Obama using food-stamp cash to fund Michelle’s ‘Let’s Move’
By Andrea Peyser
November 11, 2013 | 3:52am Modal Trigger Obama using food-stamp cash to fund Michelle’s ‘Let’s Move’ First Lady Michelle Obama greets children (and "Elmo") as part of the Let's Move initiative.
As you dig into your Butterball with all the trimmings this Thanksgiving, remember that millions of famished schoolkids around America may be forced to forgo classic turkey — and chow down instead on vegan black-bean patties and organic locavore quinoa salad.
On Nov. 1, sizable cuts were gouged into the federal food-stamp program (or, as it’s now called, SNAP, Supplemental Nutrition Assistance Program), which feeds 47.6 million people, or nearly one in six Americans. In the city, 1.9 million folks get the bulk of their Jell-O and Campbell’s Soup from stamps.
But news has spread among the poor, like leafy green vegetables, that it wasn’t heartless Republicans who triggered the cuts.
Rather, some of the food-stamp cash was snatched to pay for Michelle Obama’s pet project, Let’s Move. What?
It’s come to this. Some 76 million meals a year will vanish from this city — poof! — partly because the president diverted money from SNAP to the first lady’s signature program, part of her Let’s Move anti-obesity initiative — the bean-sprout-heavy, $4.5 billion Healthy, Hunger-Free Kids Act.
The rest of the $5 billion annual food-stamp cuts was taken when 2009 stimulus funds dried up. But with ObamaCare woes stealing the oxygen in Washington, there’s little urgency to replace dandelion greens served on recyclable trays with family-friendly buttered mashed potatoes.
Right now, the country’s poorest families of four are seeing food-stamp allotments cut from $668 a month to $632. It may not sound like much, but understand that $36 is enough to buy a truckload of Kool-Aid and ramen noodles. (Lose the noodles if the Food and Drug Administration succeeds in banning trans fats.) http://nypost.com/2013/11/11/obama-takes-from-kids-dinners-to-fund-michelles-project/
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
It's Just A Number What’s in a number? That depends on who you ask.
Quoted Text
~ If you’re a Democrat the number 106,815 represents a figure that fell well short of expectations. ~ If you’re a Republican, the number 106,815 represents a calamity that validates your previous talking points regarding a piece of legislation that your party has officially made its Waterloo. ~ If you’re an independent, the number 106,815 represents a discussion point for future bipartisan discussions.
~ However, if you happen to be one of the 106,815 that has been able to purchase health insurance thanks to the Affordable Care Act, then that number means something entire differently to you: The difference between life and death.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
UnitedHealth drops thousands of doctors from insurance plans: WSJ Reuters 10 hours ago
(Reuters) - UnitedHealth Group dropped thousands of doctors from its networks in recent weeks, leaving many elderly patients unsure whether they need to switch plans to continue seeing their doctors, the Wall Street Journal reported on Friday.
The insurer said in October that underfunding of Medicare Advantage plans for the elderly could not be fully offset by the company's other healthcare business. The company also reported spending more healthcare premiums on medical claims in the third quarter, due mainly to government cuts to payments for Medicare Advantage services.
The Journal report said that doctors in at least 10 states were notified of being laid off the plans, some citing "significant changes and pressures in the healthcare environment." According to the notices, the terminations can be appealed within 30 days.
Tyler Mason, a UnitedHealth spokesperson, was not immediately available for comment when reached by Reuters.
The insurer told the WSJ that its provider networks were always changing and that it expected its Medicare Advantage network to be 85 percent to 90 percent of its current size by the end of 2014.
UnitedHealth is participating in about a dozen new state insurance markets that launched on October 1 to offer subsidized health coverage under President Barack Obama's healthcare overhaul.
The insurer said previously it planned to withdraw from some markets in 2014 because of the government funding cuts.
Isn.t it amazing how these insurance companies haven't presented these issues to the Government in the 2 years that this program has been rolling out? It's not like they didn't know any of this stuff before now....are they using it as excuse to improve profits?????
JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!!
Isn.t it amazing how these insurance companies haven't presented these issues to the Government in the 2 years that this program has been rolling out? It's not like they didn't know any of this stuff before now....are they using it as excuse to improve profits?????
Do you don't hold any insurance stocks? None in a mutual fund? I'm sure if you did, and your retirement dropped like a rock because of this law, you would have a different view on profit. You should dump all the stocks you own or dividends you collect. They are based on profit.
I can't believe the Obama Administration or democrat lawmakers didn't see this coming. They allegedly wrote the regulations. Regulations and laws are passed to force a desired outcome. People getting dump from their insurance was a desired outcome.
insurance is a gambling industry and that's why nys loves gambling and is expanding it and they are the only state with a state website for insurance that works....
NYS is the cement boots of regulation
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
The UnitedHealth Group Inc. PAC reported it has raised $499,183 during the first nine months of 2013, and given out $382,250 to candidates and political committees. The PAC has given $193,000 directly to 78 candidates. House Speaker John Boehner, R-Ohio was given $5,000; House Majority Leader Eric Cantor, R-Va., was given $5,000.
In the full 2011-2012 cycle, the PAC had receipts of $1,290,130, and gave out $834,000 to candidates and political committees. They gave $459,500 directly to 133 candidates. House Speaker John Boehner, R-Ohio was given $10,000; Senate Majority Leader Mitch McConnell, R-Ky., was given $7,500; House Majority Leader Cantor, R-Va., was given $10,000.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
BRIEFS, LETTERS, MOUs, TESTIMONY & SPEECHES Derivatives are contracts between two parties which derive their value by creating pure price exposure to an underlying asset, rate, index or event. Derivatives play a central role in mainly hedging and managing risks and as such can help promote stability in the financial markets. On the other hand, the use of derivatives primarily for speculation can potentially pose a threat to both the financial market and the economy as a whole.
Insurance companies use derivative instruments to manage and mitigate a variety of risks. As of 2011 year-end, a total of 274 insurance companies participated in the derivatives market. Of this number, 152 were life insurance companies, 99 were property/casualty (P&C) insurance companies, 19 were health insurance companies and four were fraternal insurance companies. Life insurers’ use of derivative instruments represented 95.8% of the total notional value outstanding at the end of 2011, at $1.32 trillion. P&C insurance companies accounted for a 4.1% share of the notional amount held by the insurance industry.
Although the insurance industry’s investment in derivatives in terms of book/adjusted carrying value (BACV) is quite small ($86.3 billion, or less than 2% of $5.2 trillion in total cash and invested assets at the end of 2011), the notional amount of that investment was almost $1.4 trillion. According to statistics compiled by the Bank for International Settlement (BIS), the total notional amount outstanding of all derivatives (both over-the counter (OTC) and exchange-traded) worldwide as of Dec. 31, 2011, was $704.3 trillion. The insurance industry’s derivatives holdings were merely a fraction (0.20%) of the overall market.
The primary use of derivatives in the insurance industry is hedging, with 94.7% of derivatives holdings at year-end 2011 used for hedging risk. This represents an increase from 90.1% at year-end 2010. Some examples of risks that are hedged include interest rate risk, credit risk, currency risk and equity-related risk. The most common risk hedged by the insurance industry is interest rate risk. About 67.4% of the total notional value of all derivatives used for hedging purposes mitigates risks resulting from volatility in interest rates. Equity risk is the second-most common risk that the insurance industry hedges with derivatives. Insurance companies face equity risk as a result of the sale of certain products, such as variable annuities that offer guaranteed minimum withdrawal or income benefits. Other risks that are hedged with derivative instruments include foreign currency risk and credit risk. Among other relatively minor uses of derivatives are replicating assets and generating income, constituting just 2.3% and only 0.02% of insurers’ total derivatives exposure respectively.
The type of derivative contract most widely used by insurance companies is swaps, which represented a notional value of $796.7 billion (or 57.8%) of the insurance industry’s derivatives holdings as of year-end 2011. Options represented the second-largest type of derivative held, accounting for a notional value of $489.5 billion (or 35.5%) of the derivatives holdings. Futures and forwards contributed $57 billion (or 4.1%) and $35.1 billion (or 2.5%), respectively.
Insurance companies face counterparty risk primarily when entering into derivatives contracts. Counterparty risk is the risk faced by one party that the other party will not satisfy the obligations of a derivatives contract. Large financial institutions are typically the most common counterparties in the derivatives market. According to a report published by the Office of the Comptroller of the Currency based on data for the fourth quarter of 2011, “derivatives activity in the U.S. banking system continues to be dominated by a small group of large financial institutions. Five large commercial banks represent 96% of the total banking industry notional amounts and 86% of industry net current credit exposure.”
Insurers’ derivative instruments’ holdings and activity are reported in Schedule DB of insurance companies’ quarterly and annual financial statements. In 2010, Schedule DB was revised to be more streamlined and yet to provide more detailed and useful information regarding an insurance company’s derivatives exposure and activity. Further enhancements were adopted in August 2012 to be effective for 2013 reporting.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Q2. What role do actuaries play in the valuation of derivatives embedded in Modco and other similar arrangements?
A2. The actuary may be called upon to value the embedded derivative. As discussed below, the valuation methods may involve what have traditionally been actuarial calculations, such as projecting insurance cashflows (including changes in reserves), and calculating discounted present values of cashflows under a variety of scenarios. In addition, actuaries may be called upon to assist in the interpretation of the provisions of reinsurance or other insurance arrangements as a company makes the determination as to whether embedded derivatives exist.
Q3. What factors would the actuary usually consider in assisting in the determination of whether a Modco or similar arrangement contains an embedded derivative?
A3. Two key features to consider in assisting with this determination may be: (1) whether the assets are, in fact, owned by the insurer, and (2) whether the investment returns, after considering all of the terms of the arrangement, effectively result in the credit risk and/or interest rate risk of these assets being passed on to the reinsurer or policyholder. Examples where it might be determined that an embedded derivative does not exist using these criteria include: • A Modco arrangement whereby the ceding company pays the reinsurer a stated fixed rate or a floating risk-free rate, such as a London Interbank Offered Rates (LIBOR) based rate. In this case, the reinsurer usually has no third party exposure to credit risk, and there is either no interest rate derivative or there is one that is “clearly and closely related” to the host contract.
• Situations where, upon a credit event occurring, the reinsurer can require the insurer to replace the affected assets held for the reinsurance arrangement. Effectively, the material credit gains and losses would remain with the ceding company. However, such situations should be considered carefully because, while a credit derivative would not likely exist in this case, an interest rate derivative may be present.
3
Q4. If an embedded derivative exists, what does it look like?
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
The UnitedHealth Group Inc. PAC reported it has raised $499,183 during the first nine months of 2013, and given out $382,250 to candidates and political committees. The PAC has given $193,000 directly to 78 candidates. House Speaker John Boehner, R-Ohio was given $5,000; House Majority Leader Eric Cantor, R-Va., was given $5,000.
In the full 2011-2012 cycle, the PAC had receipts of $1,290,130, and gave out $834,000 to candidates and political committees. They gave $459,500 directly to 133 candidates. House Speaker John Boehner, R-Ohio was given $10,000; Senate Majority Leader Mitch McConnell, R-Ky., was given $7,500; House Majority Leader Cantor, R-Va., was given $10,000.
What's that have to do with anything? They didn't write or vote for the bill, the Democrats did.
Again......it's all smoke and mirrors. The government knows right where this is going to end up. They aren't that stupid when it comes to manipulation and corruption and deception. This health insurance roll out was created to fail.....WHY?........so the sheople will swallow the future one payer system and like it. Government WILL 100% subsidize health insurance!!
This created corrupt road was needed to accomplish the end result....a one payer government subsidized taxpaid system....and the corporate insurance companies will be the administrators.....a win-win for GOV ALMIGHTY and the CORPORATE INSURANCE COMPANIES. SUCCESS!!
And both dem/reps aka the collective government AND the insurance companies knew it and played a part in it. The bantering back and forth was part of the created show.
pass the pop corn!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Amazing how some people are so angry that those with out health care will now have it available at a reasonable cost.
It reminds me of a political truism: "A Republican can't enjoy a meal unless he knows somebody else is hungry."
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
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