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Jonathan Tobin: Defending the Right to a Jewish State

Heather Hale: Compliment your kids without giving them big heads

Megan Shauri: 10 ways you are ruining your own happiness

Carolyn Bigda: 8 Best Dividend Stocks for 2015

Kiplinger's Personal Finance editors: 7 Things You Didn't Know About Paying Off Student Loans

Samantha Olson: The Crucial Mistake 55% Of Parents Are Making At Their Baby's Bedtime

Densie Well, Ph.D., R.D. Open your eyes to yellow vegetables

The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review April 13, 2009 / 19 Nissan 5769

The rise of the TARP state

By Rich Lowry


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http://www.JewishWorldReview.com | The National Security Act of 1947, a reorganization of the foreign-policy and military apparatuses of the U.S. government, created what historians call "the national security state." Critics complain that the national security state vastly empowered government and cut the executive branch loose from legislative accountability. It marked the beginning of a hyperactive interventionism abroad.


Domestically, all the same criticisms apply to the consequences of the Troubled Assets Relief Program, which marks a new era in American economic policy just as the 1947 act did in foreign policy. Since last fall, we have seen the rise of the TARP state, characterized by sweeping interventions in the economy undertaken by the executive branch on its own authority or in defiance of the legislature.


Even its harshest detractors have to admit that the National Security Act did what it said; TARP is one the great misnomers in U.S. government. So far, the program has had nothing to do with troubled assets and has been used for purposes far afield from the justification — getting such assets off the balance sheets of the banks — presented to Congress when it passed last fall.


How many legislators thought that in supporting TARP they were giving the federal government the power to bail out the auto industry, let alone fire a CEO and effectively run the companies? When word came down in October that GMAC, the financial arm of General Motors, was considering becoming a bank holding company to get TARP funds, it seemed a violation of the spirit of the law. But GMAC needn't have bothered. Through TARP, government funds went directly to GM and Chrysler, even after Congress declined to authorize them.


As he was using the leverage created by TARP to fire GM's CEO, President Barack Obama guaranteed warranties for GM and Chrysler cars. He set up special warranty accounts — funded, naturally, with TARP dollars. TARP is an endlessly flexible slush fund that has given the federal government warrant to intervene in the private sector however it pleases.


A lawlessness has inhered in TARP since Bush Treasury Secretary Henry Paulson sold it to Congress under essentially false pretenses. The Obama administration continues on in the same tradition. The Washington Post reports that the administration will use middlemen to funnel TARP funds to certain financial firms — explicitly to evade congressional pay restrictions on firms receiving the money directly.


The administration doesn't only get to decide who gets TARP funds and on what basis, but whether firms can give the money back. In a meeting with bankers at the White House, Obama told those bank CEOs wanting to return federal dollars that they couldn't yet. The administration is on the verge of extending TARP funds to life-insurance companies, the latest sector of the economy agitating for government largesse. And TARP funds will contribute to the administration's $1 trillion public-private plan to remove toxic assets from the banks, a plan structured to do a naked bootleg around any need for congressional approval.


The last time we had a financial crisis, during the savings and loan meltdown in the late 1980s, Congress debated, modified and passed the Bush administration's plan for what became the Resolution Trust Corp. In the era of TARP, no such legislative sign-off on the specifics of a complex, wide-ranging rescue scheme is necessary.


Whatever he thinks of Obama's policies, former Vice President Dick Cheney should be delighted as an advocate of executive power. Obama has pocketed, in fact or in theory, all the presidential war powers defended by President George W. Bush, while expanding with relish the executive's role in the economy. In Obama, the national security state has met the TARP state.


The national security state is necessary given America's pre-eminent global role. And some sort of rescue had to pass during last fall's financial panic. But TARP has become a disgraceful transgression of democratic accountability and the wedge for a retrograde, highly politicized industrial policy. Nothing good can come from the TARP state.

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© 2009 King Features Syndicate

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