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Obamacare Is the Reason for Anemic Growth – Karl Denninger, Greg Hunter Video
By Greg Hunter’s USAWatchdog.com
Analyst and entrepreneur Karl Denninger predicted years ago that Obamacare would “kill the economy” and “eventually implode.” Today, the first quarter GDP came in at just .9%, and Denninger contends Obamacare is part of the reason the economy is so anemic. Denninger says, “Since the crash in 2008, we’ve had 2% GDP expansion roughly on an average basis, and you are trying to expand the growth of one program in the government by 8.5%, and that’s not going to work. This is the problem you have. What Obamacare has done has caused the 2% expansion. . . . So, what has happened here is we have taken this program and crammed these costs into the economy on a mandated basis, and the result is the productivity expansion has gone into the toilet.”
Another big problem with Obamacare is the pre-existing conditions. Denninger says, “When you say an insurance company has to cover pre-existing conditions, what you are saying is if this condition costs $10,000, we are going to make it cost $12,000 because the insurance company has to make money. The cheapest way to pay for a condition that costs $10,000 is to write a check for $10,000. That’s just basic math, and yet nobody wants to deal with this. So, the high risk pools were in the process of collapsing, and as a result, you had Obamacare come into essentially force everybody into the risk pools. That was the whole point. Everybody has to buy health insurance and, therefore, force you to take things you cannot get. For example, as a man I, can never need maternity. . . . If you have these things that I have to pay for in my coverage, but the probability is zero of using it, then what you have done is stolen the money from me and given it to somebody else. . . . I don’t think this can be fixed at the present time.”
Denninger, a professional trader, says the financial markets look eerily like they did just before the “dot-com bust” (2000) and the financial meltdown of 2008. Denninger explains, “This is the same sort of situation we are in today. Nobody knows how long it will go on, but you are in a place right now with record margin debt in the United States. That’s very, very dangerous because at the point the margin calls start, the cascade is almost impossible to stop. You’ve got imbalances throughout the system. You’ve got the Federal Reserve where it has to start taking risk off the balance sheet. . . . We all know how this party is going to end. The building is going to catch on fire, and the door is one person wide, and there are 15,000 people in the room. The problem is figuring out how far it goes. At the point the market wakes up to the fact that none of this is going to get resolved at all—ever, that’s when it comes apart. . . . Risk/reward is in a bad place right now. P/E numbers are very high, and the growth numbers are very low”
Join Greg Hunter as he goes One-on-One with Karl Denninger of Market-Ticker.org.
(There is much more in the video interview.
After the Interview:
Karl Denninger goes on to say that the best thing you can do to help yourself in the health care area is to work to improve your own health. Denninger says in 2011, he was 210 pounds and only 5 foot 10 inches tall. He could not run a half mile. Denninger says he totally changed his diet, cut way back on carbs and ate only healthy food. Today, he weighs 155 pounds and is running half marathons. There is free information and analysis on Market-Ticker.org.
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http://usawatchdog.com/obamacare-is-the-reason-for-anemic-growth-karl-denninger/
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
Pray. God is even in charge of the economy. It is the Lord that gives power to get wealth. Pray to end the excessive mandates and taxes. Shift the supply curve to the right so that prices drop and output rises. Resist the enemy and he will flee, even leaving behind necessary resources.
II Kings 7
1Elisha replied, “Hear the word of the Lord. This is what the Lord says: About this time tomorrow, a seaha of the finest flour will sell for a shekelb and two seahsc of barley for a shekel at the gate of Samaria.”
2The officer on whose arm the king was leaning said to the man of God, “Look, even if the Lord should open the floodgates of the heavens, could this happen?”
“You will see it with your own eyes,” answered Elisha, “but you will not eat any of it!”
15They followed them as far as the Jordan, and they found the whole road strewn with the clothing and equipment the Arameans had thrown away in their headlong flight. So the messengers returned and reported to the king. 16Then the people went out and plundered the camp of the Arameans. So a seah of the finest flour sold for a shekel, and two seahs of barley sold for a shekel, as the Lord had said.
17Now the king had put the officer on whose arm he leaned in charge of the gate, and the people trampled him in the gateway, and he died, just as the man of God had foretold when the king came down to his house. 18It happened as the man of God had said to the king: “About this time tomorrow, a seah of the finest flour will sell for a shekel and two seahs of barley for a shekel at the gate of Samaria.”
19The officer had said to the man of God, “Look, even if the Lord should open the floodgates of the heavens, could this happen?” The man of God had replied, “You will see it with your own eyes, but you will not eat any of it!” 20And that is exactly what happened to him, for the people trampled him in the gateway, and he died.
Nice try, but we had almost seven years of anemic growth BEFORE Obama Care. A crash is built into the system and NOTHING will stop it.