An Evil Banker Steps In

At a meeting of the Institute of International Finance on Saturday, Jamie Dimon, JP Morgan Chase & Co CEO, said…his bank would fund the $6 billion to $8 billion in [Social Security payments] that the bank processes each week for its clients, even if the government doesn’t actually pay those obligations.

“Instead of the government putting it in, we are.  We’ll let them overdraft for it and won’t charge them for it, and then hopefully the government will give us the funds back[.]”

Just like a predecessor Evil (JPM) Banker did 100 years ago, during the Panic of 1907.

The Mendacity of Obamacare

The Federal government, speaking through HHS officials directly responsible for managing Obamacare, is laying off the first two weeks’…glitches…to unexpectedly high initial use attempts.  They’re claiming the delays and problems are the result of nine million visitors as of last Friday (4 October at the time they were talking).  This compares with the two million users who tried HealthCare.gov through last Sunday (6 Oct) according to an estimate by comScore.

HHS says the high rate of initial use was “unexpected.”  Never mind that the Feds have been pushing the magical wonderfulness of Obamacare for three years and that there are 40 million (or 30 million, or…) Americans who don’t have health insurance and desperately need and want it.

ComScore also estimates that about 125,000 of those two million made it to the end of the account creation process, but they had no idea of how many of that small number actually bought a health insurance policy.  This compares with HHS’ outright refusal (as recently as today) to say how many have actually bought health insurance through HealthCare.gov.

And there’s this gem:

Federal officials had debated internally whether to allow users to view plans without applying, according to people familiar with the process.

An HHS spokeswoman said the agency wanted to ensure that users were aware of their eligibility for subsidies that could help pay for coverage, before they started seeing the prices of policies.

Hmm….

Obamacare and Big Government

I got another email from Senator Mike Lee (R, UT) the other day; it’s reprinted in full below.

The best argument against Obamacare anyone has ever made

The Obama Administration’s behavior during the first week of the shutdown has been the best argument against Obamacare anyone has ever made.

The American people do not want Obamacare, and they are demanding that Washington act to protect them from the harmful effects of this unfortunate law.  The president’s response has been to ignore them, allow the government to shutdown, and then use his power to close national parks and monuments, stop paying veterans’ benefits, and cut off cancer research.

This is exactly why we should not expand the government’s power over our health care choices.  What power the government has, it will use – and misuse – to advance its own interests, even if that means punishing the American people along the way.

The message behind the Administration’s shutdown bullying is the same message sent by his IRS’s abuses of political opponents: do what I say, or else. This is the abusive, partisan, unaccountable bureaucracy that, under Obamacare, will soon be running America’s health care system.

President Obama is not just using the vast powers of his office as leverage against Republicans – he is abusing his powers as leverage against the American people.

The scenes of World War II veterans being shut out of a monument built in their honor should be a bright red flag warning the American people what an out-of-control federal government is capable of.  Each day brings a new and more vivid example of why it is critical that we not allow Washington to reach even further into our most personal and intimate decisions.

We now see how determined the president is to expand the power of the federal government and his willingness to use that power to harm the country to get what he wants.  Congress cannot allow this to stand and should continue to work to end the shutdown and protect the American people from Obamacare.

What he said.  He’s got to do his bit in the Senate, along with his fellow Republicans and Conservatives.  We’ve got to do our bit next spring and fall.

“Negotiations”

President Barack Obama often publicly chants his mantra of “[I] will not negotiate over the terms of debt limit legislation…[I am] willing to discuss a range of issues once the government is reopened and the Treasury able to borrow freely again.”

Given Obama’s credibility, though, on what basis can he be trusted to negotiate in good faith when there’s no pressure on him?  More, recall that in the last debt ceiling fiasco just a couple of years ago, Obama personally (and cynically, say I) blew up one deal very near to completion with a deliberately late demand for $1 trillion in higher taxes.

Here are further examples of Obama’s willingness to negotiate:

In a 2011 address to Congress:

[Republicans’] vision is less about reducing the deficit than it is about changing the basic social compact in America [and] children with autism or Down’s syndrome [should] fend for themselves.

At a Rockville, MD rally a few days ago:

single-greatest threat to our economy…the unwillingness of Republicans in Congress to stop refighting a settled election.

And

John Boehner…doesn’t want to anger the extremists in his party.  That’s all.  That’s what this whole thing is about.

And

Republican obsession [with] denying affordable health insurance to millions of Americans.  That’s all this has become about.  That seems to be the only thing that unites the Republican Party these days.

In a recent NPR interview covering, among other things, the then-imminent government shutdown:

Interviewer: What can you offer [to Republicans]?

Obama: [W]hen you say, ‘What can I offer?’—I shouldn’t have to offer anything.

Yeah, those are sound negotiating ploys, all right.

Finally, and not too unrelated, as Congressman Louie Gohmert (R, TX) says,

The [Obama] hissy fit is going to have to end[.]

Debt Default Redux

Senate Majority Leader Harry Reid (D, NV) continuing his meme of refusing to negotiate, says

We not only have a shutdown, but we have the full faith and credit of our nation before us in a week or ten days[.]

Never mind that this could have been settled much earlier in the year, but for Democrats’ and President Barack Obama’s intransigence:

Reid and other Democrats blocked numerous attempts…to approve House-passed bills reopening portions of the government.

And there’s that whole “Presidential” series of “veto threats against GOP spending bills” thing.  The “GOP” part is the kicker.

In the end, it’s clear that, having gotten the government shutdown for which the Democrats have fought so hard, they’re now bent on default.

Again, I ask, why?  I also ask against this backdrop: from Section 8 of our Constitution we have

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States….

Paying the national debt isn’t just one of only three purposes for which the Federal government is permitted to “lay and collect Taxes;” it’s the first purpose.

And from the 14th Amendment we have

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

The Federal government collects in tax revenue roughly 10 times the amount of money required to make the payments on the national debt as they come due.  Suggesting that that’s in danger, that debt default is a risk, is dishonest.