E Catch Up

I am back posting after a 2-day break for the Jewish New Year. I am a rather heretical Jew. So I was pleased when Central Synagogue’s Rabbi Emeritus, Peter Rubinstein, preached a sermon yesterday which included some language over how murderous religious fanaticism can be—and cited Abraham’s willingness to sacrifice the life of his beloved late-born son Isaac as an example.

I was also struck during the services by the Avinu Malkeinu (Our Father, Our King)liturgy calling upon God to grant us penitents life, because He is the Lord of Life (Elohim Chayim.) He is not going to grant us life because we deserve it (because “we are of little merit”) but to live up to His image and reputation.

This reminds me of Moses saving the Hebrew Children at Sinai from God’s wrath over the Golden Calf episode, by warning God of the bad PR impact of destroying these miscreants, given that He had chosen to redeem them from Egyptian slavery. “What would the Nations think?” Moses asks. God spares them.

I was also reminded of the classic schnorrer (beggar) who tells those passing by that he is giving them a chance to gain merit by giving, a reversal of the usual pitch about how he needs the money. The nice thing about Judaism is that it incorporates its own heresies within its traditions.

As a shareholder in GE I am delighted that it is moving jobs to France in order to benefit from Coface export subsidies. As an American concerned about our country I am not so happy. US Congressional Republicans allowed the charter of our Ex-Im Bank to to lapse in July on the argument that export subsidies amount to wasteful corporate welfare. Some 500 US GE jobs making turbines will move to France. The US invented Export-Import banks under the New Deal in 1934 and the French copied us.

More from Israel, Ireland, Britain, Denmark, Canada, Australia, Brazil, and Colombia, and starting with China.

*After falling during the Jewish New Year, Shanghai was shanghai’d again in the last hour of trading today this time upward thanks to what now is clearly government intervention. It rose nearly 5 % after two days of fall. However, the state role in market support and investigation of Citic (the largest and oldest stock trading firm in China) has discouraged other players. Volumes on Shanghai’s bourse have fallen nearly 30% in Sept. from earlier norms.