Ben Stein's Diary
Liberty Weekend
Off to meet the chancellor of Liberty University, Jerry Falwell, Jr. From our July-August issue.
(Page 3 of 3)
First, we learned that prudence in finance is never out of date. Prudence in the way we manage our finances as a nation and as families is simply never a bad idea. That means not overspending, not undersaving.
Second, we learned—again—that man is a greedy animal. If left to his own devices, he will steal. Man is also a hypocritical animal. If left to his own devices, he will steal and he will lie about it.
What we really had in the period 2002–2006 was a time of colossal fraud about corporate earnings and values. If the true liabilities of banks and insurers had been known, if a truly appropriate reserve had been taken at financial entities for the likelihood of default, we would have had far lower stock prices and less for them to fall.
If the truth had been told to potential borrowers and lenders about the likelihood of defaults, we would have had far less risky borrowing and lending. This would have led to a far more modest housing boom and a far smaller bust.
Third, it’s very risky to create financial instruments that have the power to destroy the whole world. Warren E. Buffett called derivatives “financial instruments of mass destruction” and I think he’s given a good description.
But we also had a booby-trapped system in which if one small part, sub-prime mortgages, were detonated, they would set off a chain reaction that would blow up all matter.
It was only very timely work by Mr. Bernanke that saved us.
Finally, we learned the limits of selfishness. Laissez-faire is great. Individual initiative and ambition are great. But there has to be some force controlling them and countervailing them. We have cut back so much on regulation and on private securities law enforcement that the financiers basically were on the playground without supervision—with nuclear weapons. Not good.
Well, just a few thoughts. Of course, as always, the real stars are in Ramadi and Tikrit and Mosul and Baghdad and Fallujah and the Panjshir Valley and Kabul—and more real stars are taking care of their families and their wounds at Walter Reed and Bethesda and all over the world. There is a lot to be said for the ordinary people whose work is caring and not making money.
Oh, by the way, I got a chance to think about this for some time because coming in from Malibu to Beverly Hills, usually a journey of one hour, took more than two hours because Mr. Obama has brought himself and his entourage to my little neighborhood of Beverly Hills. To show his solidarity with the people here who have lost jobs and homes in the Recession, Mr. Obama is attending a Democratic Party fundraiser. The tickets are $30,000 a couple. Yes. That is not a misprint.
Mr. Obama’s motorcade is messing up traffic, but then that’s not his problem. Gods do not worry about traffic.
Letter to the Editor View all comments (58) | Leave a comment
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Tim| 7.22.09 @ 9:42AM
John 3:19-21 (New International Version)
This is the verdict: Light has come into the world, but men loved darkness instead of light because their deeds were evil. Everyone who does evil hates the light, and will not come into the light for fear that his deeds will be exposed. But whoever lives by the truth comes into the light, so that it may be seen plainly that what he has done has been done through God."
PHIL| 7.22.09 @ 11:37AM
Every year the WSJ runs a ermont Royster collumn "In Hoc Anno Domini" which puts it very well. Yes there is light in the world.
I also wanted to take this opportunity to thank Mr. Stein for his comments on Beck's show the other day in defense of Richard Nixon. Mr. Stein is right President Nixon WAS a great man. I had the privilage of working for him during 1968. He steered our nation through its most serious Civil unrest since the 1861 war. Becaus of Mr. nixon our nation, untill now, survived as a constitutional government.
ncatty| 7.22.09 @ 11:57AM
Next time Ben, stop and see Poplar Forest, Jefferson's "retreat", just a few miles from Lynchburg.
Roger McKinney| 7.22.09 @ 1:26PM
Ben I love you to death and appreciate your views on religion and Darwinism, but I sure wish you would reconsider your Keynesian economics.
As for Nixon being a great man, Phil, I have to disagree. The price controls he implemented and taking the dollar off gold, which caused the explosion in oil prices, were just plain stupid.
Chuck Sampson| 7.22.09 @ 1:34PM
Ben Stein is the best writer for American Spectator. "mud struck by lightning" I am going to use that phrase whenever I can. God bless you Ben Stein.
I think Richard Nixon was a great President who unselfishly let go of power and resigned when he could have easily fought on and dragged the nation through years more of turmoil.
He was right about the Democrats being traitors and supporters of one world communist domination. They were back then, and they are now.
Actually his resignation after Watergate was the second time RN graciously put aside his own personal ambition for the good of the county. In 1960, when he lost to JFK by less than a few hundred thousand votes, he could have demanded a recount and dragged out the election for several more months.
It had been reported by the MSM at the time that several thousand dead people had voted in Chicago and other places around the country. RN, unlike Al Gore and all the other members of the ME FIRST generation, decided to accept defeat and allow a smooth transition of power for the sake of the country.
It seemed to me that whatever faults RN had-paranoia, somewhat foul mouthed at times, and a regrettable lack of understanding when it came to economics-hubris and selfishness were not among them.
PHIL| 7.22.09 @ 1:40PM
Roger,
Correct about wage and price controls. Not every decision must be correct although it hurts when one is wrong. Still his stewardship of the nation during a time of crises (real not contrived) puts him in the top category of national leaders. The foreign policy measures he pursued remade the world and allowed for the eventual triumph of freedom over Soviet tyranny. The list goes on and his successes clearly overmatch what wrong decisions and failures there were.
Historical judgement is always a balance and, on balance, the Nixon administration deserves far more cudos than criticism.
Liberal Reader| 7.22.09 @ 1:44PM
Chuck --
Nixon was right: the Democrats are to a man no-good communists and traitors to their country. There are about 70 million Americans registered Democrat and every last one of them is a terrorist-sympathizing traitor.
The main stream media is in cahoots with them too, along with ACORN and the communists that infect the State Department. There's a Muslim in the White House that isn't even an American citizen, he's Kenyan.
And Republicans won't do anything about it. They won't stand up for their country, because they're going down stream. I'm sick and tired of liberals taking my money, my light bulbs, my truck, my job, my guns, my dog, my wife, my wife's dog, and my children - everything.
David T.| 7.22.09 @ 2:20PM
Great piece, as usual, Ben. I appreciate your good words. I am almost persuaded that thou art a Christian. One quibble with your analysis of the financial debacle: Chris Dodd and Barney Frank deserve as much blame as anyone for the problems we're facing. Please don't let them off the hook next time.
Tim| 7.22.09 @ 3:11PM
" I'm sick and tired of liberals taking my money, my light bulbs, my truck, my job, my guns, my dog, my wife, my wife's dog, and my children - everything. "
I am tempted to shoot back, but he's probably off sodomizing sheep or listening to NPR.
Whatever.
Aaron| 7.22.09 @ 4:05PM
Mr. Stein, great article. Only the church you refer to is "Thomas Road Baptist Church" and not "Liberty Road." FYI.
Chad| 7.22.09 @ 5:46PM
Ben, I was one of the graduates you addressed. Thank you for such a stirring speech. What an improvement from the previous four years I had attended! Lynchburg certainly is a beautiful place, and I've been blessed to have spent the past four years of my life making memories in the university, the sweeping planes and the Blue Ridge Mountains. I hope you can go back and visit!
Old Texican| 7.22.09 @ 5:46PM
No Liberal Twerp!
Most of you are NOT communists!
MOST of you are simply ignorant...and worse...stupid! ...but you give right wing nuts a balance. (smile)
One simple question. If you answer it honestly I shall quit making fun of you....mostly...unless you are stupid in the future.....fair?
Do you, or have you ever run a business?
PCP Smoker| 7.22.09 @ 7:22PM
Why is Ben Stein still writing a column? I got bored with his stuff back in the 1990's. Time to pack it Ben. I heard David Frum's New Majority is looking for a guy just like you.
SEagan| 7.22.09 @ 8:34PM
the last sentence of the article was my favorite!
good stuff!
Jerry Sloan | 7.23.09 @ 2:49AM
Ben,
So you like it when Jerry Falwell called people liars.
Jerry once called me a liar and offered me $ 5000 to prove he said what I quoted him saying.
I proved I was correct. He refused to pay me. I sued him for breach of oral contract. The judge agreed I had quoted him accurately and order him to pay.
Jerry appealed the jusdgment on the basis that the judge was Jewish and predjudiced against him.
The appeals court of 3 judges denied his appeal as "frivilious" and sanctioned him for wasting the court's time.
So I proved him to be a liar in 2 courts before 4 judges.
Itchybite| 7.23.09 @ 9:01AM
Mr. Sloan, Sam, or whatever, some of us in Lynchburg are familiar with you, your rants and, your history. What you think of Jerry Falwell is immaterial.
Wills Kitchen| 7.23.09 @ 9:03AM
Ben I loved your speech at graduation and I've always enjoyed your clear eyes commercials. As for the more cynical and unhappy commentators, I say come and visit Liberty sometime. Just come and walk the campus in the midst of a normal class day. I'll bet you'll leave appreciating the clean, righteous atmosphere, and students, Liberty produces.
Chuck Sampson| 7.23.09 @ 2:38PM
Liberal Reader
Sorry, I shouldn't painted with such a broad brush concerning Democrats.
I meant to say all Democrats who voted for Eugene McCarthy, Jimmie Carter, Bill Clinton, and Al Gore.
I meant to say all Democrats who don't believe that Keynsian economics is anything less than a revamped, modernized version of Das Kapital.
I meant to say all Democrats who ignore the Constitution when it suits their black and white ideology. Which is the basically the US is evil, the rich are even more evil, and its the Government's fault my life sucks.
I meant to say all Democrats who believe that they have the right to take the money other people have earned to pay for their and other people's phony baloney, meaningless, unproductive academic and/or bureaucratic jobs.
I meant to say the Democrats who believe in war as long it gets them elected and then when they find out supporting a war isn't politically advantageous, suddenly become peaceniks and start complaining how that dumb ol Bush tricked them into voting for it.
That's the Democrats I was talking about. Next time I'll be more specific. Thanks for the correction.
SEagan| 7.23.09 @ 9:57PM
right on sampson! i think you were very specific!
Tish | 7.23.09 @ 11:15PM
Southerners are generally polite because until the current generation, youngsters got whacked if they weren't polite. For many years, nobody had much in the way of material things, so manners mattered, and they were enforced, regardless of gender, race, age, or size.
jim kilpatrick| 7.24.09 @ 8:23AM
Nixons worst mistake was ramping up the "War on Drugs". This"War" has made things infinitly worse. It has corrupted law enforcement,filled our jails with non-violent people,made drugs cheaper and more potent.increased crime in our cities, and made drugs more available to children. The prohibition of alcohol in 1920 made thugs rich and this drug war has done the same. Prohibition never works and always makes matters much worse.
A patriot | 7.24.09 @ 11:15AM
Ben:
Right on!!!!! I have enjoyed you every time I have ever seen you on TV. I am in an industry, entertainment, that just loves Mr. Obama. I have actors and singers who work for me on an independant level, who are afraid to express their true opinions because they fear they will not get hired because they "don't understand". The Hollywood mentality has definitely permeated our little world here in Cincinnati. I would not say all Democrats are totally out of the loop, but I would say most are really Progressives and would love to have a State-run Theater situation. Work for all!!!!! I just love it when I am categorized as a "terrorist" or a racist or a hate monger or whatever comes to someone's lips, when I attend a Tea Party to show my disagreement with Mr. Obama's policies.
So, yes, Ben Stein, keep up the great work. Your humor keeps us all sane.
A patriot
Yale-Columbia man| 7.24.09 @ 7:43PM
Just a word in defense of the late, great Brewster. I only met him once, my freshman year, when he and his wife stopped to pick me and a roommate up on the side of the road as we were walking to the Yale Bowl for a football game. We did not have our thumbs out, he just stopped. So he could be a regular guy, Ben, just like you (or at least so you seemed at the Columbia alumni dinner I once attended).
PS I hope I do not speak ill of the dead to add that neither Brewster seemed entirely sober that long-ago midday Saturday.
Finn | 7.25.09 @ 1:51AM
Sometimes Ben Stein has some really interesting things to say. Not today.
The last line is particularly stupid, as though motorcades were invented by Obama; not to mention it replicates the "Obama as deity," thought propaganda, a type of mocking that probably defies scriptural references on how we should treat both leaders and our fellows (whether we like them or not).
Bleeding Heart| 7.27.09 @ 7:27PM
Loved the entire thing - until the very last sentence when you showed yourself to be a blasphemer and a jealous one at that. Your writing tends to do that -- it can be really good for a page or two and then there's this *whining* line (or three) and whatever middle ground I could've found with you is gone.
For eight years I was admonished to respect a man who told all of us that *GOD TOLD HIM* to be president. Now the Right keeps calling Obama "savior" and "god." You guys would be really funny if you weren't so darn scary.
RAYGUN9| 8.9.09 @ 1:16PM
From Ferris to current day admonitions, Stein is one of those rare, smart, compassionate people who truly gets it- He's also the coolest geek on the planet - Keep it up Ben - when I read you I still have hope.
RAYGUN9| 8.9.09 @ 1:16PM
From Ferris to current day admonitions, Stein is one of those rare, smart, compassionate people who truly gets it- He's also the coolest geek on the planet - Keep it up Ben - when I read you I still have hope.
RAYGUN9| 8.9.09 @ 1:20PM
Bleeding Heart - your name says it best - you whining, liberal ignorant slut. You ignore the unprecedented growth under Bush after inheriting a recession from Slick Willy and 911. If he could have somehow found a way to stop the lunies that pushed Freddie and Fannie we wouldn't be in this mess.
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