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Democrats Admit Companies Were Correct In Warning Of Major Losses Due To ObamaCare
Flopping Aces ^ | 04-27-10 | Curt

Posted on 04/27/2010 8:18:00 AM PDT by Starman417

You recall Waxman's outrage over large companies, such as AT&T, informing its shareholders that they will be taking large hits due to ObamaCare:

After the passage of the health care reform bill, some public corporations announced the bill would have adverse affects on how they do business. Deere & Co. announced that it would cost them an additional $150M in expenses, Caterpillar stated in an SEC filing they would earn $100M less in 2010, Verizon sent emails to employees informing them of their expected costs to increase in the short term, and AT&T filed with the SEC that they expect a $1B hit because of the new law.

Now, the the Subcommittee on Oversight and Investigations is calling on the "senior company officials" of each of those companies, and others, to come to D.C. and explain / prove their claims. The stated purpose of this meeting is, "to ensure that the [health care] law is implemented effectively and does not have unintended consequences."

Waxman eventually canceled those hearings and now we know why. The companies were right:

When major companies declared that a provision of the new health care law would hurt earnings, Democrats were skeptical. But after investigating, House Democrats have concluded that the companies were right to tell investors and the government about the expected adverse effects of the law on their financial results.
~~~

In a memorandum summarizing its investigation, the Democratic staff of the committee said, “The companies acted properly and in accordance with accounting standards in submitting filings to the S.E.C. in March and April.”

Read more at floppingaces.net...


TOPICS: Breaking News; Business/Economy; Politics/Elections; Your Opinion/Questions
KEYWORDS: achillwind; america2point0; april; bloggers; corruption; cultureofcorruption; democratcorruption; democrats; democratscandals; dnctalkingpoints; economy; healthinsurance; liberalfascism; liberalprogressivism; losses; nodebate; obama; obamacare; pravdamedia; socialistdemocrats; socialisthealthcare; tax; waxman; yellowjournalism
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1 posted on 04/27/2010 8:18:00 AM PDT by Starman417
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To: Starman417

Now being reported in my local paper on page 34, column D, right after the lost dog notices.


2 posted on 04/27/2010 8:19:19 AM PDT by IrishCatholic (No local Communist or Socialist Party Chapter? Join the Democrats, it's the same thing!)
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To: Starman417

Obama is an idiot!

Down with Marxism!

Just vote them OUT!!

Rebellion is brewing!!


3 posted on 04/27/2010 8:20:14 AM PDT by Jim Robinson (JUST VOTE THEM OUT! teapartyexpress.org)
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To: Starman417
People can join a class action lawsuit against the unconstitutional, socialist Obamacare at www.obamacareclassaction.com
4 posted on 04/27/2010 8:20:31 AM PDT by Man50D (Fair Tax, you earn it, you keep it! www.FairTaxNation.com)
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To: Starman417

BTTT!


5 posted on 04/27/2010 8:21:30 AM PDT by Constitution Day
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To: Starman417

Obama told Waxman to back off his kangaroo court

Public hearings would have shown what a disaster and expense business faces


6 posted on 04/27/2010 8:21:35 AM PDT by PGR88 (I'm so open-minded, my brains fell out.)
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To: Starman417

These companies should demand that Henry Ratman come before their CEO’s and explain to them where the federal government got its bullsh!t numbers from.


7 posted on 04/27/2010 8:21:49 AM PDT by chris37
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To: Starman417
...Major Losses Due To ObamaCare...

Wow, I wonder if water is still wet.

8 posted on 04/27/2010 8:22:17 AM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Starman417
"The road to hell is paved with good intentions."

Karl Marx

9 posted on 04/27/2010 8:24:00 AM PDT by OldNavyVet (One trillion days, at 365 days per year, is 2,739,726,027 years ... almost 3 billion years.)
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To: Starman417
This can't be... Queen Nancy said passage would instantly create billions of jobs and that health insurance costs would spiral down to nearly nothing as we all held hands with and sang praises to socialism!

/s

10 posted on 04/27/2010 8:26:44 AM PDT by TexasFreeper2009 (Obama = Epic Fail)
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To: Starman417

Wow, who would have ever thought that Fortune 100 CEOs and CFOs would know more about corporate accounting and about their own companies than a pile of jerkball congressites.


11 posted on 04/27/2010 8:29:26 AM PDT by Attention Surplus Disorder (Voters who thought their ship came in with 0bama are on their own Titanic.)
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To: Starman417

And if they used the gov stats, they would be accused of hiding something....sound familiar...


12 posted on 04/27/2010 8:29:55 AM PDT by Sacajaweau (What)
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To: TexasFreeper2009
$2,000 savings annually per family.........BHO.

How many times did we hear that?

13 posted on 04/27/2010 8:31:49 AM PDT by AGreatPer (Impeach Obama)
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To: Attention Surplus Disorder

How is that possible? CEO’s and CFO’s of multi-billion dollar companies understand their accounting? I thought they were all greedy crooks looking for every dime with which they can screw you. And the only people looking out for us were the Henry Waxman’s of the world?

SAY IT ISN’T SO!


14 posted on 04/27/2010 8:37:21 AM PDT by Personal Responsibility (I'd use the /s tag but is it really necessary?)
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To: Starman417

The dems were furious that the companies revealed that information but are now scorching Goldman Sachs for not revealing information to their clients.


15 posted on 04/27/2010 8:45:01 AM PDT by Carley (I'll keep clinging to the constitution, my guns and my religion, thank you.)
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To: AGreatPer
" $2,000 savings annually per family.........BHO."

The $ 2,000 savings is from not paying the forced fine if you don't by the Government Health Care Scam Plan.

We were told it was " FREE HEALTH CARE " but, most will have to pay into it.
16 posted on 04/27/2010 8:45:10 AM PDT by American Constitutionalist (There is no civility in the way the Communist/Marxist want to destroy the USA)
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To: IrishCatholic

Just make sure that your local GOP candidate brings it up again in October in an ad. That’s all we need.


17 posted on 04/27/2010 8:49:45 AM PDT by AmishDude
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To: Starman417

0bama’s boys don’t give a rip about losses to companies. They do care about losses in contributions to the Democrat party.


18 posted on 04/27/2010 8:50:08 AM PDT by Billthedrill
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To: OldNavyVet
The road to hell is paved with good intentions

Not to worry, in 0bama's world hand baskets are subsidized to carry us all there and that paved road is marked by signs that say "Project Funded by the American Recovery and Reinvestment Act."

19 posted on 04/27/2010 8:50:11 AM PDT by Repeat Offender (While the wicked stand confounded, call me with Thy Saints surrounded)
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To: PGR88

Probably not.

The “losses” were a loss of a taxpayer subsidy. Having the CEO’s complain about the loss would have sounded like a unemployed person complaining about their unemployment insurance running out.


20 posted on 04/27/2010 8:56:10 AM PDT by maddogconservative
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To: Starman417

According to Pelosi all we needed to do was pass it in to law so we could see what was in it.


21 posted on 04/27/2010 9:05:18 AM PDT by BJClinton ("Worse" technically is "change".)
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To: Starman417
It doesn't matter to the democrats who pays for it or who gets hurt by it. It's all about power. They got what they wanted - the biggest entitlement program in American history.

22 posted on 04/27/2010 9:06:03 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: Starman417

So what. The thug tactics worked. How many of those negative corporate reports have you seen highlighted since Waxman threatened his show trial? Their seemed to be a steady stream of negative reports and then after Waxman’s tantrum it has been a news blackout.


23 posted on 04/27/2010 9:06:36 AM PDT by lodi90
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To: Starman417

But... but... but the “law of unintended consequences” isn’t supposed to apply to liberals since they have good intentions!


24 posted on 04/27/2010 9:12:38 AM PDT by Right Wing Assault (The Obama magic is <strike>fading</strike>gone.)
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To: Starman417

America deserved a DEBATE on this legislation. America deserved a VETTING of Obama’s agenda in 2008.

The Pravda Media has sold out America for the naked political power of the DNC.


25 posted on 04/27/2010 9:12:47 AM PDT by a fool in paradise (The hysteria of Matthewsism and Andersonism has led to a Tea Party Scare that is unAmerican.)
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to read later...


26 posted on 04/27/2010 9:13:28 AM PDT by Rick_Michael (Have no fear "President Government" is here)
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To: chris37

Actually this could be done pretty easy, setup a press conference and have a hearing in front of the Media with a bunch of empty chairs representing Pelosi,Waxman,Schumer....

But they won’t


27 posted on 04/27/2010 9:17:42 AM PDT by eyeamok
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To: Starman417

It’s all about power to them.


28 posted on 04/27/2010 9:19:08 AM PDT by wastedyears (The Founders revolted for less.)
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To: American Constitutionalist

They were claiming that businesses would save so much money they could raise employee salaries by significant amounts. It will turn out to be the exact opposite like all the other lies of democrats and this ridiculous administration.


29 posted on 04/27/2010 9:20:55 AM PDT by peeps36 (Democrats Don't Need No Stinking Input From You Little People)
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To: eyeamok
Actually this could be done pretty easy, setup a press conference and have a hearing in front of the Media with a bunch of empty chairs representing Pelosi,Waxman,Schumer....

Somebody with a TV show ought to organize it.

30 posted on 04/27/2010 9:23:49 AM PDT by wastedyears (The Founders revolted for less.)
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To: Starman417

Word of the Day: Dhimmitude

Dhimmitude is the Muslim system of controlling non-Muslim populations conquered through jihad. Specifically, it is the TAXING of non-Muslims in exchange for tolerating their presence AND as a coercive means of converting conquered remnants to Islam.

The ObamaCare bill is the establishment of Dhimmitude and Sharia Muslim diktat in the United States . Muslims are specifically exempted from the government mandate to purchase insurance, and also from the penalty tax for being uninsured. Islam considers insurance to be “gambling”, “risk-taking” and “usury” and is thus banned. Muslims are specifically granted exemption based on this. How convenient. So I a Christian, will have crippling IRS liens placed against all of my assets, including real estate, cattle, and even accounts receivables, and will face hard prison time because I refuse to buy insurance or pay the penalty tax. Meanwhile, Louis Farrakhan will have no such penalty and will have 100% of his health needs paid for by the de facto government insurance. Non-Muslims will be paying a tax to subsidize Muslims. Period. This is Dhimmitude.

Dhimmitude serves two purposes: it enriches the Muslim masters AND serves to drive conversions to Islam. In this case, the incentive to convert to Islam will be taken up by those in the inner-cities as well as the godless Generation X, Y and Z types who have no moral anchor. If you don’t believe in Christ to begin with, it is no problem whatsoever to sell Him for 30 pieces of silver. “Sure, I’ll be a Muslim if it means free health insurance and no taxes. Where do I sign, bro?”


31 posted on 04/27/2010 9:27:13 AM PDT by Broker (Stranger in a very strange land.)
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To: Man50D; Jim Robinson; All
Bumping your link. So far, only 27,443 have signed on.

The suit goes beyond Obamacare:

Join the Obamacare Class Action Lawsuit

"The purpose of this lawsuit is to reverse Supreme Court precedent related to the Commerce clause and thereby overturn Obamacare. The Supreme Court has historically erred in its interpretation of the Constitutional role of the Federal Government. Recent Supreme Court rulings hint that they may be willing to take another look at Commerce clause precedent. Obamacare is so over reaching and so onerous, that it must either be repealed in Congress or struck down in the courts. We must fight this on both fronts. This is our historic opportunity to reverse America’s trend toward Socialism by overturning this unconstitutional precedent.

If you are a US citizen and agree with the goal of this lawsuit, please join us. If you have concerns about joining, please review the FAQs for more information. Every person we add strengthens the voice of "We the People".



32 posted on 04/27/2010 9:27:17 AM PDT by EdReform (Oath Keepers - Guardians of the Republic - Honor your oath - Join us: www.oathkeepers.org)
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To: Starman417

Why not throw the corporate executives in jail anyhow? Most of
them are capitalists anyhow. Mao, Fidel or Pol Pot would have.


33 posted on 04/27/2010 9:27:31 AM PDT by JimSEA ("A deeply, deeply troubled individual" per WJC)
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To: Starman417

translation: a 2800 page bill and none of us thought to revise the SEC reporting requirements....just damn!


34 posted on 04/27/2010 9:33:02 AM PDT by Buckeye McFrog
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To: Starman417

Triple Dip Recession, brought to you by Tripple Dip Leadership....


35 posted on 04/27/2010 9:35:33 AM PDT by GraceG
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To: concerned about politics

I belong to a health club and was told this week that there will be a fee charged to me every month now to pay for “obamacare”. Now how is charging me to work out and stay healthy going to get the fat cow collecting welfare & eating rice crispy treat, off the couch????

I think it’s time to get those annoying electric scooters out of the grocery stores too. I see more overweight people in them than I do someone with a broken leg!


36 posted on 04/27/2010 9:38:06 AM PDT by kevslisababy (It's very hard to earn my trust again)
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To: Starman417

This was the first thing I thought of when Obambi came out running his trap about AZ’s immigration law, which simply takes provisions that are in federal law and gives state and local officials reponsibility and authority to enforce them.

In essence, AZ is simply going to enforce federal law because the feds won’t.

I figured once Obambi figured this out, he might have a Waxman “cancelling the hearings” moment. Never mind.


37 posted on 04/27/2010 9:49:28 AM PDT by fightinJAG (Sic semper tyrannis! Stop spending. Starve the beast.)
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To: Starman417

Usually, government “bait and switch” takes years to develop. The arrogance and hubris of the political class now reveals itself within weeks.


38 posted on 04/27/2010 9:52:56 AM PDT by Mad_Tom_Rackham (It is the duty of the patriot to protect his country from its government -- Thomas Paine)
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To: Starman417

But I thought ObamaCare was going to help the economy. /s


39 posted on 04/27/2010 9:53:14 AM PDT by TheThinker (Communists: taking over the world one kooky doomsday scenerio at a time.)
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To: eyeamok

That would be great!


40 posted on 04/27/2010 10:08:26 AM PDT by chris37
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To: BJClinton; All
"According to Pelosi all we needed to do was pass it in to law so we could see what was in it."

Photobucket

41 posted on 04/27/2010 10:19:55 AM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: Starman417

Okay we lied.

We promised to tell the truth from now on. :)


42 posted on 04/27/2010 11:04:43 AM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: maddogconservative
Businesses were not taxed on money they spent to provide prescription drug coverage to retired employees. How is that a subsidy? This 'subsidy' kept the retired employees covered by their employer instead of medicare part D, saving the government money.

Or, to put it another way, Obama care will tax something that is not now taxed.

43 posted on 04/27/2010 11:55:25 AM PDT by sportutegrl (I don't know where I'ma gonna go when the volcano blow.)
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To: sportutegrl

No you are confused.

Before obamacare, and after the bushcare the system was the following:

1) The American Taxpayer gave companies a 28% subsidy on the cost of their retirees’ plan.
2) The Company could deduct the entire cost of the plan from their taxes.

Obamacare is taxing the subsidy. If we are going to tax unemployment benefits, if we are going to tax Social Security benefits, then by God we should tax a subsidy to employers.

And by an accounting quirk, when a company lose a perpetual income stream, they have to write it off immediately. It doesn’t really effect the company.

For example -
Caterpillar is at a 52 week high and they took a 90 million hit with the loss of your tax dollars.


44 posted on 04/27/2010 12:28:56 PM PDT by maddogconservative
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To: AGreatPer

How many time does mac daddy lie?


45 posted on 04/27/2010 1:37:09 PM PDT by chiefqc
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To: Starman417

Bookmark


46 posted on 04/27/2010 3:06:08 PM PDT by 1035rep
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To: Jim Robinson

The Socialist Insaneatics have got to GO!Just look at the Insurance insanity. I have been trying to figure it out and the more I learn the worse it appears. It is simply AWFUL!


47 posted on 04/27/2010 3:33:34 PM PDT by screaminsunshine (i)
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To: American Constitutionalist

It will be mandated at 9.5% of low earners incomes. Premiums over that will be subsidized by a tax credit. HAHAHAHAH!


48 posted on 04/27/2010 3:35:27 PM PDT by screaminsunshine (i)
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To: Starman417

bump


49 posted on 04/27/2010 3:45:31 PM PDT by lowbridge (Rep. Dingell: "Its taken a long time.....to control the people.")
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To: maddogconservative
The “losses” were a loss of a taxpayer subsidy. Having the CEO’s complain about the loss would have sounded like a unemployed person complaining about their unemployment insurance running out.

What in the hell are you talking about here? Please explain your logic?

50 posted on 04/27/2010 3:57:56 PM PDT by DBeers (†)
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