Entrance Examination Essay

The Peeping Tom next door stares through a few bathroom windows, doesnt get caught, and decides to break in and steal a pair of panties. Next thing you know, hes upgraded to homemade dungeons, tri state serial rampages and throwing cheerleaders into a panel truck. It was the same with the bailouts. They started out small, with the government throwing a few hundred billion in public money to prop up genuinely insolvent firms like Bear Stearns and AIG. Then came TARP and a few other programs that were designed to stave off bank failures and dispose of the toxic mortgage backed securities that were a root cause of the financial crisis. But before long, the Fed began buying up every distressed investment on Wall Street, even those that were in no danger of widespread defaults: commercial real estate loans, credit card loans, auto loans, student loans, even loans backed by the Small Business Administration. What started off as a targeted effort to stop the bleeding in a few specific trouble spots became a gigantic feeding frenzy. It was free money for shit, says Barry Ritholtz, author of Bailout Nation. It turned into Give us your crap that you cant get rid of otherwise. The impetus for this sudden manic expansion of the bailouts was a masterful bluff by Wall Street executives. Once the money started flowing from the Federal Reserve, the executives began moaning to their buddies at the Fed, claiming that they were suddenly afraid of investing in anything student loans, car notes, you name it unless their profits were guaranteed by the state.


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"Rabbi, I am Alan Busch," extending my hand. "Yes, of course," extending his. And after exchanging a few niceties, you know the stuff you say in place of saying something really dumb, I took my seat. "Will see you later this evening?" Rabbi Twerski said with a slight smile on the way out after services were concluded. How do you like that?From Rabbi Twerski to me, I felt like such a little kid. The Jewish mentality is a strange one indeed. Within this world we venerate not only the man dressed in a black kapote and flat top black felt fedora, but even more so his Torah and the great gift that teachers like Rabbi Twerski selflessly share with the world. If you've ever looked closely at a finely woven suit, you may see a special thread of outstanding color that draws your eye to it as an iron filing to a magnet. The outstanding thread of Rabbi Twerski's talk was that we must all strive to become as fully human as we can, cautioning us to be weary of excessive and unhealthy pursuits of pleasure that lead us NOT to happiness but calamity. "Now I do not to mean to suggest," Rabbi Twerski cautioned several times, "that pleasure is either bad or forbidden. Let's be clear on that.



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