Need to Revisit Health Care Reform

I have expressed my disappointment with the legislation proposed by either branch of Congress. Both of them are a mess. They achieve little of what I want.

I was always impressed with the simplicity of straightforward approach of a reform proposed by Rep Wyden from Oregon. It achieved little support from the powers to be. "Stand Tall for America" seemed like a reform that would make sense, especially since it eliminated employer-based health care. I think that this a major cause of our health care costs. People think that their health care policies are o.k. if they can go and get whatever they want with little money out of pocket.

Additional Perspectives on the Causes of the Fiscal Crisis

Without minimizing the impact of Wall Street on our and the world's fiscal collapse, it was most interesting to read the viewpoint of Ricardo Caballero who heads the MIT Economics Department. His perspective is that foreign nations sought our financial instruments to invest their tons of available cash. The demand on the US banks was overwhelming. While not minimizing our involvement, he cited the foreign demand for "safe" investments, e.g., bonds, that resulted in the expansion of the debt obligations.

I have agreed with Sheila Bair and Alan Greenspan that any bank that is too big to fail, is too big! However, another view (Andrew Sorkin) is that we need big banks to finance major expansion projects, e.g. Verizon's project to place Fios cables in as many houses as possible. Trying to finance such a project without big banks would require multiple loans from multiple banks. This surely will be a negative force in the economy. As long as there is a method to address big bank failures, e.g., resolution authority, the bank failure would not require tax payer monies.

While I have to leave the strength of his argument to those more well versed in economics, it does go to show that we have to keep reading to be sure that we get the whole picture.

Massachusetts Election

It is a strange set of feelings to be somewhat indifferent to an election in Massachusetts, especially when it is for the position of US Senator.

Surely, I was most surprised that Martha Coakley became the Democratic nominee. When Senator Kennedy died, I could have named many before coming to Martha. Without question, Martha is a wonderful person and clearly a focused attorney. Her problem is that she is not a politician. She does not know how to share passion for causes, one way or another.

For those on the Right, they clearly are opposed to what is going on in Congress and would find Brown to be more than acceptable to represent their opposition to Obama's agenda.

For those on the Left, it is another set of expectations that are at the root of their disaffection. We are very disappointed in how the health care legislation proceeded. It has been a disaster and while most people say that it is important to get some bill, rather than none, I am not entirely convinced. Reading Robert Kuttner today gives credence to my negative feelings. Maybe a Republican victory on Tuesday will be in his words, "A Wake-Up Call".

Hopelessness Settling In!

I wrote to President Obama today to remind him of his words of hope back in Iowa. He said, “And most of all, we’ve lost faith that our leaders can or will do anything about it.”

I mentioned that my hopes for his success were probably misplaced. The screwed up system is too much for even him, and if so, what hope is there? I doubt that there will be few that will match his intellect and values and get elected.

We will most likely recall the vision of our hopes and feel pain at the reality staring us in the face. The lost opportunities for real reform in health care, banking, pollution, will be remembered more than any meager or marginal successes of legislation weaving itself through Congress.