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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 May 8, 2009 / 15 Iyar 5769

‘Hedge Fund Man’ for president

By Diana West


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http://www.JewishWorldReview.com | I have seen the future of conservatism and … he is a hedge fund manager.


I refer to hedge fund manager Clifford S. Asness, and I'm only halfway kidding. Or maybe I'm not kidding at all. The fact is, Asness this week launched the single most lucid and inspiring counter-attack against the Obama administration's brazen assault on capitalism as seen in its Chrysler bankruptcy shakedown.


Basically, the White House Chrysler plan picks economic losers and winners according to a naked political calculation that penalizes bondholders and rewards the union bosses of the United Auto Workers. It's that simple, that appalling, and that anti-capitalist. The hedge funds, seeking not to surrender the protections afforded their investors by the bankruptcy court process, quite naturally balked at the Obama administration's blatant power grab on behalf of what amount to union cronies. As Asness explained, "Some bondholders thought (the White House plan was) unfair. Specifically, they thought it unfairly favored the United Auto Workers. … So, they said no to the plan and decided, as is their right, to take their chances in the bankruptcy process."


Their "right"? Hah. With a remarked-upon display of anger, President Obama publicly castigated bondholders for opposing his plan, deriding them as "speculators" who refused "to sacrifice like everyone else," and who only opposed the White House deal to "hold out for the prospect of an unjustified taxpayer-funded bailout."


It was after this that Asness penned what stands as the first post-Obama capitalist manifesto, now making the rounds on the Internet.


"I am indeed fearful writing this. It's a really bad idea to speak out," Asness admits in a preamble that reads like a bulletin from capitalism's trenches where white-shoe comrades, as Asness writes, remain "anonymous for fear of going on the record against a powerful president." Possibly, Asness was also thinking about bankruptcy lawyer Tom Lauria's recent charges that the White House had pressured the firm Perella Weinberg to "withdraw its opposition to the (White House) deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight." (The White House denies the charge; Perella Weinberg says economic considerations compelled it withdraw its opposition.)


Asness, whose $20 billion company AQR Capital Management is not involved in the Chrysler mess, went on to describe the bankruptcy process ("the rules of the game lenders know before they lend") which the president's plan upends, along with the fiduciary obligation money managers have to manage their clients' money apolitically. Then he gets to his bottom line: "The President's attempted diktat takes money from bondholders and gives it to a labor union that delivers money and votes for him. Why is he not calling on his party to 'sacrifice' some campaign contributions, and votes, for the greater good? Shaking down lenders for the benefit of political donors is recycled corruption and abuse of power."


I don't know who Asness is aside from being a highly successful hedge fund manager — an occupation for which I don't even know how to pack a briefcase. But he is speaking truth to power, which is exactly what the American people need to hear. "The President screaming that the hedge funds are looking for an unjustified taxpayer-funded bailout is the big lie writ large," he writes. "Find me a hedge fund that has been bailed out. Find me a hedge fund, even a failed one, that has asked for one. In fact, it was only because hedge funds have not taken government funds that they could stand up to this bullying. … The President's comments here are backwards and libelous. Yet somehow I don't think the hedge funds will be following ACORN's lead and trucking in a bunch of paid professional protestors soon. Hedge funds really need a community organizer."


Contrast this fiery defense of capitalism — the latest cause of the "culture war," according to Arthur Brooks, the new head of the American Enterprise Institute — with the gag-inducing mush almost simultaneously offered by Jeb Bush, Eric Cantor and Mitt Romney during a political event during which, as the Washington Post noted, these proto-presidential hopefuls "did not directly attack President Obama, rarely used the word 'Republican,' and engaged in a healthy dose of self-criticism."


"You can't beat something with nothing," burbled former-presidential brother Jeb Bush during this GOP-lite squish-o-rama. "And the other side has something. I don't like it, but they have it, and we have to be respectful and mindful of that."


The "other side" has something, all right — possession of the economy, which is nothing to "respect." It is something to oppose.


As Asness does. "This is America," Asness concludes. "We have a free-enterprise system that has worked spectacularly for us for 200-plus years. When it fails it fixes itself. Most importantly, it is not an owned lackey of the Oval Office to be scolded for disobedience by the President."


Could there be a pulse in the body politic? Be still, my political heart. This is the vital spirit of rebellion that just might lead conservatives to declare: Hedge Fund Man for President.

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