800,000 Jobs Gone: CBO Admits Health Care Law Will Kill Jobs

20 Million jobs are on track to be lost before the close of 2011 stateside due to rising healthcare costs and outsourcing. That is and continues to remain as fact.

Demand a job pays for your medical and your kids medical. If these companies spent the money on healthcare that would greatly improve it's products and make for a happier and healthier workplace.

Plus that would make costs plummet as when you buy in bulk you can buy 100 items and pay for like 65. Savings of thousands off the top.

reply to post by Kaploink

Is it time to get outraged about health care reform again? I expected such posts to start showing up in the blogs and conservative leaning forums shortly before they start voting on it....

No It is a heck of a lot more complicated than "throwing a tantrum" about Obamacare because you are a Rebooblican. Personally I would like to see ALL politicians Hung, Drawn and Quartered with a few minor exceptions. They ALL have blood on their hands, and the more I dig the more blood I find.

It is time to forget the Rah Rah for my team and actually look at WHAT is killing our country. What laws were passed and by whom. The death by a thousand cuts started a hundred years ago, eagerly aided by the District of Criminals.

Here is a list of just some of the laws that CAUSED the AIG Bailout and the Foreclosure problems:

The McFadden Act of 1927 or Amendment to the National Banking Laws and the Federal Reserve Act (P.L. 69-639, 44 STAT. 1224): Prohibited interstate banking.

Law: Negating above:
Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (P.L. 103-328, 108 STAT. 2338).
Permits bank holding companies to acquire banks in any state one year Beginning June 1, 1997, allows interstate mergers.

The Glass-Steagall Act or Banking Act of 1933 (P.L. 73-66, 48 STAT. 162): Separated commercial banking from investment banking, establishing them as separate lines of commerce.

Bank Holding Company Act of 1956 (P.L. 84-511, 70 STAT. 133): Prohibited bank holding companies headquartered in one state from acquiring a bank in another state.

Law: Negating both of the above laws:
Gramm-Leach-Bliley Act of 1999 (P.L. 106-102, 113 STAT 1338)
Repeals last vestiges of the Glass Steagall Act of 1933. Modifies portions of the Bank Holding Company Act to allow affiliations between banks and insurance underwriters. Law creates a new financial holding company authorized to engage in: underwriting and selling insurance and securities, conducting both commercial and merchant banking, investing in and developing real estate and other "complimentary activities."

Federal Deposit Insurance Corporation Improvement Act of 1991 (P.L. 102-242, 105 STAT. 2236).
Also known as FDICIA. FDICIA greatly increased the powers and authority of the FDIC. Major provisions recapitalized the Bank Insurance Fund and allowed the FDIC to strengthen the fund by borrowing from the Treasury.

Housing and Community Development Act of 1992 (P.L. 102-550, 106 STAT. 3672).

RTC Completion Act (P.L. 103-204, 107 STAT. 2369):
implement provisions designed to improve the agency's record in providing business opportunities to minorities and women.. Expands the existing affordable housing programs of the RTC and the FDIC by broadening the potential affordable housing stock of the two agencies.
Increases the statute of limitations on RTC civil lawsuits. In cases in which the statute of limitations has expired, claims can be revived for fraud and intentional misconduct resulting in unjust enrichment or substantial loss to the thrift.
SOURCE


Those are the changes in banking laws that set the stage.

Here are the crucial move:
1.CDSs, credit default swaps were exempted from regulation in the Commodity Futures Modernization Act in the year 2000.

2.Hank Paulson who was the Treasury secretary who engineered the AIG bailout worked for Goldman Sachs.

3. If a bank had the credit default swap (insurance policies) on a mortgage, especially if they had more than one, it was to their advantage to force foreclosure.

4. Obama mortgage program sets up homeowners for defaulting on their mortgage by reducing payments up front before qualification and then handing them a staggering bill, due in one month when they do not qualify. (First hand experience) www.wtop.com...

“To ensure that the mortgage servicer pushes default instead of workout, the servicer is paid double (50 basis points versus 25 basis points) by the MBS to service a loan in default. Why do you think your servicer tells you that you must be in default before it will consider a mortgage modification, a practice known as invited default?

“Simply put,” says Parker, “the government bailout of AIG has actually encouraged foreclosures because the taxpayers continue to fill AIG’s coffers with enough cash to pay out insurance on defaulted home loans.”

The is no reserve requirement with CDS because there's no government regulation. Each insurance company can set aside as much — or as little — as it wants for reserves. In fact, a company could set aside nothing for potential losses without violating regulatory requirements.

The money NOT set aside for reserves can be invested in high-risk securities to create a larger cash flow for the insurance company. This means that with CDS, insurers expected not only premiums but also bigger investment returns then would be possible with regular insurance products.
CDS premium revenue is not restricted to those who might have actual losses or real assets to protect. You can bet as much as you want and create as many CDS as you want....
www.realtytrac.com...

In other words there maybe more than one CDS on a mortgage and therefore it is much more profitable to collect the multiple payoffs than to refinance the mortgage.

Originally posted by crimvelvet
Obamacare included a two sentence change to the tax code .Formerly the 1099 was a form commonly used to report the income of freelancers and consultants to the IRS. If one of the freelancers cheats and gives you the WRONG number, the IRS response is to demand withholding occur for ALL freelancers and consultants you use from then on. I am speaking from bitter experience on this. The IRS WILL not give you the name of the cheater.

1099 USE has been EXPANDED

With just a few short sentences in the 2010 health care act, the IRS form 1099-Misc just became the most important tax form in existence.

Starting after December 31, 2011, the 1099 will function as a tax form for ALL business to business transactions of over $600.

Yes, for each and every b2b sale or combination of sales worth more than $600, each party will have to collect information about the other and submit a 1099 to both the parties involved and the IRS.

So, if your business were to purchase a laptop from WalMart for $600, you would have to fill out a 1099 form.

Please tell everyone else in business you know about this change to the tax law so it does not catch them flat footed when they go to file their 2012 Income Tax.

I've done some research and checked with my CPA / Accountant. EVERYTHING you stated in above quote is 100% TRUE. I was unaware and share your outrage. I just wanted to confirm you were right about this and even those in the Accounting field hope this aspect is revised/repealed before 12/31/11.

When a man who is honestly mistaken hears the truth, he will either quit being mistaken, or cease to be honest. --Unknown.