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Tuesday, March 02, 2010

Barak "Mr Insurance" Obama

Did anyone else catch the amazingly stupid "analysis" of the ideas behind insurance that our president holds? They are contained here:

When I was young, just got out of college, I had to buy auto insurance. I had a beat-up old car. And I won’t name the name of the insurance company, but there was a company — let’s call it Acme Insurance in Illinois. And I was paying my premiums every month. After about six months I got rear-ended and I called up Acme and said, I’d like to see if I can get my car repaired, and they laughed at me over the phone because really this was set up not to actually provide insurance; what it was set up was to meet the legal requirements. But it really wasn’t serious insurance.

Now, it’s one thing if you’ve got an old beat-up car that you can’t get fixed. It’s another thing if your kid is sick, or you’ve got breast cancer.

Is it possible that Barack Obama, future editor of the Harvard Law Review and President of the United States, found simple insurance decisions utterly mystifying and had no idea what he had actually purchased? You don't understand that comprehensive and collision are NOT normally purchased on an old beater of a car? And we are supposed to just "trust you" that you understand the complexities of health care coverage?

As someone who has owned an insurance brokerage, I am used to the idea of patiently explaining to ignoramuses that just because you "paid your premiums" this does not mean you have coverage for every conceivable thing that might happen to your vehicle. There are some things which are specifically excluded or included, as there are in any contract.

It is jaw droppingly stupid that this man, who clearly has no idea of the terms, limitations, exclusions and definitions of covered claims is telling us that *HE* is the one who will fix the health care insurance industry, and that his solutions are the ones we should look to.

It is astounding to me that a man who has never even HELD A JOB, much less run a company, thinks he understands one sixth of the nation's economy better than anyone else.

Unemployment numbers are going to be BAD!!

How do I know? Because of this: UPDATE 1-Winter storms to distort US jobless figures-Summers

When the numbers aren't even out yet and Larry Summers is already trying to spin them, you KNOW they are bad.

Monday, March 01, 2010

THIS IS BIG!!! Our bond auctions are falling apart

There are times in life when one witnesses something so outside the scope of normal experience, that at first you don’t see it.

Captain Cook’s diaries tell us that upon first seeing his ships offshore in Australia, the aborigines expressed “neither surprise nor concern.” Cook notes that it was not until he and his men approached the shore in smaller, more familiar vessels that the villagers reacted, arming themselves as “the sight of men in small boats was comprehensible to them: it meant invasion.”

Well, I had a similar experience during yesterday’s bond auction..... Below is the entire article. This is incredibly big news.

Something Very Strange Is Happening With Treasuries -- Seeking Alpha