Tuesday, September 29, 2009

The Pete Morin News Service--Issue #22

News Flash from Washington, DC, September 29, 2009

It appears that an amendment for a public option in the healthcare bill presented by Senators Schumer and Rockefeller is dead, at least for the time being. The Democrats, however, have intimated that 'reconciliation', or an attempt to pass legislation with only a majority vote requirement, may still be pursued.

Another little known section of the proposed legislation concerns fines and possible imprisonment for individuals who do not purchase healthcare insurance once the Democrat backed bill is passed. Individuals can be fined $1900/person for not complying with the healthcare mandate. If the fine is not paid, a misdemeanor felony charge could be applied and if found guilty, an additional $25,000 fine and/or one year imprisonment could be imposed. It is assumed that the Democrats will then request an additional $50 billion dollars for prison construction to house these felonious, lawbreaking deviants. No word yet as to whether those convicted and sent to prison will then be given free healthcare.

President Obama and Oprah Winfrey are winging their way via taxpayer expense to Copenhagen, Denmark to try and present their case for having the 2016 Olympics held in Chicago. They will stay for only one night before returning to the US. This will minimize the effects of any carbon footprint.

The FHA(Federal Housing Authority) has increased its mortgage portfolio to almost $1 trillion dollars. That now leaves the agency leveraged at 50:1, or only $20 billion dollars. When Bear Stearns went bankrupt, its ratio was 33:1. Prospective buyers with FHA approval need only provide a 2.5 % down payment. Can you say 'FHA bailout'? coming soon to our treasury.

This brief news clip provided by the Pete Morin News Service

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