Posted on 03/29/2010 2:04:28 PM PDT by Chet 99
Henry Blodget | Mar. 29, 2010, 6:42 AM
The White House has rushed to try to stop a wave of companies announcing that ObamaCare will cause their healthcare insurance costs to rise, causing them to cut benefits or fire people.
At the end of last week, Secretary Gary Locke hit the WH blog to say, in effect, that these companies didn't know what they were talking about (which seems unlikely). Later, on CNBC, he suggested that they were acting unpatriotically.
And now Henry Waxman is calling Congressional hearings to beat the companies up on live TV.
For what it's worth, the day the healthcare bill was approved, we listened to the CEO of one of the biggest healthcare companies say unequivocally on NPR that ObamaCare would make premiums go up. He made it sound like the height of obviousness--and it was so obvious that the interviewer didn't even follow up on it. So the fact that companies are now warning their shareholders and employees about this fact would hardly seem to be startling news.
Could it be that the Democrats are only now discovering that ObamaCare won't actually provide more healthcare for less? Or is it just that they're angry that everyone else has noticed?
(Excerpt) Read more at businessinsider.com ...
This adminstration has brought dishonesty and manipulation to a level I’ve never seen. Nor have I ever been afraid of my government. Mad, angry even furious- but never fearful. I am now. It’s sobering.
But could Waxman get the Rat House to vote for a subpoena?
What Waxman meant as intimidation, I see as farce.
Kind of “rich” that Sarbanes-Oxley is what will bring the Dems folly to light!
I guess they preferred their books raw, not cooked.
Boomerang.
And here is a tidy summation of the SEC ‘rules’ that MADE these corporate disclosures happen:
http://www.investinganswers.com/term/sarbanes-oxley-act-891
The bill was purposely designed TO fail economically. Why?-—When the math fails and insurance companies boost rates, Obama will label them "unpatriotic" and will be “forced” to take them over and convert to “single payer”. Then pharma and med devices become part of the problem, or some other free market factor, and Obama is “forced” to institute government run health care, under control of the Surgeon General, via the new “Ready Reserve” powers in the health care bill. http://www.facebook.com/notes.php?id=207770190801 Strange thing to put in the health bill, wasn’t it. Under the Ready Reserve, the President can appoint anyone and order them into service in an emergency.
At the end of last week, Secretary Gary Locke hit the WH blog to say, in effect, that these companies didn't know what they were talking about (which seems unlikely).
Obama in Rude Denial (CEOs: He's Clueless!!!)
"Most of these people [in the Administration] have never had a real job in their lives. They don't understand a thing about business, and that includes the President," says a senior lobbyist for one of the companies that announced the charge. "My CEO sat with the President over lunch with two other CEOs, and each of them tried to explain to the President what this bill would do to our companies and the economy in general. First the President didn't understand what they were talking about. Then he basically told my boss he was lying..."
Does it work that way? Considering the closeness of the vote, I doubt he could, anyway.
I should think not. There is no Congressional undertaking, a la the Warren Commission. These people, who have REAL non-partisan individuals working on their bottom line every day, are in a better position to know precisely what’s coming in the future.
As someone else pointed out - all of this information was not supposed to be available until AFTER the November election, when people would find out their contributions were probably going to go up.
GE, of course, who can’t wait to get the big payoff from the Obama Administration for its Health Tech products, is of course saying that “this won’t change our bottom line.” Well I’m sure it won’t. What you’ll do is make your employees pay for the increase. Your contribution will stay the same. So what?
AT&T, Caterpillar and Verizon beg to differ. So STFU, GE, and put your head back up Obama’s rump where it belongs.
The publicly traded companies have a fudiciary responsibility to the shareholders to state any changes in revenue & profits. It is the law. If they did not then the SEC would fine them & the CEOs CFOs could go to jail ala Ken Lay.
If there is anything that changes that bottom line (sales of divisions, bad loans, etc.) they are legally obligated to restate earnings.
Waxman is Wesley Mouch, no?
Good. Their hubris has kept them from learning anything from the Obama health care compromise debate. Another good PR debacle will be fun to watch.
"... [it] takes a long time to do the necessary administrative steps that have to be taken to put the legislation together to control the people.”
-John Dingle
-PJ
They have no such power as I understand it. But they crap on The Constitution. It is time to just say no to them.
“White House blasts...” Yes they do, because they are incompetent tyrants, and blasting is all they know how to do.
GE has no bottom line anyway. I still own tons of “the safest stock in the world” and can’t unload it because it has crapped so badly. When I can, though, I will.
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