The House and Senate reconciliation committee met and approved a final bill on a party-line vote. What do you say about a 2000-page bill? Do you remember Speaker Pelosi saying this about the health care bill? "We have to pass the bill so you can find out what is in it..." Um, no, Ms. Speaker: what does that is a sunshine law, i.e., greater transparency. Now we hear this from a triumphant Chris Dodd: "No one will know until this is actually in place how it works."
The "tax-the-big-bank" philosophy is an intrinsically unfair practice that seeks to punish success in the private sector, the very success and scalability needed to compete in the international markets. The issue isn't so much size as risk, and I want to point out that banking is one of the most highly regulated and scrutinized industries, with state and federal oversight, audits, and credit ratings, etc. The partisan scapegoating of Wall Street and the banks conveniently ignores the root cause of failure, which wasn't so much the banks--after all, unlike the public sector, private sector businesses are not guaranteed survival after bad management and execution. The government itself was responsible for the debacle, contributing to the real estate bubble by essentially backing a plurality of mortgage notes, in particular, riskier loans to applicants with questionable income, collateral or credit worthiness. The Federal Reserve, in particular, maintained an easy money policy, WHICH BY ITS VERY NATURE CAUSES SPECULATION. Now if the progressives are seriously interested in treating the disease rather than the symptoms, why did they, of all things, add to the Federal Reserve's empire? (After all, they performed SO WELL....)
So what we have done is add a new federal bureaucracy to deal with consumer protection (because, obviously, the federal government has done so well in handling (pick your choice: immigration, 9/11, the wars in or near the Gulf region, Katrina, the economic tsunami, reviving the economy, balancing the budget, the BP oil spill, etc.)). The Dems are swearing double-pinky that this time, for sure, the sausage put together in the wee hours of the morning between House and Senate Democrats will restore Americans' faith in Big Government. And they are sure to claim all the extra government overhead will more than pay for itself and not adversely affect the timely introduction of globally competitive, innovative financial products, tie up your transactions, invade your privacy, or impact your ability to get loans or your banking services or costs. "Pay no attention to the GSE's (Fannie Mae and Freddie Mac) behind the curtain; we know the real lesson from 2008 was to fix the fee on your debit card!"
Senator Judd Gregg (R-NH) contends that the bill will shrink credit. Fox legal contributor Judge Andrew Napolitano additionally contends the bill is blatantly unconstitutional in that it allows the government to look at the books of private corporations (Fourth Amendment) and exercise control over transactions (Fifth Amendment). The arbitrary intervention of the government in the affairs of business that should go bankrupt, to me, is inherently worrisome. I am absolutely convinced that this sausage is high-fat, not very nutritious or well-cooked, and won't satisfy the taxpayer's hunger for real reform--i.e., government reform, including streamlining the labyrinth of government regulation.
We now know the Dems' real jobs program: 2000-page bills, i.e., the Employment Act for Surplus Lawyers. I submit a conservative counter-proposal: an American version of the Henry VI Act, i.e., "Let's fire all the lawyers."
Now Here's Where We Need Regulation...
A middle-aged New Hampshire woman, Kay Phaneuf, living at home, had a medical condition requiring the use of oxygen equipment. While her husband was away from home, a utility worker came by to shut off power because the account was delinquent; he knocked on the door but didn't get a response. Her husband found her in critical condition an hour later, but she died (or was declared dead) at the hospital. Her equipment did have a backup battery supply, but it had not been engaged.
This is a heartbreaking story; no doubt liberals will scapegoat the utility, National Grid, but I argue this is more of a case of bad ergonomic design. Typically we think of ergonomics in terms of the relevant physical and cognitive fitness of a person to use the furniture, devices or systems in his or her environment. There are various criteria we set; for example, we should be able to use an object or perform a task comfortably, safely, efficiently, intuitively, and effectively. We try to design an object or a process so people are able to do something useful, with minimal instruction or intrusion of task-extraneous factors and without unnecessary effort. In particular, we should look at ways to use technology intelligently, e.g., remember to make a monthly payment, schedule a routine doctor's visit or trigger a backup power supply on power failure.
The reason I say that National Grid wasn't necessarily at fault was that an act of God could have easily resulted in the same situation, e.g., a violent thunderstorm while the husband is away results in a power outage. So one thing doctors, health insurers, device makers and family members need to keep in mind is the need to explicitly require and routinely test uninterrupted power supplies for life-dependent technology; we don't want the patient to have to figure out how to find and operate the backup power supply, even assuming he or she is physically able to do that. It might be useful to have some sort of automatic alerting mechanism triggered by equipment shutdown. Second, it seems that National Grid does have a process of renewable doctor-validated documents which would guard against a service cutoff, and at least one such expired document was in the Phaneuf file. I do not know the specifics of Mrs. Phaneuf's condition, but it would have been prudent policy for National Grid to require specific proactive contact with the spouse/guardian and/or the patient's doctor and explicit management approval before shutting off the power, once an initial doctor's notification has been processed. Third, I would make the renewal of the doctor's notice automatic by default. Fourth, I'm concerned about a seriously ill person being left alone; there may be a need to consider remote technology monitoring systems, adult day care volunteer services, or other resources.
My thoughts and prayers are with Mr. Phaneuf for the tragic loss of his wife.
Political Cartoon
Gary Varvel is making reference to the longest match in pro tennis history in this week's Wimbledon matches, with American John Isner beating Frenchman Nicholas Mahut in an 11-hour, 183-game contest with Isner winning the final set 70-68. In this case, we are describing in Afghanistan the longest war in American history.
Quote of the Day
A loyal friend laughs at your jokes when they're not so good, and sympathizes with your problems when they're not so bad.
Arnold H. Glasow
Musical Interlude: Chart Hits of 1974
Olivia Newton-John, "I Honestly Love You"
John Denver, "Annie's Song"
Paul Anka, "(You're) Having My Baby"
Jim Croce, "Time in a Bottle" (for my distant cousin Susie)
Elton John, "Don't Let the Sun Go Down on Me"
