Jail. Now. Not Bailouts
The Market Ticker - Commentary on The Capital Markets
2017-07-14 08:00 by Karl Denninger
in Corruption , 316 references Ignore this thread
Jail. Now. Not Bailouts
[Comments enabled]  

The latest Senate attempt to pass Obamacare Lite is now out.

It contains a number of provisions that are interesting but exactly zero of them address cost.

Notably, it does not include my one-sentence bill that would instantly destroy health insurance extortion rackets which are destroying the middle class and, if ended, would immediately force down costs for everyone in the system.

Nor does it include any of the other provisions that I have in my larger model legislative proposal that would force price transparency and end collusion -- the very essence of which violates 100+ year old law.

It's not like these provisions aren't known to the Senate.  They are.  They're also known to the House.  And they're known to Trump too, who has run a company for decades and is well-aware of the rank lawless nature of a "business" that refuses to quote you a price and charges people 5, 10 or 100x as much money based on whether or not you bought a "preferred" service from someone else.

Yet there is not one word about any of that -- which would bring down cost, and solve the problem.

Nope -- instead we have..... billions to "fight" opiod addiction.

A problem that, it appears, is at least in part the responsibility of a company that just got fined.

(Reuters) - Mallinckrodt Plc, one of the largest manufacturers of the generic opioid painkiller oxycodone, will pay $35 million to resolve allegations that it failed to report suspicious drug orders, the U.S. Justice Department said on Tuesday.

The deal, in which Mallinckrodt did not admit wrongdoing, marked a record settlement of claims that a drugmaker failed to properly notify the U.S. Drug Enforcement Administration of suspicious orders for drugs such as oxycodone, the Justice Department said.

Of course they didn't admit wrongdoing -- they never do.

But it appears they weren't reporting "suspicious" orders for their pills -- that is, orders which they knew or had good reason to know were going to pill mills and others who were dispensing them inappropriately -- meaning for profit and to boost addiction rather than for therapeutic use.

Instead of shutting down this company and jailing their executives for drug running (which I remind you we're all to happy to do if it's some ordinary person who similarly is selling drugs for an illicit purpose) they instead "paid a fine" and "didn't admit wrongdoing."

Oh, yeah, and they're still able to sell their drugs too.

The Senate is complicit in both the opiod epidemic and a direct enabler of the lawless nature of our entire "health care" system in the United States.  We must put a stop to this -- all of it -- or it will destroy our nation.  We do not have the money and cannot raise it to keep expanding health care expenses at multiples of the size of the economy and every bit of it is happening not because people are getting older but because providers collude both among themselves and with other parties to fix prices and restrain trade -- practices that were declared illegal more than 100 years ago and which in many cases carry felony criminal penalties.

Yet utterly nobody -- at either the State or Federal level -- will enforce existing law, instead putting forth the sort of twaddle that the Senate has now released.

Minnesota will sue CenturyLink (a DSL and telephone provider) for failing to honestly disclose prices so why won't they sue every single damned hospital and doctor's office that fails to do the same?

Solve this problem now, America, or our way of life dies as do both State and Federal budgets.  This is not going to happen at some well-off time in the the future; it has already crippled GDP and productivity growth and at present rates of expansion will have inflicted critical and perhaps unrecoverable damage before the next Presidential election.


View with responses (opens new window)
Main Navigation
MUST-READ Selection:
A One-Sentence Bill To Force The Health-Care Issue

Full-Text Search & Archives
Archive Access
Legal Disclaimer

The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.


The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.

The Market Ticker content may be sent unmodified to lawmakers via print or electronic means or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media, to republish full articles, or for any commercial use (which includes any site where advertising is displayed.)

Submissions or tips on matters of economic or political interest may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.