Home
In this issue

Sept. 5, 2008

Rabbi Abraham J. Twerski: What does 'doing the right thing' entail?

Caroline B. Glick: The master strategist

Sept. 4, 2008

Ron Kampeas: Biden, Palin take lead in clash on Mideast issues

Bruce Dancis: With humor as their weapon, the Three Stooges took on Hitler

Sept. 3, 2008

Rabbi S. Binyomin Ginsberg: Productive school years don't just happen

The Kosher Gourmet by Linda Gassenheimer: Quick lamb stew serves up flavors of India

Sept. 2, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Costly Advice

Caroline B. Glick: Calling Israel's bluff

JWisdom: Wandering in Wonder by Rabbi Mordechai Becher

August 29, 2008

Rabbi Berel Wein: 20/20 sightlessness

Caroline B. Glick: When history is not repeated

JWisdom: Blessed or Cursed: It's Really Up to You by Rabbi Sroy Levitansky

August 28, 2008

Steve Lipman: A Comeback for the 'Jewish Jordan'

Jeffrey Weiss: Researcher reports 'intriguing' diabetes breakthrough

August 27, 2008

Rabbi Zecharya Greenwald: Removing the perfectionist's mask

The Kosher Gourmet by Emily Nunn: Summer harvest linguine

JWisdom:: The Missing Link in Spiritual Life by Rabbi David Aaron

August 26, 2008

Yaffa Ganz: Grandma gets lessons in staying cool

Frank J. Gaffney, Jr.: The Dems' 'soft' jihadist

JWisdom:: Today: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: Plague of indifference

August 25, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q: A friend is bearing a silly grudge from a supposed wrong. What recourse do I have?

Daniel Pipes: Barack Obama through Muslim Eyes

JWisdom:: The knowledge you need to overcome your insecurities by Malka Schulman

August 22, 2008

Rabbi Berel Wein: Life's essential ingredient

Caroline B. Glick: Dominos anyone?

JWisdom:: Actually, Do Sweat the Small Stuff! by Rabbi Sroy Levitansky

August 21, 2008

Today in Biblical History by Rabbi Yonason Goldson: Popularization of Kabbalah: 20 Menachem-Av 1558 CE

Jonathan Rosenblum: Lessons from the Beyond

JWisdom: : The Olympian within is rooting for you -- yes, you! –- to go for the gold

August 20, 2008

Jonathan Tobin: Misleading Platform Platitudes

The Kosher Gourmet by Linda Gassenheimer: Chicken Salad with Asian Dressing

JWisdom: The Holocaust in the Perspective of Faith: America's Defense of the Jews --- Until WWII by Rabbi Nosson Scherman

August 19, 2008

Dennis Prager: If the Almighty doesn't exist

Frank J. Gaffney, Jr.: Obama's Islamist problem has nothing to do with his upbringing

JWisdom: Think your life is messed up? by Rabbi David Aaron

August 18, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Business with Friends

Diana West: Roars About Russia, Bare Whispers About Islam

JWisdom: Relationship agony: The real cause by Malka Schulman

August 15, 2008

Rabbi Abraham J. Twerski: To love the Divine

Caroline B. Glick: Georgia, Israel, and the nature of man

JWisdom: The Truly Righteous Don't Demand Entitlements by Rabbi Sroy Levitansky

August 14, 2008

Rabbi Yonason Goldson: Confessions of broken spirit

Libby Lazewnik: The Numbers Game

JWisdom: Six Questions You'll Be Asked in Heaven? - Uh - Let's Just Take One for Now! by Gavriel Aryeh Sanders

August 13, 2008

Jonathan Tobin: Georgia should be on their minds

The Kosher Gourmet by Linda Gassenheimer: Go Greek: Pair flavorful lamb kebabs with a hearty salad

JWisdom: Human hybrids aren't science fiction by Rabbi David Aaron

August 12, 2008

Rabbi Avi Shafran: Bless us

Daniel Pipes: The West's Islamist Infiltrators

JWisdom: From Sadness to Gladness: The Route from Tisha b'Av to Rosh Hashana by Rabbi Mordechai Becher

August 11, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: A Jewish view on fair pricing

Caroline B. Glick: Ignoring failure in Gaza

JWisdom: 'Communication' Is Not The Answer! by Malka Schulman

August 7, 2008

Rabbi David Gutterman: A Continuing Story With a Sustaining Goal

Rabbi Berel Wein: Mourning and morning

JWisdom: Yes, we are still in exile by Rabbi Sroy Levitansky

August 6, 2008

David Ashenfelter: Government made military engineer's life a living hell because of his faith, Defense Department report documents

Jonathan Tobin: Speak the Truth; Defeat the Lies

JWisdom: Jewish Spirituality: Fusion or Confusion? by Rabbi David Aaron

August 5, 2008

Chris Leppek: Church/state wall beginning to crumble?

Paul Greenberg: Exit Olmert (no encore, please)

JWisdom: Serenity: Make the commitment by Rabbi Zelig Pliskin (Read by Gavriel Sanders)

August 4, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Am I taking advantage of another's psychological quirk?

Andrew Silow-Carroll: A black and a Jew walk into the White House…

JWisdom: The Holocaust in the Perspective of Faith: Edward R. Morrow visits the ‘living dead’ by Rabbi Nosson Scherman

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 14, 2008 / 9 Iyar 5768

Congressional problem creation

By Walter Williams


Printer Friendly Version
Email this article

http://www.JewishWorldReview.com | Most of the great problems we face are caused by politicians creating solutions to problems they created in the first place. Politicians and a large percentage of the public lose sight of the unavoidable fact that for every created benefit, there's also a created cost or, as Nobel Laureate Milton Friedman put it, "There's no free lunch." While the person who receives the benefit might not pay or even be aware of the cost, but as sure as night follows day, there is a cost borne by someone. Let's look at a couple of congressionally created problems.


The Community Reinvestment Act of 1977, whose provisions were strengthened during the Clinton and Bush administrations, is a federal law that mandates or intimidates lenders to offer credit throughout their entire market and discourages them from restricting their credit services to high-income markets, a practice known as redlining. The Community Reinvestment Act encouraged banks and thrifts to make so-called "no doc" and "liar" loans to customers who had no realistic ability to pay them back. A decade of monetary expansion by the Federal Reserve Bank, contributing to the housing bubble, encouraged lending institutions to take risks they otherwise would not have taken. Government actions created the subprime crisis and now government-proposed "solutions," such as foreclosure holidays, bailouts and further regulation of financial institutions, to the problems they created will create more problems.


Congress, doing the bidding of environmental extremists, created our energy supply problem. Oil and gas exploration in a tiny portion of the coastal plain of Alaska's Arctic National Wildlife Refuge would, according to a 2002 U.S. Geological Survey's estimate, increase our proven domestic oil reserves by approximately 50 percent. The Pacific and Atlantic Oceans and eastern Gulf of Mexico offshore areas have enormous reserves of oil and natural gas. These energy sources of oil have also been placed off limits by Congress. Because of onerous regulations, it has been 30-plus years since a new refinery has been built. Similar regulations also explain why the U.S. nuclear energy production is a fraction of what it might be.


Congress' solution to our energy supply problems is not to relax supply restrictions but to enact the Energy Independence and Security Act of 2007 that mandates that oil companies increase the amount of ethanol mixed with gasoline. Anyone with an ounce of brains would have realized that diverting crops from food to fuel use would raise the prices of a host of corn-related foods, such as corn-fed meat and dairy products. Wheat and soybeans prices have also risen as a result of fewer acres being planted in favor of corn. A Purdue University study found that the ethanol program has cost consumers $15 billion in higher food costs in 2007 and it will be considerably higher in 2008. Higher food prices, as a result of the biofuels industry, have not only affected the U.S. consumer, they have had international consequences as seen in the food riots that have broken out in Egypt, Haiti, Yemen, Bangladesh and other nations.


What's the congressional response? On May 1, Sen. Charles Schumer, D-N.Y., chairman of the Joint Economic Committee, convened a hearing on rising food prices saying, "The anxiety felt over higher food prices is going to be just as widespread, and will equal or surpass, the anger and frustrations so many Americans have about higher gas prices." Congress' proposed "solutions" to the energy and food mess they've created include a windfall profits tax on oil companies, a gasoline tax holiday for the summer, increases in the food stamp program and foreign food aid. These measures will not solve the problem but will create new problems.


Americans are rightfully angry about higher energy and food prices but their anger should be directed toward the true villains — the Congress and the White House.

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.

Walter Williams Archives


© 2006, Creators Syndicate.

Insight (Our Columnists)

 Mitch Albom
 Michael Barone
  Dave Barry
 Tony Blankley
 Andy Borowitz
 David Broder
 Stratfor Briefing
 Mona Charen
 Linda Chavez
 Ann Coulter
 Greg Crosby
 Rod Dreher
 Larry Elder
 Suzanne Fields
 John Fund
 Frank J. Gaffney
 Lloyd Garver
 Jonah Goldberg
 Michael Goodwin
 Julia Gorin
 Jonathan Gurwitz
 Paul Greenberg
 Victor Davis Hanson
 Betsy Hart
 Nat Hentoff
 David Horowitz
 Laura Ingraham
 Jeff Jacoby
 Paul Johnson
 Jack Kelly
 James Klurfeld
 Ed Koch
 Ch. Krauthammer
 Jonathan Last
 Michael Ledeen
 John Leo
 David Limbaugh
 Kathryn Lopez
 Rich Lowry
 Michelle Malkin
 Jackie Mason
 The Medicine Men
 Dick Morris
 Bill O'Reilly
 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
 Jonathan Tobin
 Bob Tyrrell
 Diana West
 Dave Weinbaum
 George Will
 Walter Williams
 Mort Zuckerman

'Toons
 Robert Arial
 Chuck Asay
 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
 Jeff Stahler
 Danna Summers
 John Trever
 Gary Varvel
 Kirk Walters

Lifestyles
 How 2
 Know-It-All
 Lori Borgman
 The Savvy Consumer
 Elder matters
 Fixit
 Dr. Peter Gott
 Marybeth Hicks
 GET A JOB! by Marty Nemko
 Richard Lederer
 Tech Maven
 Nutrition Myths
 Supermarket Shopper
 Bruce Williams
 How Stuff Works