Posted by: ogenec
Op-ed by Paul Krugman
Paul Krugman, New York Times
~One way or another, the fate of health care reform is going to be decided in the next few days. If House Democratic leaders find 216 votes, reform will almost immediately become the law of the land. If they don’t, reform may well be put off for many years — possibly a decade or more.
So this seems like a good time to revisit the reasons we need this reform, imperfect as it is.
As it happens, Reuters published an investigative report this week that powerfully illustrates the vileness of our current system. The report concerns the insurer Fortis, now part of Assurant Health, which turns out to have had a systematic policy of revoking its clients’ policies when they got sick. In particular, according to the Reuters report, it targeted every single policyholder who contracted H.I.V., looking for any excuse, no matter how flimsy, for cancellation. In the case that brought all this to light, Assurant Health used an obviously misdated handwritten note by a nurse, who wrote “2001” instead of “2002,” to claim that the infection was a pre-existing condition that the client had failed to declare, and revoked his policy.
This was illegal, and the company must have known it: the South Carolina Supreme Court, after upholding a decision granting large damages to the wronged policyholder, concluded that the company had been systematically concealing its actions when withdrawing coverage, not just in this case, but across the board.
Filed under Bailout, Banking, Barack Obama, Cabinet, Capitalism, Change, Democrats, Economics, Economy, Free Market, Greed, Jobs, Lobbyist, Media and Entertainment, Money, Mortgages, News, Obama Administration, Partisan Politics, Politics, Pres. Barack Obama, Presidents, Republicans, Senate, Small Business, Uncategorized, Video/YouTube, Weekly YouTube Address
Rachel Maddow talks with White House economic adviser Jared Bernstein about the breaking news that President Barack Obama will announce a “non-security” spending freeze in his State of the Union address on Wednesday evening.
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Filed under Banking, Barack Obama, Blue Dogs/DINOS, Capitalism, Economics, Economy, Entertainment, Media and Entertainment, Money, MSNBC, News, Obama Administration, Partisan Politics, Politics, Pres. Barack Obama, Presidents, Rachel Maddow, Technology, The Rachel Maddow Show, TV Shows, Uncategorized, United States, Vice-President Joe Biden, Video/YouTube
Posted by: Betsmeier
Sometimes we all need a reminder…and we think we’ve got it bad?? These photos make our: complaining about no cell service, high gasoline prices, and not enough cable channels…well, it all seems a bit ludicrous… Today I’m reminded to be grateful for what I do have…how about you? 🙂
Click the photos to enlarge
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posted by GeoT
Obama’s plan is broad, recalls Depression-era curbs
“If these folks want a fight, it’s a fight I’m ready to have.”
Full replay of announcement:
The “Volcker Rule” for Financial Institutions
President Obama calls for new restrictions on the size and scope of financial institutions to rein in excessive risk-taking and protect taxpayers. The proposed legislation is called the “Volcker Rule” in recognition of the efforts of former Federal Reserve Chairman and current President’s Economic Recovery Advisory Board Chairman Paul Volcker.
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WASHINGTON — The Federal Reserve made a record profit of $46.1 billion last year, reflecting money made off its extraordinary efforts to rescue the country from the worst economic and financial crisis since the 1930s, the central bank announced Tuesday.
The windfall gets turned over to the Treasury Department.
It marks the biggest profit on record dating back to 1914 when the Fed was created. The previous record profit – of $34.6 billion – was registered in 2007. In 2008, the Fed reported a profit of $31.7 billion.
The Fed says the bigger profit was primarily due to increased income from the securities it held last year.