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 April 27, 2006 / 29 Nissan, 5766

Once GOPers surrender their principles and understanding of markets, what's the point of their existence?

By Bob Tyrrell

Printer Friendly Version
Email this article

http://www.JewishWorldReview.com | Do my eyes deceive me? Am I reading that President George W. Bush has joined with the Republican leadership to call for investigation of the oil companies in light of soaring oil and gas prices? Oil hit $75 a barrel recently and apparently transformed the Republicans into Democrats, Democrats of the Charles Schumer and Jean-Francois Kerry variety.

Actually if they are going to haul in the oil executives for investigation I suggest they get to the root of the matter and haul in famed economist Milton Friedman. Let him bring his Nobel Prize along for display. Prof. Friedman is the fellow who, roughly 50 years ago, revived the world's awareness of markets, and he has been explicating the consequences of markets ever since, first from the Department of Economics at the University of Chicago, and more recently from an office in the Hoover Institution, the conservative think tank named after — who else? — Herbert Hoover. His old adversary John Kenneth Galbraith once erupted in oratorical excess on the TV show "Firing Line," that there is any such thing as a "market."

Well, we now know that there is. One of the reasons for the robust economy in so many places around the world today is the existence of markets, which establish the value of resources, effectively allocate those resources and establish sustainable profits for product. With the booming economies in places such as China, India and our own country, oil is now relatively scarce, and the price buyers are willing to pay for it is high. Yet, despite the sudden increase in oil prices, the profitability of oil long-term is not exorbitant. Though it may astonish the Democrats who are now playing the demagogue's game with the oil companies and the Republicans who apparently wish to join them, investors know that oil's return on capital is not terribly high. In fact despite the surge in oil prices in recent months, BP, the world's second-largest oil corporation, reported a 15-percent decrease in profits for the past quarter, as a consequence of lower output, a refinery shutdown and increased taxes.

The oil industry is a high-risk operation. As Boone Pickens, one of the industry's most perceptive entrepreneurs, has been saying for several years now, the production of oil has probably peaked. The world can pump 85 million barrels a day. The world consumes 30 billion annually and will thirst for more as the years go on. That means prices will go up. Moreover, with a madman running Iran and a would-be Fidel Castro running Venezuela, it is not clear we can count on the aforementioned daily production of 85 million barrels.

The politicians may think the answer is to drag businessmen into investigations, but that is not going to produce oil. It may produce votes for the politicians from the electorate's economically illiterate but not much else. What is needed is more oil or at least a steady contribution to Boone Pickens' 85 million barrels. That means opening up areas where we know oil exists, for instance, the Arctic National Wildlife Refuge. It means encouraging the creation of more refineries. We have not built a new refinery in the United States in 30 years. It means encouraging alternative energy sources, the best being nuclear.

Unfortunately these three recourses have all been thwarted by environmentalists, most of whom are Democrats save for the occasional melancholic socialist. One wonders why the Republicans have not made energy growth their response to the high energy prices that are troubling the electorate. Instead of haranguing the oil companies, one would have expected the Republican leadership and the president to unite in blaming the Democratic environmentalists while calling for wider oil exploration, more refineries and the development of a real alternative to fossil fuels, namely nuclear. Instead the Republicans have continued to forsake their principles. Yet what do they expect to get for this abandonment? Owing to their excessive spending there already is fear that the Republican vote will stay at home this autumn. Now with the Republicans adopting the economic illiteracy of the Democrats there is even more pressure for the Republicans to stay home.

I do know how the president could lower oil prices immediately. Suspend all federal taxes on oil through the summer driving period. That would put a smile on the electorate's face — and it is not nearly as irresponsible as denigrating markets.

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.

JWR contributor Bob Tyrrell is editor in chief of The American Spectator. Comment by clicking here.


© 2006, Creators Syndicate