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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 Jan. 8, 2010 / 22 Teves 5770

The Corporate State

By Paul Greenberg




http://www.JewishWorldReview.com | Can anybody be surprised at the latest development in the saga of U.S.A., Inc.?


Sub-title: How a great nation became one huge corporation.


The government now has advanced GMAC, the financial arm of Government Motors, formerly General Motors, another $3.8 billion in cash, acquiring a majority stake in that lending agency, which is laden with debt itself.


This is only the latest injection of your money, fellow citizen/investor, into this black hole — on top of the $12.5 billion the government already had advanced GMAC to offset its losses in home mortgages. Just how an auto lender wound up making sub-prime housing loans is a whole other, sad story. But the moral is the same: Bad judgment plus loose regulation, both on a massive scale, leads to fiscal collapse.


Now, ever deeper into this hole, Washington just keeps digging. What choice does it have? Now that it owns GM — or does GM own it? — the government is in effect lending itself its own money, or rather money it doesn't have and so will have to borrow from generations to come.


It's happening all over. For the government already has taken control of Fannie Mae and Freddie Mac, those public-private hybrids whose collapse toppled a whole row of financial dominoes. Not to mention Chrysler and AIG and assorted banking giants. By now it would take an army of CPAs to figure out just where government ends and once-private corporations start. Any boundaries between them were blurred some time ago by our ever-expanding New Order.


A glance at the ownership of the country's great corporations and the outfits that finance them would bear a frightening resemblance to the table of organization in an ideal fascist state. Did I.G. Farben and Krupp control the National Socialist German Workers Party, aka Nazis, or was it the other way 'round?


"Fascism should more properly be called corporatism," Benito Mussolini is supposed to have said. Whether he ever used those exact words, he got the spirit of the thing right: Break down the firewalls between state and corporate power till it's not clear which is which.


Just who is now in charge of General Motors — its titular management or its government-appointed directors, Timothy Geithner at Treasury or Ben Bernanke at the Fed, Barney Frank and Chris Dodd in Congress (Lord help us!), or Barack Obama in the White House, none or all of the above? Where does the influence of one stop and the other start?


The essence of this new hydra-headed monster is the dissolution of clear lines of authority and therefore personal responsibility. If all are in control, nobody is. ("[S]ome fog is often useful in getting things done." —T. Geithner.)


Without walls between them, there is no need for a formal government agency, like the New Deal's NRA, to fix prices and wages. Instead, everything can be handled informally as government, business, unions and banking become just one big interlocking directorate. Big government, big business, big labor, big finance, even big health care ... they all merge into one big, foggy bigness.

Letter from JWR publisher


By now moral hazard — the kind of guarantee that inspires the riskiest of behaviors among our investing classes — has become a nationalized industry. Once upon a time our bankers, investors and financial insurers knew that, if they failed, there might be no one to bail them out. That knowledge made them cautious with their money and other people's.


But now that salutary caution has been largely replaced by the arrogant assumption that they're too big to fail. The result has been all these swollen public-private combinations that are too big to succeed, and so require one bailout after another. Administrations come and go; Goldman Sachs sticks around forever.


A century ago, private agglomerations of money and power threatened to squeeze out competition in one industry after another and dominate the economy, maybe the society in general. These powerhouses were called trusts, but a generation of trustbusters arose to break them up.


Here's a way to start breaking them up again: Restore the old Glass-Steagall Act (1933) and its wall of separation between commercial and investment banking. So that when some high-rolling, risk-taking (with other people's money) hedge fund or just plain incompetent bank or investment house gets into trouble, it doesn't take the whole economy down with it. As in the yearlong financial panic the country has just come through.


Let us return to the past; that would be progress. Louis Brandeis, the great-granddaddy of anti-trust legislation, spoke of the curse of bigness. It is time to revive his spirit — and his policies.


Paul Volcker, the last chairman of the Federal Reserve to have both the courage and wisdom to realize that small is beautiful, and that progress is not just more and more of the same unfettered expansion, has been calling for a restoration of Glass-Steagall for some time now. Till this latest financial meltdown, his was a voice in the wilderness. And the wilderness has continued to engulf us. But now Congress has begun talking about restoring Glass-Steagall. Unfortunately, it may be only talk.


What government has done, it can undo — if We the People assert ourselves as in Mr. Justice Brandeis' olden time. Rebuild the walls. Revive our vigilance against moral hazard. Restore a sense of responsibility. Main Street needs to be saved from Wall Street. Again.

Paul Greenberg Archives

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JWR contributor Paul Greenberg, editorial page editor of the Arkansas Democrat-Gazette, has won the Pulitzer Prize for editorial writing. Send your comments by clicking here.

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