
 |
|
Nov. 20, 2009
Nov. 19, 2009
Jonathan Tobin: ADL Crosses the Line with Report Bashing Obama Critics
Nov. 18, 2009
JWisdom.com: The (Jewish) Dating Game
with Rabbi Lawrence Hajioff (8 minutes)
Nov. 17, 2009
Steven Emerson: How Does the 4th Amendment Impact Terror Finance Investigations?
JWisdom.com: If Frank Sinatra married Edith Piaf
with Rabbi Y.Y. Rubinstein (2 minutes) Life lessons from what would be regarded as the most inappropriate lyrics ever sung
Nov. 16, 2009
JWisdom.com: Deconstructing faith
with Rabbi Warren Goldstein (9 minutes)
Nov. 13, 2009
JWisdom.com Sarah's subjective reality
with Rabbi Sroy Levitansky ( 6 minutes)
Nov. 12, 2009
JWisdom.com Does God get tired?
with Rabbi Harvey Belovski ( 5 minutes)
Nov. 11, 2009
JWisdom.com Marriages are not made in Heaven
with Rabbi Lawrence Hajioff (VERY fast 15 minutes)
Nov. 10, 2009
Michael Doyle: Author of book exposing CAIR ordered to remove supporting documents from Web
JWisdom.com If the creation so loudly shouts the existence of the Creator, why aren't more people believers? with Rabbi Naftali Brawer (9 minutes)
Nov. 9, 2009
Mark Steyn: Shooter exposes hole
in U.S. terror strategy
JWisdom.com It's never too late to
have a happy childhood with Sarah Chana Radcliffe (5 minutes)
Nov. 6, 2009
JWisdom.com Zero to 1/60th: How
to Empower An Hour with Gavriel Aryeh Sande (7 minutes)
Nov. 5, 2009
JWisdom.com Hidden Hints: Unlocking
Faith & Prayer with Rabbi Jay Yaacov Schwartz (10 minutes)
Nov. 4, 2009
JWisdom.com When God played peacemaker
With Rabbi Sroy Levitansky (5 minutes)
Nov. 3, 2009
JWisdom.com Are you are closet idolater?
With Sara Yoheved Rigler (10 minutes)
Nov. 2, 2009
JWisdom.com Abraham's Strange Change
With Rabbi Yitzchok Fingerer (5 minutes)
|
| |
Jewish World Review
January 15, 2009
/ 19 Teves 5769
Attach anti-socialism rider to bailout funds
By
Dick Morris & Eileen Mc Gann
| 
|
|
|
|
http://www.JewishWorldReview.com |
With both George Bush and Barack Obama pressing the new Congress to appropriate the remaining $350 billion in authorized bailout funds, the Congress has a historic opportunity to demonstrate its preference for the free enterprise system over socialism. Congress should give Obama these funds, weapons in the war against the depression, but ought to attach an amendment prohibiting the federal government from using the leverage the funds give it and any equity it may acquire in these companies as a result of these funds to influence corporate lending, hiring, management or other practices.
The federal fire department has come to the rescue of these burning companies in the midst of their economic conflagration. The question now is whether the fire fighters will go home. Or will they stay on to live in the house they have just saved from the flames, even evicting the homeowners? Will the feds now say, in effect, "We saved you, now we own you?"
The crucial difference between the approach favored by House Republicans and former Speaker Newt Gingrich and the bailout that was passed in October of last year was that the Republicans contemplated using insurance and loans, not outright grants, to shore up endangered companies. One key reason for their resistance to giving away grants was the realization that the Democrats would demand that the "taxpayers get something back" for all the capital they were giving banks. Inevitably, they realized, federal aid would come with a demand for government-owned stock in the companies receiving the assistance.
Now that the feds have become stockholders in our major banks and insurance companies, the question is: What will they do with this power?
Hanging in the balance will be whether the United States continues to follow free-market economics or chooses to emulate the no-growth, government-dominated economies that prevail in Western Europe. Will we cash in our capitalist system for a socialist democracy?
It is easy to see how socialism could start. Federal regulators might demand, with some justice, that banks limit their compensation and bonus packages to senior executives, just as they have already made manifest their displeasure at AIG's party loving, frat-jock ways. From there, the feds could go to imposing affirmative action goals on hiring and promotion, government guidance on lending decisions, proscriptions on redlining and the like.
It is great that Citibank has agreed to work in bankruptcy courts with defaulting lenders to restructure and reduce loan payments and even to cut interest rates or forgive principal. But it is dangerous that Citi's enlightenment came not from inner virtue but from pressure by its federal government benefactors.
Even if we do not evolve into a European-style government with permanent ownership positions in key banks and insurance companies and a public sector that is not shy about issuing orders, we could go the way of Japan very easily. Tokyo needs no such formal power, a word to the wise whispered into a banker's ear by a MITI bureaucrat can achieve sudden changes in bank policy.
The result of this public power over private companies has been a kind of crony capitalism that has brought economic growth to a standstill in Japan, as it has in Europe. Too often the public regulators guess wrong, as when Japan told its industry to focus on mainframe computers rather than laptops.
And there is always a Rod Blagojevich somewhere, scheming to get rich by demanding kickbacks from publicly subsidized banks and insurance companies. Political cronyism and corruption seep into private business decisions when the door is opened by taxpayer subsidies and government stock holdings.
The solution is clear. President-elect Obama wants the $350 billion to be at his beck and call when he takes office. He's right to want it. But Congress should attach an amendment limiting the role the federal government can play in the ownership, management, policies and operations of the companies to which it pays this bailout money. We want bailouts, not a government takeover in disguise.
s
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 Dick Morris is author, most recently, of "Fleeced: How Barack Obama and Hillary Clinton, Media Mockery of Terrorist Threats, Liberals Who Want to Kill Talk Radio, the Do-Nothing Congress, Companies ... Are Scamming Us ... and What to Do About It". (Click HERE to purchase. Sales help fund JWR.) Comment by clicking here.
Dick Morris Archives
© 2009, Dick Morris
| |

Arnold Ahlert
Mitch Albom
Michael Barone
Dave Barry
Tony Blankley
Andy Borowitz
David Broder
Stratfor Briefing
Mona Charen
Linda Chavez
Ann Coulter
Greg Crosby
Larry Elder
Suzanne Fields
John Fund
Frank J. Gaffney
Lloyd Garver
Jonah Goldberg
Julia Gorin
Jonathan Gurwitz
Paul Greenberg
Lewis Grossberger
Victor Davis Hanson
Betsy Hart
Nat Hentoff
David Horowitz
Laura Ingraham
Cheri Jacobus Jeff Jacoby
Paul Johnson
Jack Kelly
Ed Koch
Ch. Krauthammer
Michael Ledeen
John Leo
David Limbaugh
Kathryn Lopez
Rich Lowry
Michelle Malkin
Jackie Mason
Dick Morris
Bill O'Reilly
Jim Mullen
Clarence Page
Kathleen Parker
Dennis Prager
Wesley Pruden
Tom Purcell
Jonathan Rauch
Celia Rivenbark
Robert Robb
Cokie & Steve Roberts
Pat Sajak
Debra J. Saunders
Culture Shlock
Roger Simon
Michael Smerconish
Thomas Sowell
Mark Steyn
John Stossel
Cal Thomas
Bob Tyrrell
Diana West
Dave Weinbaum
George Will
Walter Williams
Byron York
Mort Zuckerman

Robert Arial
Chuck Asay
Baloo
Chip Bok
Dry Bones
Lisa Benson
John Branch
Gary Brookins
John Cole
J. D. Crowe
John Deering
Brian Duffy
Everything's Relative
Mallard Fillmore
Jake Fuller
Bob Gorrel
Joe Heller
David Hitch
Jerry Holber
Steve Kelley
Jeff Koterba
Dick Locher
Chan Lowe
Ranan R. Lurie
Jimmy Margulies
Rick McKee
Michael Ramirez
Kevin Siers
Jeff Stahler
Ed Stein
Danna Summers
John Trever
Gary Varvel
Kirk Walters

How 2
Lori Borgman
The Savvy Consumer
Elder matters
Fixit
Dr. Peter Gott
GET A JOB! by Marty Nemko
Richard Lederer
Tech Maven
Every Monday Matters
Nutrition Myths
Bookmark These
Bruce Williams
How Stuff Works
|