Donate to JWR

In this issue

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. 12, 2008 / 15 Kislev 5769

No more bailouts

By David Limbaugh

Printer Friendly Version
Email this article | If our government's economic experts really knew what they were doing, they wouldn't be frenetically experimenting with the people's money, treating billions like nickels. They wouldn't be so hellbent on dampening expectations and instilling fear as if oblivious to the real impact of public psychology on the economy.

I'm just not buying their doomsaying anymore. Even if they're right and we do end up in a full-scale financial meltdown, at least it will be finite and America's best days will still be ahead of us. But if we don't stop this panic-driven government intervention madness now, the chances are we'll still face a major meltdown and pass the point of no return into the bottomless pit of socialism.

The auto bailout and future proposed gargantuan government interventions must be rejected.

Government bailout architects ominously warned that unless we adopted their original "$700 billion" bailout proposal to purchase distressed mortgage assets, we'd face catastrophic economic consequences rivaling or exceeding the Great Depression.

Just weeks later, these same architects betrayed their own warnings and said their do-or-die plan would not work after all. Buying the troubled assets wouldn't inject capital into the banks quickly enough, so instead the government would have to distribute the money directly to major financial institutions.

But whatever happened to the government's mollifying assurance that if we pursued the original asset purchase plan, which involved buying the assets at a bargain, taxpayers might even make money on the deal? How about its promise that its involvement would be short-term? Obviously, the government's promises were more short-lived than its intervention.

Predictably, all kinds of supplicants showed up at government's doorstep looking for their own "rescue" funds. And we're just getting warmed up.

While Congress probably never should have authorized the original bailout plan, there is at least a plausible rationale to draw the line in the sand now. As others have noted, most bailouts to date have been to the financial sector. But once we open the door to the automakers, on what non-arbitrary basis do we deny future private industry petitioners, especially when their collective failure could arguably have a major impact on the economy?

Free market capitalism is obviously not perfect, but it's the least imperfect economic system, and its pricing mechanism does an infinitely better job of allocating resources and rationally picking winners and losers than government planners could do, even if they had the foresight of Nostradamus on his best day.

Keynesian interventionist types insist that the intrinsic weaknesses of capitalism require large-scale government interventions from time to time, such as FDR's New Deal. Nonsense. While there are certainly cyclical ups and downs inherent in market economies, there is usually scant justification for such major government adjustments.

Indeed, but for liberally biased historians, we'd understand that FDR's actions exacerbated and prolonged the Great Depression and that Obama's planned New Deal would do likewise. The financial meltdown was not caused primarily by too much capitalism but reckless government policies that interfered with the market's pricing mechanism, such as mandating un-creditworthy real estate loans.

Even if we draw the bailout line now, we must understand that we've still seen an enormous government intervention under a Republican president's watch, which will make future bailout proposals difficult to credibly oppose.

Some contend there is a silver lining in these bailouts, namely that their inevitable failure will teach the lesson that they don't work and cause our rededication to market principles.

But this ignores that a large percentage of the political class has no fealty to market principles. The Harry Reids and Nancy Pelosis of the world are licking their lips in anticipation of the opportunities for government intervention this crisis presents, as Obama's chief of staff, Rahm Emanuel, brazenly admitted.

In the typically arrogant spirit of social planners, they are poised to micromanage an industry they know less about than they know about balancing the federal budget. Worse still, they refuse to divorce their self-assigned mission of restoring financial stability to the industry from their policy and political goals of imposing environmental mandates and protecting their union voting constituencies.

It's time to take our medicine, even if that means bankruptcy and the restructuring of an industry whose wages have long defied market standards. Any resulting hardships are sad and troubling, but the alternative is worse.

If we don't stop this runaway freight train now, there might be no extricating ourselves from the government planning model, which would be disastrous for America's unique and world-leading prosperity and liberty.

Conservatives better start screaming bloody murder, or the market enemies soon to dominate two of the three branches of the federal government with a lust for the third could build a socialist momentum that would be difficult to restrain, much less reverse.

Enough is enough.

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


David Limbaugh, a columnist and attorney practicing in Cape Girardeau, Mo. Comment by clicking here.


Bankrupt: The Intellectual and Moral Bankruptcy of the Democratic Party BANKRUPT! Thatís what the Democrats are when it comes to new ideas, or to defending America, or to doing anything more than protecting their own narrow political interests. Exaggeration? Hardly. Bestselling author David Limbaugh quotes Democrats to devastating effect as a party that has reduced its mind and heart to the level of intellectual and moral bankruptcy. In this startling new book, Limbaugh shows just how far the Democratic Party has fallen, and why there is little prospect of redemption.

Sales help fund JWR.

© 2008, Creators Syndicate