Four Dioceses have left the Episcopal Church, and, in the coming weeks, the constitution for a new North American Anglican province will be brought forth, hopefully knitting the parts of Anglicanism in North America that have left the Episcopal Church together. Then, the big issue is once the flag is up the pole, who salutes? The Primates? Canterbury? The Anglican Consultative Council? I honestly believe that if the Primates salute, everyone else will, too. However, it only solves half of the problem. If TEC is still a recognized part of the communion, what will really have been accomplished? Thence, we’ll have the issue of TEC rejecting the covenant at GC2009. If nothing is done about TEC rejecting the covenant, the Anglican Communion is over. I hadn’t had much to blog about lately, mostly because this thought has pretty much been a log-jam in my mind as regards Anglicanism. There, I’ve said it. Perhaps some will disagree on what the future may hold, but this is what I am seeing.
There was a recent meeting of the Communion Partner bishops and rectors, and I have absolutely no information on what came out of it. That’s interesting, in and of itself. Like the ACI, Covenant Communion, and others, they simply are arguing to slow down the process of realignment. I’m not sure why or how this makes any sense. The goal of ANY orthodox Christian within Anglicanism should be two-fold – the repentance or discipline of TEC, and, if the latter, the establishment of a North American Province. Considering the dawdling of the instruments of communion, should anyone be complaining about the timing of this? All anyone can do is keeping stirring the pot until this whole thing reaches a critical mass and something happens.
St. Mark’s Cathedral in the diocese has a new dean. He hails from Webster Groves, Missouri, and I’d be interested to see what Chris Johnson thinks of him and his move to Western Louisiana.
Other than that, not much is happening in Western Louisiana post convention.
On a personal level, I’ve been super-busy – bankruptcy and commercial litigation guys are in high demand due to this whole economy going in the toilet business. As a reminder, don’t buy gift cards this Christmas, as there will be mass bankruptcy filings by retailers after Christmas, except for Wal-Mart. When the stock market hits 5,000, buy in. Until then, stay out. Things are going to get a whole lot worse before they get better. Our new treasury secretary who was just oh so certain that the Bear Stearns bailout avoided calamity and ultimately resulted in more money on main street, will dole out cash to Wall Street and others in even more bailouts which will not work.
Why won’t the bailouts work? Simple. If a company has too much debt, more debt is not the way to fix it. What is the government offering? Loans. The only way to fix this problem for any given company is to either infuse capital to pay off debt and create equity, or to write down the debt. That’s bankruptcy 101, folks, and it is what I do every day. Sure, if you give a heroin addict some more heroin, he’ll shut up for a while. But, it isn’t a permanent fix. Heck, even Obama is suggesting the big three try a pre-packaged bankruptcy. I hope his new treasury secretary follows that lead instead of his past positions.
In the end, GM, Ford, and Chrysler will all file for bankruptcy. Even the UAW President has said so. What is happening is that the big three and the union leadership are making a half hearted attempt to get a bailout so when they don’t get one the Union will agree to sufficient cuts to make the industry viable again without totally ticking off the membership, and also so the pension liabilities can be laid off on the PBGC. That way, the big three can quit losing a couple of thousand dollars per car they make and actually make $1,500 to $2,000 per car in profit. You know, profit, that thing corporations are set up to make for their shareholders.
So much of the Anglican Communion and economic crises are just so “duh”. That’s the frustrating part. The drama distracts from the truth, and we waste so much time on the drama.