12.16.24 Legal Docket reviews a Holocaust restitution case, Moneybeat covers financial deregulation, and History Book features Noah Webster

Summary

Podcast Summary: The World and Everything In It – December 16, 2024

The World and Everything In It by WORLD Radio delivers a comprehensive examination of current events, blending essential headlines with in-depth analysis grounded in biblical truths. In the December 16, 2024 episode, the show delves into three primary segments: a Legal Docket review of a Holocaust restitution case, a Moneybeat discussion on financial deregulation, and a History Book feature on Noah Webster.

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Legal Docket: Holocaust Restitution Case

Hosts: Mary Reichard and Nick Eicher
Duration: 08:08 – 19:33

The episode opens with a poignant exploration of a Supreme Court case seeking restitution for Holocaust survivors and their heirs from Hungary. Nearly 80 years after the atrocities, survivors argue that the property confiscated during the Holocaust should be returned, challenging Hungary's claim of asset traceability.

Key Points:

• Historical Context: In 1944, the Hungarian government collaborated with Nazi forces, resulting in the murder of over half a million Jews. The government expropriated Jewish property, which was later commingled into national revenues.
• Legal Arguments: Lead plaintiff Rosalie Simon, at 93 years old, along with other heirs, has initiated a lawsuit against Hungary and the National Railway Mauve. Their attorney, Shai Dovretzky, contends that the commingling of funds provides a commercial connection sufficient to override Hungary's sovereign immunity under U.S. law.
• Opposition: Hungary, represented by lawyer Joshua Glasgow, argues that tracing assets from nearly eight decades ago is implausible and maintaining sovereign immunity is essential to prevent a cascade of similar lawsuits globally.
• Supreme Court Deliberations: Justices, including Elena Kagan and Brett Kavanaugh, express concerns about the broader implications for international relations and the potential for reciprocal lawsuits. Chief Justice John Roberts questions whether allowing such cases could open doors for any country to expropriate property without repercussions.

Notable Quotes:

• Shai Dovretzky (Attorney for Plaintiffs) [14:48]: "The passage of time cannot erase what Hungary did during the Holocaust."
• Chief Justice John Roberts [16:05]: "Doesn't this provide a roadmap to any country that wants to expropriate property?"
• Mary Reichard [17:02]: "Once you say commingling counts, everything's pretty much fair game."

Conclusion: The Supreme Court's decision will balance the pursuit of justice for Holocaust survivors against the principles of sovereign immunity, with no definitive outcome on the restitution of stolen goods expected from this ruling.

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Moneybeat: Financial Deregulation

Hosts: Nick Eicher and David Bonson
Duration: 20:20 – 30:19

In the Moneybeat segment, financial analyst David Bonson discusses the impending wave of financial deregulation anticipated to be as impactful in 2025 as the debate over the Trump tax cut was previously.

Key Points:

• Current Regulatory Landscape: Bonson emphasizes that while some regulations, like the Consumer Financial Protection Bureau's new restrictions on overdraft fees, aim to protect consumers, they can sometimes be counterproductive and limit the financial sector's growth potential.
• Deregulation Benefits: He advocates for a balanced approach to deregulation that eliminates unnecessary restrictions without jeopardizing systemic stability. Bonson argues that sensible, growth-oriented regulations can enhance liquidity and drive investment without fostering reckless capital deployment.
• Federal Trade Commission Leadership: The appointment of Ann Andrew Ferguson as FTC Chairperson is highlighted as a positive development for free-market advocates. Ferguson is recognized for her commitment to maintaining fair competition without overreaching into corporate affairs unnecessarily.
• Healthcare Industry Commentary: The discussion touches on recent violent assaults against healthcare executives, leading to debates about healthcare costs. Bonson criticizes attempts to use such tragedies to justify broader industry reforms, emphasizing that the healthcare insurance sector operates under extensive federal regulations that complicate both operations and reforms.

Notable Quotes:

• David Bonson [20:49]: "There's a level at which capital can be recklessly deployed at banks and a level at which it is so conservatively restrained that there is not enough liquidity in our financial system to drive new investment."
• David Bonson [25:14]: "The health insurance industry is basically a governmental industry. The amount of regulation around the legislation that exists at a federal level is insurmountable."

Conclusion: Bonson underscores the critical opportunity for the new administration to implement deregulation measures that promote economic growth while ensuring financial stability. He also cautions against conflating isolated acts of violence with legitimate policy discussions on healthcare reform.

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History Book: Noah Webster

Host: Caleb Weldy
Duration: 30:43 – 39:19

The History Book segment transports listeners to the late 18th century, chronicling the life and faith of Noah Webster, renowned for his contributions to American education and lexicography.

Key Points:

• Early Ambitions: At 27, Noah Webster boldly invites George Washington to Mount Vernon, seeking to reside with the esteemed leader to advance his educational endeavors and tutor Washington’s grandchildren.
• Educational Contributions: Webster's dedication to education is evident in his creation of a 20-volume dictionary over 21 years, which includes 70,000 entries. He emphasized the importance of understanding the Bible in common language, leading to his revised King James Version.
• Personal Faith Journey: Initially a proponent of rational religion, Webster experiences a profound religious awakening that transforms his beliefs. This spiritual shift influences his work, incorporating biblical references and emphasizing grace over works.
• Legacy: Webster's efforts in education and his commitment to faith are highlighted through his interactions with prominent figures like Benjamin Franklin and his influential writings.

Notable Quotes:

• Noah Webster [37:12]: "If by grace, then it is no more of works. Romans 11:6."
• Webster [38:24]: "The happiest day of my life to see us all together. So many walking in the truth. Blessed be the tie that binds."

Conclusion: Noah Webster's life exemplifies the intersection of education, faith, and national identity. His relentless pursuit of knowledge and dedication to moral principles left an indelible mark on American society, particularly through his influential dictionary and religious writings.

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Additional Features

Tribute to William Hennessy Jr.: The Legal Docket segment includes a heartfelt tribute to William Hennessy Jr., the courtroom sketch artist whose dedication provided invaluable visual records of Supreme Court proceedings. Colleagues Mary Reichard and Jenny Ruff share personal anecdotes, highlighting Hennessy's professionalism and commitment to truth in his artwork. His untimely passing marked the loss of a cherished member of the WORLD Radio community.

Upcoming Segments: Listeners are teased with a preview of the next episode, which will explore the lives of Christians in post-Assad Syria and the resilience of holiday baristas during the festive season.

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Closing Remarks

The World and Everything In It wraps up with a reflection on the episode’s themes, emphasizing the importance of biblically grounded journalism in navigating complex global issues. The show encourages listeners to support their mission through year-end contributions, ensuring the continuation of independent and faith-based reporting.

Notable Quote:

• Mary Reichard [30:43]: "The world and everything in it comes to you from World Radio. World’s mission is biblically objective journalism that informs, educates and inspires."

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This episode of The World and Everything In It masterfully intertwines legal, financial, and historical narratives, providing listeners with a nuanced understanding of each topic's broader implications. Through engaging discussions and insightful analyses, WORLD Radio continues to deliver quality journalism that resonates with its audience.

Transcript

[David Bonson]

Good morning, It's David Bonson. As someone who's passionate about both free market economics and a biblical worldview, I believe strongly in the principle of voluntary exchange. So here's my simple proposition. If you found value in the work of world, I'd invite you to consider supporting its Year end giving drive. Your gift helps World continue providing journalism grounded in facts and biblical truths. Just visit wng.orgyearend gift. That's wng.org yearendgift every gift matters. Thanks for investing in independent reporting that serves us all. I'll be back in about 20 minutes. Talk to you then.

[Mary Reichard]

Good morning. It's been nearly 80 years since the Holocaust and survivors and heirs still seek property returned at the Supreme Court. One argument was it's not traceable.

[Nick Eicher]

Doesn't this provide a roadmap to expropriate property? Just sell the property, put it into.

[Mary Reichard]

Your treasury, insulate yourself for all time.

[Nick Eicher]

That's ahead on Legal docket. Also today, the Monday Money beat. And later, the World history book. Today, the life and faith of an early American education pioneer.

[Mary Reichard]

Because he didn't think that you necessarily had to have a school to be well educated. It's Monday, December 16th. This is the world and everything in it from listener supported World Radio. I'm Mary Reichard.

[Nick Eicher]

And I'm Nick Eicher. Good morning.

[Mary Reichard]

Up next, Mark Mellinger has today's news.

[Mark Mellinger]

Across Syria, churches opened for Sunday services for the first time since the overthrow of totalitarian leader Bashar al Assad. Christians worshiping in Damascus expressed hope that a new government more supportive of religious minorities will be formed soon to help move that along. UN Special envoy for Syria Gair Paterson says it's time for countries like the US to roll back sanctions on Syria.

[Nick Eicher]

The change that we're now seeing after the fall of the Assad regime has just been immense.

[Mark Mellinger]

U.S. secretary of State Tony Blinken has not pledged to take that step, but says he has been in contact with the rebel group that ousted Assad called Hayat Tahrir al Sham, or HTS for short. HTS is a former al Qaeda affiliate that the US still designates as a terror organization, leading Senator Lindsey Graham to urge caution as he warned NBC's Meet the Press of a potential ISIS resurgence.

[Tony Blinken]

There are 50,000 ISIS fighters under the.

[David Bonson]

Control of Kurdish allies of the United States and northeastern Syria.

[Tony Blinken]

It is in our national security interest they do not break out of jail and reestablish the caliphate.

[Mark Mellinger]

The US Military is in Syria conducting counterterrorism operations. Russia is reportedly escalating its war on Ukraine by deploying soldiers from its ally North Korea into the fighting. Ukrainian President Volodymyr Zelensky says Russia has pressed a significant number of North Korean soldiers into service during assaults on Ukraine in Russia's Kursk region. Ukraine's ambassador to the U.S. oksana Markarova, is showing resolve, telling CBS's Face the.

[Chuck Schumer]

Nation, it's difficult, of course, to see the reinforcement from this axis of evil.

[Mary Reichard]

But it will not change anything for us.

[Mark Mellinger]

Ukraine's military says friendly fire from North Korean troops has accidentally killed eight Russian soldiers in the conflict. Over the weekend, Ukraine carried out several drone strikes and set fire to a major Russian oil terminal, all in response to a major Russian aerial attack late last week. That is Israeli Prime Minister Benjamin Netanyahu describing what he calls a very warm phone call with President Elect Trump. Netanyahu says the two leaders discussed the need to complete Israel's victory over Hamas, as well as the efforts to free the estimated 100 people still held hostage in Gaza, including seven Americans. Also over the weekend, Israel announced it is closing its embassy in Ireland, accusing the Irish government of holding extreme anti Israel policies. Relations between the two countries have deteriorated during the war in Gaza. Ireland has gone on record saying it would support a Palestinian state, but Ireland's prime minister says the country is not anti Israel. Elected officials in both major parties are calling for action to identify and stop those mysterious drones flying over New York, New Jersey and other places in the eastern U.S. senate Majority Leader Chuck Schumer.

[Mary Reichard]

I am going to help pass and I'm going to co sponsor legislation that.

[David Bonson]

Will combat these drones in a better.

[Mary Reichard]

Way by allowing local police departments and state police departments to help the feds inciting these drones.

[Mark Mellinger]

Right now, the federal Department of Homeland Security's authority to incapacitate drones is limited. The bill before the Senate would expand that authority and give state and local agencies new abilities to track, disrupt, disable or seize drones. Schumer also wants the federal government to use recently declassified radio wave technology to better spot and identify drones. For now, national security investigators say it doesn't look like the drones are a public safety threat or from a foreign country, but aren't saying much more. There are fears Cyclone Cheeto has killed several hundred and maybe thousands of people in the French territory of Mayotte. That's according to the territory's top leader. Mayotte is in the Indian Ocean off the coast of Africa. Leaders say Chito flattened neighborhoods this weekend and is the worst cyclone to hit the territory in 90 years. The cyclone also struck and caused major damage in Mozambique Sunday, where UNICEF spokesman Guy Taylor says we're also worried about.

[Chuck Schumer]

The longer term impacts, children potentially being cut off from learning for weeks on end, people unable to get access to.

[David Bonson]

Health care and the potential spread of water worm diseases.

[Mark Mellinger]

First responders from another nearby French territory have rushed to the scene in Mayotte. They are equipped with tons of supplies and working to restore electricity and access to drinking water. A weekend of wild weather in the western US Brought ice, snow and even San Francisco's first ever tornado warning. National Weather Service meteorologist Dalton Beringer says There's evidence an EF1 tornado hit the town of Scotts Valley, California, California, about 70 miles from San Francisco. He reports a few cars were tossed.

[Mary Reichard]

In the roadway, overturned in parking lots and quite a bit of tree damage.

[David Bonson]

And some damage to the infrastructure there.

[Mary Reichard]

On the roadway through Scotts Valley.

[Mark Mellinger]

The storm system brought heavy snow to the mountaintops in the Sierra Nevada. Crews even had to shut down an icy 80 mile stretch of I80 from Applegate, California to the Nevada line near Reno Saturday. I'm Mark Mellinger. Straight ahead. Eighty years later, Holocaust survivors and heirs still trying to get property returned. And later, the faith story of a figure in America's founding better known for his way with words. This is the world and everything in it.

[Nick Eicher]

It's the world and everything in it for the 16th day of December. We are so glad you've joined us today. Good morning. I'm Nick Eichard.

[Mary Reichard]

And I'm Mary Reichard. It's time for legal docket. In a moment, we will analyze a case that arises out of the Holocaust.

[Jenny Ruff]

But first, Mary, I am so sad about Bill.

[Mary Reichard]

A conversation with my legal affairs colleague, Jenny Ruff.

[Nick Eicher]

Yeah, we all got together on Friday after we heard the news.

[Mary Reichard]

Very sad news. It's the death of William Hennessey Jr. Now, you may not know his voice or his face or even his name, but you would probably recognize his sketches. If you think of legal docket as your ears at the Supreme Court, Bill Hennessy would have been your eyes. Cameras are not allowed at the court, but Hennessy was there as the courtroom sketch artist.

[Nick Eicher]

Hennessy had a massive heart attack last week. He died on his 67th birthday. Mary and Jenny interviewed Bill Hennessy two years ago. And if you missed the replay of their lengthy special report that we ran over the weekend, well, you might want to go back and listen. It should be in your podcast feed. So let's jump back into that Friday conversation.

[Jenny Ruff]

I was at the court the other day just last week, and I Saw his chair with his name on it, and it was empty. And he's always at the court, and I remember thinking, I wonder where he is? And then the news came out that afternoon.

[Nick Eicher]

Yeah. And, you know, ever since you all met him and we did the piece, I pay a lot closer attention to courtroom sketches. And his were so strong, I could always pick up his stuff and distinguish it from all the others. Like, oh, there's a Bill Hennessy.

[Mary Reichard]

Oh, right. He truly was an original. And we saw him in his art studio there in Virginia. We had such a pleasant time. I mean, we'd driven over there together. He was so pleasant, so kind, so welcoming. So, Jenny, what is something that you remember from our time with him?

[Jenny Ruff]

Yeah, when you say kind, I mean, that is the word that just immediately comes to mind. But he lived out in Ashburn, Virginia, in this gorgeous house on Goose Creek, you know, the Virginia countryside. And his art studio had all these huge windows, and he was. He had everything organized. You know, he had his Supreme Court sketches and his arraignment sketches and trials and sentences, and he would just pull them out and he would start talking about the case. I mean, he remembered everything.

[Mary Reichard]

Well, he did. You know, one of the things that I remember, and this was some time after we visited him in his art studio. You and I, Jenny, were at the Supreme Court. Oral arguments hadn't started yet, and I was seated right next to Bill. So I was fascinated. I was kind of looking over his shoulder, and I said, hi. But he barely looked up. And he didn't acknowledge us because he was so intent on sketching the courtroom. You know, the curtains, the furniture, all the stuff before the justices even took their seats. And I realized I'd interrupted him, so I just went about my business. But here's something about Bill that I think says something about him and his personality. Later on, after the arguments had concluded, he came up to us in the lobby and he. He said to me, oh, my goodness, it's you and Jenny. Of course I remember who you are. I was just, you know, so focused on my sketch, and I said, hey, no apology needed. After all, I interrupted you. So that's the kind of man Bill Hennessy was. He was concerned about the seemingly little things, relationship things.

[Jenny Ruff]

Well, when you talk about seating next to him at the Supreme Court. So I will never forget the first time I met him. It was 2019, and it was the first Monday in October. So it's opening day of the Supreme Court's new term, and in the press, you know, you don't get to pick your seat, you're basically told where to sit. And that day, I was placed right next to Bill Hennessy the way that you were placed next to him when you were there. And it was the same thing. I was looking over his shoulder and peppering him with questions about his work. And he patiently answered all of them. And I just. I knew from the moment I met him. I'm like, we have to interview this guy. And then three years later, we did.

[Mary Reichard]

Yeah. And I'm so glad about that. And it wasn't only his kindness. I was struck by his adherence to the truth in his artwork. I was to play a clip from him from our interview, listen to what he says about that.

[David Bonson]

I try to stay out of the politics of it.

[Nick Eicher]

I really do.

[David Bonson]

And including the way I draw and what I draw, I just try to be objective, you know, that's my goal.

[Nick Eicher]

So it's a challenge trying to capture.

[David Bonson]

The moment and be accurate. Accuracy is one thing I've certainly been drilled into me over the years is, you know, there's this etiquette, this ethical responsibility. As an artist is just like a journalist. You got to get it right and don't embellish, don't get it wrong. And if you didn't see it, don't draw it.

[Nick Eicher]

You know what? Frame that. If you didn't see it, don't draw it. If you didn't see it, don't report it. That's excellent.

[Mary Reichard]

It is. You know, I have to add here, there's a photo I have with the two of us standing together. And when I looked at it the other day, I couldn't help but think, here are two people who would both have heart attacks two years later, and one of us would make it through. The other one would not. I'm so grateful to be here. For to live is Christ. And I'm sad for Bill, of course, but to die is gain.

[Nick Eicher]

Amen. Yeah.

[Chuck Schumer]

True.

[Mary Reichard]

Well, we carry on now to the argument heard two weeks ago in the case Republic of Hungary versus Simon. It's similar to previous cases we've covered over the years. This case arises from the Holocaust in Hungary. First, a brief history.

[Nick Eicher]

During three months in 1944, Hungary murdered more than a half a million Jews. The Hungarian government collaborated with the Nazis and then declared that valuables owned by Jews were now property of the government. Officials went from house to house confiscating property.

[Mary Reichard]

When it became clear that the Allies would win the war, Hungarian officials, with brutal efficiency, put thousands of Jews into cattle cars destined for death. Camps. The numbers are mind boggling. Four times a day, the government put 3,000 to 5,000 Jews into cattle cars where 90% were murdered upon arrival at the camps.

[Nick Eicher]

In all, two thirds of the Jewish population of Hungary were wiped out. The one third that survived. And the heirs of some of them want to recover what rightly belongs to them. And that's what led them to the U.S. supreme Court. Lead plaintiff is Rosalie Simon. She's now 93 years old. She and the others sued Hungary and the National Railway Mauve. They did so under an exception to the general rule that foreign nations are immune from lawsuits in American courts. Their lawyer, Shai Dovretzky.

[David Bonson]

When Hungary and MAV liquidated respondents property.

[Chuck Schumer]

They exchanged that property for money. And when money is commingled, a withdrawal from commingled funds is in exchange for earlier deposits. So when Hungary used commingled funds to pay interest and buy equipment in the.

[David Bonson]

United States, it put into the United.

[Chuck Schumer]

States property that had been exchanged for the expropriated property.

[Nick Eicher]

Think of it this way. You deposit a $100 bill in the bank and then withdraw it a year later. It's not going to be the exact same physical bill you put in the bank. And that's completely unimportant. What's important is it's the exact same amount. Dovretsky argued the passage of time cannot erase what Hungary did during the Holocaust. What it did with a confiscated property though, is sufficient commercial connection to the US and thus it still fits under the exception to the general rule that you cannot sue a foreign country. So his clients ought to be permitted, he argued, to move ahead with a lawsuit.

[Mary Reichard]

Hungary, of course, disagrees. Lawyer Joshua Glasgow, representing simply showing that funds entered into the general revenues of.

[Nick Eicher]

An entire nation that you know contain billions of dollars followed by untold numbers.

[Mary Reichard]

Of transactions following that deposit simply isn't consistent with the plain text, the plain text of the Foreign Sovereign Immunities act, the federal law that's in question here. Hungary insists that there's no way to trace assets seized nearly 80 years ago and connect those to anything today. Lawyer Glasgow argued that it would be foolish to expand a narrow exception. Justice Elena Kagan pushed back, worrying that nations would just insulate themselves.

[Nick Eicher]

And doesn't this provide a roadmap to any country that wants to expropriate property?

[Mary Reichard]

In other words, just sell the property.

[David Bonson]

Put it into your national treasury, insulate.

[Mary Reichard]

Yourself from all claims for all time.

[Nick Eicher]

Chief Justice John Roberts continued that line of questioning with de Vretzky. For the survivors worried about throwing the door open to lots of lawsuits.

[David Bonson]

At the end of the day, you're really just asking us to over to.

[Nick Eicher]

Throw out the general rules that sovereigns.

[David Bonson]

Can'T be sued for appropriations of this sort.

[Mary Reichard]

Right. I mean, once you say commingling counts.

[David Bonson]

Well, then everything's, everything's pretty much fair game.

[Mary Reichard]

Except for the question flashing around the court was whether there had to be a direct exchange of expropriated property for assets or just a commingling of those expropriated assets with general funds. Justice Brett Kavanaugh also seemed to lean in Hungary's direction, worrying about diplomatic consequences of allowing the case to proceed. No other country in the world has.

[David Bonson]

An expropriation exception to begin with, right? It's a big deal to hail a.

[Nick Eicher]

Foreign country in a US Court. Justice Samuel Alita was concerned about the notion of reciprocal lawsuits and a bit surprised he's questioning Sopan Joshi, the Biden administration lawyer supporting Hungary's argument.

[Mary Reichard]

I don't understand your argument about retaliation. You think that if lawsuits are brought in the United States based on the expropriation, let's say, of the property of US nationals abroad, then foreign countries are going to entertain suits based on the expropriation in this country of the property of their nationals? Is the United States going around expropriating the property of foreign nationals?

[David Bonson]

I hope or not.

[Nick Eicher]

To be clear, Joshi was not arguing that Hungary did nothing wrong. What he's arguing is that American courts are not the right place to pursue this particular stolen property and see it returned to the rightful owners. This case has bounced around for years and even made it to the high court once already. The justices sent it back to the lower courts for more review. But when a federal appeals court ruled in favor of the families, Hungary then appealed to the Supreme Court.

[Mary Reichard]

The justices questions showed they are concerned about the broader implications. However they decide implications for international diplomacy, for principles of sovereign immunity, and for the pursuit of justice for Holocaust survivors. However, the court resolves the question of whether the survivors can proceed with this case, it will not settle the issue over the stolen goods. A broad ruling risks global relations, while a narrower one could allow nations to evade responsibility. And that's this week's legal docket.

[Mark Mellinger]

Additional support comes from Dort University.

[Nick Eicher]

Student musicians at Dort enjoy opportunities to discover, develop and share the gift of.

[Mark Mellinger]

Music and bring glory to God until.

[David Bonson]

All is made new.

[Nick Eicher]

And from season two of Eyewitness Silent.

[David Bonson]

Night, the student led podcast drama following time travelers to the first Christmas on podcast Apps or at the letter I witnesspod.com.

[Mary Reichard]

Coming up next on THE World and everything in it, the Monday Money Beat.

[Nick Eicher]

It's time to talk business markets and the economy with financial analyst and advisor David Bonson. David heads up the wealth management firm the Bonson Group, and he is here now. Good morning to you, David.

[David Bonson]

Good morning, Nick. Good to be with you.

[Nick Eicher]

Hey, I did enjoy your Dividend Cafe newsletter this weekend. You suggested there that financial deregulation could be as big a story in 2025 as the debate over the Trump tax cut. Talk a bit about why you think that is.

[David Bonson]

Yeah, I think it's a very important topic because I think that there is a broad sense in which the concept of financial regulation sounds like a really good thing to a society that is still reasonably close to and certainly remembering of the 2008 crisis. And if what we meant by financial regulation was not having things happen systemically that threatened to bring down our financial system, there's very few people who'd be opposed to that. When we talk about financial deregulation, we talk about two categories. One is eliminating silly things that are counterproductive and unhelpful. I think this week of the Consumer Financial Protection Bureau finally passing a federal restriction geared towards limiting the overdraft fees that banks are allowed to charge. Now, one would think that this is not exactly what the Financial Protection Bureau was set to do to try to eliminate various things that are systemic and could bring down our whole system. And having federal rules about the fees that a bank can charge would be kind of outside their mandate and maybe just a little bit small ball silly. However, there's actually a much bigger issue here and we've talked about it in the past with credit card interest is all they have to do is say, well, if we're going to have people overcharging accounts, creating administrative burden, not to mention taking use of our capital for a period of time. You know, what we used to refer to is writing bad checks. It just happens to be at ATM level level, then they're going to close accounts. So there is just a counterproductive sense to that kind of stuff. But that is really secondary to what the bigger issue is that I'm referring to, which is how much we're allowed to do in our financial sector to drive growth. And there is a level at which capital can be recklessly deployed at banks and there is a level at which it is so conservatively restrained that there is not enough liquidity in our financial system to drive new investment. And I believe that by having a more sensible growth oriented approach to Regulation. There is a major opportunity in the new administration to do things more sensibly and reasonably and, of course, not recklessly.

[Nick Eicher]

Right, David. One of those regulators, by the way, is the Federal Trade Commission. And we found out about Chairman Lina Khan's replacement. That's Ann Andrew Ferguson. Now he's on the commission, so he won't have to go through confirmation to be elevated to chairman of the SEC with Khan going out. But I assume that you see this as very good news from a free market standpoint.

[David Bonson]

I think you said he was currently in the sec, he's currently in the ftc.

[Nick Eicher]

Right.

[David Bonson]

And he's been named chairman, and that's why he doesn't need confirmation. So there were two appointments that we could be talking about here. Paul Atkins at sec, who has been an SEC commissioner before and now has been named to be chairman. That's the securities and Exchange Commission oversight of a lot of issues related to financial markets. Lina Khan is currently the head of the Federal Trade Commission. And President Elect Trump named Andrew Ferguson to take that position. And, and Andrew Ferguson is a really big proponent of free markets, of a corporate America that is going to have to deal with the pain of its own bad decisions, but is not using federal regulation to try to keep it from hurting itself. Now it is trying to use it to protect consumers. It's trying to use it to protect one actor from another act, but not use regulation to try to protect what the government believes could be a bad deal. That's just totally outside the bounds of what the FTC was created for. And so I think his role at FTC is to protect free exchange. And I've been very impressed with the things that I've seen from Andrew Ferguson and far better than not only what we have now. Alina Khan, but some of the people I was concerned, concerned could be considered in that role.

[Nick Eicher]

Well, David, this is something that we talked about last week, just a few days ago here on the program, but I have been curious what you might say about it. Some of the commentary around health insurance that veers into a kind of justification of violent criminality, the killing of the insurance CEO, a surprising amount of that commentary, David, both from the left and some corners of the right are saying that we need to have a conversation about healthcare costs. Now, I think you could shed some light on this story and help us have a better understanding. Would you like to talk about that?

[David Bonson]

I do very much. You know, Nick, let me first say that I would prefer to not have to address what health insurance as an industry ought to do in the aftermath of one of its leading executives being assassinated. Because I don't think that murderers get to provoke national conversations through acts of murder and violence. And so I was a little dismayed this week by the CEO of UnitedHealthcare pending an op ed to talk about, you know, let's look at the industry and what can be done better and so forth. It may have been and wonderful ideas and it may be a great sentiment, but there is almost a sense which it feels like quasi capitulation to assassins. To the extent that the health insurance industry is a very legitimate part of the US Economy and it's always open to scrutiny and critique, then I'll do that. But this murderer didn't deserve the right to provoke it. I'm sure everybody hears my point.

[Nick Eicher]

Absolutely.

[David Bonson]

The health insurance industry is basically a governmental industry. The amount of regulation around the legislation that exists at a federal level is insurmountable. I mean this, we have given, especially after the Affordable Care Act, a monumental amount of control to the federal government. And then there are some that will say, well then why don't we just close the loop, go all the way. Because right now I think you have almost a worst of all worlds where it's a private insurance industry, but it's quasi private because of that deep regulatory apparatus and legislative requirement where some would just say, okay, fine, nationalize healthcare, go to a single payer like other countries. I most certainly don't support that. Nick, at the end of the day, here's the bottom line for everyone to understand. They do not make money by not insuring people. They make money by insuring people. So you want more people in the risk pool and in the economics of it. And if you do not pay out claims that are black and white legitimate, then you're breaking the law and you're going to get sued and you're going to lose. Okay. Or if it's not black and white, it's gray area. You do not keep business by declining payments and having people have ample incentives to move to other carriers. But what we're really talking about are claims that are denied or a level of a claim that is paid that upsets people because their policy doesn't cover it and they wish it covered it or they wish it covered more of it. And I understand entirely that people want sometimes what could be very, very expensive coverage for their loved ones and sometimes certain levels are not covered. Now that has to do with what the basic level of the policy. But our society never had the conversation and Obamacare enabled us to not have to have it about how we want to view healthcare? Is it something that is a right and we're somehow going to force people to provide it without compensation or without market forces around their compensation? Or do we believe it's something that we want to make available in the public square subject to market forces like everything else we do and allow competition and quality and there's good providers and bad providers and so forth. I think the demonization of the people that are providing the payment for this is allowing us to not understand that the insurance around health care is not the same thing as the cost of the healthcare that they're not even privy to. They don't even see it. So there's so much opacity around this that it's totally distorted the conversation. That's not because of the insurance industry. That's because of the governmental involvement in the healthcare industry. It's made this a very complicated topic and we're not making progress.

[Nick Eicher]

All right. David Bonson is founder, managing partner and chief investment officer of the Bonson Group. David's Dividend Cafe is is available to you for free and you can find it@dividend cafe.com David, thanks so much. Enjoyed it. Hope you have a great week and we will talk next week.

[David Bonson]

Thanks so much. Nick.

[Mary Reichard]

Today is Monday, December 16th. Good morning. This is the world and everything in it from listeners supported world radio. I'm Mary Reichard.

[Nick Eicher]

And I'm Nick Eicher. Next up, the world history book. On this day in 1785, Noah Webster, the original American dictionary guy, so he's good with words. Webster, he sits down and writes a letter to George Washington.

[Mary Reichard]

Webster is 27 years old. In his letter, Webster invites himself to live at Mount Vernon with Washington and his family. Now, who does that?

[Nick Eicher]

Well, apparently Noah Webster does that. And Washington is just one of dozens of the most powerful people in the colonies that he is surrounding himself with. Here now is world correspondent Caleb Weldy with the rest of Webster's story.

[Chuck Schumer]

Noah Webster likes to push it, but is this too far? He says in his letter, sir, I can start the objections even on your part. But he nevertheless asks Washington if he can live at Mount Vernon to pursue his own writing and to tutor Mrs. Washington's grandkids. The letter is not totally out of the blue. Webster has already had dinner with the general twice at Mount Vernon.

[Nick Eicher]

He got on his horse, rode to.

[Mary Reichard]

Mount Vernon and had the chutzpah to.

[Nick Eicher]

Knock on George Washington's door.

[Chuck Schumer]

Biographer Harlow Junger there for a 1999 book. TV program.

[Nick Eicher]

He showed him a letter from president of Yale and Governor Trumbull of Connecticut.

[Mary Reichard]

And then he showed Washington this book.

[Chuck Schumer]

The book was a small spelling and grammar book written by Webster. Webster makes the case that if people are going to independently govern themselves, they need to be educated. Beth Ballinger is founder of the Noah Webster Education Foundation.

[Mary Reichard]

Because he didn't think that you necessarily had to have a school to be well educated.

[Chuck Schumer]

Webster tells Washington his self teaching book will help unify America. Washington actually agrees to Webster's request to live at Mount Vernon on the condition Webster will also be his full time secretary. Webster writes back saying in so many words that he has too many other priorities and is actually too busy. So who is this 27 year old and what's driving him? He grew up on a farm in Connecticut, yet got into Yale at 16 with the help of a family pastor friend. That's where he made his first connections and he's been upwardly mobile ever since. By the time the Constitutional Convention rolls around, he knows, at least by acquaintance, two thirds of the delegates of the convention. His trip is to get the last famous guy to write a letter of introduction to the next famous guy. He seems to especially enjoy Benjamin Franklin, who's becoming a sort of mentor. Washington and Madison come to his house to talk during the convention, but not only that.

[Mary Reichard]

He would visit the taverns where he knew the delegates would be dining and discussing and would contribute to the discussion as well.

[Chuck Schumer]

He also meets Rebecca Greenleaf that year in Philadelphia. They fall in love quickly. He tells her that her friendship and esteem are his only happiness. Rebecca's family is also very well connected and the two marry in 1789. Webster spends the next two decades studying law, traveling for speaking tours, writing and continuing to do what we call networking.

[Mary Reichard]

He was a congressman, he was in the legislature, he was actually a peace officer and he served on the Chamber of Commerce. He was an extremely active man.

[Chuck Schumer]

Then a seismic shift a year shy of his 50th birthday. Across New England. There's revival meetings going on in homes and churches. Webster doesn't like them. He says it's emotionalism. He believes in a rational religion.

[Tony Blinken]

My wife, however, was friendly to these meetings.

[Chuck Schumer]

His family starts regularly attending attending the meetings. Webster's religion has been very self focused up to this point. His beliefs very much mere Benjamin Franklin's.

[Tony Blinken]

I had doubts respecting some of the doctrines of the Christian faith such as regeneration, election, salvation by free grace, the atonement and the divinity of Christ.

[Chuck Schumer]

His reliance in his own words are in good works as the means of salvation. He begins examining doctrines more closely with a pastor. A battle rages on.

[Tony Blinken]

I continued some weeks in this situation, utterly unable to quiet my own mind.

[Chuck Schumer]

Then one day, in his own words, he wakes up.

[Tony Blinken]

I closed my books, yielded to the influence which could not be resisted or mistaken, and left by a spontaneous impulse to repentance, prayer and entire submission and surrender of myself to my Maker and Redeemer.

[Chuck Schumer]

Now, he says he believes reliance on our own talents or power is a fatal error springing from natural pride and opposition to God.

[Tony Blinken]

I am particularly affected by a sense of my gratitude to the being who made me and without whose constant agency I cannot draw a breath, who has showered upon me a profusion of temporal blessings and provided a Savior for my immortal soul.

[Chuck Schumer]

He begins to relish many parts of the Bible which had made no sense to him before. He's especially taken with or by the Holy Spirit.

[Tony Blinken]

I cannot think without trouble on what my condition would have been had God withdrawn the blessed influences of his spirit the moment I manifested opposition to it, as he justly might have done. As for Rebecca, you may easily conceive how much she was affected the first time she met her husband and children at the communion.

[Chuck Schumer]

Most people know Webster for his dictionary. He just begun the project when God saved him. He doesn't just dive right into defining things. He begins by brushing up on his college Latin, Hebrew and Greek, then onto French and German. Then he dives into Anglo, Saxon, Danish, Welsh and Persian. He learns 20 or more. Picture him in the upstairs of the family home standing at a semicircle desk, 20 or 30 dictionaries and grammar books in various languages, all within arm's reach.

[Mary Reichard]

He would take one word at a time and go straight around that horseshoe shaped table, studying it. And his definitions show where his heart is. Oftentimes he would use Scripture from his.

[Tony Blinken]

Definition of grace, appropriately, the free, unmerited love and favor of God, the spring and source of all the benefits men receive from him. And if by grace, then it is no more of works. Romans 11:6.

[Chuck Schumer]

He stays at it for 21 years. When he's done, he has written 70,000 entries. Webster has also been making notes in his King James Bible these two decades where he sees words and grammar that people don't use anymore. Five years after the dictionary, he publishes a revised King James Version. He writes in the preface, he thinks the Bible should be understood and read in the common language. Webster brings a stack of these Bibles to his and Rebecca's 50th wedding anniversary celebration. Webster knows it'll be the last time they're together on earth. At the end of the night, the 84 year old calls the meeting to order. He kneels and everyone follows his example. Webster asks God to bless his family, his children and his children's children to the last generation. He then gives each of them a Bible with their name inside. He tells his daughter after it was.

[Tony Blinken]

The happiest day of my life to see us all together. So many walking in the truth. Blessed be the tie that binds.

[Chuck Schumer]

He closes the night singing, Blessed be the tie that binds. Surrounded not by the rich and power, but by a devoted family worshiping God. That's this week's world history book. My thanks to voice actor Kim Rasmussen. I'm Caleb Weldy.

[Nick Eicher]

Tomorrow life for Christians in Syria after the fall of the Assad regime. We have a report and we will meet a handful of holiday baristas keeping customers hydrated, caffeinated and therefore in a festive mood. That and more tomorrow. I'm Nick Eicher.

[Mary Reichard]

And I'm Mary Reichard. The world and everything in it comes to you from World Radio. World's mission is biblically objective journalism that informs, educates and inspires. The Bible says for where jealousy and selfish ambition exist, there will be disorder in every vile practice. But the wisdom from above is first pure, then peaceable, gentle, open to reason, full of mercy and good fruits, impartial, sincere. And a harvest of righteousness is sown in peace by those who make peace. Verses 16 through 18 of James chapter 3. Go now in grace and peace.