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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. 10, 2008 / 13 Kislev 5769

Time to walk off the lot

By Paul Greenberg

Printer Friendly Version
Email this article | Would you buy a used auto company from any of the Big Three's execs who've been poormouthing before Congress? Their goal: to have Uncle Sucker — that's you, Mr. and Ms. American Taxpayer — save them from the results of their own poor management. They've got a clunker to sell and would love for the rest of us to take it off their hands. Would you give these highbinders your good hard-earned cash?

Of course not. But Congress is about to. It's not as if it's spending its own money.

Having had their first request for $25 billion rejected and told to come back with a plan to make their companies profitable, the Big Three's execs returned last week — not on their private jets this time but with even more torque-powered chutzpah. They upped the ante to $35 billion (it's the add-ons that always cost the most when you're buying a new model) and promised to build the kind of cars that Congress (not necessarily the American consumer) wants.

At last report, the shrinking Big Three were willing to accept $15 billion — for now — and the services of a federal Car Czar to oversee their restructuring. Much like a used car salesman's dropping the price and offering all kinds of concessions as the customer is about to leave the lot. It's the kind of deal only a congressman might consider a bargain.

There's a solution for businesses that have real, salvageable assets but hopeless balance sheets. It's called bankruptcy, which relieves poorly run companies of their dead wood, frees them from their overwhelming debt, and gives everybody a chance to start all over again while saving what's worth saving.

If the Chicago Tribune can still come out every morning after entering bankruptcy, there's nothing to prevent Detroit from continuing to make cars while it's been reorganized.

Instead, the Big Three and their partner in incompetence, Big Labor, have turned to government — i.e., We the People — to keep themselves in business. At least for a little while — maybe even through the next quarter, when they'll surely need another transfusion of public funds to stay afloat.

But there will always be pols like Chris Dodd, the senator from Countrywide, and Barney Frank, that comical class warrior of a congressman who now proposes to run the Big Three the way he did Fannie Mae and Freddie Mac. Namely, into the ground.

How? By substituting Congress' idea of socially desirable goals for prudent business practices, which is just what the Big Three have failed to practice. For them bankruptcy would be a step up.

Congressman Frank, like so many facile "thinkers," wants to know why, if government needed to step in and save the country's banks, it can't do the same to save the jobs (and perks) of the auto manufacturers. But the administration's quick, day-to-day decisions to bail out this bank or let that investment house go under wasn't done to save bankers' jobs but the banks themselves, and an economy that depends on stable banks. It was done to avoid a repeat of the monetary crisis that did in the American economy back in the 1930s, when some 9,000 banks failed, depositors' money disappeared, and the country's money supply was essentially frozen.

By the time Franklin D. Roosevelt was sworn in as president on March 4, 1933, the banks in all of the then 48 states had been shuttered or withdrawals from them strictly limited. The economy was at a standstill, and the first thing the new president did was to close the nation's banks for three days (a "bank holiday," it was called) until they could be saved, merged, or put out of their misery in the least painful way for all concerned.

It was to avoid that kind of disaster, which was looming as the Panic of 2008 spread this fall, that the Federal Reserve and the U.S. Treasury began taking over, bailing out, and generally backing up the country's supply of money and credit, which are much the same thing. The purpose, like FDR's, was not to destroy American capitalism but to save it.

But for government to begin taking over the direction of huge private companies, issuing directives about what kind of products and services they are to supply, which contracts they're to honor and which ones renegotiate, which executives they're to hire and fire and on what terms ... would fundamentally alter a once free economy.

Do we really want mainstays of the American economy like the auto industry run with the efficiency and profitabilty of, say, the U.S. post office? And essentially become means of distributing government largesse instead of saleable products?

There comes a time to just say No. That time has come for the auto industry. It can be postponed, and just might be if Congress and the administration agree to give the Big Three a bridge loan to nowhere. But come spring, the same execs doubtless would be back, and the same question would face the country: Should we throw good billions after bad?

Enough. Government certainly has a role to play when major industries go under. It can provide unemployment benefits, funds to retrain workers for other jobs when assembly lines shut down, and generally act as a responsible receiver in bankruptcy, saving what it can of those firms that for years have failed to show the vision, flexibility and principle that successful enterprises should.

What government shouldn't do is go on acting as an enabler for fast failing enterprises that have driven themselves to the wall, and now propose to do much the same service for the U.S. Treasury.

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JWR contributor Paul Greenberg, editorial page editor of the Arkansas Democrat-Gazette, has won the Pulitzer Prize for editorial writing. Send your comments by clicking here.

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