February 13, 2012 Binyamin Rose: Back to the Bunker: How a life-risking act by a Christian family during the Holocaust saved a family and built a thriving community a world away Danielle Kurtzleben: The Peace Process is over. Finally Susan Johnston: The Myth of Economic Inequality Menachem Wecker: Business Schools Teach Real Estate Despite Troubled Housing Market The Kosher Gourmet by Diane Rossen Worthington: Farro Salad: An ancient grain is now new again as the base of a tasty tangle of flavorsome vegetables, chickpeas and salami February 10, 2012 Rabbi Nathan Lopes Cardozo: The biblical case against small-mindedness involved diminishing His precious prophet Caroline B. Glick: The Peace Process is over. Finally Lisa M. Krieger: Man with defibrillator demands access to his own heart's information David G. Savage: Why activists may not be in a hurry to have High Court rule on alternative marriage Rachel Koning Beals: Gen X Women Continue to Shrink Gender Investing Gap The Kosher Gourmet by Faith Durand: Who Says You Can't Make Restaurant Favorites at Home?: MANGO AND STICKY RICE February 9, 2012 Jeff Strickler: An argument a day keeps the divorce away, they say Clifford D. May: CAIR's Crusade against The Third Jihad Melissa Healy: Study finds jolt to the brain boosts memory Laura McMullen: 10 Least Expensive Public Schools for Out-of-State Students Kimberly Palmer: How to actually enjoy -- relaxing, financially -- your vacation Emily Brandon: 10 Necessities for a Great Retirement Spot The Kosher Gourmet by Diane Rossen Worthington: Winter Squash and Red Swiss Chard Risotto is Colorful Cozy Cold Weather Fare (includes detailed dos and don'ts) February 8, 2012 Rivy Poupko Kletenik: Tree hostility: The auspicious history of the evolution of Tu B'Shevat Steven Emerson: Planting Trees is Racist?! Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups Anne Applebaum: Russia's Potemkin democracy Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs Emily Brandon: 10 Necessities for a Great Retirement Spot The Kosher Gourmet byDana Velden: Going to the bother of making soup? You know it better be good. This CREAM OF TOMATO SOUP certainly is! And it's a cinch to make, too (Includes techinques and serving secrets) February 7, 2012 Kathleen Hennessey and Christi Parsons: Obama not worried that birth-control move will hurt his re-election chances with Catholics, other faithful Caroline B. Glick: Obama's rhetorical storm Frank J. Gaffney, Jr.: Caught off-guard? President's Super Bowl interview with Matt Lauer gives those who need a reason not to vote for him, a darn good one Suzanne Bohan: Leaping lizards! Tiny reptiles advancing robot design David Francis: How to Avoid an IRS Audit The Kosher Gourmet by Emma Christensen: These homemade energy bars (3 recipes) are far better workout fuel than commercial ones, packing power and taste February 6, 2012 Scott Peterson: Iran's top ayatollah: We're trumping the West Jonathan Tobin: Iran Threatens Israel With Destruction, But the New York Times Doesn't Hear It Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland' Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good Philip Moeller: Where Smart Investors Put Their Money Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard? The Kosher Gourmet by Joseph Erdos: Vegetable Frittata --- leftovers never tasted so scrumptious February 3, 2012 Rabbi Dr. Warren Goldstein: Living with ideals --- in reality Caroline B. Glick: Fool me twice Jonathan Tobin : Adelsonphobia Strikes in Nevada Caucus Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US Kimberly Palmer : 8 Ways to Get Ready for Retirement Now Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling The Kosher Gourmet by Faith Durand: A quick cookie recipe: Hazelnut and Olive Oil Shortbread: Sweet, Nutty, and Savory February 2, 2012 Rabbi Yaakov Rosenblatt : Welcome Home, Governor Perry Jim Carney: Wrong number call may have saved her life Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran Kelsey Sheehy : 5 Tips for Choosing an M.B.A. Concentration Rachel Koning Beals : Investors Increasingly Tap Social Media for Stock Tips Tina Susman: For woodchuck rescuer, every day is Groundhog Day The Kosher Gourmet by Leela Cyd Ross : Savory vegetable pie is a taste of European bistro with minimal effort and maximal flavor February 1, 2012 Nara Schoenberg: What to do when you've been dissed Michelle Malkin: First, They Came for the Catholics Brian Bennett: US officials see increasing threat of domestic attack from Iran Lisa M. Krieger: Possible breakthrough in preventing Alzheimer's Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures Susan Johnston: 5 Apps for Organizing Your Expenses at Tax Time The Kosher Gourmet by Mario Batali: The famed chef's Broccoli and White Bean Soup can easily be a lunch in itself, or a nice antipasto --- and is hard to mess up January 31, 2012 Paul Greenberg: Separation of Church and State works two ways Caroline B. Glick: Hamas and the Washington establishment Frank J. Gaffney Jr.: Uncle Sam is joining in efforts to crack down on Islamists' critics Danielle Kurtzleben: The 10 Worst Cities for Finding a Job Laura McMullen: 3 Tips to Overcome a Bad Grade in College The Kosher Gourmet by Faith Durand: Orzo dish mixes plump, chewy grains with caramelized onions, garlic, mushrooms and sweet potato January 30, 2012 Rabbi Avi Shafran: Blind faith and physics Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds Meg Handley: Banks Revamping Rewards Programs to Woo Customers Menachem Wecker: 3 Do's and Don'ts for Healthy Studying in College The Kosher Gourmet by Diane Rossen Worthington: Butternut Squash Gratin with Tomato Fondue is a combination of the sweet and creamy January 27, 2012 Rabbi Berel Wein: What Pharaoh can teach us sophisticates about being stubborn Caroline B. Glick: Obama: Of course I intend to prevent a nuclear holocaust . . . in a few months Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill Katy Hopkins: New budget rules may affect how much money you get for college The Kosher Gourmet by Emma Christensen: Barigoule is a light and tangy dish of artichoke hearts stewed in white wine January 26, 2012 Jonathan Tobin: Newt the closet anti-Semite? Ed Koch: To the New York Times, calling for the murder of Jews by those capable of having their incitement taken seriously isn't news Martin Peretz: One Year Later: The Failure of the Arab Spring Rachel Koning Beals: Need to Know info before investing in Muni Bonds this year Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report The Kosher Gourmet by Leela Cyd Ross: Curried Coconut Carrot Soup. 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Erika Bolstad: Black conservatives gather to talk about gaining strength The Kosher Gourmet by Diane Rossen Worthington: This luscious fruit bread marries toasted pecans with juicy pears. Perfect with a pot of tea January 23, 2012 Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary Stephanie Hanes: Toddlers to tweens: Relearning how to play Jack Kelly : Still ignoring history Rachel Koning Beals: Awkward Questions You Must Ask Your Financial Adviser 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 The Kosher Gourmet by Emma Christensen: Spanakopita is a golden pie that manages to be healthy yet still taste indulgent January 19, 2012 Clifford D. May: How terrorists lose their stigma Suzanne Bohan: Vanquishing social anxieties without drugs Lisa Fernandez and Sean Webby: In alternative lifestyle, domestic violence means men as victims and women being abusers Danielle Kurtzleben: The 10 Best Cities for Finding a Job The Kosher Gourmet by Diane Rossen Worthington: Three bean soup with gremolata January 18, 2012 Edward I. Koch: Why the Crocodile Tears, Hillary? David G. Savage: Supreme Court to Principals: You have been warned George Friedman of Stratfor: Iran, the U.S. and the Strait of Hormuz Crisis Jason Koebler: 'Holy Grail' of Flu Vaccines by Next Year Alex M. Parker: The Off-the-Radar Congressional Targets of 2012 The Kosher Gourmet by Susan Russo: Got soft apples? Make Apple-Maple Walnut Breakfast Quinoa January 17, 2012 Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court Sharon Palmer, R.D.: Believe it or not, your cuppa joe offers potential health perks David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors Confronting the Car Nerds on their home turf --- the Detroit Auto Show (VIDEO; 3 minutes) The Kosher Gourmet by Emma Christensen: Eleventh-Hour Freezer Pasta, Made Interesting: Ravioli with romesco sauce; Tortellini salad with apples and walnuts January 13, 2012 Chief Rabbi Dr. Warren Goldstein: Expansion Of Spirit (PROFOUND yet UPLIFTING) Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time Rachel Koning Beals:Top Complaints About Daily Deal Sites --- how to avoid missteps Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body The Kosher Gourmet by Diane Rossen Worthington: Braised Oxtail Stew with Olives January 12, 2012 Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups Warren Richey: Supreme Court says no to new rule on eyewitness testimony Ken Dilanian and David S. Cloud: In secret study, CIA and 15 other U.S. intelligence agencies warn Obama against leaving Afghanistan too soon John Fauber : Statins found to raise diabetes risk in postmenopausal women Katy Hopkins : Consider This Before You Pay for an Online Degree Menachem Wecker : 4 Technology Must Haves for Online Students The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream 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 Rachel Koning Beals: Should You Invest in Bond Funds or Individual Issues? 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Jewish World Review Nov. 20, 2008 / 22 Mar-Cheshvan 5769 Paulson, Bernanke, and Congress on the Bailout: Incompetence All Around By Michael Barone http://www.JewishWorldReview.com | Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke got beaten up pretty badly in the House Financial Services Committee. And on at least one point, I think, justifiably so. In his opening statement, Paulson acknowledged that at the time the Senate passed its version of the financial rescue package October 1 and the House passed the same version October 3, he had already decided that the Treasury Department would not embark on the program of acquiring toxic securitized mortgage and other paper from financial institutions, as he was telling Congress it would, and that it would instead use powers in the bill to inject capital into banks and other financial institutions. I think members of Congress have standing to complain when they are asked to approve a piece of legislation on the grounds that the administration will do A, but in fact the administration has already decided to use the broad powers in the bill to do B — and hasn't told Congress about its change of mind. Paulson in his opening statement hit back at that by noting that in the two weeks Congress had been considering the legislation — from September 19, when Paulson and Bernanke presented their three-page rescue package outline to members of Congress, until October 3, when Congress passed the bill — the stock market fell 9 percent. In effect, he's blaming Congress for dithering while $2 trillion of wealth was being destroyed. He's got an argument, too. I think there's something to be said for both sides, as well as against. Congress acted pretty darn quickly by its standards in voting to give the secretary of the treasury powers to deploy $700 billion pretty much as he wished. There was some negligence on the part of Congress, including members of both parties. When Speaker Nancy Pelosi announced on September 23 that she wanted 100 House Republicans to support the bill, all the folks concerned — Paulson and the administration, the House Democratic and Republican leadership, the bipartisan leaders in the Senate supporting the rescue package — should have brought the House Republicans (previously ignored, since Democrats can pass pretty much anything they want in the House under its rules and Pelosi's strong party discipline) into the negotiations. This didn't happen immediately, resulting in the defeat of the rescue package in the House September 29 (when plenty of Democrats with safe seats as well as Republicans voted against it: no party discipline from the Democratic leadership here). The House Republicans got some concessions in the Senate bill (no money for Acorn, etc.), passed in the Senate October 1 and in the House (where the Democratic leadership had lost negotiating leverage) October 3. Incompetence all around. The general practice when you have a closely divided Senate and a controlled House is to have the Senate pass a bipartisan measure and the House a leadership measure, and then resolve them in conference. But when the speaker announces she must have bipartisan support (in this case so that politically marginal members of her party can vote against the measure), then the House minority must be brought into the discussions. Suddenly, the House minority, which ordinarily has no leverage to produce legislative results, has a great deal — a concession Pelosi in effect made on September 23. But she did not bring in the House Republicans, nor did the House Republican leadership authorize anyone (including Spencer Bachus, ranking minority member on Financial Services) to negotiate for them. As for Paulson, I've seen no indication that he understood the need to bring House Republicans into the discussion. House Assistant Minority Whip Eric Cantor came forward with a proposal that the treasury should be authorized not only to acquire toxic assets but also to insure them. This is an alternative that Paulson's treasury had already rejected as unworkable (for the same reason that it decided that acquiring toxic assets would be unworkable: because no one could set a value on the toxic assets, and accordingly, no one could set a value on the insurance premium), but which, as Financial Services Chairman Barney Frank pointed out, was already authorized under his draft of the bill and that he had no objection to including as a possible alternative. Intellectually, this was the basis on which the final, Senate-originated bill was passed. All this could have been done, I think, before September 29, if proper negotiations had been conducted. But they weren't; markets plummeted; and some time in there — Paulson hasn't so far as I know been specific about the date — Paulson decided that acquiring toxic assets wouldn't do and that capital injections would work better. Pollster Scott Rasmussen notes that only 26 percent of Americans are confident that our leaders know how to deal with the economy and that 45 percent are not very confident. They also acknowledge, by larger percentages, that ordinary citizens are culpable by having acquired too much debt. Yet consider. I've been reading Ben Bernanke's Essays on the Great Depression, recently published by my friends at Princeton University Press. These essays, usually written with fellow academics as coauthors, are hard slogging, and I have to say that as a graduate of Harvard College and Yale Law School with a high verbal and even math aptitude, I have had a hard time understanding them. But I bring out of them one conclusion: that Ben Bernanke probably knows more about the Depression of the 1930s, about specific events and economic interpretations, than any other living person on Earth. If that credential is decisive, he is the person we want making these great decisions and wielding vast sums of money in this unprecedented financial crisis. Secretary Paulson in his testimony makes the argument that things would be much worse than they are if the rescue package had not been passed by Congress and if the capital injections to banks had not been made pursuant to it (though not pursuant to the arguments he made to Congress to get it passed). That's a counterfactual that cannot be tested; we can't go back to September 18 and see what would have happened if Paulson and Bernanke, having concluded that credit markets were completely coagulated, that no blood was flowing in the veins and arteries of our financial system, had not determined that something spectacular needed to be done to prevent the patient from dying. My guess is that Paulson is right, and that the economy would be in a much worse downward spiral now. But we'll never know for sure. Our leadership has been suboptimal, perhaps, in the interaction between the financial authorities and Congress, but not nearly as suboptimal, I think, as it might have been. Footnotes: This is an interesting analysis of General Motors' situation; blogger Francis Cianfroca says that no one will lend to GM in Chapter 11 and that it will be forced into Chapter 7. Politically, the Republicans will be blamed for the collapse of many subcontractors and suppliers (though note that many, like Delphi and Collins-Aikman, are in bankruptcy already). Cianfroca seems to be arguing for what he takes to be the Bush administration solution: free up the $25 billion already approved for financing low-emission cars into a capital infusion, under terms presumably more onerous than GM and the UAW would get from the incoming Obama administration and the more Democratic Congress after January 20. Polling shows ambivalence on a Detroit Three bailout. Gallup shows 47 percent for a bailout, and 49 percent against, if the companies were threatened with bankruptcy. But if one of the companies were certain to fail, only 18 percent would favor aid, and 79 percent would oppose. 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. BARONE'S LATEST The New Americans   Now, more than ever, the melting pot must be used to keep America great. Barone attacks multiculturalism and anti-American apologists--but he also rejects proposals for building a wall to keep immigrants out, or rounding up millions of illegals to send back home. Rather, the melting pot must be allowed to work (as it has for centuries) to teach new Americans the values, history, and unique spirit of America so they, too, can enjoy the American dream.. Sales help fund JWR. JWR contributor Michael Barone is a columnist at U.S. News & World Report. Comment by clicking here. Michael Barone Archives © 2006, US News & World Report

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