One of the more interesting things about working on Capitol Hill was learning what big words mean when luminaries such as Alan Greenspan, Paul Volcker and just about every other famous economist or technical expert came to testify in Congress.
‘Disintermediation’ was one of those words. We heard a lot of it on the House Banking Committee when the S&L industry melted away between 1985 and 1990. We also heard a lot of it during the financial meltdown of 2008 when commentators on CNBC repeatedly talked about the threat of ‘disintermediation’ on financial giants such as Wachovia (which passed away) and Bank of America (which somehow survived, albeit with massive taxpayer-supported federal help). Continue reading →
Everyone was all a-twitter last weekend when a lower level deputy Treasury secretary, not President Obama, announced in his blog, (not the President’s) that the onerous employer-mandate section of Obamacare (just that part, nothing else) was going to be suspended for a year.
Until after next year’s mid-term elections.
Of course. More political gamesmanship from this President on health care. Every time there is a ‘cost’ associated with Obamacare that gets pushed to the out-years while the bennies of Obamacare get shoved to the in-years from day 1 (coverage of children til age 26, etc). Continue reading →
BY JOHN FEEHERY Reprinted from TheFeeheryTheory.com
Just imagine if George III had told the colonists that he would delay for one whole year the implementation of the Stamp Act, the tax that Parliament imposed on the colonies to pay for its worldwide war against the French.
Do you think the colonists would have decided to pack it in and not break away from England?
In many ways, the Obama Administration is trying to do just that with its suspension of an Obamacare mandate on the business community.
The White House is giving employers a year reprieve, as if a year is going to make much of difference for most business operations.
One of the problems about dealing with and debating an issue as big and as complicated as Medicare is that most people simply don’t care what it costs to take care of senior citizens.
Certainly not the senior citizens currently on Medicare. It is the best deal in the nation they are ever going to get in terms of buying health insurance for around $310-$360/month. Many self-employed people now paying close to $1000/month would give their eyes and teeth and other certain parts of their body to be able to find ANY comprehensive health care insurance for anything near $350/month. Continue reading →
BY JOHN FEEHERY Reprinted from TheFeeheryTheory.com
The welfare state begets the nanny state.
I was thinking about this fact in the context of the Mayor of New York, the immigration debate, and our national debt.
Michael Bloomberg may or may not care about the personal health of his constituents. What he definitely cares about is the rising cost of health care in his city, and that is why he is doing his level best to create the world’s largest day-care center in the Big Apple.
Bloomberg is trying to get New Yorkers healthier by banning trans-fat, cutting down on the amount of soda pop consumed, and by keeping cigarettes out of the sight of those who might be tempted to smoke merely by the sight of smokes. Continue reading →
BY JOHN FEEHERY
Reprinted from TheFeeheryTheory.com
Ed Gillespie is a modern day Douglas MacArthur. Let me explain.
On September 15, 1950, MacArthur led a force of mostly United States Marines in an amphibious assault at the largely undefended port of Inchon that was located far behind enemy lines. The North Koreans had closed in on American forces around the city of Pusan and the UN forces needed a break-out strategy. The strategy to go on offense helped to turn the tide of the war and the United Nations forces were able to drive the North Koreans back to their portion of the peninsula.
What MacArthur did was a lot like what Ed Gillespie has reportedly done with the Romney campaign. He decided that the best defense was a very good offense. Continue reading →
The reason I came to Ghana was to help publicize the introduction of two vaccines to the Ghanaian heath care system: a rotaviral vaccine and a pneumococcal vaccine for newborns.
These vaccines will help stave off infant diarrhea and pneumonia which kill more children under the age of five than malaria and tuberculosis combined.
A quick geography lesson: Ghana is located on the western coast of Africa, sort of. According to the CIA World Factbook it has a population of a little over 25 million of whom nearly 70 percent are Christian. The country is slightly smaller than Oregon.
This is sub-Saharan Africa, located just eight degrees north of the equator, so it is hot just about all the time. The temps have been in the high 80’s every day with a “feels like” temperature of about 104 because of the humidity. This is the beginning of the rainy season but we had only one rain storm, which was a dandy, and it passed in about an hour. Continue reading →
Reprinted from Weeklystandard.com
Last week’s anemic jobs report came as a sobering reminder that America’s economic malaise shows little sign of slowing. Overall non-farm payrolls shrunk by 95,000 in September, while private sector hiring decelerated for the third consecutive month. High unemployment is now an acute national headache that won’t go away.
When tiny globs of gooey brown oil began washing up on Gulf shores, it foreshadowed a more ominous environmental calamity lurking just over the horizon. These first signs were troubling enough. But they also revealed a more daunting threat riding incoming tides that might prove impossible to fix.
The Gulf disaster is a metaphor for our federal spending and debt crisis. Globs of budgetary red ink have been washing up in Washington for some time now. Cleaning up the immediate problem is hard enough. But the difficulty policymakers face addressing the current fiscal mess only underscores a larger challenge.
The Senate’s efforts over the past month, trying to enact a state aid/unemployment/tax extender bill are illustrative. The Democrats’ original plan exemplified politics as usual. These initiatives all cost the federal government money. But instead of making the tough choices necessary to pay for these benefits, they proposed just adding more to the deficit.
But with an election looming and nervous voters increasingly cranky about unsustainable debt, the original Senate plan, which increased the federal debt because it offset less than a third of the $190 billion in spending, ran into a buzz saw of opposition. Democratic leaders continue to ameliorate concerns by scaling back the package or finding other offsets.