Like most law abiding Americans I was absolutely stunned by the high court’s decision on ‘Obamacare’ yesterday upholding the Individual Mandate.
But something hit me last night as I was cleaning my musket and shining my pitchfork.
Roberts did the right thing.
No, I didn’t hit my head this morning.
Roberts is brilliant. He called the president out. And as this campaign season presses forward the Obama administration is going to realize that this decision was the worst thing that could’ve happened to them.
Leading the 4 liberal justices’ in the decision, the Chief Justice ruled that the Individual Mandate is constitutional.
It’s a tax.
They did not rule Congress could do this based on the Commerce Clause, they ruled the law constitutional based on Congress’ authority to tax under the Constitution. I have a whole different rant about that, but let me stay on point.
To read the rest of the column follow this link:
First I want to refresh your memory:
Yup…those were their words.
The president, Pelosi and Reid bent over backwards saying that the Individual Mandate was NOT A TAX.
The highest court in our land disagreed. Roberts played this perfectly. He hit the ball back over the net. Your move Mr. President. Try to explain to the nation that it’s not a tax…we’re waiting…
Don’t hold your breath. But it’s sure going to be fun to watch them try. Where I come from in south Jersey, it’s called a lie.
What does this have to do with the financial markets and trading?
Small and large businesses will dump tens of millions of their employees onto the public dole and that dole just keeps getting larger. What could go wrong with the government running our nation’s healthcare system?? Amtrak, The U.S. Post Office, Fannie, Freddie, Social Security, Medicare, Medicaid, Immigration, the TSA…my fingers are getting tired…
This also means that one huge bomb in ‘Taxmegeddon’ or the ‘Fiscal Cliff’ is definitely going to explode on 1 January 2013. The largest tax increase in our nation’s history. This, along with Bush tax cuts expiring (capital gains rate at 60%, personal income taxes go up 20%), trillions in automatic cuts that mainly hit the Department of Defense (DoD), and a host of other train wrecks which will dump us into an immediate recession. No I didn’t say that, the independent Congressional Budget Office (CBO) said it for me.
By the way, DoD cuts = an immediate increase in unemployment. Defense towns like Seattle and Fort Worth are going to get hammered. Just what they need.
The VIX is down 10% today on this ridiculous relief rally that everything is great in the Euro Zone (SOLD!) so I am getting long volatility like you read about in ‘I’m getting Way Long Vol’ magazine.
The talking heads are saying Merkel blinked. See how that goes over when she tries to sell that at home…
So after yesterday’s ruling and me climbing out of the ceiling this morning, I’m actually ok. I think it was a great outcome and will eventually lead to the end of this massive government encroachment on personal freedoms.
No back to making money on other’s stupidity.