methamphetamine, heroin and marijuana from Central and South America into the United States. The cartel is also believed to have laundered millions of dollars and has become a driving force behind escalating violence in Mexico and along the southwestern border of the U.S. Mukasey said the investigation has dealt a "substantial blow" to the cartel.
· Offer praise for this direct answer to prayer! Our God is an awesome God, and He has led our authorities to discover, track down, and now apprehend all of these members of this violent gang, effectively! Pray that justice will now be served against these thugs, and that there will be no "loopholes" found later on in our U.S. courts of law that would allow these criminals to once freely again walk the streets of our nation. PRAISE GOD!
· "O righteous God, who searches minds and hearts, bring to an end the violence of the wicked and make the righteous secure." (Psalm 7:9)
6. Explosions Rock U.S. Embassy in Yemen; 16 Killed - Fox News
Suspected militants armed with automatic weapons, rocket-propelled grenades and at least one homicide car bomb attacked the U.S. Embassy in Yemen's capital Wednesday, killing six Yemeni guards and four civilians, officials said. Six of the attackers were also killed in what the U.S. called a failed attempt to storm the compound. No American personnel were reported injured in the series of explosions at the embassy's front gate, which were followed by heavy gunfire that lasted about 10 minutes. It was the deadliest attack in years on an American target in Yemen, a poor south Arabian country of 22 million where militants aligned with Al Qaeda have carried out a number of recent strikes. Yemen has long been viewed as a haven for jihadists. It became a special concern for the U.S. in 2000, after Al Qaeda operatives rammed the destroyer Cole.
· Offer praise that no American personnel were killed in this attack, and ask our Lord to bring His comfort to the families of those who lost loved ones in this attack. Continue to offer prayers of protection for all who are serving our country overseas, both in civilian and military positions. Thank God for His angels who do watch over us, 24/7!
· "And He will give His angels charge over thee, to keep thee in all thy ways." (Psalm 91:11)
7. Ex-Cheney aide: Bush won't hit Iran - Jerusalem Post
US President George W. Bush will not attack Iran to halt its nuclear weapons program before his term ends in January, David Wurmser, a key national security adviser to Vice President Dick Cheney up until last year, has told The Jerusalem Post. "No, Bush won't go," Wurmser said when asked whether he thought the US president would want to take military action before he left office.
· Thank God that He promises that, when no man will stand with Israel, He will.
· "Pray for the peace of Jerusalem: they shall prosper that love thee." (Psalm 122:6)
8. Iran worked on long-range nuke missile - Jerusalem Post
The UN nuclear monitoring agency on Tuesday shared intelligence purporting to show that Iran tried to refit its main long-distance missile to carry a nuclear payload, according to diplomats who attended the meeting. Responding to the presentation to the 35-nation board of the International Atomic Energy Agency, a senior US envoy said the information was compelling evidence of such work by the Islamic Republic.
· Continue to pray for President Bush and his advisors as they work to confront this threat from Iran. Pray, too, for delegates at the United Nations, where Iranian President Ahmadinejah is scheduled to speak next Monday, Sept. 22. May they not fall prey to the strong spirit of deception that seems to emanate from this man.Pray!
· "Again I say to you that if two of you agree on earth concerning anything that they ask, it will be done for them by My Father in heaven." (Matt. 18:19)
The Middle East in Focus
The Middle East in Focus This week, for all the headlines cited below, please join us in proclaiming THIS DECREE: Ah, Lord GOD! Behold, You have made the heavens and the earth by Your great power and outstretched arm. There is nothing too hard for You. (Jeremiah 32:17)
1. Kadima members head to polls to elect next party chair - Ha'aretz
Kadima will hold its first-ever primary elections Wednesday to select the replacement for outgoing Prime Minister Ehud Olmert and the third person to chair the party since it was founded by former prime minister Ariel Sharon three years ago.
2. Is Israel preparing an autumn surprise? - Gulf News
The clock is ticking. The demise of the aggressive "do- anything-for-Israel" Bush administration is nearing. The window of opportunity for a US-backed/tolerated Israeli strike on Iran's nuclear facilities may be closing. And as they have done throughout recent years, politicians and pundits are speculating as to whether or not Tel Aviv will present the world with an October/November surprise. Russia's President Dmitry Medvedev is a believer. "We know that certain players are planning an attack against Iran," he said on Friday, while warning that its implementation would endanger the entire world. He also rejected the imposition of further sanctions on Iran, effectively blocking the US pursuit of this option in the UN Security Council.
3. 'Olmert offers PA 98.1% of W. Bank' - Jerusalem Post
Prime Minister Ehud Olmert has discussed with the Palestinians transferring to them 98.1 percent of the West Bank, Channel 2 reported on Sunday evening. The report on the ongoing negotiations was broadcast in advance of Tuesday's planned meeting between Olmert and Palestinian Authority President Mahmoud Abbas. The Prime Minister's Office declined to comment on the news item and said only that many such media reports had been published in the last months regarding the talks
4. Hamas re-elects leaders in quiet ballot - Reuters
Hamas held a secret ballot that re-elected its leaders and did not create a policy change. The secret vote took place last month and was kept quiet for security reasons, said a Hamas official. "The election showed the wonderful face of democracy within Hamas. It was carried out smoothly," said the official. "Our goals are clear and we have a policy that does not change, and that is there can be no recognition of Israel."
5. U.S. Officials Bust Weapons Ring Exporting to Iran - AP
Sixteen foreign nationals and corporations have been indicted on charges of illegally exporting potential military and explosives components to Iran, FOX News has learned.A federal grand jury in Miami returned the 13-count indictment on Sept. 11 and unsealed it on Wednesday. Included in the charges are conspiracy, violations of the International Emergency Economic Powers Act and the United States Iran Embargo, and making false statements to federal agencies in connection with the export of thousands of U.S. goods to Iran.
For all the headlines below, we thank God for the promise of His Word: It is written, "The Lord is on my side; I will not fear: what can man do unto me?" (Psalm 118:6)
1. Clinton cancels anti-Iran rally appearance with Palin
Republican candidate's invite infuriates Clinton camp Former US presidential candidate Sen. Hillary Rodham Clinton on Tuesday backed out of a scheduled appearance next week at a New York rally against Iranian president Mahmoud Ahmadinejad's upcoming visit to the UN after organizers caught her off guard by also extending an invitation to Republican vice presidential candidate Gov. Sarah Palin.
2. Palin Blasts Senate on Energy - AP
GOP VP nominee says voters are coping with 'do- nothing' Senate, vows to achieve energy independence.
3. Palin's E-Mail Account Hacked - AP
In the latest of a series of invasions into Sarah Palin's personal life, hackers have broken into the Republican vice presidential candidate's private e- mail account, and a widely read Web site has published screen grabs from it.Rick Davis, campaign manager for John McCain, released a statement calling the publication a "shocking invasion of the governor's privacy and a violation of law. The matter has been turned over to the appropriate authorities and we hope that anyone in possession of these e-mails will destroy them. We will have no further comment," Davis said.
4. Polls in 5 key states show McCain, Obama close - CNN
New polls in five battleground states that could decide the presidency suggest the fight for the White House between Sens. John McCain and Barack Obama remains a dead heat.[Those states are: Florida, Ohio, Norht Carolina, Wisconsin and Indiana.]
Wall Street and Washington
Crisis of Confidence
"Wall Street is reeling from the failure of icons like Lehman Brothers, Bear Stearns and Merrill Lynch. Just about every night we hear some negative story about how the subprime mortgage crisis is creating an enormous drag on the economy. Just as they did in the immediate aftermath of September 11th, our political leaders in Washington ought to be reassuring the American people that our economy is fundamentally sound, rather than preying on fears and economic anxiety.
"In many ways, this is a crisis of confidence, and reassurances are needed. He's taken flak for doing it, but when President Bush says that the fundamentals of our economy are sound, he's right. Let me share some statistics with you: 98% of banks are solvent. Ninety-four percent of Americans are employed. Ninety-one percent of U.S. mortgages are being paid on time. We are not sharing these statistics to sugar coat what is obviously a severe problem on Wall Street. But in most cases, these are investment banks, which are different than the banks on Main Street where you have your money invested.
"Our current economic problems trace back to a housing bubble, and there is little that the government can do other than let it unwind. In view of that, I don't think candidates and politicians should be making promises they can't keep. The best thing government can do is promote pro-growth policies that empower the entrepreneurial spirit of the American people and then get out of the way." (Excerpted from Gary L. Bauer's End of Day Report 9/16/08)
[Also reported by Intercessors for America]
More on the Financial Crisis
Congress, White House Guilty of Malfeasance toward Citizens of America
The federal government, in all its branches, is perpetrating fraud on the American people by using taxpayer money to bail out failed businesses, by lying to the public about energy development and oil exploration and by becoming a socialist government that redistributes the wealth of the citizens against the provisions of the Constitution. The dictionary describes malfeasance as "the performance by a public official that is legally unjustified, harmful or contrary to law; wrongdoing especially as an in violation of a public trust." Malfeasance comes from the Latin word that means "to do evil."
The Democratic controlled Congress has defrauded the American people by passing an energy bill that claims to allow offshore drilling beyond 50 miles of the coastline--something Americans have demanded as their disposable income is eroded by high gas and oil prices. But even the liberal New York Times wrote that "Republicans and some industry experts contend that little new energy production would result from the legislation, because federal studies have shown that more than 85 percent of known offshore oil reserves are inside the 50-mile mark. The bill would not allow the sharing of royalties from leases with states, something that could decrease the incentive for state governments to allow drilling closer to their costs."
The Republican Bush Administration has consistently and unconstitutionally redistributed wealth by bailing out home mortgage companies, insurance companies and investment firms that have made bad business decisions. After spending billions to seize control of mortgage lenders Fannie Mae and Freddie Mac, the federal government now is spending some $85 billion to seize control of AIG, one of the world's biggest insurers. The government will argue that it is a loan, but it is a loan with the government taking nearly an 80 percent equity position secured by AIG's assets. In other words, the government now owns the mortgage companies that ultimately may hold title to your property and the nation's largest insurer.
The sad thing about all this is that the Democratic leadership says, "Don't blame us" and orders investigations. The Republican leadership points the finger at the Democrats, saying its their failed policies that have caused this mess. Nobody wants to take responsibility. We are a nation in crisis that has elected immoral and dishonest leadership who do not have God at the center of their lives because they don't even know who God is--they say there are many paths to God. Proverbs 14:34 says "Righteousness exalts a nation: but sin is a reproach to any people." We are the generation experiencing the consequences of turning away from God; and only through our prayer and action can it be reversed.
Word of Life Ministry
Sept. 17 - Constitution Day
"The American Minute"
With Bill Federer
"Done...the SEVENTEENTH DAY of SEPTEMBER, in the year of our LORD one thousand seven hundred and eighty seven." This is the last line of the U.S. Constitution.
A study by Professors Donald S. Lutz and Charles S. Hyneman, titled "The Relative Influence of European Writers on Late 18th-Century American Political Thought" published in American Political Science Review, 1984, revealed that after examining nearly 15,000 writings of the 55 writers of the Constitution, including newspaper articles, pamphlets, books and monographs, that the Bible, especially the book of Deuteronomy, contributed 34 percent of all direct quotes made by the Founders.
When indirect Bible citations were included, the percentage rose even higher. Presiding over the Constitutional Convention was George Washington, who wrote ten days after his Presidential Inauguration to the United Baptist Churches of Virginia, May 10, 1789: "If I could have entertained the slightest apprehension that the Constitution framed by the Convention, where I had the honor to preside, might possibly endanger the religious rights of any ecclesiastical Society, certainly I would never have placed my signature to it."