Religion Briefs 10/23/13

PTCUMC cancels Trunk or Treat
Peachtree City United Methodist Church has cancelled its Trunk or Treat activity scheduled for Oct. 26. The official statement issued by the church states, “This year’s Trunk or Treat will not take place on Saturday, Oct. 26. We want to apologize for any inconvenience this has caused. We look forward to providing this fun, family event next year.”

Cornerstone Baptist plans yard sale, fair

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via The Citizen http://www.thecitizen.com/articles/10-23-2013/religion-briefs-102313

Note Singing celebration set for Sunday at Holly Grove AME

The Holly Grove AME Church Stewardess Board will host the annual note singing celebration on Sunday, Oct. 27 at 1:30 p.m.

Shape note singing is one of Georgia’s enduring sacred music traditions. Many do not realize that a separate, vibrant tradition exists in African American communities.

African American shape-note singers employ a unique note system, syncopated rhythms, and an emotional singing style that differentiates their music from that of the Sacred Harp tradition.

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via The Citizen http://www.thecitizen.com/articles/10-23-2013/note-singing-celebration-set-sunday-holly-grove-ame

McDonough Road Baptist to host ‘Family Blast’ October 31

McDonough Road Baptist Church in Fayetteville will host a “Fall Family Blast” on Thursday, Oct. 31 beginning at 6 p.m.

“We encourage families to go out and do their trick-or-treating, then come over and enjoy a hot dog, popcorn, drinks and more candy. Then, we’ll show a family-friendly movie on the front lawn, ‘The Lost Medallion,’” said David L. Chancey, pastor.

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via The Citizen http://www.thecitizen.com/articles/10-23-2013/mcdonough-road-baptist-host-%E2%80%98family-blast%E2%80%99-october-31

David Phelps to perform at Harp’s Crossing Baptist Oct. 31

David Phelps, the signature voice of the Grammy-Award-winning Gaither Vocal Band will present Classic in Concert at Harp’s Crossing Baptist Church in Fayetteville on Thursday, Oct. 31, at 7 p.m.

“With his seemingly endless trademark vocal range that extends more than three octaves, David is credited as one of the most spectacular voices of our time,” a spokesperson said.

The married father of four has won two Grammies and is currently nominated for 11 Dove Awards in various categories, including Song of the Year and many performance categories.

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via The Citizen http://www.thecitizen.com/articles/10-23-2013/david-phelps-perform-harp%E2%80%99s-crossing-baptist-oct-31

Community Servant weekend activities start Friday at COS

Christ our Shepherd Lutheran Church in Peachtree City will host its fifth annual Community Servant weekend Oct. 25-27 with many services and activities offered.

On Friday , Oct. 25, the church will hold a blood drive in the fellowship hall from 3:30 – 8 p.m. Flu shots will be given in Room 214 at 6 p.m. for a cost of $25.99. Medicare and several insurance plans are accepted.

On Saturday, Oct. 26, three services will be offered.

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via The Citizen http://www.thecitizen.com/articles/10-23-2013/community-servant-weekend-activities-start-friday-cos

Roethel installed as vicar of Church of the Holy Cross

On Sept. 15, the Rev. Father Robert Roethel was installed as the vicar, or pastor, of Fayetteville’s Church of the Holy Cross by the Most Rev. David Epps, Bishop of the Diocese of the Mid-South.

Roethel was born and raised in St. Joseph, Mich.. He was a member of Saron Lutheran Church where he was baptized and confirmed.

After graduating high school in 1980 he attended Tri-State University in Angola, Ind. where he earned a bachelor of science degree in chemical engineering.

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via The Citizen http://www.thecitizen.com/articles/10-23-2013/roethel-installed-vicar-church-holy-cross

Dogwood Church will offer holiday GriefShare seminar

Dogwood Church in Tyrone will offer GriefShare – Surviving the Holidays, a seminar, Wednesday, Nov. 20, from 7-9 p.m. The group will meet in the Atrium area of the church office.

The video presentation offers suggestions on how to handle hard-hitting emotions during the holiday season, what to do about family traditions, how to scale back on activities and holiday preparations, and where to find the strength to go on.

“I learned that it’s okay not to carry on every tradition, and it’s okay to cut back on invitations,” shared a seminar attendee.

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via The Citizen http://www.thecitizen.com/articles/10-23-2013/dogwood-church-will-offer-holiday-griefshare-seminar

Albert Edwards: “At A Record High Median Price To Sales Ratio” There Is “Nothing Worth Buying”

Spoiler alert: Albert Edwards is not exactly bullish. Perhaps like Rosenberg, he too needs to spend a weekend or two on the Ray Dalio ranch.

First on China:

Chinese policy makers are locked in the same old failed credit simulative policies as the west to keep growth going. Indeed, the Chinese GDP ship appears to be steaming ahead in Q3 at a very respectable 7.8% yoy rate. This is the big message the markets have consumed. But look at the ship closely from the front or rear and you can see the ship increasingly rocking violently from side to side while still making forward progress. And are those Chinese policy makers that can be seen manically running from one side in an attempt to keep the ship from foundering? This is a totally unsustainable situation in my view. But again, no-one is listening.

And next, the US:

Only the brave can react to what they see and leave the markets. The global macro looks an appalling mess and even more importantly, long-term equity investors can find nothing worth buying. For equity investors we are closer to 2007 than 2001 as the vast bulk of the equity market, as represented by the median PE, PB or Price/Sales, is expensive. The US median price/sales ratios is at a record high, indicating that there is practically nothing cheap in the equity market left to buy.

 

Dear Albert: our condolences; the reason no-one is listening is because a comic term we came up with, namely BT(M)FATH, has become a daily investment strategy. And as long as the Fed allows that kind of idiocy to coninue, nobody will listen. Why should they?

In conclusion, here’s J.Paul Getty:

For as long as I can remember, veteran businessmen and investors – I among them – have been warning about the dangers of irrational stock speculation and hammering away at the theme that stock certificates are deeds of ownership and not betting slips… The professional investor has no choice but to sit by quietly while the mob has its day, until the enthusiasm or panic of the speculators and non-professionals has been spent. He is not impatient, nor is he even in a very great hurry, for he is an investor, not a gambler or a speculator. The seeds of any bust are inherent in any boom that outstrips the pace of whatever solid factors gave it its impetus in the first place. There are no safeguards that can protect the emotional investor from himself.”


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/aogEXH8kSYY/story01.htm Tyler Durden

Albert Edwards: "At A Record High Median Price To Sales Ratio" There Is "Nothing Worth Buying"

Spoiler alert: Albert Edwards is not exactly bullish. Perhaps like Rosenberg, he too needs to spend a weekend or two on the Ray Dalio ranch.

First on China:

Chinese policy makers are locked in the same old failed credit simulative policies as the west to keep growth going. Indeed, the Chinese GDP ship appears to be steaming ahead in Q3 at a very respectable 7.8% yoy rate. This is the big message the markets have consumed. But look at the ship closely from the front or rear and you can see the ship increasingly rocking violently from side to side while still making forward progress. And are those Chinese policy makers that can be seen manically running from one side in an attempt to keep the ship from foundering? This is a totally unsustainable situation in my view. But again, no-one is listening.

And next, the US:

Only the brave can react to what they see and leave the markets. The global macro looks an appalling mess and even more importantly, long-term equity investors can find nothing worth buying. For equity investors we are closer to 2007 than 2001 as the vast bulk of the equity market, as represented by the median PE, PB or Price/Sales, is expensive. The US median price/sales ratios is at a record high, indicating that there is practically nothing cheap in the equity market left to buy.

 

Dear Albert: our condolences; the reason no-one is listening is because a comic term we came up with, namely BT(M)FATH, has become a daily investment strategy. And as long as the Fed allows that kind of idiocy to coninue, nobody will listen. Why should they?

In conclusion, here’s J.Paul Getty:

For as long as I can remember, veteran businessmen and investors – I among them – have been warning about the dangers of irrational stock speculation and hammering away at the theme that stock certificates are deeds of ownership and not betting slips… The professional investor has no choice but to sit by quietly while the mob has its day, until the enthusiasm or panic of the speculators and non-professionals has been spent. He is not impatient, nor is he even in a very great hurry, for he is an investor, not a gambler or a speculator. The seeds of any bust are inherent in any boom that outstrips the pace of whatever solid factors gave it its impetus in the first place. There are no safeguards that can protect the emotional investor from himself.”


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/aogEXH8kSYY/story01.htm Tyler Durden

Italian Bank Stocks Tumble On Draghi Threat He “Won’t Hesitate To Fail Banks”

Across the board, we are seeing European bank stocks (most notably Italian) trading halted. The 5-7% plunge in prices – just when everyone is proclaiming victory in Europe – reflects an apparent concern that the tougher-than-expected European bank stress-tests will expose the Italian banks for the bloated sovereign debt issuance soaks that they have become. As Draghi himself noted, in a desparate plea to maintain some credibility "banks do need to fail" to prove the credibility of the exercise, adding "if they do have to fail, they have to fail. There’s no question about that.". Spain is also under pressure and it would appear the "smart"money that chose to catch some knives in Greek banks may just lose more than one finger…

 

 

and here are Goldman's views on the stress tests…

 

ECB releases AQR/test parameters
Today, October 23, the ECB released its Note on Comprehensive Assessment, laying down key parameters governing the Asset Quality Review (“AQR”) and stress-test (“test”) processes.

Hurdle rate parameters: mixed

(1) Hurdle rate definition: below expectations. Fully phased BIII hurdle not used – instead, ECB chose phase-in, at two dates: (1) the AQR will be based on January 1, 2014 “phase-in” (a large difference to fully phased BIII), whereas (2) the stress-test will be based on either 2016 or 2017 phase-in (closer proxy to fully phased).

 

(2) Level of hurdle: 8% phase-in. This is broadly comparable to a 7% fully phased BIII, but only on the stress-test hurdle (so, January 1, 2017) and for the banks that do not rely on state-aid capital.

 

(3) Leverage ratio: an overlay, but definition unclear. In our view, this meets market expectations.

 

(4) RWAs: using adjusted rather than reported; positive, in our view.

 

AQR parameters: positive

(5) Broad scope of AQR, with a wide focus including all problematic areas of assets; positive.

 

(6) Outcome of AQR: a fully standardized and comparable NPL definition, in line with EBA guidance; positive.

Scope of exercise: includes 124 banks
We see the list of banks subject to AQR/test – which includes all German Landesbanken, one Sparkasse – as positive.

ECB makes a positive start – execution is key
All in, we see the release of key parameters as a positive start. Ultimately, however, it will be the execution, the details and, importantly, the willingness of the ECB to be an “intrusive supervisor” that will determine the success of this exercise. With parameters close to Survey expectations, we now believe a number of failures (survey expectation: #11) and meaningful recapitalizations (survey expectations: €75 bn) are a more realistic outcome, especially in the non-listed portion of the bank list.

 

Survey findings:

 

and compared to expectations, the tests "look" tougher…

 

Moar Bail-Ins?


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/PcewxLCBFuw/story01.htm Tyler Durden