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July 18, 2008

Rabbi Nathan Lopes Cardozo: The Sanctification and Importance of Time

Caroline B. Glick: US wants it absolutely clear it has no intention of attacking Iran's nuclear installations

Mona Charen: What can you say about a people who welcome a child murderer as a hero?

JWisdom:: Living a dog's life, dawg? by Rabbi Dovid Gross

July 17, 2008

Steven Emerson: Deals with devils

Libby Lazewnik: One Step at a Time

JWisdom:: Leader the follower? by Rabbi Sroy Levitansky

July 16, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Poaching humans

The Kosher Gourmet by Linda Gassenheimer: Meaty pasta salad with summer berries perfect for warm evenings

JWisdom:: Keeping A Secret by Rabbi Mordechai Becher

July 15, 2008

Dennis Prager: False Equation: Opposing Same-Sex Marriage and Opposing Interracial Marriage

Joel Greenberg: Researchers look to Israeli circumcision program to help combat AIDS 'Alternatives' to Logic Won't Work

JWisdom:: Re-Jew-venating prayer, Part V: Why Judaism ISN'T Spiritual by Rabbi David Aaron

July 14, 2008

Jonathan Rosenblum: A warning from Canada to those who value life

Jonathan Tobin: 'Alternatives' to Logic Won't Work

JWisdom:: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: Poland's Unique Antisemitism, Part II

July 11, 2008

Rabbi Francis Nataf: It's hard to be humble when you're great

Caroline B. Glick: A tale of two hostages

JWisdom:: Profane for Prophet by Rabbi Sroy Levitansky

July 8, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q. Duty to save gullible from themselves?

Frank J. Gaffney, Jr.: Islamists have the West just where they want us

JWisdom:: Putting the Spirit Back into Spirituality, Part 3: The Fully Loaded Human Being by Rabbi Dovid Gross

July 3, 2008

Rabbi Dr. Abraham J. Twerski: A spiritual budget (TOUCHING!)

Jeff Jacoby: Israel still paying for its defeat

JWisdom:: Re-Jew-venating prayer, Part IV by Rabbi David Aaron

JWisdom:: The Moses Method by Rabbi Sroy Levitansky

July 2, 2008

Jonathan Tobin: Appeasers Make Poor Patriots

The Kosher Gourmet By Kathleen Purvis: Slaw, y'all: For BBQs or Sabbath dinner, these southern recipes are something else!

JWisdom:: Rabbi Mordechai Becher: Jewish Rx for A Simpler Life

July 1, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q. I think it's important to leave a legacy to my children. How much should I save towards this end?

Paul Greenberg:A President who is history deficient?

JWisdom:: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: Poland's Unique Antisemitism

June 30, 2008

Jonathan Rosenblum: Remembering the architect of Torah Judaism for the modern world

Abe Novick: Hulk: Still a Jew?

JWisdom: : Putting the Spirit Back into Spirituality, Part 2: The Abandoned Child

June 26, 2008

Rabbi Abraham J. Twerski: Quantum leap to evil

Caroline B. Glick: Victimized families must not be allowed to dictate policy

June 25, 2008

Rabbi Yonason Goldson: Today in Biblical History: King Jeroboam of Israel prevents pilgrimage to Jerusalem

Jonathan Tobin: Real Friends and Real Enemies

JWisdom: Raping of reason By Rabbi Sroy Levitansky

June 25, 2008

Steven Emerson: Kristof: Never Mind the Terrorists

Stratfor Intelligence Briefing: Mediterranean Flyover: Telegraphing an Israeli Punch?

JWisdom: Rabbi David Aaron: Re-Jew-venating prayer, Part III

June 24, 2008

Caroline B. Glick: What were they thinking!?

Frank J. Gaffney, Jr.: Guilty knowledge

JWisdom: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: Warping Innocence

June 23, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Diploma dilemma

Jeff Jacoby: A world without children

JWisdom: Rabbi Dovid Gross: Putting the Spirit Back into Spirituality --- Introduction

June 20, 2008

Rabbi A. Henach Leibowitz: Man: The Crowning Glory of Creation

Caroline B. Glick: Israel's darkest week

JWisdom: We aren't worthy? by Rabbi Sroy Levitansky

June 19, 2008

Rabbi Elazar Meisels: The saints who don't come marchin' in

Chris Christoff: Muslim woman demands an apology from Obama after camera snub

June 18, 2008

Jonathan Tobin: Still Dancing Around Jerusalem

The Kosher Gourmet by Steve Petusevsky: Chilled fruit and vegetable soups

JWisdom: Souls Need A Check Up? by Rabbi Mordechai Becher

June 17, 2008

Rabbi Avi Shafran: Baby Einstein

Caroline B. Glick: Bush's rhetoric, Bush's policies

JWisdom: Re-Jew-venating prayer, Part II by Rabbi David Aaron

June 16, 2008

Varda Branfman: Bob Dylan, won't you please come home?

Diana West: Academic dares to question the 'religion of peace'

JWisdom: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: Positive Backfire

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 May 24, 2006 / 26 Iyar, 5766

Mississippi has a place for heroes: Jail

By John Stossel


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http://www.JewishWorldReview.com | John Sheperson is a hero. When Hurricane Katrina struck, he turned on the news and learned that people in Mississippi had lost electric power. They desperately needed generators. He decided to help them, while helping himself.


He borrowed money, bought 19 generators, rented a U-Haul and drove it 600 miles to Mississippi, where he offered to sell the generators for twice what he paid for them. Eager buyers surrounded his truck. "People were excited," he said.


So did the generators go to hospitals? To nursing homes? Did they save lives? Did Mississippi officials give Sheperson a medal?


Nope. Instead, they locked him up — and his generators, too.


"Nobody got any use out of them," said Sheperson.


After Katrina, Jim Hood, Mississippi's attorney general, launched a crusade against "price gouging." "For people to take advantage of those in need," he said, "violates every biblical standard of morals that I'm aware of."


The Bible does say, "Give to him that asketh," and if Sheperson had donated those 19 generators and had hauled them down to Mississippi as an act of charity, it would have been fine with Jim Hood. But the attorney general considers making a profit by selling to the desperate at so-called "gouging" prices immoral and illegal.


But making money isn't evil, it's good. Modern life is made possible by people working to make money. And making a profit by "taking advantage" of people in need by meeting their needs is even better.


Today we hear about "gouging" at the gas pump. But it's simple supply and demand. Those "greedy" oil companies don't search for oil and drill for it out of the kindness of their hearts. They do it to make money, just like John Sheperson. The hope of fat profits is what motivates them to take risks to find new sources of oil to meet our energy needs. If companies think the government will "cap" prices to keep profits "fair," they would have little incentive to take the risk.

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"Gouging" prices are made possible by extraordinary need — by times when people decide that it's so important to get a generator that they're willing to pay twice the normal price. This free trade makes both parties better off, or they wouldn't agree to it: Taking advantage of someone's extreme need means meeting someone's extreme need and getting fairly compensated for the unusual effort you had to make in order to do it.


George Mason University economist Russ Roberts points out that if sellers don't raise prices after a disaster, supplies vanish. Anxious buyers often buy more than they need, just in case. Those not at the front of the line may get nothing. "How do you solve that problem? And how do you find out who should get those scarce items?"


One way is rationing — have the government decide who gets what. Another way is to make people wait in long lines and let patience and luck determine who gets the goods.


But the best way is to give the items to those who are willing to pay higher prices. It's best because it directs supplies to those who need them most and because it inspires more people to take the risks John Sheperson took, or invest in finding new sources of (or replacements for) oil. "High prices are good because what they do is they give people — and companies — the incentive to bring supply in ... and help people in the time of crisis. Without that price increase, who has the incentive to bear the risk of stocking up to take care of people?" said economist Roberts.


You may not believe me or Roberts when we say "gouging" is good, but will you believe three Nobel Prize-winning economists? Nobel Laureate (1992) Gary Becker says "gouging" is the "fairest and best" way to get supplies to those who need them the most. "That's a good thing," added Vernon Smith (2002). And Milton Friedman (1976)?


"The 'gougers' deserve a medal."

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

JUST OUT FROM STOSSEL
Myths, Lies and Downright Stupidity: Get Out the Shovel --- Why Everything You Know Is Wrong  

Stossel mines his 20/20 segments for often engaging challenges to conventional wisdom, presenting a series of "myths" and then deploying an investigative journalism shovel to unearth "truth." This results in snappy debunkings of alarmism, witch-hunts, satanic ritual abuse prosecutions and marketing hokum like the irradiated-foods panic, homeopathic medicine and the notion that bottled water beats tap. Stossel's libertarian convictions make him particularly fond of exposes of government waste and regulatory fiascoes. Sales help fund JWR.



JWR contributor John Stossel is co-anchor of ABC News' "20/20." To comment, please click here.


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