Weekend Open Thread—Religion………yikes

I’m very interested in religion and religious views, although I’d prefer to read what others have to say than share my own thoughts……….hah.  Seriously, religion has always been a highly personal thing for me and I don’t generally discuss my views.  In some ways it’s because they’re always evolving so what I say today I may not actually agree with tomorrow and I don’t like to be held to a standard of consistency.  Consistency isn’t something I’m well known for anyway, just ask Scott (that’s a joke btw).

I guess if I were to describe myself religiously it would be as an agnostic who enjoys attending church, but only very specific types of churches and each one for very different selfish reasons.  I also consider agnosticism as a true cop out but there I sit nonetheless.  I’m neither an atheist nor a Christian but I found this article on atheists, and agnostics to a lesser extent, enlightening if you will.

What kind of atheist are you anyway?  I think everyone will recognize me right away but I’m curious about the rest of you atheists.  Number six was my favorite but it’s not me.

6. Ritual Atheist/Agnostic. While you might think the anti-theist is the non-believer type that scares Christians the most, it turns out that it may very well be the Ritual Atheist/Agnostic. This group, making up 12.5 percent of atheists, doesn’t really believe in the supernatural, but they do believe in the community aspects of their religious tradition enough to continue participating. We’re not just talking about atheists who happen to have a Christmas tree, but who tend to align themselves with a religious tradition even while professing no belief. “Such participation may be related to an ethnic identity (e.g. Jewish),” explain researchers, “or the perceived utility of such practices in making the individual a better person.” The  Christian Post clearly found this group most alarming, titling their coverage of this study “Researchers: ‘Ritual’ Atheists and Agnostics Could Be Sitting Next to You in Church,” and giving the first few paragraphs over to concern that people in your very own congregation may not actually believe in your god. The atheism, it seems, might be coming from inside the house (of God).

Another subject that interests me, and one I’ve been reading an awful lot about lately especially in the context of politics, is ageism.  I don’t agree with everything in this piece but I did find it thought provoking.  As a ‘B Word’ boomer it’s always in the back of my mind of course that a lot of us are much worse off financially that we imagined we’d be (not me necessarily) and that we’ve become so reviled (hopefully that’s too strong of a word) by younger generations.  Republicans, and even some Democrats, are certainly using Hillary as an example of someone who is too old to run for President and it’s becoming pretty pervasive so I’m wondering who agrees.  I’m not a Hillary fan, and I’ve stated publicly that I hope she doesn’t run, but it’s only partially because I’d prefer to see someone younger run.

Anyway, I thought this showed a unique perspective on us boomers and you millennials as well.  For the rest of you……meh.  And true to form for my posts, there’s obviously something for everyone to hate in this piece.

It’s corruption, stupid. Like the majority of ’60s radicals, who came from liberal families, millennials feel betrayed by their parents’ generation. Instead of placing the blame on the doorsteps of K Street lobbyists, many see government as the problem.

“Government has obviously become a place where opportunistic people go to get rich,” said a 32-year-old Internet entrepreneur. “Most millennials know only Bill Clinton, who seemed kind of cool until it turned out he was a shill for corporations and the banking lobby, and Bush, who was unabashedly awful as we all know. Then there’s Obama, who seemed great until he turned out to be a lying, spying, bailer-out who gets all his advice from the same lobbyists he promised over and over ‘will not work in my White House.’ ”

That disenchantment is emerging in voting numbers. In 2008, Barack Obama won the 18-29 vote by 34 points. But in 2012, as disappointment with his performance rose, Obama’s edge among these voters dropped to 23 percent. The erosion of support wasn’t lost on Republicans. Like Latinos, the millennials are considered up for grabs in 2016.

Although the feeling of betrayal is understandable, there is something regressive and childlike about ascribing so much power to your parents. Viewing history through the lens of a generation has its limits. Idealists are always flawed, and every generation has its complement of hustlers, toadies and arrivistes. Historical forces larger than the individual determine winners and losers: in this case, globalization, technology, and America’s rise and fall as an imperial power.

And just for fun:

friend

obamacare

Morning Report – Fed Unemployment Forecast 7/12/13

Vital Statistics:

  Last Change Percent
S&P Futures  1669.4 -0.7 -0.04%
Eurostoxx Index 2686.9 5.6 0.21%
Oil (WTI) 105.5 0.6 0.55%
LIBOR 0.268 -0.001 -0.19%
US Dollar Index (DXY) 83.05 0.306 0.37%
10 Year Govt Bond Yield 2.55% -0.03%  
Current Coupon Ginnie Mae TBA 103.9 0.8  
Current Coupon Fannie Mae TBA 103.4 0.1  
RPX Composite Real Estate Index 203 -0.2  
BankRate 30 Year Fixed Rate Mortgage 4.52    

 

Markets are flat this morning after yesterday’s big rally and good earnings reports from JP Morgan and Wells Fargo were offset by a miss from UPS. Bonds and MBS are up small.
 
The Producer Price Index (a measure of inflation at the wholesale level) increased .8% in June, but that was primarily driven by high energy prices. The core came in at .2%. Both readings were ahead of expectations. At 10:00, we will get the preliminary University of Michigan Consumer Confidence Survey for July.
 
The thing that jumped out at me from the Fed Minutes was the downward revision in unemployment expectations. The Fed lowered the 2013 unemployment forecast from 7.4% to 7.25%, they took down 2014 from 6.85% to 6.65% and took down 2015 from 6.25% to 6%. Given that GDP was not revised materially upward leads me to believe that they believe the labor force participation rate will remain low, which could be a drag on the economy. The other thing is that the market has had the expectation that a hike in the Fed Funds rate is going to be a 2015 event. Given that the Fed has given a threshold number for raising the Fed Funds rate of 6.5%, we could be looking at a late 2014 / early 2015 tightening.