John McCain's Bronx Cheer--Too Little Too Late

I just received an e-mail from John McCain who is calling for the repeal of the health act. Rightly so, but his well taken Bronx cheer is too little too late. It was McCain's support for the Paulson-Bush bailout of Wall Street, an expansion of government that exceeds Obamacare in stupidity, that led to the Democratic majority that in turn led to this botched health care law. McCain says that when a politician goes against the will of the public he will not be reelected. McCain might have paid attention to his own advice in September 2008. His corrupt support for big government subsidies to incompetently run Wall Street firms that in the first place only exist because of big government was just as bad as the current Democratic rush to national bankruptcy and inflation.

John McCain writes:

>I believe the will of the people will be reflected sooner or later. The Democrats will learn in November, that when you go against the wishes of the American people, you pay a steep and heavy price. Americans will not be silenced on this matter and I will continue to lead this fight each and every day.

>I assure you I am not quitting our fight. I believe we must repeal this bill immediately.

Stupak Lied to the Anti-Abortion Movement

Jim Crum forwarded this link to Lonely Conservative.com and Gateway Pundit. Last year, Stupak told a town meeting that he planned to vote for Obamacare even if abortion funding was included, as per the video below. Stupak's nonsensical claim that Obama's executive order was the motivation for him to change his vote was just a way to save face with the anti-abortion groups whom he's been misleading in order to win their support.

Book Citation

My column "Keep Psychopaths Out of Your Accounting firm" that appeared in the AICPA Career Insider is reprinted in Martha Maeda's Accounting Fraud and Cover Ups (Ocala, Fl.: Atlantic Publishing, 2010).

Stock Market Rises in Response to Obamacare

The stock market continues to move up the day after Obamacare passed. However, gold went down. This is revealing. Stocks might go up if the market expects more monetary stimulus in response to additional deficit spending. But in that case gold would also go up. Gold's going down (as of 1:00 pm about .75% as per Kitco) suggests that the stock market is responding to cost shifting in Obamacare. In particular, the law shifts costs from corporate benefit plans to poor people. The poor are now compelled to purchase health care rather than rely on emergency care for which they do not pay and whose costs then fall on the corporate plans. In addition, doctors are now constrained from performing a range of procedures. This will make life worse for Americans but will save corporate plans money. Although Obamacare is presented as a way to assist the poor, this is at most partially true. It is a way to help the very poor who are added to Medicaid and for which the public will pay. But it is also a way to help corporate plans, which will benefit so long as corporate income taxes are not raised.