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In this issue

Dec. 2, 2008

Melanie Phillips: The Mumbai atrocity is a wake-up call for a frighteningly unprepared world

Stratfor Geopolitical Intelligence Report: Strategic Motivations for the Mumbai Attack

Dec. 1, 2008

Max Freidlander, as told to Jacklyn C. Wadler: India Inkings

Mark Steyn: Whodunit!?

Nov. 28, 2008

Rabbi Ahron Rapps: An evil seed that didn't have to be

Melanie Phillips: Carpe diem --- or can we all relax now?

Nov. 26, 2008

Michael Feldberg: Meet the Orthodox Jew who laid groundwork for scientific development of ordnance that undergirds America's current world leadership

Andrea Simantov: Shades of life

Nov. 25, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir : Getting Emotional For Influence

The Kosher Gourmet by Ethel G. Hofman : Thanksiving feast!

Nov. 24, 2008

Rabbi S. Binyomin Ginsberg: 'I just Became a grandchild!'

Barry Rubin: Don't flatter your enemies, protect your friends

Nov. 21, 2008

Rabbi A. Henach Leibowitz: Money matters?

Caroline B. Glick: Civilization walks the plank

Nov. 20, 2008

Rabbi Avi Shafran: Bronfman's blindness

The Kosher Gourmet By Linda Gassenheimer: Portobellos add a hearty flavor to pasta with pesto

Nov, 19, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir : Spread the wealth? Jewish tradition and income equality

Elliot B. Gertel: 'Mad Men': Tackling prejudices or reinforcing them?

Nov, 18, 2008

Dr. Debby Schwarz Hirschhorn: The End of the Age of Reason

Jonathan Tobin: Does Barack + Bibi = Disaster?

Nov, 17, 2008

Rabbi Yonason Goldson: The End of the Age of Reason

Diana West: Gulling Americans into making terror legit?

Nov, 14, 2008

Rabbi A. Henach Leibowitz: The Power of Spiritual Inertia

Caroline B. Glick: The perils ahead

Nov, 13, 2008

Stratfor Intelligence Briefing: How Bush and Obama together could change the Middle East dynamic

The Kosher Gourmet by JeanMarie Brownson: Sweet and savory, crispy and meltingly tender bestilla

Nov, 12, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir : Tyrannical Co-Workers

Michael Doyle: High Court to consider today donated monuments that may have religious messages in public parks

Nov, 11, 2008

Frank J. Gaffney, Jr.: Will Obama stop government officials considering institutionalizing financial jihad?

Jonathan Tobin: They Will Decide Their Own Fate

Nov, 10, 2008

Rabbi Avi Shafran: $8 billion, modern-day Tower of Babel being built?

Barry Rubin: A letter to the president-elect from a Middle East realist

Nov, 7, 2008

Rabbi Francis Nataf: Of Children and Immortality

Caroline B. Glick: Livni's Obama strategy

Nov, 6, 2008

Rabbi Yonason Goldson: How I tricked a classroom of apathetic students into grasping the fallacy of moral relativism

The Kosher Gourmet By Gina Kim: Tips for making the perfect soup --- includes recipes

Nov, 5, 2008

The Jewish Ethicist By Rabbi Dr. Asher Meir: Destitute Debtors

Bruce Weinstein: 'Religulos': Bad title,even worse movie

Nov, 4, 2008

Frank J. Gaffney, Jr.: Treasury Dept. submits to Shariah law

Frida Ghitis: A surprise for Obama in the Middle East

Nov, 3, 2008

Jonathan Rosenblum: Who says Jews are Smart?

Jonathan Tobin: Was He Wrong About Everything?

March 22, 2007

J-Rhythms with Avraham Rosenblum: JWR's cutting-edge music program showcasing performers -- singers, song writers, musicians, and bands -- who learn and live the Torah lifestyle (OUR NEWEST IGODCAST !)

Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

Jewish World Review Nov. 27, 2008 / 29 Mar-Cheshvan 5769

Recognizing Crisis

By Bob Tyrrell


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http://www.JewishWorldReview.com | There is a condign symmetry about this financial crisis. A government-induced crisis is getting a government-insured resolution. The excesses of Freddie Mac and Fannie Mae are being mopped up by huge federal spending, made all the more massive by all the reckless endeavors of the politicians, the regulators and the financiers who frivoled with the intemperance of Freddie and Fannie. Now President-elect Barack Obama has perhaps faced up to the mess. He has not shied away from bringing former Secretary of the Treasury Larry Summers onto his economic team as head of his National Economic Council.


Summers was a proper critic of Freddie and Fannie, having noted this past summer that "the illusion that the companies were doing virtuous work made it impossible to build a political case for serious regulation." This virtuous work was extending mortgages to those who could not afford those mortgages. The toxic mortgages were then bundled in with healthy mortgages and sold around the world by Wall Street geniuses like some enormous chain letter whose day of reckoning came some months ago.


The endeavor was a fantasy that had to end badly, and so it has. Yet at a certain level, the constituent elements of the Democratic Party are given to fantasy and excess. Consider the most vocal critics of Summers. They are not bankers or economists. They are feminists, often feminist scientists, who forced him out of the presidency of Harvard for his recognition that women of genius are not as plentiful as men of genius in the sciences and math. Now, what he cited is a fact. Summers drew no invidious conclusions and offered no program that would limit the number of lady scientists. He just noted the data in a forum supposedly open to free discourse. Kaboom — the women of the fevered brow drove him from office. Remind me not to read a book aloud in Harvard Yard.


Now, in this time of economic crisis, the women of the fevered brow attempted to keep Summers out of the Obama government despite his demonstrated economic acumen. And remember these feminists claim to be a force for justice and fairness. How long do they want to ban Summers from public life?


It was rumored that Obama wanted Summers back as head of Treasury. Perhaps the angry feminists kept Summers out of his old office. The man the president-elect has announced as his secretary of treasury, Timothy Geithner, is probably a suitable replacement. The economic team Obama is assembling strikes me as pretty good, but the way it was assembled is a bit worrisome. Are all the fanatics in the Democratic Party going to be able to get a hearing with this president? He is going to have to maintain both feet on the ground in the months ahead. The delusional malcontents that a Democratic presidential candidate courts in an election can cause a Democratic administration grave problems.


That brings to mind the visuals that the president-elect is using when he addresses the American people. He appears enhaloed by American flags, not one or two but a whole ring of flags. Moreover, he speaks from a lectern proclaiming "The Office of the President Elect." In point of fact, there is no Office of the President Elect, and Obama is not even in an office. He is on a stage. Arguably, a stage has been his office during much of his public life, given the fact that he will be America's first motivational speaker to become president. Actually, I doubt that this is the point Obama is trying to make. He is engaging in theater. Yet this dramatic setting is implausible. According to statute, he will not actually be president-elect until the Electoral College meets on the first Monday after the second Wednesday of December (Dec. 15 this year) to elect him according to the votes cast Nov. 4.


My advice to our incoming president is to avoid the implausible stage effects. There is plenty of drama out there, for instance a real war and a real economic crisis. Now he has appointed former Federal Reserve Chairman Paul Volcker to be chairman of a new presidential advisory board to oversee our emergence from this economic mess. Volcker is one of the great figures of his generation, known for slaying inflation in the early 1980s and a dozen other contributions to the commonweal. It is a sign that our first motivational speaker president might actually know what he is talking about — when he is talking seriously.

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 Bob Tyrrell is editor in chief of The American Spectator. Comment by clicking here.

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