How Far We’ve Sunk

I received a spam email today, entitled: “Your 401K can Earn Up to 6.9%”.

Not so long ago the scams and get-rich-quick schemes offered multi-hundred percent annual rates of return on investment capital.

Today’s hot come-on is the promise of a point or two over the old T-Bill rate, for retirement savings. (And before you say that this is probably an offer of annuities, and therefore close to realistic, consider that it came in an unsolicited message to my @chicagoboyz email account, which attracts a lot of spam. Spammers go for popular themes and fantasies, like easy sex or quintupling your money on penny stocks. But an offer to plunge on a 7% return on a retirement account, not much more than the most conservative investors once took for granted? Pathetic.)

In a robust economy with a reasonable Fed and credit markets you’d be able to earn 2-4% above the inflation rate with essentially no risk. In today’s economy even spammers are reaching for yield.

The Spectacle of Wrecks on the Internet Superhighway

I am not one of those people who thrive on discord which may be one of the reasons that I gave up posting on Open Salon yea these many months ago. I am at heart a rather peaceful and well-mannered person who does not actively seek out confrontation, on the internet or in real life … no really, stop laughing! I merely present myself as someone who doesn’t suffer fools lightly, and who will not hesitate to squash them, which has the pleasing result of not being very much bothered by fools. It’s called ‘presence’… and has worked out pretty well, actually online and in real life. I can easily count the number of fools I have squashed … only a dozen or so that I remember. And none of them came back for seconds.

I don’t deliberately slow down to gawk at epic highway pileups either … except that in real life, everyone ahead of you has slowed down anyway, and the full spectrum of destruction is spread before you. And as for epic internet crackups … one can go for months without being made particularly aware of them, but this week my attention was caught by news of the mother-in-law-of all internet crack-ups to do with books. This one I must pay some attention to, as books are my vocation. It’s a more appalling spectacle than the Great Books And Pals/Jacqueline Howett Review Crackup of 2011, which should have served as an object lesson in how an author should not respond to a mildly critical review. This fresh slice of internet literary hell is what I am dubbing the Great Stop the Goodreads Bullies Cluster of 2012.

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Just Unbelievable

Really? I mean, really???

The White House said President Barack Obama misspoke on Tuesday when he referred to a “Polish death camp” while honoring a Polish war hero.
 
The president’s remark had drawn immediate complaints from Poles who said Obama should have called it a “German death camp in Nazi-occupied Poland,” to distinguish the perpetrators from the location. Polish Foreign Minister Radek Sikorski called it a matter of “ignorance and incompetence.”
 
Obama made the comment while awarding the Medal of Freedom to Jan Karski, a resistance fighter against the Nazi occupation of Poland during World War II. Karski died in 2000.
 
During an East Room ceremony honoring 13 Medal of Freedom recipients, Obama said that Karski “served as a courier for the Polish resistance during the darkest days of World War II. Before one trip across enemy lines, resistance fighters told him that Jews were being murdered on a massive scale and smuggled him into the Warsaw Ghetto and a Polish death camp to see for himself. Jan took that information to President Franklin Roosevelt, giving one of the first accounts of the Holocaust and imploring to the world to take action.”
 
Sikorski tweeted that the White House would apologize for “this outrageous error” and that Polish Prime Minister Donald Tusk would address the matter on Wednesday.
 
“It’s a pity that such a dignified ceremony was overshadowed by ignorance and incompetence.”

Either the President has what are easily the worst handlers in presidential history, or he just doesn’t care. Maybe both.

*apologies on the formatting on the copy and paste quote – Jonathan told me how to fix it once but I forgot – perhaps a refresher is in order.

Why Obamacare is worse than understood by most and must be stopped.

The Supreme Court will rule on the constitutionality of Obamacare this year. The arguments and the issue which got the most publicity was the individual mandate. I don’t actually care much about this although it may well violate the Constitution. There are far worse things in the legislation and they should be emphatically rejected by the Supreme Court. The worst of the issues is discussed in detail here. This is a really frightening piece of legislation and I cannot imagine that the Court will let it stand. Of course, given the absence of argument, the Court will have to find this hidden provision itself.

Perhaps nothing in the Obamacare legislation embodies the top-down, command-and-control nature of Progressive healthcare more than the Independent Payment Advisory Board (IPAB), a 15-member panel of “experts” to be appointed by the President. There are three particular features of the IPAB that illustrate this fact: The IPAB will control all healthcare spending, public and private. The IPAB has been awarded near-dictatorial power. And the IPAB is designed to be a nearly immutable entity.

How is this accomplished ?

Specifically, Section 10320 (in the Managers’ Amendments portion of the legislation) grants the IPAB, beginning in 2015, the authority to limit all healthcare expenditures, that is, all healthcare expenditures, and not just expenditures by Medicare or government-run programs.

To emphasize this expanded authority, Section 10320 changes the name of the “Independent Medicare Advisory Board” to the “Independent Payment Advisory Board.” It directs the IPAB, at least every two years, to “submit to Congress and the President recommendations to slow the growth in national health expenditures” for private healthcare programs. Furthermore, it designates that these “recommendations” may be implemented by the Secretary of HHS or other Federal agencies “administratively” (that is, without any action by Congress).

Thus the federal government can control, under penalty of criminal prosecution of doctors, private health care spending ! This goes well beyond Medicare and Medicaid. It will prevent, unless stopped, people from spending their own money on health care.

That is not the worst of it. The IPAB cannot be changed or repealed by Congress. This is unprecedented in US law. Even the ill-advised Prohibition Amendment, promoted as another moral obligation by progressives after World War I, could be repealed by another constitutional amendment.

A quick reading of Section 3403 might leave one with the impression that the IPAB is a sort of Mr. Rogers of healthcare a mild-mannered, friendly, always-helpful, but ultimately undemanding agent for good. This is the impression imparted by the first few paragraphs of the Section, which paint the new entity as an “advisory” board, whose main task is to develop “proposals” and “advisory reports,” which “proposals” and “advisory reports” would solely consist of various “recommendations,” that ought to be “considered” for the purpose of cost reduction.

Nothing could be further from the truth. This language is simply another example of supplying a new law, which is far more radical than the authors would like people to know, with a soothingly misleading introductory paragraph. The IPAB is actually designed to be as all-powerful as it’s possible to be.

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