Why Lend?

How can a financial entity lend? Progressive-Democrat President Joe Biden now is moving to hide individuals’ medical debt from potential lenders.

[P]roposed regulations would prohibit consumer reporting companies from including medical debts and collecting information on consumer reports that creditors use to make underwriting decisions. Creditors would also be barred from using medical collections information when evaluating borrowers’ credit applications.

This on the heels of his constant attempts to render student debt holders unaccountable for their debt.

Since lenders are increasingly being denied recourse, and now they’re to be denied useful information about a potential “borrower’s” ability to repay a debt a priori, why—how—could any lender make a decision to lend, other than to raise its interest rate very high, commensurate with the very high risk being inflicted on that lender by Government?

Look for the Biden administration to start trying to cap lending interest rates, next.

Progressive-Democrats’ Assault on American Energy and Americans’ Health

In addition to Progressive-Democratic President Joe Biden’s and his Cabinet cronies’ direct assault on our ability to produce our own energy (among the latest attacks is this), Biden and his syndicate are attacking our energy use through attacking us ordinary Americans in our homes.

Here’s a partial list of devices we use to make our lives comfortable, even merely livable, in what used to be our castles—our homes:

  • Gas stoves
  • Ovens
  • Clothes washers
  • Refrigerators
  • Refrigerator freezers
  • Freezers
  • Air conditioners
  • Dishwashers
  • Pool pumps
  • Battery chargers
  • Ceiling fans
  • Dehumidifiers
  • Microwave ovens
  • Portable electric spas
  • Air compressors

Biden’s regulations are intended to price these things out of reach of our middle- and lower-income groups of citizens. Things, mind you, like food preparation and storage tools, hygiene devices, devices for heating and cooling our shelters.

This is the utter contempt Party has for us American citizens.

“10 Questions to Ask Yourself About Experimental Drugs”

Betsy Morris, a writer based in San Francisco, has a number of questions that serious people should answer before using (legitimately medicinal) experimental drugs. Her questions are from her article (from which this post’s title came) in Fridays Wall Street Journal. As a serious person (dont laugh so loudly), I have answers.

01 Should anybody be able to use experimental drugs before they have cleared clinical trials and gotten full FDA approval? Would your answer change if you knew that most clinical trials fail? How well-developed do you think a drug needs to be before it is available to everybody?
A Of course. 1) That’s the patient’s choice, ideally in consultation with his doctor, but not required except to the extent it’s the doctor who must obtain the drug and then administer it. It cannot be Government’s choice. Government’s sole role here is ensuring the patient has access to the drug’s risk profiles. 2) Why would it? See “risk profile.” 3) The drug needs to be FDA-certified safe. It’s efficacy, and whether a patient(s) wants to use it regardless of efficacy, is a market decision, not a Government one. Ideally, that certification would come from an objective, non-government entity; the FDA is too politicized. Unfortunately, we’re stuck with what we have.

02 Should somebody who is seriously ill have the same opportunity to take a promising but experimental drug if that drug is being made available to others? Would your answer change if you knew that its the drug company that is deciding who gets to use it?
A Yes. 1) If a drug is available, it’s available. Full stop. 2) In today’s knee-jerk litigious society, “drug companies” need to protect themselves, and the only way they can is through patient selection. And that’s still weak protection.

03 Doctors frequently use FDA-approved drugs off-label, meaning for diseases or conditions for which the drugs havent been tested or approved. Should the FDA allow this type of experimental but common drug use or should it be left to the judgment of the doctor?
A The FDA should have no input into off-label use beyond certifying the safety of the drug—which it already has done with its initial approval of the drug. After that, off-label use—and the efficacy of a drug—should be a market decision. Ideally, doctors would share (within HIPPA constraints) information about off-label uses and outcomes so a body of information can be built up regarding efficacy for this or that off-label use.

04 Instead of asking a drug company for an experimental drug, should a seriously or terminally ill patient be required to join a clinical trial? What if a patient in a trial has a good chance of getting a placebo?
A 1) No need to require the patient to enter a clinical trial. There’s no reason the drug company can’t ask the patient and his doctor to share associated data with the drug company, though; such data would be useful in fleshing out the formal clinical trial, so long as suitable statistical controls are applied to the extra-trial data. 2) The risk of getting a placebo is the risk everyone runs in a clinical trial, and if the patient is terminal, the risk is irrelevant. If the patient is seriously ill, he’s likely no worse off than any of the other seriously ill patients who are in the trial (were they not seriously ill, they would not be, for the most part, suitable trial candidates, anyway, especially in the early rounds of the trial).

05 Should patients be granted access to an experimental drug even if special access can make it harder to recruit enough people to conduct the clinical trials needed to determine whether the drug works and is safe? Does the benefit of a group of individual patients outweigh the potential future benefit to society of a treatment that has been fully vetted?
A Of course. 1) That’s the patient’s choice, ideally in consultation with his doctor, but not required except to the extent it’s the doctor who must obtain the drug and then administer it. It cannot be Government’s choice. Government’s sole role here is ensuring the patient has access to the drug’s risk profiles. Additionally, if the drug company is having trouble recruiting patients for a clinical trial, it should jump at this volunteering pool (however small) of patients. If the drug company isn’t having such trouble, a few extra-trial patients won’t interfere with anything. See above re extra-trial data collection. 2) The question is a non sequitur. Adding patients to the data collection process, even if from outside a clinical trial, can only enhance the overall data and analysis.

06 Do parents who have given informed consent to use an experimental drug on their terminally ill child give up their right to sue if the treatment backfires and kills the child prematurely? What if the parents were desperate, and unable to understand the poor odds of success?
A 1) Of course. They’re informed parents, they agreed to the risks and terms of participation a priori, and they have no right to change their minds after the fact. Otherwise, the agreements would be worthless, and drug companies would not allow an experimental drug to be used on a child, nor would they spend much effort or resource developing such drugs targeted for children. That’s the practical side. The moral side is that the parents signed the agreement and must honor their commitment. 2) Desperation has nothing to do with it. The parents are grown, rational human beings; especially with their children in tough situations, they need to act like grown rational human beings. The “unable to understand” bit is just a post hoc scare tactic.

07 Should a seriously or terminally ill child have an advocate separate from the parents and doctor when the decision is made to administer an experimental drug?
A Of course not. This is the parents’ decision, in consultation with the doctor, since it’s the doctor who must obtain and administer the drug. The only role—the only role—for a third party in this process is to facilitate the parents’ (and the child’s if he’s old enough/mentally mature enough to participate in the decision) understanding of the risk profile.

08 Is it all right to give an experimental drug to a terminally ill patient if the only reason to do so is to give the patient hope, even if there isnt any?
A Why would it not be? The only restriction would be if there is a limited supply of the drug, and it’s needed for the clinical trial(s). Besides, as a practical matter, the data collected, even from a terminally ill patient would be valuable: extend life, or not; improve the quality of remaining life, reduce the quality, have no effect; drug behave differently in terminally ill rather than merely seriously ill, but not yet terminal; ….

09 Often patients who get access to experimental drugs are those who are well-educated and savvy enough to know of clinical trials or experimental drug options. Should drugmakers be required to test experimental drugs across different demographic groups? What if the effort improves the efficacy of drugs among people of different groups, but slows drug development?
A 1) The question is just silly. Testing across (relevant) demographic groups is just good experimental technique; the educational or savviness of any particular group of patients is wholly irrelevant. To emphasize, though, the differing groups need to be relevant to the purpose of the drug. Shotgunning across groups, just because, would be a waste of resources. An experimental pregnancy management drug, for instance, need not be tested on a male demographic group of any sort. 2) The question is internally illogical. Testing across relevant demographic groups speeds development by obviating the need to repeat the test later across relevant but omitted groups. Apparently, Morris has missed the errors related to testing experimental drugs on white women while ignoring black women, and then trying to call the drug ipso facto good for black women, or testing experimental drugs on men, and then trying to call the drug ipso facto good for women.

10 Once an experimental drug gets the FDAs partial approval (called accelerated approval), a drugmaker is free to market the drug at almost any price. Are drug companies justified in charging whatever they can given the steep cost of drug development? What if paying for the drug will almost inevitably bankrupt the seriously ill person?
A I’ll elide the tacit cynicism that drug companies routinely charge almost any price on any of their drugs. 1) On what basis does anyone think a drug company will attempt to develop a drug if it’s not allowed to recoup the cost of development? The prices of experimental drugs, right along with the prices of established drugs, subsidize the cost of developing new drugs (and of producing established drugs). 2) How does that alter the economics of the matter? Further, the whole thrust of these 10 questions centers on whether a patient should have access to an experimental drug at all. Finally, if the drug is that expensive relative to a patient’s ability to pay—and it often (usually?) will be—that’s where charities, NGOs, and the like step in. A Government role? The taxpayers already are participating, outside of Government, through their donations to the charities, NGOs, and the like. There’s no need to double-tap them.

We’re the Government, and We’re Here to…Help

Not some government personnel saying they’re from the government; they are the government. The People’s Republic of China plans to form a new government entity whose purpose, ostensibly, is to help out the PRC’s economic private sector.

[The PRC’s] National Development and Reform Commission, the country’s top economic planner, said Monday that it would set up a bureau to coordinate policies across different government bodies and help development of the private economy, the source of most of the new jobs and economic dynamism in the country.

This says it all, though:

The new bureau will be tasked with monitoring the country’s private economy and establishing channels for regular communication with private enterprises….

Those channels will become channels of control. “This is what you ought to do to increase performance. Be too bad if you don’t do these things.”

The NDRC’s claim is this:

Unlike the recently formed national data bureau, which also falls under the NDRC’s umbrella, the new department announced Monday won’t hold a vice-ministerial rank, suggesting it is unlikely to be a policy heavyweight in a vast government bureaucracy that has long favored the country’s powerful state-owned enterprises.

That won’t last. The new department will increasingly gain power as its controls strengthen. That’s not particularly unique to the PRC; all governments are populated by bureaucrats whose primary personal imperative is to hold onto/increase their power as part of their justification for their jobs. It’s just a stronger imperative for the bureaucrats of the PRC government, and especially for Emperor President Xi Jinping.

Thus, this is the government of the People’s Republic of China extending its control over the nation’s economy through a back window. I don’t write “the nation’s private economy” because that term in the PRC is a cynical euphemism for government-controlled businesses that are nominally privately owned. Mainland Chinese companies, along with those on Hong Kong and Macau, are too beholden to the PRC’s intelligence community’s “information” demands and to the PRC’s newly enacted “report on your friends’ and neighbors’ suspicious espionage activities” law.

Private Enterprises as Government Jobs Welfare Programs

That’s the position of the Pennsylvania Progressive-Democratic Party’s Representative G Roni Green. She’s proposing, with an absolutely straight face, a State law that would require businesses with 500 or more employees to cut their employees’ 5-day, 40-hour work week to 4-day, 32-hour work weeks—with no change in pay. That’s a government-mandated 25% pay raise.

Jobs welfare doesn’t get much better than that.

Green’s rationalization centers on two premises. One is that society looks and operates differently than it once did in 1938 (when the government-mandated 40-hour work week was enacted). That’s true enough. Society has grown more complex, more technologically capable, and consumers’ needs (consumers being, after all, at the core of society) have grown quite a bit.

All of that, though, requires continued and increasing employee productivity to enable us Americans to continue, and continue to improve, our standard of living. That growing productivity isn’t possible with the proposed 25% reduction in hours of productivity Green is proposing.

That last brings us to Green’s second rationalization.

Technological advancement alone have [sic] significantly increased the productivity of workers allowing more work to be accomplished in less time.

That’s also true. Indeed, technological advancements have advanced to the point that entire worker jobs have been replaced. Technology does a lot of things that employees currently do at least in part. One result of Green’s move, were it to become law, likely would be a further reduction in employee hours, this time on business’ initiative: to substantially less than 32 hours, converting full-time employees to part-time, with commensurate reduction in pay and in most cases reduction or outright elimination of benefits. The eliminated hours of work would be done by robots…technology.

Green further claims (as cited by Fox Business) research [that] has shown that companies have been able to adopt a shorter workweek without compromising productivity. What isn’t looked at in such “research” is the degree to which such a shorter work week caps productivity growth so that there is no longer any improvement, merely maintenance. So much for keeping up with “society’s” increasing complexity and consumer needs.

Technological advancements—spurred by this government interference—will accelerate this trend in reducing human employment and reducing human income.