Virtually all Government programs are mismanaged. That is why socialized government-managed healthcare would be another criminal mistake.
Medicare, the only US health plan currently run by the government now rakes in more illicit cash than crack and heroin combined. The Medicare crime is very similar to Barney Frank's inner city mortgage scam. NBC's 60 Minutes TV show explored the Medicare inner city fraud last night. The drug dealers now can make more money setting up new Medicaid supply companies where they use stolen Medicare information to bilk the stupidly managed government Medicare system. There is virtually no risk. Our incompetent government managers do not require that the companies that bill the government actually exist much less be vetted. They pay the crooks first and don't even investigate when fraud is reported.
Furthermore in an interview with FOX Business Network’s Neil Cavuto, J. Russell George, the inspector general for tax administration at Treasury, said there are now 53 corruption cases involving IRS employees stealing from the government program and that number could rise. George said he expects that the final number for this new government program will be much larger than just 53 corrupt government employees.
Russell testified before Congress last week that there are over 74,000 individuals who are trying to scam the new government managed mortgage tax credit program who do not qualify for it. It stands to cost taxpayers billions of dollars. The most egregious examples, George said, includes a 4-year-old who claimed the credit – one of more than 582 taxpayers under the legal age of 18 to claim about $millions using the credit.
Just say "NO" to government-managed crime like government Medicare and government mortgage bailout scams. The socialists are making America a banana republic.
This week we can expect relatively good economic news again. This weekend New England had more shoppers in the big malls than during the Xmas rush of 2008. It looks like consumers are now spending again. That should show up in the numbers next month but we should be seeing some improvement already.
Tuesday, Oct. 27 am:
Home Price Index
Consumer Confidence index.
Wednesday, Oct. 28 am:
Durable Goods Orders
New Home Sales
Thursday, Oct. 29 am:
Unemployment Claims
GDP (3rd Q)
Friday, Oct. 30 am:
Consumer income & spending
Chicago Purchase Manager Index
Consumer Sentiment
Today, Oct. 26
This week Uncle Sam plans to sell $123 billion worth of Treasuries. That will bring the country's debt level very close to the $12.1 trillion debt ceiling. The dollar is declining again, which generally causes commodities to rise in price and tends to please investors in US stocks. However the declining US dollar also makes emerging market stocks a hedge against inflation and that tends to hurt US investment.
Market forces October 26
The very good economic news last week went largely unreported while corporate insiders have been selling their holdings by a ratio running 40 to 1 since September 1st. That tells us the corporate insiders do not think this rally has much further to go. Profit taking continues to be advisable.
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Asian markets were up last night; China up 0.1%, Hong Kong holiday, India down -0.4%, Japan up 0.8%, and Seoul up 1%.
European markets are up slightly in a range from 0.2% to 0.4% this morning about half way through their day.
US pre-market futures are up 0.1% today at 8:30 AM EST similar to before Friday's selloff.
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