Senator Carl Levin says that Facebook is exploiting a tax loophole in order to avoid paying taxes to the government. But Facebook is a textbook case of win-win-win: the company's creators get rich, society gets the benefit of an innovative communications platform, and the U.S. Treasury gets billions in new revenues.

It’s depressing to watch, but it is missing the point that the Volcker rule would not have prevented the loss and is probably unworkable.

Losing money is embarrassing. And an embarrassed Jamie Dimon publicly admitted that J.P. Morgan Chase goofed. Three senior executives lost their jobs as a result. But politicians and regulators in Washington are rushing to leverage the bank's misfortune for their own gain.

The $2 billion loss at JPMorgan Chase (JPM) has reopened debate on the Volcker rule. The proponents of the rule have seized on the story as proof that the Volcker rule is necessary and should be quickly put into effect by regulation. In reality, however, if the facts are as thus far reported, what happened at JPMorgan is proof that the Volcker rule is unworkable and should be repealed. 

The deepest and most important case for capitalism has been lost.

Short of mandating the HPV vaccine, the government should make it readily available to everyone.

Religion and the American Future is a lively, learned dialogue on the role of religion in American society.

Yuval Levin will deliver the January Bradley Lecture.