Why You Have To Vote Libertarian In November
The Market Ticker ® - Commentary on The Capital Markets
Posted 2012-05-11 10:44
by Karl Denninger
in Politics
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Why You Have To Vote Libertarian In November
 

We can debate the "social issues" all we want, but if we do so we're being diverted.

What we must talk about as a nation and as a people lies in HR. 5652, which was the substitute to Ryan's game-playing on the sequester -- and which passed yesterday in The House.

Of note to Florida voters in the 1st District is that both Miller and Southerland (FL 1 and 2) voted Aye on passage.  So what's in there?

First, SNAP (food stamp) benefit expansion from the ARRA of 2009 is being rescinded effective June 30th.  Other technical changes are also made to restrict eligibility as well.

State bonuses for SNAP are ended, indexing is removed, and most of the changes are made effective (other than those with specific dates) October 1st (new Fiscal year.)

Funding for medical insurance exchanges to the states is revoked.

A number of other changes are made that directly impact funding of Medicaid transfer payments to the states as well, including the state "bribes" in the form of "bonus payments."

But then things get interesting.

Dodd-Frank contained a liquidation authority for banks.  This authority is repealed by this bill, leaving the government in the same place it was before 2008 -- that is, subject to the same sort of blackmail that was run by Paulson and Bernanke with the "tanks in the streets" threats before Congress!

HAMP is terminated.  This was a bogus plan that led to more harm than good, in my opinion, and should have never been enacted in the first place.  Good riddance.

Consumer protection (the new bureau) is brought under appropriations (arguably good) and FEMA flood insurance authority is extended.  In addition the maximum coverage limits for NFIP insurance become indexable to inflation.

The Consumer Research Office in Dodd-Frank is struck in its entirety (I didn't like this one originally as it appeared duplicative.)

Then there are some "fun" provisions.

One of them is a $250,000 statutory limit on non-economic damages in health-related lawsuits.  This one came out of left field -- I had no idea it was being proposed.  Actual economic damages remain uncapped but things like pain and suffering. 

I have a strenuous objection to this law in that it codifies actual and constructive fraud upon juries -- the act specifically provides:

The jury shall not be informed about the maximum award for noneconomic damages. An award for noneconomic damages in excess of $250,000 shall be reduced either before the entry of judgment, or by amendment of the judgment after entry of judgment, and such reduction shall be made before accounting for any other reduction in damages required by law. If separate awards are rendered for past and future noneconomic damages and the combined awards exceed $250,000, the future noneconomic damages shall be reduced first.

Isn't that special?

In addition the law limits contingency fees collected by attorneys.  Are the limits reasonable?  You decide -- they start at 40% for the first $50,000 (the part that counts for most smaller cases!) and drops to 15% over $600,000.  Isn't that special -- you can give up nearly half, but as the award grows (you really got reamed) and the case gets more complex and harder to prosecute the lawyers get less.  Just, unjust, you decide.

There are also substantive limits on punitive damages.  Actual malice or "substantial certainty" of knowledge of unnecessary injury is required.  That's a tough standard -- is it just?  You decide.

But what's not arguable is that again there is a cap of two times the economic damages or $250,000, whichever is greater, and again the jury is barred from being informed of the limits.

So we're actively concealing the truth from juries again.  The limits may be just but active concealment and fraud upon a jury is not.

In addition there's another nasty sop to the pharmaceutical and device industry: Anything that conforms to FDA standards is exempt from punitive damage awards.  Isn't that nice?  So if the FDA approved it and it was later shown to be intentionally defective, tough crap -- you can't sue for punitive damages. 

It gets worse -- a health provider who dispenses or provides an FDA approved product cannot be named in such a suit even if they have actual or constructive knowledge of the dangerous nature of the product.

There is only one exception: If the FDA itself was bribed or information was intentionally fabricated or withheld from the FDA's processes.

This is a literal "screw the patient" license for dangerous procedures and drugs that the government is free to hand out at will!  If you can get it through government approval through anything short of felonious conduct then that's tough crap for you as a patient.

There are some changes for civil service retirement income contributions.

Block grants to the states for social services under 42 USC (Social Security Act), sections 2001 - 2007, are struck entirely.

Oh, and Ryan's original bill I reported on?  It's attached to this thing, in full, as Title VII, and as I reported previously not only blocks all cuts in defense but also eliminates all PAYGO considerations.

These issues are important folks.  They're tough to understand and go through, and contrary to what Huffington Post "reported" yesterday the bill is not at all clear nor is it all bad.

But there are several serious "poison pills" in there that are outrageous destructions of individual rights and liberty.  Among them are more special protections from banksters which is especially outrageous in light of JP Morgans' disclosure last night and the outrage committed by so-called "budget hawks" that then turn around and find ways to spend the same money on defense that they agreed would be cut if they could not reach a deal with Democrats.

There are no honest representatives in the Republican or Democrat parties -- all are simply looking for new and innovative ways to throw you under the bus.

Vote Libertarian; at least this way you have an honest shot at getting what you actually voted for!

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Jstanley01
Posts: 8182
Incept: 2008-07-30
Silver A True American Patriot!
San Antonio, Texas
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Hey, you're one of the ones who has brought up the gay hazing allegations against Romney. Just sayin'....

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You can't cheat an honest man. ~P.T. Barnum
Susanjbear
Posts: 417
Incept: 2010-06-10
Gold
Salt Lake City, Utah
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Sometimes I wish we could just wrap barbed wire around Washington D.C.

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Susan
Docj
Posts: 998
Incept: 2009-09-10
Silver
Duck & Cover
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Genesis wrote..
Anything that conforms to FDA standards is exempt from punitive damage awards.


I have to admit I'm torn about this. Like the rest of us I'm sure I've seen more than a few "if you've taken this horrible, dangerous drug, call the law offices of Dewey, Cheatham and Howe right away!" and have often wondered why it is the FDA, who after all approved said "horrible, dangerous drug", is never a party to any of these suits.

I mean, if the FDA approved it, why aren't they the ones being sued? Or, at minimum, sued first?

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The preservation of liberty depends upon the intellectual and moral character of the people. As long as knowledge and virtue are diffused generally among the body of a nation it is impossible they should be enslaved. - John Adams
Twainfan
Posts: 147
Incept: 2010-12-01

Minnesota
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another Ryan pos bill? He has gone full on retard neocon. Not that I ever liked or trusted him. Just looking at his budgets you could tell he's nothing more than a liar.

Nothing in this nation will change until it all implodes. People are just too ignorant or simply don't care.
Genesis
Posts: 130746
Incept: 2007-06-26
Admin A True American Patriot!
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Yeah Doc, this sort of thing is basically a license to screw people; if you manage to FOOL the FDA (you just can't bribe them)....

The entire FDA "process" is crap but this turns it into something grotesque and perverse.

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Docj
Posts: 998
Incept: 2009-09-10
Silver
Duck & Cover
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I hear you, KD - it just bothers the heck out of me that there is (go figure) absolutely no accountability for the Fed.GOV hacks (in this case at the FDA). Ever.

Cheers -

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The preservation of liberty depends upon the intellectual and moral character of the people. As long as knowledge and virtue are diffused generally among the body of a nation it is impossible they should be enslaved. - John Adams
Anti
Posts: 4294
Incept: 2007-10-09
Silver
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My juices from organic and sometimes homegrown vegetables are the best medicine and require no trust in the integrity of the FDA or a doctor or a drug company.

Better results too. I was heading for a slow agonizing death and though it has been over two years and I am not totally cured yet, I am back to gardening and doing all my normal work. Doctors couldn't even agree on a diagnosis (Lyme disease or simple arthritis - probably both IMO) but everything they did made it worse.

Cut the cord, guys and learn how to take care of yourself; you sure won't get any help from this F'ed up medical system.

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Health is better than health insurance
http://gerson.org/
Over the past 60 years, thousands of people have used the Gerson Therapy to recover from so-called “incurable” diseases such as cancer, diabetes, heart disease and arthritis.
Sharon
Posts: 4352
Incept: 2008-02-10
Green
Odessa, Missouri
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Every time you turn around it is being revealed that some FDA approved and highly touted drug is both useless and harmful--and that the studies that showed the drug had value were cooked, and evidence that it was harmful was concealed.

And every time I turn around, I'm hearing stories that make it sound to me like the whole medical profession is composed of crooks and cretins. (I could tell several such stories, myself.)

I can't believe anyone seeks treatment from our existing medical establishment. Certainly, if they're seeking legislation to protect them from liability or limit their liability, it's an indication you should stay away from these guys.

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Semper ubi sub ubi.

Marvinmartian
Posts: 750
Incept: 2011-03-16
Green
Pasadena, CA
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There is a California primary coming up. I'm currently registered Libertarian.

I've just switched my registration to Republican so I can vote against mittens.

I'll change it back for the November election.
Eighty6thebs
Posts: 4183
Incept: 2007-06-26
Green
It's contained to sub-prime!
Online
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"Nothing in this nation will change until it all implodes"

There you go! Hit the gas Thelma.

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"Sounds to me like you guys a couple of bookies" - Billy Ray Valentine

"No I am not scared, and neither should you be!" - Iraqi Information Minister
Fraglord
Posts: 69
Incept: 2009-07-16

Dearborn, MI
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Letting people sue the FDA will just result in lawyers and members of the FSA stealing more money from the taxpayers. I am against it unless there was legislation holding FDA employees PERSONALLY LIABLE for their negligence. This will never happen of course since federal employees are god and free to screw up with no financial consequences.

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Those who demand the most usually deserve the least.
Azusgm
Posts: 2406
Incept: 2010-12-02
Green
East Texas
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I was reminded yesterday of an old saying -- "If you torture the data long enough, it will eventually give up and say anything you want it to."

After several years of investing in biotechs, I started watching what was going on with the FDA. I quit investing in biotechs.
Marvinmartian
Posts: 750
Incept: 2011-03-16
Green
Pasadena, CA
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EightySix wrote..
Hit the gas Thelma.


In a reset, the most probable outcome is like the French Revolution, when the aristocrats were hauled off to the town square in tumbrels. We know how that ended.

I don't look forward to a modern analogue.

I'm ready for universal economic misery, but nothing like "The Committee of Public Safety" and the French Terror.
Mpilar
Posts: 5600
Incept: 2009-01-05
Gold
Nashville, TN
Online
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Quote:
Sometimes I wish we could just wrap barbed wire around Washington D.C.

Don't worry, they'll do that on their own eventually...you'll have to go through a checkpoint in order to enter the city of our blessed leaders...

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Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats. H. L. Mencken
Burke13
Posts: 32
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Gold
Texas
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What does the "revolving door" currently look like between the FDA and the Pharma companies? That is a serious question by the way, I have no clue if it exists or how bad it is.

Just like everything else we've seen with private companies and our government regulators, an existing revolving door blurs the line between the two. Seems like the existence of a revolving door would influence FDA approval on things that might not normally pass without felonious conduct being committed. Answer: We need to make the revolving door between the regulators (and their family members) and the industries they regulate a felonious activity.
Rjsasko
Posts: 67
Incept: 2009-03-23
Green
aurora, IL
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I'm all for "Tort Reform" in any shape it comes down the pike. If the rent-seekers aren't reined in nothing will ever get fixed in this country. I would suspect that the reason the jury would not be informed about the caps is so if the number they come up with on their own is lower they don't goose it up to the maximum.

The infamous sleaze in so many, many ways John Edwards made $40,000,000.00 suing Obstetricians out of business by psychically "channeling" the "distress" of the baby being born to the jury claiming that Caesarians should have been performed earlier to prevent problems from the difficult births. Guess what? No difference what-so-ever in the statistics on the new-born health problems versus natural deliveries. Lawyer gets very rich...check. Massive defensive medicine practiced by doctors...check. Delivery cost skyrocket...check. Malpractice insurance shoots to the moon...check. Impossible to find practicing Obstetricians in certain areas where the juries are most generous...check. Health insurance rates through the roof...check. Health insurance more and more unaffordable to more and more people...check. Complete waste...check.

They ban cigarette ads on tv and radio. Why not lawyer ads? Cigarettes are better for you than lawyers are.
Mannfm11
Posts: 3544
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Gold
DFW, Tx
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I think there should be some limitation on lawyer awards, but it depends on the type of case. In the pharm business, the lawyer that brings the original case should have a wider open door than one that follows and files response for others in a class action suit. There is a bunch of made up bull**** that has been sent through the FDA over the years, like the companies have been allowed to make up their own results. There has been a lot of crap put out on the market and patients taking this crap are really nothing but Guinea pigs. All the warnings they put in the ads on TV, I think you would have to be crazy to take some of this stuff.
As far as voting, vote Libertarian or don't vote. I have been reading the basis of Libertarianism and to some extent, it is closer to anarchy than democracy. What do you have to do to get elected? Generally in the USA, you have to state how you are going to steal from one party and give it to another. True libertarianism forbids that. None of this stuff would be debated. It would either be local or non-existant. What is the game? It is always that so and so is going to take away your xyz, which the current game is taking away from someone else. Anti states the true libertarian stance, take care of yourself. Someone had the audacity to rate his comment off topic. It was right on topic.

True liberty has to do with the idea that the people as a group can find a solution to anything. Statism has to do with the idea that the selected few know the answer. Look at the hole this philosophy has dug?

http://library.mises.org/books/Albert%20....

This link is to an Albert Jay Nock book called "On Doing the Right Thing". The part titled "Anarchists Progress" is a gem. From pages 146-148:

The idea came to me then, vaguely but unmistakably,
that if the primary intention of
government was not to abolish crime but merely
to monopolize crime, no better device could be
found for doing it than the inculcation of precisely
this frame of mind in the officials and in
the public; for the effect of this was to exempt
both from any allegiance to those sanctions of
humanity or decency which anyone of either .
class, acting as an individual, would have felt
himself bound to respect—nay, would have
wished to respect. This idea was vague at the
moment, as I say, and I did not work it out
for some years, but I think I never quite lost
track of it from that time.
Presently I got acquainted in a casual way
with some officeholders, becoming quite friendly
with one in particular, who held a high elective
office. One day he happened to ask me how I
would reply to a letter that bothered him 5 it
was a query about the fitness of a certain man
for an appointive job. His recommendation
would have weight; he liked the man, and
really wanted to recommend him—moreover,
he was under great political pressure to recommend
him—but he did not think the man was
qualified. Well, then, I suggested offhand, why
not put it just that way?—it seemed all fair
and straightforward. "Ah yes," he said, "but
if I wrote such a letter as that, you see, I
wouldn't be reëlected." This took me aback a
bit, and I demurred somewhat. "That's all
very well," he kept insisting, "but I wouldn't
be reëlected." Thinking to give the discussion
a semi-humorous turn, I told him that the
public, after all, had rights in the matter; he was
their hired servant, and if he were not reelected
it would mean merely that the public
did not want him to work for them any more,
which was quite within their competence. Moreover,
if they threw him out on any such issue
as this, he ought to take it as a compliment;
indeed, if he were reëlected, would it not tend
to show in some measure that he and the people
did not fully understand each other? He did
not like my tone of levity, and dismissed the
subject with the remark that I knew nothing
of practical politics, which was no doubt true.

Can anyone here not read this and relate to the monopolization of crime? This was written in the 1920's. Then the part about recommending an idiot for a position under political duress? Ever wonder how we get so many turds in the punch bowl at the FDA, SEC and other places?

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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith

Abn0rmal
Posts: 9261
Incept: 2009-01-10
Green A True American Patriot!
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Mannfm11 wrote..
As far as voting, vote Libertarian or don't vote. I have been reading the basis of Libertarianism and to some extent, it is closer to anarchy than democracy. What do you have to do to get elected? Generally in the USA, you have to state how you are going to steal from one party and give it to another. True libertarianism forbids that. None of this stuff would be debated. It would either be local or non-existant. What is the game? It is always that so and so is going to take away your xyz, which the current game is taking away from someone else. Anti states the true libertarian stance, take care of yourself. Someone had the audacity to rate his comment off topic. It was right on topic.
Thomas Jefferson should have stopped after "We hold these truths to be self-evident, that all men are created equal".

That's really all that needs to be said. If everyone is equal from the perspective of rights then no person or group of people can legitimately rule over anyone else.
Mdm
Posts: 333
Incept: 2010-10-13

South Florida
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Quote:
I'm all for "Tort Reform" in any shape it comes down the pike.


So no matter how someone screws you or hurts you, you shouldn't be allowed to hold the party that screwed/injured you liable for anything unless there is a written contract between the parties? Most people that spout off about tort reform have no idea what they are talking about. Pretty much everything in civil law (excluding things such as probate, guardianship, family, etc.) that isn't a breach of contract claim is a tort. Not being able to hold others accountable for their actions is the exact opposite of having a nation founded on the rule of law in my eyes.
Jack_crabb
Posts: 2424
Incept: 2010-06-25
Gold
Peoples' Republik of Maryland
Online
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So you think there is nothing wrong with the tort system in the United States as it exists now, Mdm?

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Molon Labe

Where is Henry Bowman when you need him?
Mdm
Posts: 333
Incept: 2010-10-13

South Florida
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Quote:
So you think there is nothing wrong with the tort system in the United States as it exists now, Mdm?


I think the biggest problem is the quality of the jury pool rather than the laws themselves. As far as medical malpractice, I think there could be statutes enacted to make it clear that you cannot win a case just because you have a bad outcome or that the doctor could have done something a little differently. But as far as locking people out of the court system or limiting their damages, I don't agree. If someone truly did some wrongdoing towards you, you should be allowed to recover the full amount that you have been damaged.
Floridasandy
Posts: 634
Incept: 2009-08-20

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i am for tort reform too, mdm.

these juries are getting ridiculous in some of their judgements-probably because america is getting ridiculous. everybody is looking for a payday without working, probably because there is literally no real job creation in america now.

but giving big paydays to litigious individuals also helps bottleneck the wealth at the top, and you can pretty much guarantee that they won't have a clue how to invest it or create a business with it.
Mtdm
Posts: 211
Incept: 2009-07-23
Green
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Quote:
Don't worry, they'll do that on their own eventually...you'll have to go through a checkpoint in order to enter the city of our blessed leaders...


We have that already, unless you think your blessed leaders live in DC not NYC.
Jack_crabb
Posts: 2424
Incept: 2010-06-25
Gold
Peoples' Republik of Maryland
Online
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Mdm, I certainly agree with you as far as the bad outcome for medical issues. Actually, I agree with all of your post. At the risk of going off topic, what about other issues of tort reform?

I am a proponent of loser pays. I think that would put an end to many frivolous maybe-I-can-hit-the-lottery lawsuits. This might make glib asshats like John Edwards think twice about what they brought into a court of law.

But I do tend to agree with you about not limiting damages or access.

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Molon Labe

Where is Henry Bowman when you need him?
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