The Jaco Report: A Look A Proposition C - FOX2now.com

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August 1, 2010

Related links Jaco Report: Opposition To Prop CVideo Missouri Ballot Measure Tests Federal Health Care Law (KTVI-FOX2now.com) - This week, a look at health care and the Proposition C vote in Missouri on August 3rd. When President Obama signed health care reform into law, the debate was far from over. In fact, in many ways, it was just starting. The escalating cost of health care and the millions of Americans without insurance were the twin targets of reform. Long-term, reform may drive down costs. Short-term, it requires insurance companies to provide coverage despite pre-existing conditions. And it also requires all Americans to have health insurance.

Missouri Lieutenant Governor Peter Kinder has sued the federal government because of that mandate. So have officials in two dozen other states. The President's conservative opponents claim health reform is a federal takeover of health care. And the centerpiece of that objection is the mandate that each individual has to have insurance.

So in Missouri, opponents of health reform put proposition c on next tuesday's ballot.

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The statewide ballot proposition reads "Shall Missouri statutes be amended to deny the government authority to penalize citizens for refusing to purchase private health insurance or infringe upon the right to offer or accept direct payment for lawful health care services, and modify laws regarding the liquidation of certain domestic insurance companies?"

Opponents of what they say is a radical re-making of health care say a yes vote will overturn health care reform in Missouri. The President's supporters say health reform is already providing coverage for children and that it now makes it illegal for insurance companies to deny coverage because of pre-existing conditions.

But they say that can't work unless everyone's required to have medical insurance. They say, without that mandate, insurance companies can't be forced to provide coverage to people with pre-existing conditions. They say that would destroy health reform completely and that Missourians should vote no on Prop C

Opponents of proposition c also say the vote is meaningless because no state can overturn federal law. Federal law trumps state law...according to the U.S. Constitution's supremacy clause. They say the entire vote is merely designed to score political points...and that states can not overturn health care reform.

So those are the battle lines. Voting yes means saying Missouri can withdraw from health reform. A no vote means supporting health reform. But whether it's meaningful or not, whether it's even legal or not, Tuesday's vote is the first time any Americans will have voted on anything to do with health care reform. Copyright © 2010, KTVI-TV

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Genworth hit by lapse concern, housing caution - MarketWatch

By Alistair Barr, MarketWatch

SAN FRANCISCO (MarketWatch) -- Genworth Financial Inc. shares dropped more than 15% Friday on concern about higher lapse rates in the company's life insurance business.

The stock was also pressured as the company, a major mortgage insurer, sounded cautious about the housing market.

Genworth /quotes/comstock/13

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PMI 2Q Loss Narrows, Helped By US Mortgage-Insurance Ops - Wall Street Journal

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Insurance Co Alleges Jeffrey Locker Lied About Income, Refuses To Pay Claim - Long Island Press

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Obamacare: Much pain for little gain - OCRegister

Tibor MachanPublished: July 30, 2010
Updated: 4:53 p.m.Obamacare: Much pain for little gainBy MICHAEL TANNERHealth care expert at the Cato InstituteStory Highlights

Increasingly, the evidence suggests the health care law is a failure even by the standards of its supporters.

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Insurance Companies Not Meeting Regulatory Standards - French Tribune

Germany Jointly Propose EU Group to Tame Financial Meltdown SFO Investigating into South Island’s Blue Chip Franchise Businessman Bill Birnie Loses the Court Bid for Stay Orders More from Finance Paris NewsFrench Shares Jump at Paris Stock ExchangeCecile Aubry Dies on Monday

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Five More Banks Fail To Bankruptcy, Insurance Funds Siphoned - Click News (blog)

Bank-Bankruptcy

For a normal business to fail during the time of economic downturn is nothing out of the ordinary. However, when banks start to fail, then the public might have more to get concerned about. The total number of failed banks this year in the US has reached a number of 108, as another five banks failed.

The failing banks, situated in Washington, Georgia, and Oregon, with two in Florida, had to be taken over by financial institutions as they shut down their doors. The Federal Deposit Insurance Corporation managed to find buyers for the banks, though the growing rate of closure is a cause for concern.

The FDIC is expecting closures to come to its highest level this year, and not reach the level that was once incurred during the late 1980s. Most of the banks being closed were smaller community banks that succumbed to commercial real-estate loan portfolio failure.

About $335 million of the FDIC’s insurance fund was siphoned due the latest failure of the five banks.

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