Home
In this issue
May 24, 2012

Jeff Jacoby: The peace process battered Israel's reputation
Clifford D. May: What Iran's Rulers Want
Michael Muskal: 'Pro-choice' position hits record low, according to poll
Chris Farrell: Are We in a Tech Bubble?
Kimberly Lankford: Switching Medicare Advantage Plans Mid-Year
Bryan McIver, M.B., Ch.B., Ph.D.: Mayo Clinic Medical Edge: Understanding hyperthyroidism and its variety of treatment options
The Kosher Gourmet by Penelope Wall: PHILLY CHEESE STEAKS --- hold the steak!
May 23, 2012
Ex-CIA spy in Iran's Revolutionary Guard: Baghdad talks highlight Western naivete
Tony Pugh: More private colleges offering tuition discounts
Lisa Gerstner: 4 Money-Etiquette Questions Answered
Mary Beth Franklin: How to Choose the Right Annuity for You
Art Markman, Ph.D.: Get smart: How to bulk up your creativity muscles
Tina Susman: The wig wasn't enough: Man gets 13 years for posing as his dead mom
The Kosher Gourmet by Emma Christensen:A simple way to do fish right
May 22, 2012
David S. Cloud and Kathleen Hennessey: Obama changes mind on Pakistan invite to NATO summit --- and then gets dissed by country's president
Warren Richey: Can US group challenge overseas surveillance act? Supreme Court to decide
Thomas M. Anderson: Walking Away From a Mortgage
Environmental Nutrition editors: The lowdown on a low-acid diet
The Kosher Gourmet by Megan Gordon: Enjoy a celebration of the most rich and layered flavors: Black bean, sweet potato and quinoa chili
May 21, 2012
Mark Clayton: Cybersecurity: How US utilities passed up chance to protect their networks
Howard LaFranchi: NATO summit: Who will foot the bill for long-term Afghanistan security?
Chris Farrell : Earn Dividends in Emerging Markets with This WisdomTree ETF
James K. Glassman: 5 Stock Picks Among Online Retailers
Stephen Whiteside, Ph.D. : Mayo Clinic Medical Edge: Social anxiety disorder --- or just shy?
Guy Jackson : Victim's father regrets death of Lockerbie bomber
The Kosher Gourmet by Mario Batali: Famed chef's veal shoulder farsumagru: A festive meat course for late spring
May 18, 2012
Rabbi Berel Wein: Striving: The People of the Book's Book for (All of) the People
Caroline B. Glick: Embracing dangerous delusions and not our friends
Steven Goldberg: 5 Great Stock Picks and the Exchange-Traded Fund that Owns Them
Janet Bodnar: How to Teach Kids to Handle Credit Cards
Mary Pickett, M.D.: Ask the Harvard Experts: Don't be forced into gluten-free lifestyle based merely on a doctor's false-positive test
The Kosher Gourmet by Carolyn Malcoun: DIY healthy lunchbox treats: HOMEMADE FRUIT BARS for kids and brown-bagging adults alike
May 17, 2012
Warren Richey: Teacher fired for being unwed and pregnant can sue religious school, court rules
Josh Mitnick: Netanyahu's 'centrist' coalition is already proving it's anything but
Steven Goldberg: Earn Dividends in Emerging Markets with This WisdomTree ETF
Mary Beth Franklin: Retirement Savings Tips for New Grads
Amina Khan: Research links coffee to lower death rates
Chelsea Sheasley: Social media: Is it too feminine?
The Kosher Gourmet by Faith Duran : Cheesy Potato Breakfast Casserole with Cheddar and Sun-Dried Tomatoes
May 16, 2012
Jackson Holahan: The Aleppo Codex
Jonathan Tobin : Iran Declares Victory in Nuclear Talks
Anne Kates Smith: 7 Stocks That Let You Sleep Tight
Carmen Terzic, M.D., Ph.D. : Mayo Clinic Medical Edge: A variety of exercises can help improve balance
Melissa Healy: National strategy on Alzheimer's disease aims to halt it by 2025
The Kosher Gourmet by Joyce White : GOODNESS GRACIOUS: GREENS! 4 winning recipes that are no longer just for down-home folks (Includes expert tips & techniques)
May 15, 2012
Dennis Prager: God and Man at (and for) Liberty
Kristen Chick: Obama administration resumes arms sales to Bahrain despite serious unresolved human rights issues. Activists feel abandoned
Pat Mertz Esswein: Homes are now affordable again and mortgage rates are low. What you need to know before you buy
Kathy Kristof: Our Practical Investor Fights Inflation with These 6 Investments
Sue Hubbard, M.D.: The Kid's Doctor: Lactose intolerant young child? Check again
Environmental Nutrition Editors: Get the facts on palm sugar sweetening
The Kosher Gourmet by Kathy Hunt: Spread a Little Excitement with EXOTIC CONDIMENTS (4 RECIPES)
May 14, 2012
Richard Simon: Purple Hearts for domestic terror victims?
Nando Pelusi, Ph.D.: The privacy paradox: Surrounded by strangers, we risk isolation, anxiety
Chris Farrell: Investing Lessons from the Great Recession
Lisa Gerstner: How to Protect Your Identity, Finances If You Lose Your Phone
Harvard Health Letters: Heart disease and dementia
Tiffany O'Callaghan: New hormone mimics effects of exercise without the sweat
The Kosher Gourmet by Megan Gordon: MANGO COCONUT OAT MORNING MUFFINS are a bright but hearty delight
May 11, 2012
Rabbi B. Shafier: Why happiness will always be elusive
Charles Krauthammer: Echoes of '67: Israel unites
Howard LaFranchi: With G8 snub, US-Putin 'reset' off to stumbling start
Jeremy J. Siegel: Investors, Relax About Rising Interest Rates
Jessica L. Anderson: Get the Best Deal on a Used Car
Jett Stone: Forget face-lifts and fake knees. Scientists have seen the fountain of youth --- and it's broccoli
The Kosher Gourmet by Chef Mario Batali: The famed chef's vegetable dish that tastes true to the season: FAVAS AND SUGAR SNAP PEAS WITH POTATOES AND TARRAGON
May 10, 2012
Clifford D. May: The Real Palestinian Refugee Problem
Sergei L. Loiko: Putin sends warning to U.S., NATO in Victory Day speech at Red Square
Mary Rourke: How being a 'mentch' got Vidal Sasoon his start and fighting in Israel's War of Independence provided him with confidence and a strong sense of his own identity
Harvard Health Letters: Palliative care: Underused therapy yields surprising benefits
Jeff Bertolucci: Get Home Phone Service for Less Than $10 a Month
Rachel L. Sheedy and Susan B. Garland : Make the Right Moves to Boost Benefits
The Kosher Gourmet by Betty Rosbottom: Gleaming with its golden, crimson, and snowy white hues, this silken smooth and creamy STRAWBERRY ORANGE TRIFLE looks impressive, but is easy to prepare
May 9, 2012
John Rosemond: Parents, stop destroying the American male
Valerie J. Nelson: Maurice Sendak, author of 'Where the Wild Things Are,' dies at 83
Bob Frick: Angst Over Annuities
Sharon Palmer, R.D. How you can reduce your risk -- or delay -- chronic diseases associated with aging
Howard LeWine, M.D.: Ask the Harvard Experts: Why did my blood pressure suddenly shoot up?
Lisa Gerstner: Lower the Rate on All Your Loans
The Kosher Gourmet by Emily Ho : Springtime soba with miso sauce offers a coloful mix of fresh textures and flavors
May 8, 2012
Edmund Sanders: Netanyahu suddenly cancels new elections, forms unity government
Frank J. Gaffney Jr.: Farewell to European superstate
Anne Kates Smith: 4 Stocks That Mimic Buffett and Berkshire Hathaway
Gaia Vince and Clare Wilson The Rise of Miniature Medical Robots: Fantasy Fast Becoming Reality
Paul Takahashi, M.D.: Mayo Clinic Medical Edge: Never suffer night leg cramps
Jessica L. Anderson: Extended-Warranty Warning
The Kosher Gourmet by Diane Rossen Worthington: Celebrate National Chocolate Chip Day with the Best Cookie Ever (Includes techniques)
May 7, 2012
Mark Clayton: Homeland Security warns major cyber attack aimed at gas pipeline industry underway
Angus Roxburgh: Putin Decoded: World view of a Russian feeling dissed
Kimberly Lankford: Navigate a Course for Long-Term Care
Kevin McCormally How to Adjust Your Tax Withholding
Celeste Robb-Nicholson, M.D.: Harvard Health Letters: How do you treat a Baker's cyst?
Joanne Capano: Healthy Snacks for Children: The Choices May Surprise You
The Kosher Gourmet by Penelope Wall: Classic Creamy Spinach Dip with a Fraction of the Calories and Fat
May 4, 2012
Rabbi Nathan Lopes Cardozo: Holy 'trivialities'
Jonathan Tobin: Bibi v. Barak will be no contest this time around
Steven Goldberg: Blue Chip Stocks On Sale Worldwide
Art Pine Slow Productivity Growth a Blessing --- For Now
Sue Hubbard, M.D. : The Kid's Doctor: Are Kids Too Wired?
Kerri-Ann Jennings, M.S., R.D: Foods that are good for your smile
Amy Paturel, M.S., M.P.H.: Eating Well: Foods that are good for your smile
The Kosher Gourmet by Betty Rosbottom: Strawberry rhubarb parfaits are elegant yet simple to assemble
May 3, 2012
Michael Freund: Who's Afraid of the Messiah?
Clifford D. May: The Foggiest War
Susan B. Garland: Insurance to Cover Old Old Age
Steven Goldberg 6 Reasons to Bet on a Big Bull Market
Harvard Health Letters: Treating prostate cancer --- no rush to judgment
Larry Gordon: Harvard, MIT partner to offer free online courses
Naomi Nix : Man gets free trip to Chicago after postcard sent by mother in 1957 finally reaches him
The Kosher Gourmet by Diane Rossen Worthington: Intensely Italian vegetable frittata is a seriously simple standby


Jewish World Review August 15, 2008 / 14 Menachem-Av 5768

What leaders can and cannot do

By Dick Polman

Printer Friendly Version
Email this article

http://www.JewishWorldReview.com | Whenever I hear the '08 presidential candidates voicing despair about the U.S. economy and talking about how they're going to cure its ills, I remember the gut wisdom of Dave Vasvari.

During a stump speech by John Kerry in Youngstown, Ohio, in 2004, I fell into conversation with Vasvari, a hard-hat electrician. At that moment, Kerry was vowing to cure our economic ills, and Vasvari snorted an inch from my ear. He said, "This is all just showboatin'. See this guy right here? You think he can do anything about (the economy)? The economy runs on its own cycles, no matter who's in there."

Barack Obama and John McCain won't ever say that, because in this country we cling to the myth of the omnipotent presidency. A candidate would probably commit political suicide if he admitted the truth, which is that, while presidents are indeed powerful in certain respects (they can now listen in on your phone calls), they cannot control global economic markets. They cannot stop China and India and Brazil from joining the capitalist money chase and sometimes beating us at our own game. Heck, they cannot even control the crafters of monetary policy at the Federal Reserve.

In fact, a study by two economists, Ben Olken of Harvard and Ben Jones of Northwestern, has basically confirmed all that. They wanted to know whether the top dogs on the world scene have any clout over their economies. They ultimately concluded that "the effects of leaders are very strong in autocratic settings, but much less so in the presence of democratic institutions." If you really want to flex economic muscle, it pays, evidently, to be a dictator.

The presidential candidates know the deal, which is why they revert so often to rhetorical smoke and mirrors. They really have no idea whether their economic agendas will make a difference, and besides, those agendas are tough to communicate in sound bites. It's much easier for a candidate to exude empathy, to insist that he feels the voter's economic pain, to paint the other guy as out of touch. The subtext of McCain's latest slam on Obama - that he's a Paris Hilton celebrity who likes to eat those effete protein bars - is the insinuation that the Democrat is living large, and therefore incapable of bonding with the doleful average Joe.

It's much harder to fess up about the hard truths, which is why they won't. For instance, it's true that presidents can nudge the economy at the margins, via the tax-and-spend fiscal powers they share with Congress, and they can use the bully pulpit to encourage a mood of confidence. But they cannot wave a wand, trigger a plummet in the global price of oil, and make America safe for SUVs again.

China alone has precipitated a 12 percent increase in global oil demand since 2000, at a time when supplies have been pinched by conditions beyond any president's control - civil unrest in Nigeria, the nationalization of the Venezuelan oil fields, and the fact that OPEC, the 12-nation combine that produces roughly 40 percent of the world's oil, has barely increased its output since 1979.

Or consider another facet of our current predicament, the subprime-mortgage crisis. Some liberal bloggers derided President Bush the other day, after word got around that Bush, speaking at a fund-raiser, had blamed Wall Street for the mess. Their derision implied that Bush had tried to dodge responsibility (after all, isn't the president supposed to be in charge?), but actually, he was right when he said that "Wall Street got drunk." The banks generated all kinds of speculative capital, luring millions of prospective homeowners (as well as upscale folks seeking to build second homes) with the promise of sweet terms and easy money.

No president can cure the cyclical outbreaks of all-American greed - or control the Federal Reserve, which helped make it all possible by relentlessly lowering interest rates. Indeed, the independence of the Fed and the failure of presidential influence are best illustrated by the relationship, nearly two decades ago, between the first President Bush and Fed Chairman Alan Greenspan.

Plagued by a recession in 1990, Bush wanted Greenspan to cut interest rates sharply and flood the market with money. Greenspan, who feared the onset of inflation, repeatedly refused. Greenspan's term as chairman was ending, but Bush reappointed him anyway, fearing Wall Street would be angry if he didn't. And after Bush lost the '92 election, he blamed Greenspan, saying in an interview, "I reappointed him, and he disappointed me." It was a rare confession by a president of his own lack of economic clout.

Actually, the country was emerging from recession when Bush stood for re-election. But he was defeated, in part, because he flunked the symbolic tests I cited earlier. He allowed himself to be perceived as "out of touch." On the stump, he literally read the phrase Message: I Care from an index card his aides had handed to him; it didn't look good that he needed prompting. Later that year, he expressed awe while being shown a new supermarket scanning device, and, while it's possible he was just being polite, the incident suggested to many that he was clueless about the way real people lived.

The same kind of shorthand symbolism is happening now. Few voters are acquainted with the substance of McCain's economic agenda; far more are aware that McCain's chief economic adviser, Phil Gramm, recently assailed us as "a nation of whiners" suffering merely from a "mental recession." That incident made McCain appear out of touch with real people, which is why Gramm is no longer the chief economic adviser.

And any day now, as an empathy test first introduced in the '96 campaign, I'm expecting somebody to ask McCain or Obama to cite the correct price of a loaf of bread and a gallon of milk. But here, I think, is a more substantive question we should be asking ourselves: If a president really did have control over the economy, then why would the economy ever be bad?

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.

Dick Polman is a columnist for the Philadelphia Inquirer. Comment by clicking here.


PREVIOUSLY

06/12/08: Obama and McCain would do well to follow a few tips
05/14/08: Obama-Clinton? Stranger things have happened
02/20/08: Clinton faces two unpleasant alternatives at this critical moment in her campaign
01/24/08: If Hillary takes down black guy who embodies the black American dream, she will break the Democratic coalition
01/17/08: Sobs, gulps and a few long sighs: Dems articulate their views
11/08/07: Thompson's federalism draws no ‘amens’ from religious right
11/02/07: Getting white men to jump
10/08/07: Clinton talks reform, but takes cash
07/03/07: Tapping Hillary fashion flap to raise funds
07/27/07: Hillary owes Elizabeth big time
03/09/07: For liberals, Clinton fatigue rooted in policy
03/01/07: Fading memories of Newt: Former speaker could benefit if conservatives forget some of his actions




© 2007, The Philadelphia Inquirer. Distributed by McClatchy-Tribune Information Services

Insight (Our Columnists)

 Arnold Ahlert
 Mitch Albom
 Jay Ambrose
 Michael Barone
 Barrywood
 Lori Borgman
 Stratfor Briefing
 Mona Charen
 Linda Chavez
 Richard Z. Chesnoff
 Ann Coulter
 Greg Crosby
 Alan Douglas
 Larry Elder
 Suzanne Fields
 Frank J. Gaffney
 Bernie Goldberg
 Jonah Goldberg
 Julia Gorin
 Jonathan Gurwitz
 Paul Greenberg
 Argus Hamilton
 Victor Davis Hanson
 Betsy Hart
 Ron Hart
 Nat Hentoff
 Marybeth Hicks
 A. Barton Hinkle
 David Horowitz
 Jeff Jacoby
 Renee James
 Paul Johnson
 Jack Kelly
 Ed Koch
 Ch. Krauthammer
 Michael Ledeen
 John Leo
 David Limbaugh
 Kathryn Lopez
 Rich Lowry
 Michelle Malkin
 Jackie Mason
 Ann McFeatters
 Dale McFeatters
 Dana Milbank
 Jeanne Moos
 Dick Morris
 Jim Mullen
 Deroy Murdock
 Judge A. Napolitano
 Bill O'Reilly
 Kathleen Parker
 Star Parker
 Dennis Prager
 Wesley Pruden
 Tom Purcell
 Sharon Randall
 Robert Robb
 Cokie & Steve Roberts
 Heather Robinson
 Pat Sajak
 Debra J. Saunders
 Martin Schram
 Culture Shlock
 David Shribman
 Roger Simon
 Michael Smerconish
 Thomas Sowell
 Ben Stein
 Mark Steyn
 John Stossel
 Cal Thomas
 Dan Thomasson
 Bob Tyrrell
 Ben Wattenberg
 Diana West
 Dave Weinbaum
 George Will
 Walter Williams
 Byron York
 ZeitGeist
 Mort Zuckerman

'Toons
 Robert Arial
 Chuck Asay
 Baloo
 Chip Bok
 Dry Bones
  Lisa Benson
 John Branch
 John Cole
 J. D. Crowe
 John Deering
 Brian Duffy
 Everything's Relative
 Mallard Fillmore
 Glenn Foden
 Jake Fuller
 Bob Gorrel
 Walt Handelsman
 Joe Heller
 David Hitch
 Jerry Holbert
 David Horsey
 Lee Judge
 Steve Kelley
 Jeff Koterba
 Dick Locher
 Chan Lowe
 Jimmy Margulies
 Jack Ohman
 Michael Ramirez
 Drew Sheneman
 Kevin Siers
 Jeff Stahler
 Scott Stantis
 Ed Stein
 Danna Summers
 John Trever
 Gary Varvel
 Kirk Walters
  Dan Wasserman

Lifestyles
 Mr. Know-It-All
 Ask Doctor K
 Richard Lederer
 Frugal Living
 Tech Maven
 On Nutrition
 Bookmark These
 Bruce Williams