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February 10, 2012
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January 27, 2012
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Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
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Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
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Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
Jordan Rau: In quest to grow, Catholic hospital system will announce this morning its break from church
Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
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Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
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David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
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Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body
January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
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John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
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January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
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Jewish World Review
Feb. 26, 2008
/ 20 Adar I 5768
Economic woes
By
Cal Thomas
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http://www.JewishWorldReview.com | If you believe big media, the economy is in trouble. If you worry about job layoffs and your inability to pay bills, you may be thinking about voting for Democrats this fall, which is the point of the negative media coverage. Every four years when a Republican is president, big media carry stories about economic gloom and doom. But is it true? It depends on the standard you use.
Last week, The Washington Post carried a story that is a metaphor for what ails us. It was about a Maryland couple whose mortgage lender took back what remained of a $95,000 home equity line of credit. The lender explained that the couple's home had fallen in value and it did not want to shoulder the risk that they might owe more than the house was worth. The couple was using the equity line to pay preschool tuition for their twins.
A good financial adviser might have helped them avoid this predicament, but we are immediately led to the supposedly bottomless well of the federal government. Politicians, especially Hillary Clinton and Barack Obama, pledge to shoulder the responsibility of making sure that people whose mortgages are higher than they can reasonably afford and whose debts are larger than they should be get bailed out by the rest of us who made right financial decisions and practice living within our means. I know, this sounds cold, but only to those who live this way.
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Lenders across the country are pulling the plug on equity lines and tightening credit after a lending spree to people for whom the housing market was their pot of gold.
Much of this economic "pain" is self-inflicted. Rather than purchasing homes they could not afford or putting too much down, making them cash poor they might have invested their equity in balanced mutual funds (the Dow Jones Industrial Average rose 11.59 percent over a 10-year period). Such a path could have avoided the tight spot in which many now find themselves.
Some of the lust for bigger and better is human nature, but a lot is the result of consumerism. The Timex watch is no longer enough. We now must have a Rolex, though both accurately tell time. The adequate low-end automobile is insufficient. We must trade up to a luxury car with numbers and letters on the rear that mean nothing, but convey "status." And the house we are living in, which would have been more than adequate for our parents and certainly our grandparents, must be upgraded to larger digs in order to impress, if not growing families, than enlarged egos.
When none of this brings the promised happiness and fulfillment, we turn to drink, or pills, or counselors, or divorce court and seek significance in new things and relationships on what quickly becomes a personal boulevard of broken dreams.
We can't say we haven't been warned about this endless pursuit of stuff. The writer of Ecclesiastes wrote, "Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income. …As goods increase, so do those who consume them. And what benefit are they to the owner except to feast his eyes on them?" (Ecclesiastes 5:10-11)
When wants and needs are confused, desires become entitlements and politicians are afraid to tell people what they need to hear. Instead they tell them what they want to hear. Anger and envy result, as well as frustration with a political system that was not designed to indulge its citizens in their lusts or subsidize their greed.
Who will tell us that unending and expanding prosperity with home values constantly rising and a citizenry always able to afford them is a fantasy that is bound to end in heartache for those who buy into it?
The economy isn't bad. We are bad for believing that more is better and the most is best. We have an abundance of things, but a deficit of character. The economy is a false god, a golden calf. When this false god doesn't deliver, we complain to politicians who are happy to accept our faith in them to give us what we want if we will only pledge to them our allegiance at election time.
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.
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Cal Thomas Archives JWR contributor Cal Thomas is co-author with Bob Beckel, a liberal Democratic Party strategist, of "Common Ground: How to Stop the Partisan War That is Destroying America". Comment by clicking here.
© 2006, Tribune Media Services, Inc.
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