Global Economy Bursting?

[Terrel L. Shields]

I've recently met with .....our trading partners and allies. MF Global's stench is so offensive that they... noted the lack of indictments in the wake of the September 2008 financial meltdown ... MF Global is another glaring example of our hypocrisy and cronyism ...

If you watched Frontline this week, you note that Geithner opposed Summers over the issue of chopping a few heads when the Obama team took over...saying, the bank system is too weak. Summers and his allys lost to Geithner's viewpoint. Summers resigned. I agree with Summers. Fuld, Dimon, Lewis, Blankenfein should have went to jail. At least 60 prominent bankers should have been prosecuted.

I would rather to have seen all the banks nationalized, their management fired, and salary bonuses abolished. There was simply too much temptation when you have commission driven banking selling exotics to rubes like the Jefferson Co., Alabama and Cassino, Italy.

When "moral hazard" spread like wildfire, the government threw gasoline on the flames. Since the fund managers of all these pension funds seem to be in bed with the lenders/investment banks, and have abdicated their role as stockholder police over these companies, its time for the government to step in and require all pension funds to divest themselves of any ties to the "too big to fail" banks.

Corporate governance can happen. It's finally beginning to happen to Chesapeake Energy, whose weasel of a CEO had to step down as Chairman, and I think (hope) he is proscecuted for running a hedge fund on the side.. For crying out loud. Are you running the company for the stockholders or for MCC Inc.? My old OKC cronies have cast a jaundiced eye at him for 2 decades as he went from docket jumping landman to "skilled" risk taker.... luck & defalcation should not be mistaken for skill.
Speaking of landman. Heard this out of Edmond, OK recently. Landmen handle leasing and title work for oil companies. When a company land dept. cannot handle the load, they hire outside firms to do it. One firm in OKC was so closely associated with Chesapeake that even when working for other companies, people refused to even talk to them. They actually changed the name of the firm so that they could at least get a foot in the door.

 

[Big ole Boy]

Big Oil has lost - government oil has won

... I look for all bad news like MF Global to be held back .......

... Washington and Wall Street own the ticker tape ....

... bad news is only unloaded on a pro-oil administration ...

... pro-oil has lost the war .......

... Obama will win in November ....

... pro-oil was just an oligarchy controlled from the outside ...

.... but now oil will be taken into the inside .....

 

[EDWARD BERRY]

Watching That Program Should Be Required For Every Citizen Of The Usa And Many Other Countries.

One Done, Then Every Citizen That Could, March Down To Their City Like The "occupiers" Every Week Until We Return To Laws That Say "bank Will Be Banks".

If They Want Investment, Let Them Do It Like Other Citizens, Not At Taxpayers Expense.

No One's Assets Are Safe Under Present Conditions.

I Along With Millions Have Worked The Last 10 Years For Nothing.

 

[Terrel L. Shields]

The prospect for Ed and the rest of us is working the next 10 years treading water... and who is going to fix "healthcare"? I just paid $610 for meds. One increased in price 15%, same percent as it did 6 months ago. This is just my regular meds. BP med, Actos for blood sugar, and Celebrex. I don't care if Obamacare stays put or not. It doesn't answer the central question of why medicine is too high.

A friend had bypass last year. The bill? $92,000. His deductable? $5000. The insurance company jawboned down the bill to $23,000 and few bucks... There is something wrong with a system that hoses cash paying customers for nearly $70,000 and until you try you don't know whether you could get the same discount as the insurer or not...likely not. I was given ZERO discount for a trip to the emergency room and I paid the bill the following day. Another fellow I know went to a hospital and they sliced the bill in half, then took an additional 10% off if he paid in 30 days...which he did. That's a nutzo system.

 

[Meandering]

My husband spent 5 days in ICU with the nuerologist.

The bill was $560,000.

Good thing he had great insurance. Or I'd be up the creek without a paddle.

 

[Workbox]

Jobs numbers tomorrow, if they make them seem good they will go and hit 1420, if they are bad they will still try to make them seem good and go for 1420. Then we might get a +/- 4-5% after that and then again another bounce back. After all it is election year.

As a disclosure, my last run with the stock market gave me a good kick in the head. I have too reorganize. But I can still see what is happening, yet my positions will be a little bit more conservative.

 

[coolhandluke]

The prospect for Ed and the rest of us is working the next 10 years treading water... and who is going to fix "healthcare"? I just paid $610 for meds. One increased in price 15%, same percent as it did 6 months ago. This is just my regular meds. BP med, Actos for blood sugar, and Celebrex. I don't care if Obamacare stays put or not. It doesn't answer the central question of why medicine is too high.

A friend had bypass last year. The bill? $92,000. His deductable? $5000. The insurance company jawboned down the bill to $23,000 and few bucks... There is something wrong with a system that hoses cash paying customers for nearly $70,000 and until you try you don't know whether you could get the same discount as the insurer or not...likely not. I was given ZERO discount for a trip to the emergency room and I paid the bill the following day. Another fellow I know went to a hospital and they sliced the bill in half, then took an additional 10% off if he paid in 30 days...which he did. That's a nutzo system.

TLS-There is a solution, but it was scuttled because it could not get past the Republican stone wall in 2010, instead we got a watered down hand out to the insurance co's. It would have been a good idea if the Affordable Care Act would have allowed those over 55 to buy into Medicare if they could not afford health insurance otherwise, it would have been even better if we could have gotten a single payer system, and someday we will, hope I live to see it and use it.

 

[coolhandluke]

My husband spent 5 days in ICU with the nuerologist.

The bill was $560,000.

Good thing he had great insurance. Or I'd be up the creek without a paddle.

Yes MR it is a good thing you are not one of the 50 million americans who do not have any health insurance. Whats unfortunate is that those of us who do have insurance are paying for those who don't by paying higher premiums.

 

[Terrel L. Shields]

Coolhan...the issue is price/value. It doesn't matter private or government, nothing is slowing down the cost of meds and hospitals...nothing. Fixing costs will only mean denial of care...just like fixing gas prices means there won't be any. Nixon tried that...we walked. Couldn't even buy gas by from 7 am to 5 pm in most parts of the country and pumps ran dry.

Medical costs are rising at 10% annually...wage inflation at 2%. My insurance has increased at a rate of 15% for the past 5 years. It was $400 a month only 5 years ago and by hitting the magic 60, my nearly doubled in 18 months. It's over $1200 a month for $5000 deductable. I paid so much in health costs that my taxes are running barely half what they used to... It is a huge bite out of my taxable income...Frankly, I rather pay the taxes.

Government isn't going to "fix" anything medical. But one source of the problem they could fix. I take Actos. Pick up the paper most any day and fifteen lawyers will be posting large ads proclaiming that Actos causes bladder cancer and so if you have bladder cancer, call them.... they want to sue the makers. Maybe they are right. I don't know. The FDA has a warning label. I know the risk. It's a choice isn't it? But the cost still relates to the cost of litigation and sooner or later litigation will force it off the shelves....then what? Insulin?

 

[coolhandluke]

Coolhan...the issue is price/value. It doesn't matter private or government, nothing is slowing down the cost of meds and hospitals...nothing. Fixing costs will only mean denial of care...just like fixing gas prices means there won't be any. Nixon tried that...we walked. Couldn't even buy gas by from 7 am to 5 pm in most parts of the country and pumps ran dry.

Medical costs are rising at 10% annually...wage inflation at 2%. My insurance has increased at a rate of 15% for the past 5 years. It was $400 a month only 5 years ago and by hitting the magic 60, my nearly doubled in 18 months. It's over $1200 a month for $5000 deductable. I paid so much in health costs that my taxes are running barely half what they used to... It is a huge bite out of my taxable income...Frankly, I rather pay the taxes.

Government isn't going to "fix" anything medical. But one source of the problem they could fix. I take Actos. Pick up the paper most any day and fifteen lawyers will be posting large ads proclaiming that Actos causes bladder cancer and so if you have bladder cancer, call them.... they want to sue the makers. Maybe they are right. I don't know. The FDA has a warning label. I know the risk. It's a choice isn't it? But the cost still relates to the cost of litigation and sooner or later litigation will force it off the shelves....then what? Insulin?

TLS-You say gov't isnt going to fix anything with health care,...well then who will? The insurance co's? Come on... they have had free reign over the system and health care now accounts for 17% of GDP, per capita US citizens pay more for health care than any other country in the world. 50% of all bankruptcies are due to health care costs, even among those WITH insurance! But the blowhards on the radio proclaim that 'we have the best healthcare in the world'. For those able to forego insurance and pay out of pocket this is correct, for the rest of us this is a LIE. Will the almighty FREE MARKET fix these inequities? Hell fing no. If we the people, who elect and populate the gov't won't do it we are at the mercy of the insurance co's. As we have been for the past 40 years. Look where that's got us.