LGP Political Discussion Thread

[shafnutz05]

Helen Thomas died

[tifosi77]

Nate Silver of FiveThirtyEight Blog Is to Join ESPN Staff
http://www.nytimes.com/2013/07/20/busin ... .html?_r=0

#advancedstats

Right now I think he has the Republicans with a 50%-51% chance of taking back the Senate in 2014.

[columbia]

Helen Thomas died

Helen Thomas: She asked the unasked questions
http://www.lasvegassun.com/news/2013/ju ... appraisal/

[GaryRissling]

Yeah, there's nothing but sycophants left in the Washington press corps.

[columbia]

It often seems that way.

[GaryRissling]

It often seems that way.

Agreed. (Wasn't sure if my last comment was taken sarcastically... It wasn't meant to be. All they seem to do is recite official press reports.)

[tifosi77]

I love their faux-indignation with the [insert president's name] administration over big stories...... remembering that they are as often as not broken, like the NSA story, by the foreign press.

[GaryRissling]

I love their faux-indignation with the [insert president's name] administration over big stories...... remembering that they are as often as not broken, like the NSA story, by the foreign press.

Anderson Cooper has it down to a science.

[columbia]

Who's down for the county-rights movement?

San Diego County Clerk Seeks to Stop Gay Marriages
http://www.nytimes.com/2013/07/21/us/sa ... ef=us&_r=0

[Factorial]

Who's down for the county-rights movement?

San Diego County Clerk Seeks to Stop Gay Marriages
http://www.nytimes.com/2013/07/21/us/sa ... ef=us&_r=0

Someone needs to stop these oppressive state governments.

[Pitt87]

Looking at some of the indicators, I expect that GM will be in bankruptcy again within the next few years. They haven't really changed much from what they were doing before.

They just outpaced VW in total vehicle sales, and with Toyota still yet to report 2012 they may regain 'biggest in the world' status.

Regardless, the Fed, while satisfied on the basis of the bailout agreement, is still stuck with 160 million shares as opposed to the $6 billion they are still owed.

Total vehicle sales are just one aspect of what a car company needs to be profitable. Volume =/= healthy company

Health is relative and as indicators go its the best one to be #1 in. IMO you can always drive costs out of the business through innovation, and they can lean on volume as a driver for small changes to the business that yield a big impact financially.

If you dig into the income and CF statements, you'll see that they are still providing for the impairment of goodwill, and even accounting for this operating income is still weak. Growing slowly, but growing.

[ExPatriatePen]

Regardless, the Fed, while satisfied on the basis of the bailout agreement, is still stuck with 160 million shares as opposed to the $6 billion they are still owed.

The US Treasury, not the Federal Reserve. But yes, you and I.

[GaryRissling]

The problem with the GM bailout is that the only way to defend it is from an "ends justifies means" perspective. The means were another example of executive overreach and sets a precedent which absolutely will be at the public's long term detriment.

[GaryRissling]

Oh good another agency that adds no value and does absolutely nothing!

I'm all ears. Please explain.

You are right, of course. The FDA works hard to protect the market share of Monsanto and Big Agriculture. The SEC works hard to protect the market share of Goldman Sachs and Big Banks, the EPA works hard to protect the market share of Big Energy and Big Agriculture, etc, etc. If you look at the the heads of nearly all regulatory bodies, they are typically former employees of a company they are now regulating; and many go back to become executives at those companies (or lobbyists for the benefit of those companies) after their public sector time is up.

Indeed. There's a term for it: Regulatory Capture.

http://public-accountability.org/wp-con ... lvania.pdf

The revolving door trend in Pennsylvania raises questions about whether regulators are serving the public interest or private industry interests in their oversight of fracking.
The following are major findings from the report:
● Pennsylvania’s previous three governors have strong ties to the natural gas industry. Tom Ridge’s firms benefited from a $900,000 contract to lobby for the Marcellus Shale Coalition, Mark Schweiker joined a lobbying firm with a Marcellus Shale practice, and Ed Rendell is a partner in a private equity firm invested in fracking services companies and recently lobbied on behalf of driller Range Resources. Current governor Tom Corbett also has strong ties to the industry – he received more than $1 million in campaign contributions from the oil and gas industry and previously worked as a lawyer for Waste Management, which is active in the Marcellus Shale.
● Every Secretary of Environmental Protection since the DEP was created has had ties to the natural gas industry. Jim Seif is now a principal and energy consultant at Ridge Global LLC, one of former governor Ridge’s firms that lobbied for the Marcellus Shale Coalition; David Hess is now a lobbyist at Crisci Associates and has gas industry clients; Kathleen McGinty has served on the boards of two energy companies, is managing director of a consulting firm that is part of the Marcellus Shale Coalition, and is a partner in former Governor Rendell’s private equity firm; John Hanger is now special counsel to a law firm that represents every segment of the natural resources industry; and Michael Krancer is former general counsel at a utility that relies on natural gas and a former partner at a law firm member of the Marcellus Shale Coalition.
● Twenty Department of Environmental Protection employees have held jobs in the energy industry either before or after their agency jobs. Former high-level staffers include Terry Bossert, who has worked for three law firms that represent the energy industry before being hired as a vice president at Chief Oil & Gas; John Hines, a former Executive Deputy Secretary, who is now a government relations advisor to Shell; and Barbara Sexton, a former Executive Deputy Secretary who is now a government affairs director at Chesapeake Energy.

Wow.

[BurghersAndDogsSports]

Oh good another agency that adds no value and does absolutely nothing!

I'm all ears. Please explain.

You are right, of course. The FDA works hard to protect the market share of Monsanto and Big Agriculture. The SEC works hard to protect the market share of Goldman Sachs and Big Banks, the EPA works hard to protect the market share of Big Energy and Big Agriculture, etc, etc. If you look at the the heads of nearly all regulatory bodies, they are typically former employees of a company they are now regulating; and many go back to become executives at those companies (or lobbyists for the benefit of those companies) after their public sector time is up.

:thumb: Indeed. There's a term for it: Regulatory Capture.

http://public-accountability.org/wp-con ... lvania.pdf

The revolving door trend in Pennsylvania raises questions about whether regulators are serving the public interest or private industry interests in their oversight of fracking.
The following are major findings from the report:
● Pennsylvania’s previous three governors have strong ties to the natural gas industry. Tom Ridge’s firms benefited from a $900,000 contract to lobby for the Marcellus Shale Coalition, Mark Schweiker joined a lobbying firm with a Marcellus Shale practice, and Ed Rendell is a partner in a private equity firm invested in fracking services companies and recently lobbied on behalf of driller Range Resources. Current governor Tom Corbett also has strong ties to the industry – he received more than $1 million in campaign contributions from the oil and gas industry and previously worked as a lawyer for Waste Management, which is active in the Marcellus Shale.
● Every Secretary of Environmental Protection since the DEP was created has had ties to the natural gas industry. Jim Seif is now a principal and energy consultant at Ridge Global LLC, one of former governor Ridge’s firms that lobbied for the Marcellus Shale Coalition; David Hess is now a lobbyist at Crisci Associates and has gas industry clients; Kathleen McGinty has served on the boards of two energy companies, is managing director of a consulting firm that is part of the Marcellus Shale Coalition, and is a partner in former Governor Rendell’s private equity firm; John Hanger is now special counsel to a law firm that represents every segment of the natural resources industry; and Michael Krancer is former general counsel at a utility that relies on natural gas and a former partner at a law firm member of the Marcellus Shale Coalition.
● Twenty Department of Environmental Protection employees have held jobs in the energy industry either before or after their agency jobs. Former high-level staffers include Terry Bossert, who has worked for three law firms that represent the energy industry before being hired as a vice president at Chief Oil & Gas; John Hines, a former Executive Deputy Secretary, who is now a government relations advisor to Shell; and Barbara Sexton, a former Executive Deputy Secretary who is now a government affairs director at Chesapeake Energy.

Wow.

After growing up in western PA, the casino fiasco that was as publicly and openly corrupt as anything I have seen (and not referring to the free arena everything else about it). Democrat or Republic. Girl or boy. there isn't much I take seriously in PA.

Maybe other states are just as bad I guess. But it's pretty blatant in PA.

[Sam's Drunk Dog]

Obamacare delay creates more uninsured and sets scene for fraud

http://ifawebnews.com/2013/07/19/obamac ... for-fraud/

The Obama administration also let slip in the Federal Register that citizens will not have to provide income verification or proof that their employers do not offer health insurance, which means that fraud will begin from the moment the exchanges go live.

The federal government is relying on the honesty of Americans to “self-report” their income and health insurance access. And while it would be nice to believe that everyone will be honest when seeking access to the taxpayer funds, it would be naïve to think that there won’t be a certain percentage who will “fudge” their income and status to obtain the subsidies.

This plan is like a blimp filled with hyrdogen being piloted by a brain damaged dog. Destined to crash in explosive fashion.

[Pitt87]

Regardless, the Fed, while satisfied on the basis of the bailout agreement, is still stuck with 160 million shares as opposed to the $6 billion they are still owed.

The US Treasury, not the Federal Reserve. But yes, you and I.

Right... thanks.

[Gaucho]

Monarchies. So much fun.

[Factorial]

Obamacare delay creates more uninsured and sets scene for fraud

http://ifawebnews.com/2013/07/19/obamac ... for-fraud/

The Obama administration also let slip in the Federal Register that citizens will not have to provide income verification or proof that their employers do not offer health insurance, which means that fraud will begin from the moment the exchanges go live.

The federal government is relying on the honesty of Americans to “self-report” their income and health insurance access. And while it would be nice to believe that everyone will be honest when seeking access to the taxpayer funds, it would be naïve to think that there won’t be a certain percentage who will “fudge” their income and status to obtain the subsidies.

This plan is like a blimp filled with hyrdogen being piloted by a brain damaged dog. Destined to crash in explosive fashion.

From the CNN story:

For some workers who don't have employer-sponsored coverage, however, the delay in enforcing the mandate could prove a good thing.

If they work at companies that offer no insurance or continue to provide only lousy, expensive plans in 2014, they can opt to go their state exchange. There, they can obtain more comprehensive policies and, if they are low- or moderate-income, federal subsidies to pay for the monthly cost. The very low-income could qualify for Medicaid, depending on where they live.

"Many people will be better off buying good subsidized coverage on the exchanges rather than sharing the cost of pretty skimpy coverage from employers," said Jay Angoff, a partner at Mehri & Skalet law firm who worked on health reform in the Obama administration.

And on self-reporting income, etc:

However, the government has responded by saying that the risk that some applicants could game the system for subsidies and gain unwarranted tax credits is no greater than the risk of any American cheating on his or her tax form.

"The Marketplace will always check the income information submitted by individuals against electronic income data sources such as tax filings, Social Security data, and current wage information," Marilyn Tavenner, administrator of Medicare and Medicaid, wrote in a "Myth vs Fact" question-answer series on the Department of Health and Human Services website. Furthermore, when federal tax returns are filed the following year, the amount of the subsidy is reconciled with their actual income.

Lying on federal exchange forms carries a fine of as much as $25,000, and any individual who misrepresented his or her income would also have to pay back the extra subsidy.

Big surprise that a website (http://ifawebnews.com/) that is a shill for the insurance industry would muddy the waters....

[ExPatriatePen]

However, the government has responded by saying that the risk that some applicants could game the system for subsidies and gain unwarranted tax credits is no greater than the risk of any American cheating on his or her tax form.

That high huh?

Are there still people who don't understand that big government creates more big government?

That of course the government is going to say that the risk is low... They're the ones who stand to gain here.

The Governement is taking no risk, that risk is all on the US citizen (note that I didn't say US taxpayer)

[Factorial]

However, the government has responded by saying that the risk that some applicants could game the system for subsidies and gain unwarranted tax credits is no greater than the risk of any American cheating on his or her tax form.

That high huh?

Misreport your income this year and see what happens.

[ExPatriatePen]

However, the government has responded by saying that the risk that some applicants could game the system for subsidies and gain unwarranted tax credits is no greater than the risk of any American cheating on his or her tax form.

That high huh?

Misreport your income this year and see what happens.

Because that *never* happens, right?

[Factorial]

However, the government has responded by saying that the risk that some applicants could game the system for subsidies and gain unwarranted tax credits is no greater than the risk of any American cheating on his or her tax form.

That high huh?

Misreport your income this year and see what happens.

Because that *never* happens, right?

You misreport your income? Remember, the NSA is watching.

[ExPatriatePen]

However, the government has responded by saying that the risk that some applicants could game the system for subsidies and gain unwarranted tax credits is no greater than the risk of any American cheating on his or her tax form.

That high huh?

Misreport your income this year and see what happens.

Because that *never* happens, right?

You misreport your income? Remember, the NSA is watching.

You are so naive sometimes.

Estimates are that underground activity last year totaled as much as $2 trillion, according to a study by Edgar Feige, an economist at the University of Wisconsin-Madison.

That's 8% of GDP.

http://www.cnbc.com/id/100668336

And that's just the "underground cash economy". That figure doesn't take into consideration under-reporting of income. Taking tax emptions that one is not entitled to, or other forms of tax evasion.

If you're asserting that this will be the first government program without fraud, well I just don't know what to say...

[Factorial]

Of course I'm aware of the underground economy. You are changing the subject (as usual) from what I was responding to above.

Yes, there is an underground economy so not all "income" is reported so let's just give up on taxing people then. And why not just dissolve the government why were at it? And then everyone can arm themselves and we'll go from there.