Obama Care, WRITE DOWNS, Democrats shocked

Maple

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Here is what happens when you don't read the bill before you vote on it. As they did in the 787 billion dollar stimulus bill. THEY DID NOT READ THIS ONE EITHER BEFORE THEY VOTED ON IT. :clap2::clap2::clap2::clap2::clap2:

The ObamaCare Writedowns - WSJ.com

It's been a banner week for Democrats: ObamaCare passed Congress in its final form on Thursday night, and the returns are already rolling in. Yesterday AT&T announced that it will be forced to make a $1 billion writedown due solely to the health bill, in what has become a wave of such corporate losses.

This wholesale destruction of wealth and capital came with more than ample warning. Turning over every couch cushion to make their new entitlement look affordable under Beltway accounting rules, Democrats decided to raise taxes on companies that do the public service of offering prescription drug benefits to their retirees instead of dumping them into Medicare. We and others warned this would lead to AT&T-like results, but like so many other ObamaCare objections Democrats waved them off as self-serving or "political."
 
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boedicca

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I read that earlier today.

There will be more unintended consequences - including the loss of tax revenue as the stock prices of such companies fall.
 
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Maple

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Get ready for the new round of layoffs, and get ready to get a letter in the mail from the company that you work for that premiums are going UP and that you will lose more of your benefit package.
 
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Maple

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I read that earlier today.

There will be more unintended consequences - including the loss of tax revenue as the stock prices of such companies fall.
These idiots we have in the congress and senate are going to regret that vote so much that even now some in my state are attempting to distance themselves from it.

We will not forget. This is just the first of the un-intended consequences, there will be many, many more.
 

boedicca

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Given the increase in Treasury rates in the recent auction, get ready for some stagflation as well.
 
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Maple

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From the article---

On top of AT&T's $1 billion, the writedown wave so far includes Deere & Co., $150 million; Caterpillar, $100 million; AK Steel, $31 million; 3M, $90 million; and Valero Energy, up to $20 million. Verizon has also warned its employees about its new higher health-care costs, and there will be many more in the coming days and weeks.
 
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Maple

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Where's all the money this was supposed to save. Tell me it just isn't soooooooooooooo President Obama. LOLOLOLOLOLOLOLOLOLOLOLOLO
 

Skull Pilot

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I especially like this part

Meanwhile, Henry Waxman and House Democrats announced yesterday that they will haul these companies in for an April 21 hearing because their judgment "appears to conflict with independent analyses, which show that the new law will expand coverage and bring down costs."

In other words, shoot the messenger. Black-letter financial accounting rules require that corporations immediately restate their earnings to reflect the present value of their long-term health liabilities, including a higher tax burden. Should these companies have played chicken with the Securities and Exchange Commission to avoid this politically inconvenient reality? Democrats don't like what their bill is doing in the real world, so they now want to intimidate CEOs into keeping quiet
.
In other words

"Agree with Obama........or else"
 
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Maple

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From the article---

On top of AT&T's $1 billion, the writedown wave so far includes Deere & Co., $150 million; Caterpillar, $100 million; AK Steel, $31 million; 3M, $90 million; and Valero Energy, up to $20 million. Verizon has also warned its employees about its new higher health-care costs, and there will be many more in the coming days and weeks.
Just wait until everyone who is still lucky enough to have a job, gets their little notice in the mail about increased premium costs.:lol::lol::lol: Hmmmmmmmmmm, do you think they will vote for a democrat again????----- maybe, when hell freezes over.:lol::lol::lol:
 

Skull Pilot

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From the article---

On top of AT&T's $1 billion, the writedown wave so far includes Deere & Co., $150 million; Caterpillar, $100 million; AK Steel, $31 million; 3M, $90 million; and Valero Energy, up to $20 million. Verizon has also warned its employees about its new higher health-care costs, and there will be many more in the coming days and weeks.
Just wait until everyone who is still lucky enough to have a job, gets their little notice in the mail about increased premium costs.:lol::lol::lol: Hmmmmmmmmmm, do you think they will vote for a democrat again????----- maybe, when hell freezes over.:lol::lol::lol:
Not to mention the additional costs when these companies cut the retirement drug benefits thus forcing more people into the medicare drug program.
 
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I read that earlier today.

There will be more unintended consequences - including the loss of tax revenue as the stock prices of such companies fall.
These idiots we have in the congress and senate are going to regret that vote so much that even now some in my state are attempting to distance themselves from it.

We will not forget. This is just the first of the un-intended consequences, there will be many, many more.
So, in your state, if they say 'sorry' and 'splain that Obama forced them to vote 'yes', will you forgive them? :lol::lol::lol:
 
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Maple

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I especially like this part

Meanwhile, Henry Waxman and House Democrats announced yesterday that they will haul these companies in for an April 21 hearing because their judgment "appears to conflict with independent analyses, which show that the new law will expand coverage and bring down costs."

In other words, shoot the messenger. Black-letter financial accounting rules require that corporations immediately restate their earnings to reflect the present value of their long-term health liabilities, including a higher tax burden. Should these companies have played chicken with the Securities and Exchange Commission to avoid this politically inconvenient reality? Democrats don't like what their bill is doing in the real world, so they now want to intimidate CEOs into keeping quiet
.
In other words

"Agree with Obama........or else"

Somehow, I don't think this will be a silent issue, especially when the companies have to alert their employess about a dramatic change and increase in premiums on their health care coverage.


How's that hope and change workin out for ya.????:lol::lol:
 

boedicca

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There is one consideration that should alarm you: this is all part of the plan to crater the system in order to replace it with full Socialized Health "Care" (Control).

They want things to get ugly.
 

Skull Pilot

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I especially like this part

Meanwhile, Henry Waxman and House Democrats announced yesterday that they will haul these companies in for an April 21 hearing because their judgment "appears to conflict with independent analyses, which show that the new law will expand coverage and bring down costs."

In other words, shoot the messenger. Black-letter financial accounting rules require that corporations immediately restate their earnings to reflect the present value of their long-term health liabilities, including a higher tax burden. Should these companies have played chicken with the Securities and Exchange Commission to avoid this politically inconvenient reality? Democrats don't like what their bill is doing in the real world, so they now want to intimidate CEOs into keeping quiet
.
In other words

"Agree with Obama........or else"

Somehow, I don't think this will be a silent issue, especially when the companies have to alert their employess about a dramatic change and increase in premiums on their health care coverage.


How's that hope and change workin out for ya.????:lol::lol:
They all will be hoping they have some change left in their pockets after they start paying more for health insurance.
 

code1211

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I especially like this part

Meanwhile, Henry Waxman and House Democrats announced yesterday that they will haul these companies in for an April 21 hearing because their judgment "appears to conflict with independent analyses, which show that the new law will expand coverage and bring down costs."

In other words, shoot the messenger. Black-letter financial accounting rules require that corporations immediately restate their earnings to reflect the present value of their long-term health liabilities, including a higher tax burden. Should these companies have played chicken with the Securities and Exchange Commission to avoid this politically inconvenient reality? Democrats don't like what their bill is doing in the real world, so they now want to intimidate CEOs into keeping quiet
.
In other words

"Agree with Obama........or else"

Agree with the Political Boss or face the consequences. Chicago rules and another reason why Castro likes this whole thing.

Hope and change strikes again.
 
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Maple

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I think they should put Henry Waxman, Pelosi and Reid in that conference with the CPA's and CEO'S of all these companies and have it all aired on C-SPAN for all the OBAMA VOTERS TO SEE.

Do you think that these CEO's and CPA's might know a little more than Pelosi, Reid, Obama and Waxman about the affects of this legislation on their companies??? I sure do.

Republicans-- THE PARTY OF KNOW.
 

code1211

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I read that earlier today.

There will be more unintended consequences - including the loss of tax revenue as the stock prices of such companies fall.
These idiots we have in the congress and senate are going to regret that vote so much that even now some in my state are attempting to distance themselves from it.

We will not forget. This is just the first of the un-intended consequences, there will be many, many more.
So, in your state, if they say 'sorry' and 'splain that Obama forced them to vote 'yes', will you forgive them? :lol::lol::lol:

My Congressman did not vote for this. Even Bayh has already resigned, but not before he endorsed this Republic ending poop hole.
 
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Maple

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From the article---

On top of AT&T's $1 billion, the writedown wave so far includes Deere & Co., $150 million; Caterpillar, $100 million; AK Steel, $31 million; 3M, $90 million; and Valero Energy, up to $20 million. Verizon has also warned its employees about its new higher health-care costs, and there will be many more in the coming days and weeks.
Just wait until everyone who is still lucky enough to have a job, gets their little notice in the mail about increased premium costs.:lol::lol::lol: Hmmmmmmmmmm, do you think they will vote for a democrat again????----- maybe, when hell freezes over.:lol::lol::lol:
Not to mention the additional costs when these companies cut the retirement drug benefits thus forcing more people into the medicare drug program.

Well that would mean that it's not DEFICIT NUETRAL. :lol::lol::lol: Oh nooooooooooooo, say it isn't soooooooooooooo, President Obama.:lol::lol:
 
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Maple

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I read that earlier today.

There will be more unintended consequences - including the loss of tax revenue as the stock prices of such companies fall.
These idiots we have in the congress and senate are going to regret that vote so much that even now some in my state are attempting to distance themselves from it.

We will not forget. This is just the first of the un-intended consequences, there will be many, many more.
So, in your state, if they say 'sorry' and 'splain that Obama forced them to vote 'yes', will you forgive them? :lol::lol::lol:
In the old days, they would say " the devil made me do it," it won't fly here, no way, not any day, not ever, not never again. God will forgive them, but their constituents won't.:lol::lol: God doesn't vote. LOLOLOLOL
 

Skull Pilot

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Just wait until everyone who is still lucky enough to have a job, gets their little notice in the mail about increased premium costs.:lol::lol::lol: Hmmmmmmmmmm, do you think they will vote for a democrat again????----- maybe, when hell freezes over.:lol::lol::lol:
Not to mention the additional costs when these companies cut the retirement drug benefits thus forcing more people into the medicare drug program.

Well that would mean that it's not DEFICIT NUETRAL. :lol::lol::lol: Oh nooooooooooooo, say it isn't soooooooooooooo, President Obama.:lol::lol:
Knowing the way the great intimidator works, he'll probably get his toadies to pass a law making it illegal for these companies to change their health plans.
 

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