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May 24, 2013

Rabbi Tzvi Hersh Weinreb: When I didn't so 'humbly disagree'

Caroline B. Glick: Thank you, Hafez al-Assad

Diana West: From the Brooklyn Bridge to London
Morgan Housel: Why spotting bubbles is so much harder than you think

Environmental Nutrition editors: NuVal labeling to the rescue?

Jewz in the Newz by Nate Bloom : Memorial Day: Jews Serving and KIA in War on Terror; Liberace Bio-Pic; Jew Wins "Survivor"; Shalom, Dr. Brothers; More

The Kosher Gourmet by Emma Christensen: HIDE THESE FROZEN TREATS FROM THE KIDDIES!: Sangria pops; Irish cream pudding pops; mango Lassi pops

May 22, 2013

John Thorne: They launched the 'Arab Spring' but now yearn for the good old days of a strongman

John Rosemond: 'Disciplinary math' adds up to parental successl

Warren Richey: Are prayers before public meetings OK? Supreme Court to decide
Rick Montgomery: Use of ADHD drugs as study aid raises concern on campuses

Brierley Wright, M.S., R.D.: 6 convincing reasons you should keep carbs in your diet

Eoin O'Carroll: Scientists examine nothing, find something

The Kosher Gourmet by Carole Kotkin: This soup is made from one of the great pleasures of spring: A wonderful pairing of rosy color and earthy tang

May 20, 2013

Richard A. Serrano: Is Meir Kahane's assassin now a changed man?

Hannan Adely: Town raises Palestinian flag at City Hall

Melissa Healy: Genetic copies of living people from embryos no longer science fiction
Morgan Housel: When smart investors do stupid things

Sharon Saloman, M.S., R.D.: Hunger games: Eat more, weigh less, without starving

Jewz in the Newz by Nate Bloom : Jews Inducted into Rock Hall of Fame; Anton Yelchin co-stars in New "Trek" film; Kutcher (but not Kunis) visits Israel; Jewish TV Star Praises Jewish Rap Star

The Kosher Gourmet by Cathy Pollak: WARNING: This WALNUT CAKE WITH PRALINE FROSTING, perfect for afternoon coffee, is addicting

May 13, 2013

Rabbi Nathan Lopes Cardozo: Why the giving of the document that would permanently change the world could only be done in desolation

David G. Savage: Church-state, literally? Supreme Court weighing public school graduation in a church

Emily Alpert: Recession dragged down birth rates for less-educated women
Morgan Housel: The deep downside of home ownership

Peter Teffer: Will Dutch police soon be stalking cybercriminals on your computer?

Heidi McIndoo, M.S., R.D.: Meatless 'meat' can have its own set of problems

The Kosher Gourmet by Diane Rossen Worthington: Celebrate! This must-try appetizer is delicate yet has depth of flavor: Corn-Leek Cakes with Caviar, Smoked Salmon and Creme Fraiche

May 10, 2013

Rabbi Berel Wein: Be all that you should be

Caroline B. Glick: The dirty little secret about Israel's Arabs

Mona Charen: Hawking's Moral Calculus: The man and the movement he embraces
Morgan Housel: The biggest retirement myth ever told

Sandi Doughton: Eyes may provide new insight into brain problems

Jewz in the Newz by Nate Bloom : The Great Gatsby's Jewish Ties; Jews in the "Time 100 list" List; People's Most Beautiful Women

The Kosher Gourmet by Linda Gassenheimer: A sweet-hot meal: Pear salsa spices up salmon

May 8, 2013

Peter Ford: Why China is welcoming both Israel's Netanyahu and Palestinians' Abbas

Warren Richey: Obama administration quietly backs out of appeal over new contraceptive mandate

Fred Weir: At Kerry-Putin meeting, US-Russia relations thaw --- a tad
Amanda Paulson: Study reveals sad truths about community colleges

Harvard Health Letters: Evidence weak that zinc, echinacea are beneficial

The Kosher Gourmet by Leela Cyd Ross : Almost too pretty to eat, this colorful salad with Sicilian inspiration will tickle the taste buds and delight your visual sensibility

May 6, 2013

Edmund Sanders and Patrick J. McDonnell: Think Israel's objective in Syria is to weaken Assad or embolden the rebels? Think again

Brian Bennett: Israeli airstrikes may show weakness in Syrian defense

Michael Ollove: Millions of ex-felons, parolees and those on probation are about to be entitled to tax-payer paid health coverage
Karen Kaplan: Most men can skip PSA test for prostate cancer, urologists say

Kimberly Lankford: How to track down a lost life insurance policy

Dream of Mars exploration achievable, experts say

The Kosher Gourmet by Susan M. Selasky: EGGPLANT WRAPS are an easy, sumptuous and scrumptious meal

May 3, 2013

Rabbi Nathan Lopes Cardozo: Human Courage and the Unavoidable, Disturbing Text

Steven Emerson: Attorney General Fights CAIR in Court, Lauds it in Public

Mediterranean diet helps beat dementia: study
Harvard Health Letters: When to be screened for a hearing problem

Jewz in the Newz by Nate Bloom : Iron Man's Jewish Connections; Marc Maron's New TV Show; Martin Landau Grows Up with Israel; Shalom, Allan Arbus

The Kosher Gourmet by Diane Rossen Worthington: A sweet surprise for Mother's Day dessert

May 1, 2013

Jonathan Rosenblum: An Improbable Journey to Orthodoxy

Jonathan Tobin: Blame Obama, Not Israel for Syria Push

Kids, kittens the Same? With employee perks at struggling Internet pioneer Yahoo! it's hard to tell
Halena M. Gazelka, M.D.: Mayo Clinic Medical Edge: What you need to know about implanted pain relief devices

Sandy Kleffman: Artificial kidney offers hope to patients tethered to a dialysis machine

Jessica Shugart: When it comes to math, MRIs may be better than IQs

The Kosher Gourmet by Mario Batali: The celebrated chef on how high-maintenance ASPARAGUS RISOTTO need not be

April 29, 2013

Roy Gutman: Poland's new Jewish museum celebrates life, doesn't revisit Holocaust

Mark Clayton: Terrorism in America: Is US missing a chance to learn from failed plots?

Kim Murphy: Boston Bomber's 'Svengali' Revealed
Morgan Housel: He's rich, smart and old: Listen to him

Thomas Salinas, D.D.S.: Mayo Clinic Medical Edge: The safety of amalgam fillings

Harvard Health Letters: Tomatoes and stroke protection

Pete Spotts: Tiny satellites + cellphones = cheaper 'eyes in the sky' for NASA

The Kosher Gourmet by Diane Rossen Worthington: Swing into spring with lemon cream pie

April 26, 2013

Rabbi Abraham J. Twerski: The world is a mirror

Caroline B. Glick: Time to confront Obama

Clifford D. May: Defense in the Age of Jihadist Terrorism
Kimberly Lankford: New strategies ease pain of paying for long-term care insurance

Howard LeWine, M.D.: Ask the Harvard Experts: Too much ibuprofen?

Sharon Palmer, R.D.: How to feel your best -- with plenty of energy, a healthy weight and optimal mental and physical function -- without driving yourself batty

Jewz in the Newz by Nate Bloom: Jewish Major Leaguers, 2013; New Movies and Comedy Show; Shalom, 'Lumpy' (Leave it to Beaver)

The Kosher Gourmet by Emily Ho : A bright and cheerful salad to herald the warmer months ahead

April 24, 2013

Steven Emerson: Boston Bomber Exposes Islamist Secret

Morgan Housel Admit it: No one has any idea what's going on
Harvard Health Letters: Can you get headaches from headache medication?

Kerri-Ann Jennings, M.S., R.D.: How to easily get more Omega-3s in your diet

Melissa Healy: Pot in a pill: All the pain relief without the smoke

The Kosher Gourmet by Susan Russo: Chipotle Chili Butternut Squash Soup is bold, zesty, hot

April 22, 2013

Ken Dilanian: Counterterrorism's future is unclear

US man departing country arrested on terror charges
Barbara Williams: An unorthodox but growing treatment in a 9-year-old's battle against cancer

P.J. Skerrett, M.D.: How to recognize a good whole grain product

Jewz in the Newz by Nate Bloom: Teen actor Jonah Bobo in New Flick: Hunky James Wolk on Mad Men; Erich Segal's Daughter Writes Prize-Winning Jewish Novel


Jewish World Review April 8, 2008 / 3 Nissan 5768

When markets come crashing down, send for the man with the big red nose

By Paul Johnson


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http://www.JewishWorldReview.com | Too early yet to say whether the present financial turmoils will end in a catastrophic maelstrom or simply slip away like an angry tide, leaving puddles. One has no great confidence in the authorities on either side of the Atlantic. Would that J.P. Morgan were still around to take charge of things and recreate order out of chaos! He solved three financial crises single-handedly. In 1877 his personal intervention enabled the army's payroll to be met. In 1893, called in by President Cleveland, he stemmed the gold outflow from the United States. And in 1907 he calmed the universal panic by simply sitting in his library and summoning people to come to him.


I know a little about this library because I once gave a series of lectures on American history there. Housed in Morgan's own splendid mansion in Manhattan, it is one of the most agreeable places in the world in which to learn and reflect. It contains a choice selection of Old Master drawings but its chief treasure is its immense collection of rare books and manuscripts, which puts it fourth in the world after the Library of Congress, the British Library and the Bibliothèque Nationale. It was not entirely Morgan's own creation because, in 1905, he appointed the ravishing Virginian, Belle da Costa Greene, then 21, his librarian, and sent her on buying sprees all over the world. He encouraged her to stay at the Ritz in Paris and Claridge's in London, and to get her clothes at the leading couturiers. It says a lot for Morgan's impeccable reputation that no one ever questioned the propriety of their relationship, and his judgment in picking her so young was fully vindicated by the shrewdness and taste of her purchases.


The basis of Morgan's power and influence was complex. He was not a self-made man, having inherited much of his money. Nor was he in the very top rank of the rich. When he died his liquid assets scarcely topped $100 million, provoking John D. Rockefeller's famous comment, 'Well, well. And to think that Mr Morgan was not even a wealthy man.' Morgan's authority lay in his reputation for absolutely straight dealing and scrupulous truth-telling. He was never detected, in a long and intricately complex career of mergers, takeovers and trust-creations, in a lie or a piece of sharp practice. But he was not only respected, he was feared. There is a riveting photograph of him, having just stepped out of his limo, raising his silver-topped ebony cane to strike, or more likely just to threaten, a crowd of intrusive paparazzi. The expression of his face is formidable. His eyes, like Gladstone's, had the fierceness and penetration of an eagle owl's. The photographer Edward Steichen said: 'Meeting his eye is like facing the headlight of an express train bearing down upon you.' He was an exponent of righteous anger. So the unrighteous trembled in his presence. But so did many other people. At his dinner parties he liked to give ladies fine gold trinkets. But they were scared of him too.


Morgan's presence was dominated, one might almost say lit up, by his large, red and swollen nose. This was the result of a chronic skin complaint, rhinophyma, of which he was painfully conscious. You had to keep your eyes off it — not easy. When Mrs Dwight Morrow, the young wife of one of his partners, had to entertain him to tea, she told her four-year-old daughter, Euphemia, not to stare at his nose and on no account to mention it. The little girl dutifully complied, and after she had sat on the great man's knee for a suitable period, her mother thankfully dismissed her to her nursery. Then she started pouring, and found herself saying: 'Mr Morgan, do you take nose in your tea?'


Conscious of visual authority, Morgan ran an open-plan office, and worked in full view of his staff, and they in his. He moved in an orderly and impressive routine. He had a succession of yachts, always called Corsair. When he arrived by liner from his biannual trips to Europe, his current Corsair picked him up in New York harbour and took him straight to his home, Cragston, on the Hudson. When the panic began in October 1907, Morgan was just coming up to 70 and had recently moved into his new mansion in New York, where his library was already looming down from the giant shelving. It was an impressive setting in which to confront the majestic tycoon. On Sunday 20 October he met first his partners, then leaders of the New York financial and business community, in a series of confidential groups, in which all were ordered to be frank. Having thus briefed himself on the size of the danger, he put together a team of clever young men to go through the accounts overnight, and see which of the big houses were too weak to survive and must go to the wall, and which could be saved. That done, he summoned the bankers and the US Treasury (there was then no central bank) and set about raising liquidity by authoritative gouging, lending the proceeds to those to be saved at 10 per cent. Once the US stock exchange knew the money was available, albeit at high rates, the panic began to subside, though it is interesting to note that the man who made this key announcement had his frock-coat and even his waistcoat torn in the tumult. One who watched Morgan throughout the crisis said: 'He was the embodiment of power and purpose.' Just by walking around the financial district, and raising his hat occasionally, Morgan had a reassuring effect. Seven years later the US Federal Reserve Bank was created to replace a single man by an institution.


A man like Morgan, who combines shrewdness and celerity in action with a lifetime's reputation for honesty, is of inestimable value, capable of saving society countless billions which an uncontrolled financial panic may cost. This set me thinking about worth and rewards. In Sesame and Lilies (1865) John Ruskin wrote: 'Which of us is to do the hard and dirty work for the rest — and for what pay? Who is to do the pleasant and clean work, and for what pay?' He did not answer his question — it was ironic and rhetorical. But in 1932 Bertrand Russell came up with a sort of answer: 'Work is of two kinds. First, altering the position of matter at or near the earth's surface relatively to other such matter. Second, telling other people to do so. The first kind is unpleasant and ill paid. The second is pleasant and highly paid.' Neither seer knew much about finance, though Russell wrote down everything he ever earned by writing or lecturing, in minute handwriting, in a small thick notebook (how one would like to see it!). But the complaints both men registered are generally shared, and are felt particularly strongly today. For the present turmoil comes after a long period when bankers have earned colossal sums in salaries and bonuses, and it is essentially the bankers, thanks to their misjudgment and greed, who have got us all into the mess, by lending large sums of money to improvident masses of people who could not afford to borrow it.


But here lies the paradox. There is no one alive today like J.P. Morgan, who can put the financial world to rights simply by his judgment, personality and reputation. But if there were such a person, how lucky we would be! And what we would be prepared to pay him to come to our rescue!

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Previously:

04/01/08: Quality for dinner. Pass the Fairy Liquid, Old Boy
03/25/08: In search of an American President with brains and guts
03/18/08: Technological warfare against mice won't work. Try cats
03/11/08: What is a genius? We use the word frequently but surely, to guard its meaning, we should bestow it seldom
03/03/08: Fiction as a crutch to get one through life
02/26/08: Impatience + Greed = Trouble
02/13/08: Shakespeare, Neo-Platonism and Princess Diana
02/07/08: Where Industry Has Failed Us
12/19/07: People who put their trust in human power delude themselves
12/12/07: What is aggression?
12/04/07: Pursuing success is not enough
11/07/07: Are famous writers accident-prone?
10/31/07: Courage needed to disarm Iran
09/20/07: Who Will Say ‘I Promise to Lay Off’?
07/24/07: Greed is safer than power-seeking
04/02/07: Benefactors must be hardheaded
03/07/07: American idealism and realpolitik
11/28/06: Space: Our ticket to survival
10/24/06: Envy is bad economics
10/11/06: Better to Borrow or Lend? Rethinking conventional wisdom
08/22/06: Don't practice legal terrorism
08/08/06: A summer rhapsody for a pedal-bike
08/03/06: Why is there no workable philosophy of music?
07/11/06: Historically speaking, energy crisis is America's opportunity
07/06/06: The misleading dimensions of persons and lives
06/06/06: First editions are not gold
05/23/06: A downright ugly man need never despair of attracting women, even pretty ones
04/25/06: Was Washington right about political parties?
04/12/06: Let's Have More Babies!
04/05/06: For the love of trains
03/29/06: Lincoln and the Compensation Culture
03/22/06: Bottle-beauties and the globalised blond beast
03/15/06: Europe's utopian hangover
03/08/06: Kindly write on only one side of the paper
02/28/06: Creators versus critics
02/21/06: The Rhino Principle

© 2006, Paul Johnson

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