Tag: bankruptcy

Chase Bank has told its business customers that there is now a limit on the amount that can be withdrawn from an account, while also banning all international wire transfers.

WTF? Chase Bank has told its business customers that they are placing a limit on the amount that can be withdrawn from an account, while also banning all international wire transfers.

If I had a Chase account, I would close it today, immediately, before these restrictions go into place.

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“I wanted the Affordable Health Care Act. The problem is, is it’s not affordable,”

An Obama supporter finds out what’s in it: “I wanted the Affordable Health Care Act. The problem is, is it’s not affordable.”

I would laugh except that I am crying. Moreover, the article is from a San Francisco media outlet, which is as surprised as this Obama supporter at the cost of Obamacare. Too bad these liberals all considered conservatives and tea party people terrorists, murderers, and hate-filled killers of small children and therefore not worth listening to back in 2009. Had they listened, they would have found out about the unworkable nature of this law then, instead of now, and the law would never have been passed.

They should maybe consider this reality and recognize that this is why there are Republicans putting up a fight now to delay or defund the law.

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No budget deal: The Democrats continue to refuse to give in at all, and the bulk of the Republican caucus has shown some spine and refused to cave.

Well hallelujah and amen! No budget deal: The Democrats continue to refuse to give in at all, and the Republicans have shown some spine and refused to cave.

This deadlock has been a team effort, from both sides. To say it is entirely the fault of one party or the other is to reveal your partisanship.

Nonetheless, legislation requires negotiation, and the only ones refusing to negotiate at all have been the Democrats. In the real world outside of government, such pig-headedness always results in no deal at all.

Right now it looks like 17% of the government will remain shut for quite awhile. And with the debt ceiling kicking in, the federal government will find its hands tied even more. The American people are about to find out that life will go on quite successfully without their big daddy to boss them around.

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The Obamacare website — that doesn’t work and probably never will — was originally supposed to cost $93.7 million and ended up costing more than six times more, $634 million.

Government marches on! The Obamacare website — that doesn’t work and probably never will — was originally supposed to cost $93.7 million and ended up costing more than six times more, $634 million.

Gee, this is almost as good as the James Webb Space Telescope, which is probably going to end up cost nine times more than originally budgeted.

And obviously, this disaster must be the fault of either George Bush or the tea party!

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The Obama administration has ordered 1100 square miles of open ocean off limits to private fisherman and tourists because of the government shutdown.

Shutdown fascism: The Obama administration has ordered 1100 square miles of open ocean off limits to private fisherman and tourists because of the government shutdown.

The article above also has a link to a story where voluntary unpaid Catholic priests have been told by the Obama administration that they will face arrest if they try to serve mass at military chapels or minister to military personnel during the shutdown.

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The Treasury Inspector General has found that the IRS cannot account for $67 million of Obamacare funds.

We’ve only just begun: The Treasury Inspector General has found that the IRS cannot account for $67 million of Obamacare funds.

he “Health Insurance Reform Implementation Fund” (HIRIF) was tucked into Obamacare in order to give the IRS money to enforce the tax provisions of the healthcare law. The fund, totaling some $1 billion of taxpayer money, was used to roll out enforcement mechanisms for the approximately 50 tax provisions of Obamacare. According to the report: “Specifically, the IRS did not account for or attempt to quantify approximately $67 million [from the slush fund] of indirect ACA costs incurred for Fiscal Years 2010 through 2012.”

The report also found other spending abuses, including using the money for travel that was unjustified.

But everything’s under control. The Democratic Party will make sure Obamacare is funded, no matter what!

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The Obamacare wars are just beginning.

The Obamacare wars are just beginning.

This is war—turning sectors of the economy into partisan battlefields is a cost of their agenda that liberals, with their pure faith in “programs,” never factor in. But wars also have a way of leading to unexpected outcomes.

Read the whole thing. The author outlines how this terrible law, defended again today by the Democrats in the Senate, will have numerous unintended consequences that were unexpected and are generally bad.

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The first and second launch of the Space Launch System are likely to be delayed due to budget issues.

The first and second launch of the Space Launch System are likely to be delayed due to budget issues.

“It’s very clear that we could have slips of a year or two,” said [deputy administrator Lori] Garver, referring to both the 2017 launch — which won’t have a crew — and the first planned flight of NASA astronauts aboard the SLS rocket in 2021.

Garver claims that it is insufficient funds for SLS that will cause the delays, despite getting $3 billion per year, or ten times the money the private commercial program is getting.

I’m on a hike today, but so any additional comments about this insanity will have to wait.

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A engineering problem during construction of one of the shuttle-derived solid rocket boosters for SLS is causing delays.

A engineering problem during construction of one of the shuttle-derived solid rocket boosters for SLS is causing delays.

[The] original test target of mid-2013 slipped when an issue with the aft segment [of the booster] was found. Inspection of the segment showed it was contained an area where propellant had debonded from the inside of the segment wall. Following analysis – which notably found no voids in the propellant itself – NASA decided to ask ATK to scrap the segment and cast a replacement.

Preparations … continued, with the shipping and integration of forward and center segments at the test site, while ATK went to work to replace the aft segment, following approval – post investigation – from NASA’s Marshall Space Flight Center. After ATK successfully cast the replacement segment in July, technicians carried out routine ultrasound and x-ray tests. Unfortunately, the tests showed this segment had also had similar voids. [emphasis mine.]

The Space Launch System (SLS), was mandated by Congress to use as much shuttle-derived components as possible in order to supposedly save money as well as employ as many of the companies that built those components as possible. In reality, however, every one of those components has required significant redesign to make them work in SLS. In the case of the solid rocket boosters, the four segment shuttle boosters were not powerful enough. They had to be expanded to five segments.

Moreover, it appears from this article it was other technically unnecessary changes to the boosters that are now causing this problem.
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Obamacare is forcing a number of artist organizations to cancel health insurance for its members.

Finding out what’s in it: Obamacare is forcing a number of artist organizations to cancel health insurance for their members.

The College Art Association website posted a notice this month: “The New York Life Insurance Company recently informed CAA that it will no longer offer catastrophic healthcare coverage previously available to CAA members.” Why? Because it “is no longer an option” for “associations whose members reside in different states” to provide such coverage. These members will have to seek help from their home states’ newly formed Obamacare exchanges. Plans offered to Modern Language Association (MLA) members will suffer a similar fate.

Other insurance providers are reporting cancellations. The Entertainment Industry Group Insurance Trust (TEIGIT) website posts the following notice: “All individual and/or Sole Proprietor Health Insurance will terminate January 1, 2014. This includes plans acquired as Members of our Affiliated Associations & their groups.” Those affiliated associations include the American Federation of Television and Radio Artists, the Dramatists Guild, the Graphic Arts Guild, NY Women in Film and Television, and many others.

From my experience in the movie industry it is almost certain that the vast majority of these artists, writers, musicians, and actors are Democrats who blindly supported Obama and Obamacare. I am also certain that, even after this disaster, they will still blindly support the Democratic Party.

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A NASA veteran slams SLS.

A NASA veteran slams the Space Launch System (SLS).

The problem with the SLS is that it’s so big that makes it very expensive. It’s very expensive to design, it’s very expensive to develop. When they actually begin to develop it, the budget is going to go haywire. They’re going to have all kinds of technical and development issues crop up, which will drive the development costs up. Then there are the operating costs of that beast, which will eat NASA alive if they get there. They’re not going to be able to fly it more than once a year, if that, because they don’t have the budget to do it. So what you’ve got is a beast of a rocket, that would give you all of this capability, which you can’t build because you don’t have the money to build it in the first place, and you can’t operate it if you had it.

Q: What do you see as the alternative?

A: In the private sector we’ve got an Atlas and a Delta rocket, and the Europeans have a rocket called the Ariane. The Russians have lots of rockets, which are very reliable, and they get reliable by using them. And that’s something the SLS will never have. Never. Because you can’t afford to launch it that many times.

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Space agencies of the world unite!

On Tuesday NASA released what it calls a new “space exploration roadmap,” outlining the agency’s goals for the human exploration of space over the next few decades.

Normally I’d say, who cares? The space agency puts these kinds of PR roadmaps together periodically. None of them really ever mean that much. And in truth, this particular report doesn’t mean that much either. However, what makes this “Global Plan” interesting and worth mentioning is the participants who wrote it. It seems that NASA and the Obama administration didn’t do it alone.
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A GAO audit of NASA’s Orion capsule says the program faces delays and budget overruns.

A report by NASA’s inspector general of the Orion program says it faces delays and budget overruns.

I’m not surprised. The audit [pdf] tried to put a good spin on NASA’s effort to build this capsule, but you can’t make a beauty queen out of a cockroach. Even though I truly believe that the agency has worked hard to try to contain costs and meet its schedule, it is impossible for NASA to succeed at this under the constrains imposed on it by Congress.

And then there is this:

Meanwhile, although [the] report focused on Orion, it also reiterated an oft-repeated point: The money NASA has said it will spend on SLS, Orion and associated ground systems is not enough to stage a mission to any extraterrestrial surface. “Given the time and money necessary to develop landers and associated systems, it is unlikely that NASA would be able to conduct any surface exploration missions until the late 2020s at the earliest,” the report says. “NASA astronauts will be limited to orbital missions using” Orion.

In other words, this very expensive project will not go anywhere for almost two decades. Doesn’t that just warm your heart?

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The federal treasury had a $98 Billion deficit in July, yet the total debt was left unchanged at $16,699,396,000,000

Fraud: The federal treasury had a $98 Billion deficit in July, yet the total debt was left unchanged at $16,699,396,000,000.

At the static $16,699,396,000,000 level that the Treasury reported for every day of July, the debt was just $25 million below the legal limit of $16,699,421,000,000 that was set in a law passed by Congress and signed by President Barack Obama.

The total debt has remained unchanged now for almost three months, despite continuing month deficits. In other words, someone is lying and committing outright fraud.

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Pigs in space

Today I have an op-ed in the Wall Street Journal, entitled “No liftoff for these space flights of fancy.” It is essentially a more detailed reworking of my rant on the John Batchelor Show on July 30.

My point is that the federal space program mandated by Congress, the Space Launch System (SLS), is never going to go anywhere, and is nothing but pork that should be cut as fast as possible. (See my essay from November 2011 on how NASA and the federal government can better use this money to get more accomplished in space, for less.)

The comments to the article have generally been positive and in agreement. Those who disagree mostly question the $14 billion cost per launch that I claim SLS will cost. That number comes from John Strickland’s very detailed analysis of what it will cost to build, complete, and operate SLS. However, it doesn’t require much thoughtful analysis to realize that this number is not unreasonable.
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In its minority small business program, supposedly designed to help minorities, the federal government has instead given millions to firms owned by fictitious people.

In its minority small business program, supposedly designed to help minorities, the federal government has instead given millions to firms owned by fictitious people.

This article illustrates how deep and extensive the corruption is in Washington DC. Things have gotten so bad that we hardly notice a story like this, even though it involves a level of fraud and illegality involving millions of dollars that has become almost routine within the small business and minority set-aside programs of the federal government.

The programs were designed, with noble good intentions, to encourage new businesses run by minorities or women. Instead, a minority or woman sets up a fake company and then subcontracts the work out to others (even though such subcontracting is forbidden). No one in the federal government notices or cares, and the fraud escalates, until in examples like the one at the link, it becomes so egregious that someone in government feels obligated to prosecute. And even then, it appears that the woman charged is only obligated to return some cash and a car. It does not look like she will serve any prison time.

Just imagine how much other fraud and corruption continues to go on in other federal feel-good programs that no one has bothered to stop or notice. The possibilities are numbing.

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An inspector general report has found that the 24 health co-ops formed under Obamacare are going bankrupt, even before they have opened.

Our government at its best: An inspector general report has found that the 24 health co-ops formed under Obamacare are going bankrupt, even before they have opened to their first customers.

And that’s not all:

Examiner Watchdog investigative reporting project focused on the co-ops began in 2012 and has since uncovered extensive evidence of financial mismanagement, conflicts of interest, failure to file required tax returns, inadequate capitalization and evasion of public disclosure requirements such as the federal Freedom of Information Act. A recent Examiner survey found, for example, that all but one of the 24 co-ops failed to file required tax returns, and several may invoke a highly questionable loophole allowing them to avoid doing so in the future. Even more troubling, two of the co-op loans were awarded to organizations headed by individuals with questionable backgrounds, the Examiner has learned, including an insider trading conviction and a history of child sexual abuse.

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The Obama administration has given Congress and its staff a waiver so that they will not have to pay the full cost increase imposed by Obamacare.

The law is for the little people: The Obama administration has given Congress and its staff a waiver so that they will not have to pay the full cost increase imposed by Obamacare.

No waiver for anyone else, however. You gotta pay, tough luck. You ain’t an important member of the Washington elite, the royal class, the superior smarter set that makes the laws you (and not they) have to follow.

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My rant Thursday against politicians on the John Batchelor Show

On my Thursday appearance last week on the John Batchelor Show John and I devoted the entire segment to talking about the sad state of NASA and how the partisan bickering in Congress is not only failing to deal with those problems, that bickering is intentionally disinterested in actually fixing them. As I say,

What both those parties in Congress and in the administration are really doing is faking a goal for the purpose of justifying pork to their districts, because none of the proposals they’re making — both the asteroids or the moon — are going to happen.

I intend to elaborate in writing on this subject in the next day or so. In the meantime, here is the audio of that appearance [mp3] for you all to download and enjoy.

Note that I specifically talked about the following stories during this appearance:

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Two graphs that show the depressing trends of the work force for the past twenty years.

Two graphs that show the depressing trends of the work force for the past twenty years.

Both reveal that, since the crash in 2008-2009, there has been absolutely no uptick, despite the desperate repeated claims of the Obama administration. The American work force, and the economy that work force represents, has shrunk, and shows no signs of recovery.

There is a solution, but no one really wants to risk trying it in our Soviet-style society.

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The state of SLS construction.

The state of SLS construction.

The article is mostly focused on the engineering challenges of building a new rocket out of old pieces of the space shuttle. Kind of reminds me of Frankenstein. Nonetheless, I do get the impression for the first time that this heavy lift rocket will be built, and will fly at least once.

After that, however, I expect it to die from lack of funds. In fact, its history will probably parallel that of the Soviet Union’s Energia rocket, which flew twice, once to launch their shuttle copycat Buran and once to lift a failed payload whose purpose has never been clearly revealed. Soon thereafter came bankruptcy and the end of the Soviet Union, which couldn’t afford such a monstrosity. SLS will likely see a similar fate.

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The cost of complying with Obamacare is forcing insurance companies to abandon many state markets.

Finding out what’s in it: The cost of complying with Obamacare is forcing insurance companies to abandon many state markets.

In February 2010, a month before passage of the law, Obama explained at a bipartisan health care summit at the Blair House, “What we’ve said is that if you join one of these exchanges, you will have choice and you will have competition. You will have a menu of private insurance options that you’ll be able to purchase.”

Increasing the number of insurance options for individuals was one of the key ways in which Obama claimed the law would be able to drive down insurance costs. But with less than 70 days before the exchanges are set to open, large insurers are pulling out of states as a result of the health care law, resulting in less choice for consumers, not more.

This is exactly what happened in New York in 1992 when the state legislature passed a law with many of the same components as Obamacare. Insurance companies fled the state, and premiums went up.

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