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December 2, 2014

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 Dec. 26, 2008 / 29 Kislev 5769

The genius of the do-something Congress

By Jack Kelly

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http://www.JewishWorldReview.com | Act in haste, repent at leisure.


Back in October, when Congress was stampeded into approving a commitment of up to $700 billion to bail out banks who invested in mortage-backed securities, we were told the money would be used to make a market for these now toxic financial instruments.


After Congress approved the Troubled Asset Relief Program (TARP), Treasury Secretary Henry Paulson changed strategy. Rather than use the first $350 billion to buy up subprime mortgages, the government invested it in the banks themselves.


The Associated Press contacted 21 of the 116 banks that received federal money and asked them what they've done with it. None were willing to say.


Their reticence was understandable, another AP story indicated.


"The 116 banks that so far have received taxpayer dollars to boost them through the economic crisis gave their top tier executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007," the AP reported Monday.


"That amount, spread among the 600 highest paid bank executives, would cover the bailout money given to 53 of the banks that have shared the $188 billion that Washington has doled out in rescue packages so far."


The data, which the AP culled from the annuals reports the banks file with the Securities and Exchange Commission, are from last year. We don't yet know what the bank executives were paid for 2008, or if any bailout money was used to compensate them. But the reticence of the banks to discuss what they've done with the money isn't encouraging.


The economy has shrunk since the bailout bill was approved. Things would have been much worse if the bill hadn't passed, say its proponents. But there is precious little evidence to indicate it is helping very much.


"In the first public hearing of the Congressional Oversight Panel -- a three-member board mandated to keep close watch on the bailout program enacted in October -- economists, local bankers, beleaguered homeowners and government officials said here Tuesday that the billions of dollars paid out by Washington to the banking industry were not filtering down and that Nevada's desperate condition was growing worse," the Los Angeles Times reported from Las Vegas Dec. 17.


I supported the bailout bill in October. I still think it was necessary to keep the credit markets from freezing up. But I doubt it would have passed if Congress knew then that Secretary Paulson would not use the money for the stated purpose.


"I feel as though the rug has been pulled out from under me," said economist/investor Larry Kudlow. "Once you stuff money into the banks, you create a political argument for stuffing money everywhere else."


President Bush likely opened the floodgates when he decided to give the remaining $133.4 billion of the first tranche of TARP funds to Chrysler and General Motors so they could keep their lights on and their doors open until March.


The political logic is compelling. If we're going to give hundreds of billions of dollars to wealthy bankers whose greed and stupidity is largely responsible for the mess we're in, what's a few billion more for auto workers?


But there are two major differences between the bank bailout and the auto bailout. The lesser is there actually is a very good chance the banks will repay the money invested in them, while the dim prospects that Chrysler and GM could ever again be profitable depend on labor concessions the UAW has made it clear it will not make. The greater difference is the bank bailout was designed to prevent the entire economy from collapsing. The auto bailout is for a specific industry. Other failing industries -- ethanol manufacturers, commercial realtors -- are lining up for handouts of their own.


And it ought to matter to more people than evidently it does that the legislation Congress passed gave the president absolutely no authority to use TARP money to bail out Detroit.


We are marching down a path our Founding Fathers never would have trod. It leads to a cliff.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

JWR contributor Jack Kelly, a former Marine and Green Beret, was a deputy assistant secretary of the Air Force in the Reagan administration. Comment by clicking here.

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© 2008, Jack Kelly

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