WASHINGTON (AP) -- The government is considering a plan that would help around 3 million homeowners avoid foreclosure, sources briefed on the matter said.
A final deal had not been reached as of Wednesday afternoon and negotiations could still fall apart, but government agencies were contemplating using around $50 billion from the recently passed bailout of the financial industry to guarantee about $500 billion in mortgages.
The plan could include loan modifications that would lower interest rates for a five-year period, according to two people briefed on the plan, who asked not to be identified because details were still being worked out and the plan was not yet public.
The plan would be the most aggressive effort yet to limit damages from the U.S. housing recession, which has shaken global credit markets.
More than 4 million American homeowners with a mortgage were at least one payment behind on their loans at the end of June, and 500,000 had started the foreclosure process, according to the most recent data from the Mortgage Bankers Association.
The government's program would be run by the Federal Deposit Insurance Corp. The agency's chairman, Sheila Bair, said last week she was working "closely and creatively" with the Treasury Department on such a plan, but revealed few details.
Andrew Gray, an FDIC spokesman, said it would be "premature to speculate about any final framework or parameters of a potential program."
Treasury Department spokeswoman Jennifer Zuccarelli called details of the loan modification plan "simply inaccurate." She said the Bush administration "is looking at ways to reduce foreclosures, and that process is ongoing," but has not decided on a final approachCriticism growingBorrower frustration is growing over the government's existing assistance programs, which critics say have been too slow and small in scope to have much impact on soaring foreclosures.On Wednesday, about 100 demonstrators marched in front of the headquarters of Fannie Mae (FNM, Fortune 500), and forced a mid-afternoon meeting with the company's chief executive, Herbert Allison.
Some held signs that read "Restructure our loans now," "Fannie Mae destroys lives" and "Foreclose on Fannie Mae."
Bruce Marks, chief executive of the Boston-based Neighborhood Assistance Corp. of America, called on Fannie Mae to adopt a program similar to the one the FDIC put in place at failed IndyMac Bank of Pasadena, Calif. Borrowers there are getting interest rates of about 3 percent for five years.
After the meeting, which included Allison and other top managers, company spokeswoman Amy Bonitatibus said "we agreed to continue to meet with them and work together on foreclosure prevention." Allison and other top executives
Over the past 10 weeks, Fannie Mae says it has received more than 40,000 defaulting loans and stopped 80 percent of them from going into foreclosure.
After meeting with Allison, Marks said the chief executive "understands the issue of making these mortgages affordable over the long term."
Last month, the government seized control Fannie Mae and Freddie Mac (FRE, Fortune 500), the two biggest U.S. mortgage finance companies, with a rescue plan that could require the Treasury Department to inject as much as $100 billion into each to keep them afloat.
It was unclear Wednesday what role Fannie and Freddie would play in the government's sweeping plan to help millions of American homeowners. But lawmakers on Capitol Hill want the companies to take a more aggressive approach.
Sen. Christopher Dodd, D-Conn., the chairman of the Senate Banking Committee said in a statement that "federal agencies and financial institutions must do more to modify the mortgages they hold in order to stop foreclosures and help families keep their homes."
By guaranteeing millions of mortgages, the government could help restore confidence in the market for securities backed by mortgage loans. That was where the global credit crisis started, leading to this month's dramatic stock market plunge.
As a surprising number of homeowners began defaulting on their loans, investors could no longer put a value on the securities which were backed by pools of mortgages. So trading of these securities froze, sending shock waves through the financial industry.
Wednesday, 29 October 2008
Government near home loan bailout
Fed cuts rates and gives grim view
NEW YORK (CNNMoney.com) -- The Federal Reserve cut a key short-term interest rate by a half-percentage point Wednesday and issued a gloomy outlook for the economy due to continued worries about the ongoing crisis in the financial and credit markets.
The rate cut put the central bank's federal funds rate at 1%. That matched the lowest level for this overnight bank lending rate ever -- the last time it was at 1% was from June 2003 to June 2004.
Investors had been expecting a half-point cut and some were betting that the Fed would even cut rates by three-quarters of a point to 0.75%.
Major U.S. stock indexes, which had been higher ahead of the Fed's decision, fell after the announcement and finished mostly lower following a wild afternoon of trading.
The fed funds rate is used to set rates for a wide variety of consumer loans, including home equity lines and credit cards, as well as for many business loans. The lower the rate, the more the Fed hopes to spur economic activity.
The Fed said in a statement that it was concerned about the drop-off in consumer and business spending due disruptions in the credit markets and warned that the economic slowdown is likely to get worse.
"The intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit," the central bank said in its statement.
Economists generally agreed this is the Fed's most grim assessment of the economy since the Fed started issuing statements with interest rate decisions in 1995.
"They go through a litany of all these problems," said Gus Faucher, director of macroeconomics, Moody's Economy.com. He added that he thinks this statement is the Fed's way of indicating that the U.S. is already in a recession and that the economy will remain weak well into 2009.
This is the ninth time that the central bank has lowered rates since September 2007 in an effort to deal with the problems in the U.S. economy and credit markets. The decision to lower rates was unanimous.
The Fed also lowered its discount rate by a half-percentage point to 1.25%. That is the rate at which it lends directly to banks and Wall Street firms.
In its statement, the Fed also appeared to concede that the rate cuts and a number of other actions it has taken to pump hundreds of billions of dollars into the credit markets would not lead to an immediate return of economic growth.
The Fed projected improved credit markets and a return of moderate growth "over time." And it warned that "downside risks to growth remain.
Will Fed go below 1%
The Fed's grim view of the economy is expected to be reinforced Thursday morning when the Commerce Department issues its first reading on gross domestic product, the broadest measure of the nation's economic activity, for the third quarter.
Economists surveyed by Briefing.com forecast that GDP declined by 0.5% annually after jumping 2.8% in the second quarter. If the GDP number is negative, it would be only the fifth quarter in more than 17 years that has happened.
Faucher said he believes that the risk of further weakening in the economy, coupled by the unanimous vote, is a signal that the Fed is not done lowering rates yet. He's predicting another half-point cut, to 0.5%, at its next scheduled meeting on December 16.
Kurt Karl, chief economist at Swiss Re, is also looking for another half-point cut by the end of the year.
"In aggressively cutting rates, the Fed is signaling its willingness to do what it takes to stabilize financial markets," he said.
But other economists expressed fears that the Fed has already left itself with limited ability to respond to future problems by taking rates this low.
"Now they're running low on ammunition," said Rich Yamarone, director of economic research at Argus Research. "They look like Barney Fife with one bullet left. That's not too encouraging."
Other economists agreed, saying they believe Fed policymakers would prefer to not cut rates below 1%.
"I don't think there's anything to prohibit them from going under 1%, but there also is probably not a great deal of urgency on their part to bring rates lower," said Keith Hembre, chief economist First American Funds.
One economist questioned whether rate cuts really can make much difference since the current credit crunch is limiting the availability of funding. The problem isn't that loans are expensive. Banks are simply unwilling to lend.
"The latest Fed move is not going to hasten the economic recovery by a single day or accelerate the cleansing of bank balance sheets," said Bernard Baumohl, executive director of The Economic Outlook Group. "What is needed more than anything else at this stage is simply patience.
The Fed's previous cut was an emergency half-point reduction on Oct. 8. Six other central banks around the globe also lowered rates that day in a coordinated move.
The European Central Bank and the Bank of England are scheduled to meet next on Nov. 6. Those central banks have significantly higher benchmark rates, with the ECB now at 3.75% and the Bank of England at 4.5%.
While rate cuts are traditionally the key tool the Fed uses to stimulate the U.S. economy, it has had to take other steps to address the current credit crisis.The Fed has loaned hundreds of billions of dollars to banks through a new lending facility and is starting to loan money directly to major businesses by purchasing commercial paper, which is what some banks and businesses use as their primary method to fund day to day operations.
By Chris Isidore,
Don't fear a hike in insurance premiums
NEW YORK (CNNMoney.com) -- With the government effectively taking over American International Group, the nation's largest insurer, there's reason to be concerned about the health of the insurance industry.
Tuesday's $85 billion rescue of AIG (AIG, Fortune 500) isn't the only problem facing the insurance industry. AIG and other insurers also have to deal with billions of dollars in damage caused by Hurricanes Gustav and Ike in the past few weeks.
But experts are quick to point out that the financial woes facing AIG shouldn't have any impact on the company's policyholders. In addition, while the hurricanes may lead some insurers to raise their premiums, or the fee you pay for insurance coverage, most industry watchers think the increases will be modest.
Insurance policies are safe
First, here's what you need to know if you're an AIG customer.
On Tuesday, AIG issued a statement to reassure policyholders that they remain fully covered by AIG subsidiaries.
"These companies are well capitalized and meet or exceed local regulatory capital requirements. The companies continue to operate in the normal course to meet obligations to policyholders," AIG said in a statement.
Insurance policies are fully backed by state guaranty associations up to a certain amount (determined on a state-by-state basis), which covers life insurance as well as property and casualty insurance.
That means that consumers should not worry that their auto and homeowner policies are in jeopardy. (For more about how AIG's bailout may effect you, click here.)
Premiums unlikely to rise by much
Experts did say, however that AIG and other insurers may have to raise their premiums in the future. But that's probably more of a byproduct of this year's hurricane season and not AIG's collapse.
"There could very well be increases because of catastrophic losses from hurricanes and things of that kind," said Joseph Belth, professor emeritus of insurance at Indiana University and editor of The Insurance Forum, an insurance industry newsletter.
Generally, increases are felt in the areas where the hurricane exposure is greatest, Belth said. But even policyholders in areas not hit by hurricanes could be asked to pay a higher premium when their policy is up for renewal, which is typically once a year.
That's because "the insurance company may try to spread it out somewhat," Belth said.
While it's still too early to estimate the total amount of damage caused by this year's hurricane season, it's unlikely that it will be enough to cause a dramatic rise in insurance premiums across the board.
"The property and casualty insurance industry has gone through record years of profits," said Robert Hunter, Director of Insurance for the Consumer Federation of America, "so the leverage ratios are the safest ever."
In addition, rates are calculated over an extended period of time, explained Ed Domansky, spokesman for the Florida Office of Insurance Regulation. "One particular season is not going to impact policyholders' premiums," he said.
Finally, insurance companies cannot just raise rates at will, according to Michael Barry, a vice president at the Insurance Information Institute.
"Insurers require the approval of their regulator in order to raise rates," he explained, adding that getting such approval is a long and complicated process overseen by state insurance commissioners.
Even though experts agree that the industry's woes are unlikely to affect the average consumer, those that do discover a rate increase in their next renewal notice should take that as an opportunity to shop around for a new insurer.
"Other companies may not be raising rates as much as yours," Hunter said.
By Jessica Dickler
Tuesday's $85 billion rescue of AIG (AIG, Fortune 500) isn't the only problem facing the insurance industry. AIG and other insurers also have to deal with billions of dollars in damage caused by Hurricanes Gustav and Ike in the past few weeks.
But experts are quick to point out that the financial woes facing AIG shouldn't have any impact on the company's policyholders. In addition, while the hurricanes may lead some insurers to raise their premiums, or the fee you pay for insurance coverage, most industry watchers think the increases will be modest.
Insurance policies are safe
First, here's what you need to know if you're an AIG customer.
On Tuesday, AIG issued a statement to reassure policyholders that they remain fully covered by AIG subsidiaries.
"These companies are well capitalized and meet or exceed local regulatory capital requirements. The companies continue to operate in the normal course to meet obligations to policyholders," AIG said in a statement.
Insurance policies are fully backed by state guaranty associations up to a certain amount (determined on a state-by-state basis), which covers life insurance as well as property and casualty insurance.
That means that consumers should not worry that their auto and homeowner policies are in jeopardy. (For more about how AIG's bailout may effect you, click here.)
Premiums unlikely to rise by much
Experts did say, however that AIG and other insurers may have to raise their premiums in the future. But that's probably more of a byproduct of this year's hurricane season and not AIG's collapse.
"There could very well be increases because of catastrophic losses from hurricanes and things of that kind," said Joseph Belth, professor emeritus of insurance at Indiana University and editor of The Insurance Forum, an insurance industry newsletter.
Generally, increases are felt in the areas where the hurricane exposure is greatest, Belth said. But even policyholders in areas not hit by hurricanes could be asked to pay a higher premium when their policy is up for renewal, which is typically once a year.
That's because "the insurance company may try to spread it out somewhat," Belth said.
While it's still too early to estimate the total amount of damage caused by this year's hurricane season, it's unlikely that it will be enough to cause a dramatic rise in insurance premiums across the board.
"The property and casualty insurance industry has gone through record years of profits," said Robert Hunter, Director of Insurance for the Consumer Federation of America, "so the leverage ratios are the safest ever."
In addition, rates are calculated over an extended period of time, explained Ed Domansky, spokesman for the Florida Office of Insurance Regulation. "One particular season is not going to impact policyholders' premiums," he said.
Finally, insurance companies cannot just raise rates at will, according to Michael Barry, a vice president at the Insurance Information Institute.
"Insurers require the approval of their regulator in order to raise rates," he explained, adding that getting such approval is a long and complicated process overseen by state insurance commissioners.
Even though experts agree that the industry's woes are unlikely to affect the average consumer, those that do discover a rate increase in their next renewal notice should take that as an opportunity to shop around for a new insurer.
"Other companies may not be raising rates as much as yours," Hunter said.
By Jessica Dickler
Starting from the education business
Many complained that to open a business opportunity is not there. This is a classic complaint that can not be with us again. Indeed, to start a business we can do with a variety of ways, one with the education that we have. Jerry Yang and David Filo, the founders of Yahoo start a business with education. They are students from Stanford University. Yahoo started from the back parking lots is now growing rapidly. Jerry Yang and David Filo started the business from small and simple. Jerry Yang describes the discovery that Yahoo is "an accident" when he and Filo tesisnya complete. Filo and that this launch Yahoo when they sit in the universities, before they complete studies. They start doing business with the listing several web sites that they like and write some software that allows a website to get other web sites that will be placed on a web portal called. At the time established in 1994, named Terry's Guide To The World Wide Web. When they know that their sites visited by people from 90 countries, spontaneously say "Yahoo" and finally the words that are used to name their company. In 1999, Yahoo reach star status. Net income in quadruplicate fourth quarter of 57.6 million dollars, while revenue jump from 91 million dollars into 201 million dollars. Now, Yahoo is the best portal in 2002.
Wednesday, 22 October 2008
Leaders of the Whole part 2
Love Mahatma Gandhi used to lead the 3 billion people of India to obtain independence. He Sudra love people who suffer, not only by accepting them as members of the family, he even willingly entrust the lives of struggling remove the caste differences and move the nation to India just against each other. Gandhi loves children unadorned and always had time to play with children , he also likes carrying the baby, kiss and fondle their own heart, such as fruit. After the evening prayer children like sorround them. After the adult children is difficult to accept the fact that parents are indulgent this is Mr. Independence India. He also love the enemy and believe that each person basically just still closed. He thought, when words are not able to weaken the opponent, then at least plainness, humility, honesty and will make people so compassionate opponent compassion will be put on patience, and far away the mind and one will not happen to kill each other. In addition to not want to harm the enemy, Gandhi also thinking better themselves so that the suffering of both parties have mutually antagonistic. Death is very ironic that tells us that sincerity and goodwill alone will not be able to help each other keep the pressure, colonialism, to kill each other, hatred and actions of the sadist. Dicintainya split the country split, noted that the farmers remain poor. Fire in the war-earth, not receding receding, foot luxury giant step on the poor who complain. Love is there, but the largest part to other people and a few to self. So write Kwok Yuen Sunday in a book Mahatma Gandhi.
Leaders of the Whole part 1
"Since 1918, when World War I introduced the use of IQ test in a massive army of the candidates the United States. IQ scores average in the United States has increased 24 points and also tercata similar increase in advanced countries worldwide. Reasons for the increase ranging between better nutrition, more children who had a high level of education completed. The existence of computer games and puzzles game that helps children possess skills to the more intensive small number of family members, who generally berkolerasi with high IQ scores in children. From the results of large-scale survey of teachers and parents indicates that children's generation is now more often experiencing emotional problems than the previous generation. Children are now grown in the Average lonely and depressed, more angry easily and more difficult to manage, more nervous and tend to panic, more impulsive and aggressive "said Daniel Goleman.
Around the early 1970s, student demonstrate on the montaint high global war against Vietnam, a librarian at a U.S. office. Information Agency abroad to receive bad news. A group of students threaten to burn the libraries. Pulitzer librarian has some friends among the students who issued the threat. The reaction initially appear naive or incompetent or both. He invited the group to use the library for some of their meetings. He also invites United States citizens that the country concerned to attend to listen to them, then there was a dialogue rather than confrontation. Librarian are demonstrating their skills as a negotiator, or agents of peace, which is very powerful, is able to read the situation and it is one which is the ability of emotional intelligence (EQ).
According to Danah Venus and Ian Marshall, IQ and EQ separately or together, not enough to explain the overall complexity of human intelligence and also yaan life and imaginary. Computers have a high IQ, because you know the rules and follow them without one. Many animals have a high EQ, because it can identify the typical situations and know how to respond to the situation appropriately. However, computer and the animals did not ask why we have rules or situation, or whether the rules or situations that can be changed or improved. Leaders need spiritual intelligence (SQ), which can make their IQ and EQ. Intelligence and spiritual intelligence is to face and solve the issue of the meaning and values, namely to put the intelligence and behavior, a leader in the context of the broader meaning and rich, to assess intelligence that the action or the way someone's life has meaning compared with other people.
Spritual values of the common spiritual, among others: truth, honesty, simplicity, concern, cooperation, freedom, peace, love, understanding, good charity, responsibility, sense of grace, integrity, confidence, probity, modesty, loyalty, alertness, dignity, courage, unity, gratitude, humor, perseverance, patience, justice, equality, balance, sincere, wisdom, and fortitude.
oleh:M. Suyanto
Around the early 1970s, student demonstrate on the montaint high global war against Vietnam, a librarian at a U.S. office. Information Agency abroad to receive bad news. A group of students threaten to burn the libraries. Pulitzer librarian has some friends among the students who issued the threat. The reaction initially appear naive or incompetent or both. He invited the group to use the library for some of their meetings. He also invites United States citizens that the country concerned to attend to listen to them, then there was a dialogue rather than confrontation. Librarian are demonstrating their skills as a negotiator, or agents of peace, which is very powerful, is able to read the situation and it is one which is the ability of emotional intelligence (EQ).
According to Danah Venus and Ian Marshall, IQ and EQ separately or together, not enough to explain the overall complexity of human intelligence and also yaan life and imaginary. Computers have a high IQ, because you know the rules and follow them without one. Many animals have a high EQ, because it can identify the typical situations and know how to respond to the situation appropriately. However, computer and the animals did not ask why we have rules or situation, or whether the rules or situations that can be changed or improved. Leaders need spiritual intelligence (SQ), which can make their IQ and EQ. Intelligence and spiritual intelligence is to face and solve the issue of the meaning and values, namely to put the intelligence and behavior, a leader in the context of the broader meaning and rich, to assess intelligence that the action or the way someone's life has meaning compared with other people.
Spritual values of the common spiritual, among others: truth, honesty, simplicity, concern, cooperation, freedom, peace, love, understanding, good charity, responsibility, sense of grace, integrity, confidence, probity, modesty, loyalty, alertness, dignity, courage, unity, gratitude, humor, perseverance, patience, justice, equality, balance, sincere, wisdom, and fortitude.
oleh:M. Suyanto
Learning from Mark Zuckerberg
Mark Elliot Zuckerberg is a young Entrepreneurs ranked first in the world under the age of 30 years and is the latest technology, the golden child who was born on 14 May 1984 in White Plains, New York from the United States-Jewish ancestry and grew up in Dobbs Ferry, New York.
Now living in Palo Alto, California. He is the son of a dentist and schools in Ardsley High School and then at Philips Exeter Academy and towards the finish recruited by Microsoft and AOL to a project-hacking. In 2006, he received at Harvard University. At Harvard, as a computer programmers, he continued to create projects that the first "Coursmatch" that allow students to see the list of students in one class the same. Next project, Facemash.com which is a specific picture rating site similar to the Harvard Hot or Not. The site online for four hours before Zuckerberg internet access revoked by the office of the administration. Computer services department to bring before the Administrative Board of Harvard University, he allegedly violated computer security and violate privacy rules and intellectual property rights.
Zuckerberg launched Facebook from Harvard dormitory space on 15 February 2004 and assisted Harvardnya Andrew McCollum success at Harvard and 2 / 3 of students to become members in the first two weeks. Zuckerberg then decided to expand to other universities, and assisted friends sekamarnya Dustin Moskovitz and Hughes Crish expand to Stanford University, Columbia University and Yale University, and other Ivy League colleges and universities in Boston. In early summer, Facebook has diluncurka at 55 universities.
At the end of October 2007, Microsoft purchased 1.6% share price by $ 240 million, the estimated wealth Facebook reached $ 1.5 billion. Some analysts and investors, a small part of Facebook estimate that the value of the company's far lower than that predicted. On 6 November 2007, Zuckerberg announced that the social system of advertising in a new activity in New York and given the name of Beacon, which allows people to share information with Facebook, based on i browsing activity on other sites. EBay and the seller Fundango join to sell their products through Facebook. I let them know what they are selling through the Facebook news feed as a list of products sold. On December 1, 2007, the credibility of the Facebook Beacon program further tested when fed by The New York Times "basic accusations" the lie to Mark Zuckerberg newspaper pullout and the Coca-Cola with the same impression. On 5 December 2007, Zuckerberg wrote a blog news on the Facebook Beacon to apologize and provide convenience to users to determine the exit from the service ..
Facebook currently has more active users from 66 million and sales growth is estimated to reach $ 150 million. Zuckerberg is the origin of the United States businessman who became wealthy in a relatively young age because they successfully establish and develop a social network site Facebook with the help of a friend Harvardnya Andrew McCollum, and this time he served as founder and CEO of Facebook. Forbes billionaire as of the record, on their own business and not because of heritage, which was recorded in history. Its riches is about one half billion U.S. dollars.
Now living in Palo Alto, California. He is the son of a dentist and schools in Ardsley High School and then at Philips Exeter Academy and towards the finish recruited by Microsoft and AOL to a project-hacking. In 2006, he received at Harvard University. At Harvard, as a computer programmers, he continued to create projects that the first "Coursmatch" that allow students to see the list of students in one class the same. Next project, Facemash.com which is a specific picture rating site similar to the Harvard Hot or Not. The site online for four hours before Zuckerberg internet access revoked by the office of the administration. Computer services department to bring before the Administrative Board of Harvard University, he allegedly violated computer security and violate privacy rules and intellectual property rights.
Zuckerberg launched Facebook from Harvard dormitory space on 15 February 2004 and assisted Harvardnya Andrew McCollum success at Harvard and 2 / 3 of students to become members in the first two weeks. Zuckerberg then decided to expand to other universities, and assisted friends sekamarnya Dustin Moskovitz and Hughes Crish expand to Stanford University, Columbia University and Yale University, and other Ivy League colleges and universities in Boston. In early summer, Facebook has diluncurka at 55 universities.
At the end of October 2007, Microsoft purchased 1.6% share price by $ 240 million, the estimated wealth Facebook reached $ 1.5 billion. Some analysts and investors, a small part of Facebook estimate that the value of the company's far lower than that predicted. On 6 November 2007, Zuckerberg announced that the social system of advertising in a new activity in New York and given the name of Beacon, which allows people to share information with Facebook, based on i browsing activity on other sites. EBay and the seller Fundango join to sell their products through Facebook. I let them know what they are selling through the Facebook news feed as a list of products sold. On December 1, 2007, the credibility of the Facebook Beacon program further tested when fed by The New York Times "basic accusations" the lie to Mark Zuckerberg newspaper pullout and the Coca-Cola with the same impression. On 5 December 2007, Zuckerberg wrote a blog news on the Facebook Beacon to apologize and provide convenience to users to determine the exit from the service ..
Facebook currently has more active users from 66 million and sales growth is estimated to reach $ 150 million. Zuckerberg is the origin of the United States businessman who became wealthy in a relatively young age because they successfully establish and develop a social network site Facebook with the help of a friend Harvardnya Andrew McCollum, and this time he served as founder and CEO of Facebook. Forbes billionaire as of the record, on their own business and not because of heritage, which was recorded in history. Its riches is about one half billion U.S. dollars.
Spiritual Leader in Business
In the book, SQ: Spiritual Intelligence-The Ultimate Intelligence, Danah Zohar and Ian Marshall told about a businessman from the United States and Mexico fishermen. Employers praised the United States that the fishermen and asked how long the time needed for catching it. Mexican fishermen said, “Only a moment.” American businessman was asked “Why do not you stay at sea longer to get more fish?”. “Fishing is already sufficient to meet the needs of my family” responsibility of the fishermen. “But, what you do with the rest?” Ask the United States businessmen. Mexican fishermen said “I sleep soluble, while fishing, playing with my children, sleep with my wife, walking to the village every night to sip wine and play guitar with my friends. I have a life full and busy, and Senior. ” American businessman is mocking, “I am a Harvard MBA graduates and can help you. You should use the time to catch more fish. With profits from there, you can buy a larger boat. Results from a larger boat you can buy some of the boat again. In the end, you will have a fleet of fishing boats. Rather than sell the catch to the middleman, you can sell directly to the fish-processing factory, and finally, you can open your own canning business. You will control the product, processing and distribution. Later, you must leave the small coastal village and move to Mexico City, then to Los Angeles, and finally, to New York, and you will run the company’s own growing. “Then the Mexican fishermen said that” Senior However, how long the time needed for this? “. American businessman said “Fifteen to twenty-five years.”
According to Danah Venus and Ian Marshall, American businessman in the story is stupid in the spiritual, while Mexican fishermen is intelligent in the spiritual. The fishermen have the understanding that the purpose of intelligent life on their own, which deems important, motivasinya own in the most. He was a lifestyle that can meet the needs of himself and his family, he was taking time for things that are meaningful for him, he felt peaceful, he concentrated. In the United States businessmen, children from the culture stupid in the spiritual, ambitious, he must achieve something for the achievement itself, with motivation gives life a deep, he has ambitions to absorb the meaning, only the ideals that he learned at Harvard. Fishermen that will likely be long and died with a peaceful, while the businessmen will be affected by heart attacks, died with the blues, because they do not successfully reach the factory that was converted.
The level of spiritual intelligence of Mexican fishermen are the new lowest levels of spiritual intelligence, that is meaningful nautical himself and his family. Levels of intelligence is both the spiritual meaning for the community and the highest mean for God, life is solely for worship to God. Prophet Mohamed divide time into three parts. One third for the Lord, one third for the community and one third for the family. Ite r.a. said, “The existence of the Prophet s.a.w. awake nights praying to split his feet, then I thought: Why do so when God forgive the sins of the past and the future? “Answer the Prophet” is not for me to be a servant grateful to Him. ”
In leading the Prophet Muhammad is beloved friend. God made him a leader in those tools and those past. He makes his friends as well as the friends of the Prophet. “The best of my Ummah is the people who love you, and you love them. And a bad my Ummah is the people hate you, and you hate them “Messenger of heat. Speech last before the funeral was “my Ummah ….. my Ummah” because he is his love.
Rasululah s.a.w. eager to invite joke with his wife and the way they thought accordance with the degrees of their intellect and morals in the act. Messenger s.a.w. love their children, often greet them when on the road and play with them. Grandson Hasan and Husin often climb back when the Prophet and the Prophet prayer is not disturbed children who are skittish. Most of the grandson of Prophet smell. In the household of Prophet said “My home like heaven for me.”
According to Danah Venus and Ian Marshall, American businessman in the story is stupid in the spiritual, while Mexican fishermen is intelligent in the spiritual. The fishermen have the understanding that the purpose of intelligent life on their own, which deems important, motivasinya own in the most. He was a lifestyle that can meet the needs of himself and his family, he was taking time for things that are meaningful for him, he felt peaceful, he concentrated. In the United States businessmen, children from the culture stupid in the spiritual, ambitious, he must achieve something for the achievement itself, with motivation gives life a deep, he has ambitions to absorb the meaning, only the ideals that he learned at Harvard. Fishermen that will likely be long and died with a peaceful, while the businessmen will be affected by heart attacks, died with the blues, because they do not successfully reach the factory that was converted.
The level of spiritual intelligence of Mexican fishermen are the new lowest levels of spiritual intelligence, that is meaningful nautical himself and his family. Levels of intelligence is both the spiritual meaning for the community and the highest mean for God, life is solely for worship to God. Prophet Mohamed divide time into three parts. One third for the Lord, one third for the community and one third for the family. Ite r.a. said, “The existence of the Prophet s.a.w. awake nights praying to split his feet, then I thought: Why do so when God forgive the sins of the past and the future? “Answer the Prophet” is not for me to be a servant grateful to Him. ”
In leading the Prophet Muhammad is beloved friend. God made him a leader in those tools and those past. He makes his friends as well as the friends of the Prophet. “The best of my Ummah is the people who love you, and you love them. And a bad my Ummah is the people hate you, and you hate them “Messenger of heat. Speech last before the funeral was “my Ummah ….. my Ummah” because he is his love.
Rasululah s.a.w. eager to invite joke with his wife and the way they thought accordance with the degrees of their intellect and morals in the act. Messenger s.a.w. love their children, often greet them when on the road and play with them. Grandson Hasan and Husin often climb back when the Prophet and the Prophet prayer is not disturbed children who are skittish. Most of the grandson of Prophet smell. In the household of Prophet said “My home like heaven for me.”
Conditions for Contract by Advance Payment
Purchase by advance payment means that a buyer pays the price of a commodity, and takes its possession later. Hence, the transaction will be in order, if, for example, the buyer says: "I am paying this amount so that I may take possession of such and such commodity after six months", and the seller says, "I agree", or the seller accepts the money and says: "I have sold such and such thing and will deliver it after six months".
If a person sells, on advance payment basis, coins which are of gold and silver, and takes gold or silver coins in exchange for them, the transaction is void. But, if he sells a commodity or money which is not of gold and silver, and takes another commodity, or gold or silver money in exchange, the transaction is in order if it conforms with the seventh condition of the rule which follows. And the recommended precaution is that one should take money and not other commodity in exchange for the commodity sold.
There are seven conditions of advance payment contract:
(i) The characteristic, due to which the price of a commodity may vary, should be specified. However, it is not necessary to be very precise, it will be sufficient if it can be said that its particulars are known.
(ii) Before the buyer and the seller separate from each other, the buyer should hand over full amount to the seller, or if the seller is indebted by way of cash to the buyer for an equivalent amount, the buyer can adjust it against the price of the commodity, if the seller agrees to it. And if the buyer pays certain percentage of the price of that commodity to the seller, the transaction will no doubt be valid equal to that percentage, but the seller can rescind the transaction.
(iii) The time-limit should be stipulated exactly. If the seller says that he would deliver the commodity when the crop is harvested, the transaction is void, because, in this case, the period has not been specified exactly.
(iv) A time should be fixed for the delivery of the commodity when the seller is able to deliver it, regardless of whether the commodity is scarce or not.
(v) The place of delivery should be specified. However, if that place becomes known from their conversation, it is not necessary that its name should be mentioned.
(vi) The weight or measure of the commodity should be specified. And there is no harm in selling through advance payment contract, a commodity which is usually bought and sold by sight. However, for such a deal, one must be careful that the difference in the quality of individual items of the commodity must be negligibly small, like in the cases of walnuts and eggs.
(vii) If the commodity sold belongs to the category which is sold by way of weight and measure, then it must not be exchanged for the same commodity. In fact, as an obligatory precaution, it must not be exchanged for any other commodity which is sold by weight and measure. And if the commodity sold is the one which is sold by counting, then as a precaution, it is not permissible to exchange it for the same commodity in increased number.
If a person sells, on advance payment basis, coins which are of gold and silver, and takes gold or silver coins in exchange for them, the transaction is void. But, if he sells a commodity or money which is not of gold and silver, and takes another commodity, or gold or silver money in exchange, the transaction is in order if it conforms with the seventh condition of the rule which follows. And the recommended precaution is that one should take money and not other commodity in exchange for the commodity sold.
There are seven conditions of advance payment contract:
(i) The characteristic, due to which the price of a commodity may vary, should be specified. However, it is not necessary to be very precise, it will be sufficient if it can be said that its particulars are known.
(ii) Before the buyer and the seller separate from each other, the buyer should hand over full amount to the seller, or if the seller is indebted by way of cash to the buyer for an equivalent amount, the buyer can adjust it against the price of the commodity, if the seller agrees to it. And if the buyer pays certain percentage of the price of that commodity to the seller, the transaction will no doubt be valid equal to that percentage, but the seller can rescind the transaction.
(iii) The time-limit should be stipulated exactly. If the seller says that he would deliver the commodity when the crop is harvested, the transaction is void, because, in this case, the period has not been specified exactly.
(iv) A time should be fixed for the delivery of the commodity when the seller is able to deliver it, regardless of whether the commodity is scarce or not.
(v) The place of delivery should be specified. However, if that place becomes known from their conversation, it is not necessary that its name should be mentioned.
(vi) The weight or measure of the commodity should be specified. And there is no harm in selling through advance payment contract, a commodity which is usually bought and sold by sight. However, for such a deal, one must be careful that the difference in the quality of individual items of the commodity must be negligibly small, like in the cases of walnuts and eggs.
(vii) If the commodity sold belongs to the category which is sold by way of weight and measure, then it must not be exchanged for the same commodity. In fact, as an obligatory precaution, it must not be exchanged for any other commodity which is sold by weight and measure. And if the commodity sold is the one which is sold by counting, then as a precaution, it is not permissible to exchange it for the same commodity in increased number.
COMPARISON PERFORMANCE ON ISLAMIC BANK AND FOREIGN BANKS
The study evaluates interbank performance of Islamic Banks in Indonesia on profitability, liquidity, risk and solvency; and community involvement for the period 2000 – 2004. Financial ratios are applied in measuring these performances. F-test are used in determining their significance. The study found that Islamic Banks are relatively more commitment to community development, but less liquid compared to the Government Banks, Foreign Banks, and Commercial Banks. Islamic Banks do not show (statistically) any difference in performance and managerial performance with the Government Banks and Commercial Banks, but Islamic Banks are less performance and managerial performance with the Foreign Banks. Islamic Banks are relatively more cost efficient compared to the Government Banks and Commercial Banks; more profit (NIM) compared to the Commercial Banks; and relatively less risky compared to the Foreign Banks.
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