When Senator and former presidential contender John McCain proposed taxing health benefits, then candidate Obama minced no words when voicing his opposition. Last September, while speaking in Dover, Delaware candidate Obama said, “… I can make a firm pledge: under my plan, no family making less than $250,000 will see their taxes increase – not your income taxes, not your payroll taxes, not your capital gains taxes, not any of your taxes. My opponent can’t make that pledge, and here’s why: for the first time in American history, he wants to tax your health benefits Apparently, Senator McCain doesn’t think it’s enough that your health premiums have doubled, he thinks you should have to pay taxes on them too. That’s a $3.6 trillion tax increase on middle class families. That will eventually leave tens of millions of you paying higher taxes. That’s his idea of change.” Then, in March, President Obama took a different tone altogether. Ceci Connolly, Washington Post writer, reported the following on June 3, 2009. “President Obama, in a pivot from some of his harshest campaign rhetoric, told Democratic senators yesterday that he is willing to consider taxing employer-sponsored health benefits to help pay for a broad expansion of coverage.” Today, Bloomberg.com reports, “Senate Finance Committee Chairman Max Baucus unveiled a plan to overhaul the health-care system that would mandate insurance for almost all Americans, impose a tax on health insurers and possibly cut the federal deficit. According to a “very preliminary” estimate by the congressional Joint Committee on Taxation, Baucus’s proposal would raise $259 billion in taxes, mostly from imposing a 35 percent excise tax on insurers that offer health plans valued at more than $8,000 for individuals and $21,000 for couples.” That’s the ticket – tax the insurance companies. I’m sure they’ll just eat that loss, surely they won’t pass the cost along to the customers. Liberals, I have a news flash for you. Individuals pay ALL taxes, whether directly or indirectly. I’d say Obama has the change part of his slogan covered. He changed his tax policy on heath benefits 180 degrees. It’s the hope part he still needs to work on. At least he can continue to claim transparency. This scam is visible from a mile away. More at http://commonconservativesense.com
You would think after reports on tight credit, volatile markets and rest of the panic and doom-and-gloom scenarios for which Democrats bill themselves as the saviors of the Country and the Economy, they might realize people pay attention to what they say, however ignorant it is.
You would think one of the biggest providers of stupid Senatorial sound bites, Harry "The War is Lost" Reid (D-NV), would have learned to keep his pie-hole closed when asked about things he has no knowledge of. You'd think so, but you'd be wrong.
Reid stated in a recent news conference that he had heard a major insurance company with a household name was on the verge of insolvency. Today, news is out that three different insurance companies fitting this description, "... a major insurance company -- one with a name that everyone knows ..." had major stock selloffs following comments by Harry Reid that can only be described as "Look at me, I'm important and have insider information!!!!"
But with investors already on high alert after the Federal Reserve's rescue of insurance titan American International Group Inc. on Sept. 16, and with the credit crunch still making funding difficult for even the largest U.S. financial companies, Reid's comments were the equivalent of pouring gasoline on a grease fire.
MetLife plunged $7.19, or 15%, to $40.96; Hartford dived $12.20, or 32%, to $25.91; and Prudential slid $7.15, or 11%, to $57.65.
And no one can blame short sellers, because all three of the stocks are covered by the Securities and Exchange Commission's temporary ban on short sales of financial issues.
Investors are so skittish that even a reference to an industry, let alone a specific company is enough to trigger volatile trading. Harry Reid doesn't understand that. That he later backtracked with these words,
A statement from his office said that Reid was "not personally aware of any particular company being on the verge of bankruptcy" and that "he has no special knowledge about nor has he talked to any insurance company officials."
reveals his ignorance even further.
In the midst of a financial crisis, the Senate Majority leader repeats a rumor he heard and for which he admits he has absolutely no basis for believing. This fantasy, created and employed to make himself and his position more authoritative, results in a sell-off which majorly impacts 3 of the largest companies in the country, threatens the jobs and investments of perhaps millions of ordinary Americans. But we're supposed to have faith and confidence in Senator Reid and the rest of his Democratic (and more than a few ignorant Republicans) associates in the Senate.
Harry Reid doesn't understand even "throw-away" comments in this financial atmosphere can ignite firestorms. Yet he expects a $700 billion bailout, quickly cobbled together, haphazardly grafted onto unrelated legislation and then passed through a Democrat controlled Senate so Senators could look authoritative and responsive - this is safe? Reid and Company don't understand how today's minor words impact tomorrow's Market. But their major overhauls of Constitutional strictures and Economic reality are going to be just fine? See for yourself how small a spark can set off such a huge fire in this 18 second video.
Democrats caused our current financial mess with ill-advised but well-intentioned legislation like "The Community Reinvestment Act". Their bailout solution is just as well-intentioned and just as ill-advised. There is a reason the Founders put incredible limits on the scope and power of the Federal Government's authority. Not the least of which is that the Government should not have the power to destroy a company or an Economy with a throw away comment in a press conference. Only the people intimately involved with that company should have that authority; those working there and who invest in it.
Someone please inform Democrats, in DC and all across the US, of this. It's too bad Nancy Pelosi couldn't turn off Harry Reid's microphone and shut off the power to the media's gear for this press conference like she did to her House colleagues a while back. Somebody needs to get control of out of control Democratic, self serving blathering before it does more than savage a company or three and wreak havoc on the citizen's finances. Next time around, Democrats might find the right words to destroy the entire Economy.
