My discourse last week on the economy turned out to be timely considering the recent developments in the banking industry. The old joke was that you couldn't get a loan from a bank unless you could prove you didn't need one. Banks were "conservative" in that they made sure that they conserved their assets. The stock market "crash" of the 1930's occurred because speculators in the stock market were allowed to buy stock on margin, in  effect borrowing by paying a small percentage of the cost of the stock. The trick was to sell when the price of the stock went up making money while never being required to actually pay for the stock.  That was fine until a recession caused a drop in stock prices leaving the speculators owning stock that was worth far less than what they paid for it and having their margin (loans) called in for payment. When the speculators drew all their cash out of the banks they, in turn, failed because there was not enough money available for them to conduct their business since their assets were invested in what people owed them and could not pay. The Buying and selling of stocks are now better regulated so as to avoid the problem, at least to the degree that it could be catastrophic. (Hopefully)

A number of years ago it was the Junk Bond failures that caused the problem. People didn't pay attention to the intrinsic value, or lack thereof, of companies borrowing through the selling of bonds.  A company with little net worth or high debt is forced to offer high interest rates to attract investors in their paper. When the companies failed to meet their obligations the bonds became worthless and the investor not only gets no interest but looses his investment principal as well.

Now it is the mortgage industry that is in trouble. Greedy brokers have stretched the estimated value of real-estate to its limits and beyond in order to convince lenders that there is high value in the property while they have at the same time done their best to convince buyers that they can afford to pay for it using low introductory "flexible " rates or other deceptive practices. Buyers, in the mean time are eager to believe they can have the American dream of home ownership and buy well beyond their actual means. It is an entire community built like a house of cards and when they start to fall, all goes with them including the banks and other lending institutions. The loans are sometimes sold to other lenders and eventually interest rates go up. The borrower can not pay the higher rate and to make matters worse the over valuated property can not be sold in the market or must be sold for less than the amount of the loan.

The basic problem, I think, is that we live in a false economy, built on borrowing. We have, as a society, come to believe that we are somehow entitled to the best of everything and the "good life". So, we borrow to, and beyond, what we anticipate we can eventually pay. We use credit cards and build up high balances, paying interest rates that are out of control. Some blame "Big Business and their "Profit" culture. In my opinion honest profit is the only sound way to run an economy. We had better resurrect the terms "usury", "greed"  and "deception" on the one hand, and "thrift", "honesty", "patience", and "moderation" on the other.

My Father Wrote ...
The first of my father's writings of which I was aware was a poem that my sister Marilyn shared with me after I discovered my Copeland family. I thought The Return  was his only poem and it told me something of my father, something about his feelings when he left the military. But of course I now know know there was much more.  An Ex-Buck's Dream of Heaven  would at first seem to carry the opposite feelings about the military. Change the ranks and it could also be the dream of an ex-sailor. It speaks of the just deserts of those who once held the power over the soldier's military life and his ultimate reward. But the last line reveals the need to belong to the unit, a habit difficult to break. The third selection for this week is Soldier's Prayer. Ah ... for the comforts of home and protection from the discomforts of military life. It is in stark contrast to The Return. Makes one think ... the grass is always greener ... !

In reviewing the book of my father's writings I discovered an error in my "Copeland Family" page. I had recorded his honorable discharge as April of 1923 but it was actually in 1922. This places his marriage to Edith Eloholz. more logically, 8 months after his return to the Cleveland area. I am gradually getting things sorted out. .

I thought I set the alarm but in retrospect I must have just checked the radio to be sure it hadn't drifted off the station as it is apt to do. In any case, my internal alarm cane to the rescue and I awakened with a start just five minutes after the alarm should have sounded. I was quickly dressed and down stairs and after Mikey did his morning duty, the garbage and recycle bins were delivered to the curb in the light cold rain. I knew Barbara would be late because the slightest dampness of the pavement causes wheels to turn more slowly ... as it should. I had plenty of time to put things away so she could clean unencumbered by a lot of "stuff". It is my pre-cleaning cleaning.

After supper I sat down with my coffee to watch the news. A nap took me and I was awakened by the phone. Tom often calls on his way home from work. As he was catching me up on the events of his part of the family I could hear a persistent beeping coming from someplace in the house. I investigated after we finished our conversation and found it to be my alarm clock. I had indeed turned it on but apparently when the change to Daylight Savings occurred, I had reset the alarm to PM instead of AM. Another one of life's mysteries solved! 

Do you have HBO on your cable service? They are featuring a mini-series on the life of John Adams. On my father's side, John Adams was my 2nd cousin, six times removed. That means he was 2 people away from our nearest common ancestor and we are 6 generations apart. I knew little about the man but the first episode of the series revealed him to be the kind of person I like very much, a man of principals, dedicated to the rule of law. He was also adept at using words, an ability much to be admired. To know that we derive from the same ancestors is a bonus. The series is also a source of knowledge of the history of this nation and I love historical entertainment. This series is one that I have set up on my DVR to record both repeat and new episodes so I can watch at my convenience.

On Thursday I found a big surprise in the mail. There was a long letter and some photos from My cousin Diane Simousek Lambert. It had been in the 1940's that I had last seen Diane, her brother John, my uncle John and aunt Antoinette (Tony) on visits to the farm in Indiana.  I had tried to contact my Indiana cousins by mail last year but had no results but of course I didn't know that Diane is now a Lambert. I also had mis-remembered her name thinking it was Marie. Shame on me. The photos Diane sent are below. Click on them for a larger view.

Blanche Jeckmen, Catherin Snyder, Sylvia Plefka, Antonette Simousek	Ed & Diane Lambert at Epcot Center, FL	Lambert (Simoisek) Home - Summer 2007

Diane told me about her children and grandchildren as well as her brother John, touching on many other family things. I can now fill in more of my genealogy chart. These are my cousins ... maybe not in blood but certainly in spirit. They were the family I knew and lost. Her letter awakened memories of my young years. As soon as I saw her name "Diane" my mental block was removed and I heard her name spoken by my parents, other cousins, her parents and myself. She also said she has an interest in genealogy and so I will have to see what she can tell me of the Simousek and Jecmen ancestry as well as that of her mother's parents.  I know I will now be able to add to my life story.

It was an internet search for "Joseph Plefka" that brought he to the Plefka Family page. She had never seen photos of her grandparents so the sharing is a two way street. There is much more. I have only read the letter twice and am sure there is much more to be gleaned from it. Now that the window of communication is open there is much more to bee seen and learned.

I realized why I was to sleep most of the morning away. As has been my custom I went to the Holy Thursday Mass, came home for a while and went back to the chapel for Night Prayer at 11:30. To me this half hour of sung prayer is deeply meaningful. "Come with Me ... Wait with Me".

A Blessed Easter to you all.