Economy

This Is Going to Hurt: What Your Doctor Doesn't Say Can Cost You

Insurance companies are hot targets right now in the debate over skyrocketing medical costs and health care reform.

But there is another, little-noticed factor could also be sucking untold health care dollars out of our pockets, and it's one we seem loathe to address: the part that doctors themselves have in quietly pushing up the costs of our medical care. This is an area that is begging for closer scrutiny, and in which patients need more help.

Put out the FIRE on Capitol Hill with a Consumer Financial Protection Agency

October 14th, the Obama administration's principal piece of financial service reform legislation, the Consumer Financial Protection Agency, will be up for committee consideration in the House Financial Services Committee. The most important thing to know about the bill? It creates a new federal agency in Washington whose sole purpose is to protect consumers from the deceptive tricks and traps of the financial services industry. The most important thing to know about the committee reviewing the bill? It's on FIRE.

Yes, Banks Have No Shame

Joe Nocera of The New York Times asks "Have Banks No Shame?" in response to their opposition to new consumer protections proposed in the wake of the biggest bank bailout in history. In the piece, Nocera reports that Simon Baker, a former International Monetary Fund economist, calls the banks' opposition "unconscionable," stating:

“They can’t pay what they owe!” he began angrily. Then he paused, collected his thoughts and started over: “Tim Geithner saved them on terms extremely favorable to the banks. They should support all of his proposed reforms.”

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Banks to Bailout Government?

Steve Labaton of the New York Times reported that senior regulators at the Federal Deposit Insurance Corporation (FDIC) are seriously considering a plan to have the nation's "healthy banks" loan money to the government to replenish the FDIC insurance fund that protects bank depositors.

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Federal Judge Issues Blistering Decision on Failure of SEC to Police Banksters: Oscar Wilde Weighs In

Likening the actions of the federal Securities and Exchange Commission (SEC) to those of Oscar Wilde's famous cynic "who knows the price of everything and the value of nothing," New York Federal Judge Jed Rakoff tossed an SEC settlement with Bank of America (BofA) out of court yesterday and ordered the parties to ready for trial.

On What Planet Does the Chamber Design Its Ads?

To "move the spotlight off the unpopular commercial banks and mortgage lenders that are the target of the legislation," the U.S. Chamber of Commerce is claiming that the proposed Consumer Financial Protection Agency will hurt butchers. "The economy has made it tough on this local butcher's customers," reads the Chamber's latest ad.

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Wendell Potter: Rally Against Wall Street's Health Care Takeover

Saturday, August 29 I had the good fortune to speak at a community rally for health care reform in a city park in downtown Portland, Oregon. It was a broad-based and diverse group with many signs and placards supporting the 'public option' being debated by Congress, and others calling for 'single payer' reform like that working effectively in other countries such as Canada. Here is what I said:

I would like to begin by apologizing to all of you for the role I played 15 years ago in cheating you out of a reformed health care system. Had it not been for greedy insurance companies and other special interests, and their army of lobbyists and spin-doctors like I used to be, we wouldn't be here today.

I'm ashamed that I let myself get caught up in deceitful and dishonest PR campaigns that worked so well, hundreds of thousands of our citizens have died, and millions of others have lost their homes and been forced into bankruptcy, so that a very few corporate executives and their Wall Street masters could become obscenely rich.

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