There is probably no bigger fool in public office today than Congressman Henry Waxman. He represents a ridiculously left wing district in California and, as such, can say pretty much any moronic thing he wishes without fear of losing his seat. He has now subpoenaed the CEOs of companies (AT&T, Verizon, Caterpillar, Deere, Valero Energy, AK Steel, and 3M) who have taken immediate charges to their balance sheets for the economic implications of the recently passed health care legislation.
These companies are required by law to immediately disclose to the public the economic implications of the health care legislation on their businesses. They complied with the law.
Because these companies complied with the law, Congressman Waxman is outraged. After all, they didn't comply with the great Obama-lie that health care costs are going down. The truth is that these costs are going up thanks to Obama and Waxman and all the other ideologues who took sociology instead of economics while undergraduates. Too late for them to learn now.
So, now the CEOS are being hauled before Congress. Their crime, of course, is that they obeyed the law. Henry wants to know how they could dare suggest that Obamacare is going to cost them billions of dollars. After all Obama says that all of our health care costs are going down. Perhaps, Henry should read the securities laws, which require full and disclosure of the true facts. Henry, being a Congressman, is not used to such a standard and I am sure cannot really relate to the concept of full disclosure of the truth.
So more nonsense is on the way. Stay tuned.