Word: gresham
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Reece Taylor, GRESHAM...
...greed, is the biggest cause of the mess we are now in. It was compounded by other factors. A system of remunerating bankers with fat bonuses based on the volume of business done, irrespective of the quality and future profitability of that business, did not help. A variation of Gresham's Law was also at play, with imprudent lending driving out prudent lending. This tends to occur as responsible institutions see their market share fall while those of irresponsible institutions rise, and decide to emulate the reckless practices they previously eschewed. The phenomenon was particularly prevalent in the mortgage market...
...That's why community groups are also attempt to tackle the problem at grass roots. One of the most promising initiatives is taking shape at New Mount Pilgrim Missionary Baptist Church, on the city's West Side. Just a few years ago, news reports dubbed the church's Auburn-Gresham neighborhood one of America's most violent. Murders were so rampant that Irish immigrant plumbers refused to work in the neighborhood. Still, residents had no choice but to go about their daily routines. "We'd become so desensitized," recalls the church's pastor, Rev. Marshall E. Hatch...
...Screwtape Letters (a set of funny-creepy faux missives from a senior devil to his nephew), sold 843,000 copies, twice as many as in 2001. Multiple books about Lewis debut annually; this year's crop features Jacobs' biography and Jack's Life (Broadman & Holman) by Lewis' stepson Douglas Gresham. In 1947, a TIME cover story hailed Lewis as "one of the most influential spokesmen for Christianity in the English-speaking world." Now, 58 years later (and 42 after his death, in 1963), he could arguably be called the hottest theologian...
...read the online Point bio for Matthew Vail, 19, for instance, it says he "sits alone" at family events, "not allowed to have even a gay friend participate in his family life." But in the months since Vail provided the information for that bio, his parents, who live in Gresham, Ore., have softened considerably, and his boyfriend, Jordaan, was actually staying with Vail's father while Vail was at the retreat. Several other scholars also said their online bios dwelled on old wounds and omitted evidence of resilience...