Or, to put it in simpler terms, they’re getting f***ed by the same people who pushed the “F*** the Vote” campaign and the Democrats. Had the younger voters taken the time to learn something about risk pools, insurance, and the experience of Massachusetts and Maine using the same kind of mandates, they’d have told Rock the Vote to f*** off. They still have the opportunity to deliver that message to Democrats in November.
Accounting basics: when a company experiences what accountants call “a material adverse impact” on its expected future earnings, and those changes affect an item that is already on the balance sheet, the company is required to record the negative impact—“to take the charge against earnings”—as soon as it knows that the change is reasonably likely to occur.
This makes good accounting sense. The asset on the balance sheet is now less valuable, so you should record a charge. Otherwise, you’d be misleading investors.
The Democrats, however, seem to believe that Generally Accepted Accounting Principles are some sort of conspiracy against Obamacare, and all that is good and right in America. …
Henry Waxman thinks that’s mean, and he’s summoning the heads of those companies to Washington to explain themselves. It’s not clear what they’re supposed to explain. What they did is required by GAAP. And I’ve watched congressional hearings. There’s no chance that four CEO’s are going to explain the accounting code to the fine folks in Congress; explaining how to boil water would challenge the format.
Only one kind of “regulation” will work in finance: the freedom of financial institutions to invest [in order to] make profits. However, should they incur losses, they must face the consequences on their own and not have taxpayers cover their losses.
Basically, take all of America’s worst faults, ramp them up by about 50 percent, and you have the UK, where all the worst freedom-destroying tactics, laws, and abuses are tried out before export to the United States.
Congress is now considering the “Healthy School Meals Act,” which would give schools extra money for serving kids more fruits and veggies. Politicians in Washington think they know better than individual schools what food should be served. But bloated government breeds many contractions: These are the same politicians who set our farm policy, which gives massive subsidies to meat producers.
Just get rid of the Departments of Agriculture & Education…
Social good, as in the determination of a just income distribution, is an abstraction of some kind from the individual values of the members of the society. But this abstraction can only be based on interpersonally observed behavior, as in market purchases or voting, not on the full range of an individual’s feelings. As is by now well known, attempts to form social judgments by aggregating individual expressed preferences always lead to the possibility of paradox.
“I believe we have a one party system in this country, called the big-government party. There is a Republican branch that likes war and deficits and assaulting civil liberties. There is a Democratic branch that likes welfare and taxes and assaulting commercial liberties.”—Andrew Napolitano