Insurers Set Up For Next 'Affordable' Crisis
According to the final draft of the [financial takeover] bill, which President Obama will sign this week [last month - sorry] to much partisan fanfare, the office "shall have the authority to monitor the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable insurance products regarding all lines of insurance, except health insurance."Sound familiar? Yup, sounds just like the Community Reinvestment Act that caused the mortgage meltdown. Speaking of which...
Apparently, Democrats aren't content with destroying the mortgage industry with "affordable" loans for protected classes of constituents. Now they want to destroy the insurance industry with "affordable" premiums, which will only end up hurting the consumers they deign to protect as surely as "affordable" subprimes hurt them...
Right now insurers are regulated by agencies in 50 states. The Office of National Insurance, however, will ID "gaps" in state regulation and recommend regulations to "streamline" control over the industry. "A new dual regulatory structure featuring federally mandated price controls for auto and homeowners insurance could become reality," NAMIC warns.
Of course, that's the underlying goal of this provision — to socialize the entire insurance industry. The health care overhaul effectively put Health and Human Services in charge of health insurance. Now with the passage of financial reform, Treasury will eventually run the rest of the industry.
Son Of CRA: The Scandal Lives On
In 1995, Clinton mandated banks adopt "flexible" underwriting practices to boost minority homeownership. This triggered an explosion in subprime and other risky mortgages that left communities of color worse off than ever.Quick sum up of the Journolist scandal that exposed the coordination amongst some members of the media on stories, talking points, anti-GOP and -conservative agendas, etc that was previously only suspected (personally, I never thought this sort of thing was actually going on, but it turns out it was):
No matter, the Fed and the three other federal agencies regulating banks under the CRA are holding public hearings through August to gather input from inner-city activists hellbent on expanding the misguided regulation. "The agencies want to ensure that the CRA remains effective for encouraging institutions to meet the credit needs of communities," the Fed said in a press release, even if the evidence shows it encourages banks to make unsafe loans...
Excuse us, but if there were sound loans to be made in these communities, banks wouldn't need the government "encouraging" them to make them. Studies allegedly proving bank redlining have been thoroughly debunked. That's not the problem. The problem is, CRA loans aren't sound. They have high default rates and underperform traditional loans — as the Fed's own studies show.
The Smoking Gun For Media Bias
For decades, moderates and conservatives have been derided and ridiculed for complaining about the mainstream media's pervasive liberal bias. As it turns out, however, their worst fears were true.And again:
If you don't know about Journolist, you should. It's a semi-secret listserv maintained by Washington Post columnist Ezra Klein...
And who uses it? Almost exclusively liberal journalists and left-leaning movers and shakers. Sound innocuous? It isn't.
Journolist has become a forum for lefty journalists to talk about how to push their progressive agenda on America, protect President Obama and hurt his foes. It is a safe-space for the often-vile expression of hatred toward conservatives and their ideas...
During the 2008 debate over the Rev. Jeremiah Wright, President Obama's personal pastor who repeatedly expressed his contempt for America in shockingly racist terms, some on Journolist suggested ways to squelch coverage. As Spencer Ackerman of the inaptly named Washington Independent suggested, "What is necessary is to raise the cost on the right of going after the left. ... Take one of them — Fred Barnes, Karl Rove, who cares — and call them racists."...
The Tea Party's sudden rise seems to have spooked the Journolisters. Bloomberg's Ryan Donmoyer wondered, "Is anyone starting to see parallels here between the teabaggers and their tactics and the rise of the Brownshirts (Germany's Nazis)?"
Never mind that all Americans, not just those on Journolist, have constitutional rights to freedom of expression. Donmoyer and others of his ilk on the left really seem to think that small-government Tea Party participants are as much of a threat as the Nazis.
When the debate turns to Fox TV, Journolisters become positively unhinged, recommending that the full power and force of the federal government be used to shut up the one network that dares to present center-right viewpoints in its programming.
UCLA law professor Jonathan Zasloff asked on Journolist: "I hate to open this can of worms, but is there any reason why the FCC couldn't simply pull their broadcasting permit once it expires?"
Yes, "professor," there is a reason: It's the First Amendment.
JournoGate Continued: Pouncing On Palin
When we talked with Alaska's then-governor in the summer of 2008 about plans to develop her state's energy resources, she came across like most other Alaskans we've met — frank, down-to-earth, colloquial, but more than technocratically knowledgeable about the energy field.And, gee, didn't we indeed see the left try just that approach about the 'time away from her baby' line? Quite the coincidence...no?
The issue then for Gov. Palin was how to balance the development of Alaska's bountiful resources with its near-pristine environment. She also wrestled with how to create a healthy business climate in a state with a history of political corruption involving oil companies...
We also interviewed longtime nonpolitical Alaskan bureaucrats who raved about working with the governor and praised her executive ability.
Sound like the Sarah Palin you read about when she was chosen as John McCain's running mate that fall? Hardly.
Suddenly Palin became a backwoods Christian fundamentalist hillbilly with five kids who couldn't possibly be who she said she was. Her intelligence was attacked, her accomplishments belittled, her verbal slips ridiculed, her family's privacy invaded and her clean record smeared with accusations of corruption, all of which proved false.
Now it's clear what was really going on. On Thursday, the Daily Caller published exchanges from a private forum called JournoList that showed how 400 top mainstream reporters and their activist buddies conspired in an attack against Palin the minute she entered the presidential race.
Wrote Daniel Levy of the Century Foundation: "This seems to me like an occasion when the nonofficial campaign has a big role to play in defining Palin, shaping the terms of the conversation and saying things that the official (Obama) campaign shouldn't say — very hard-hitting stuff, including some of the things that people have been noting here (on JournoList) — scare people about having this woefully inexperienced, no foreign policy/national security/right-wing christia (sic) wing-nut a heartbeat away."
"What a joke," added Jeffrey Toobin, a staff writer at the New Yorker and a senior analyst at CNN...
Politico's Ben Adler (now at Newsweek) said Palin should be criticized because campaigning would take her away from her baby...
And so it went — journalists from the Nation, Mother Jones, Time, Politico, Bloomberg cooking up approaches, arguments, "narratives" and templates to paint a false picture of the candidate.
There are so many things wrong with this, we hardly know where to start. Nominally competitors, these supposedly impartial media mavens colluded in a way that would put airline or insurance officials in the dock for anti-competitive practices. They engaged in activism instead of fact-finding and mixed incestuously with activists whom they also should have been covering impartially.
