Posted on 12/11/2006 3:15:21 PM PST by SierraWasp
’S Wonderful
BY STEVE PIONTEK
This is an advisory to those people who upbraid me every time I write a column involving politics and tell me that politics has no place in a magazine covering the insurance business. This column is going to be all about politics, so be warned that if that doesn’t suit you, pass this one by.
For those of you who are still with me, you know that I’ve made no secret of my political persuasion over the years. So let me just get this off my chest here at the get-go and then move on. Fantastic! Unbelievable! A dream come true!
It’s almost like having a Meg Ryan moment in “When Harry met Sally,” when all you want to do is shout Yes! Yes! Yes! But in this case it’s for real.
It just makes me feel like belting out the George and Ira Gershwin classic, “‘S Wonderful.”
OK, now that you know how I really feel, let’s get to the business of insurance and how this election may affect it.
The truth is, better than you think.
If you look back over the last 6 years of the Bush administration and the time that both the House and Senate have been controlled by the GOP, you have to admit the industry hasn’t done all that well by the Republicans.
Despite their reputations as wild-eyed liberals and business-hacking brutes, the likely chairmen of some key committees are, in fact, pretty reasonable when it comes to issues of concern to the business.
Yes, rolling back some of the Bush tax cuts or letting them sunset as planned will probably be on the agenda of Rep. Charles Rangel of New York, who is set to become chairman of the Ways and Means Committee. He has in fact said that everything tax-wise is on the table. But Rangel, like a lot of his Democratic confreres, is concerned with giving the middle class some tax relief. I imagine he is also cognizant of the fact that many middle class families are poorly prepared for long term care and other retirement issues.
Rep. Barney Frank of Massachusetts, who is invariably referred to as “sharp-tongued” (and in some quarters undoubtedly is called “forked-tongued,” since he is openly gay), has been quite reasonable in wanting to alleviate some of the burdens that Sarbanes-Oxley has put on small businesses. (Now that both Sen. Paul Sarbanes and Rep. Mike Oxley are leaving Congress, changes in the law that is their claim to fame can be considered.)
Yes, there is Rep. Pete Stark of California, who’s been a long-time scourge of the health care/insurance business. But my guess is that a lot of Stark’s energy will go into various Medicare fixes. And if his and some of his fellow representatives’ attention is directed toward finding a solution for the millions and millions of uninsured in this country, well, I find it hard to see how one could argue with that.
And then there’s Nancy Pelosi, who by all accounts is likely to be the next House Speaker and the first woman to hold that post since this country was born. She has been the target of all those who would attack anyone who still dares to call themselves a liberal—the poster child for that way-out San Francisco lifestyle and attitude (you know what that means) that, if given free rein, will bring nothing but ruination on the nation.
I think, however, that Nancy will want to be Speaker for more than 2 years and will confound her critics. Today’s Democrats are too savvy to automatically alienate the business community.
Who knows? This could be the start of a beautiful relationship between the Dems and the industry. But in the meantime, all I can say about the election is “‘S Marvellous.”
Steve Piontek
Editor-in-Chief
The Life & Health insurance industry has been a stronghold of Republican and conservatives since I entered the field in 1963. No, we didn't like JFK, either!!! Now here's this guy whose magazine supposedly serves that industry doin this dubious dance, flaunting his leftist/liberal thinking with outrageous taunts!!!
An "Ain't nuthin sacred anymore," Ping!!!
"It’s almost like having a Meg Ryan moment in “When Harry met Sally,” when all you want to do is shout Yes! Yes! Yes! But in this case it’s for real."
Dour actuaries have orgasms?
Anyone who assumes Rangel is "congizant" of anything is totally insane.
Just a lot of feelings, accentuated by show tunes! No facts.
DEMOCRATS?........ (Eddie Murphy laugh)...
Our mixed economy is 1/3 capitalist and 1/3 socialist. But it is also 1/3 MERCANTILIST.
I think Milton Friedman would agree that the capitalist desire for less regulation is not shared by the established insurance companies, once regulation has become an irreversible fact of life. The socialist intent of regulation is, of course, to re-distribute the wealth. But as Friedman often showed, the regulated industry has the most interest in those regulations. The established companies come to dominate the regulatory agencies at both the state and federal level.
The primary goal of the established companies is to skew the regulations so that the established companies are protected from unfair competition that might come from young upstart companies.
The established companies have acquired a large overhead bureaucracy to deal with the regulatory environment. The regulators allow, and encourage the regulated companies to pass on the cost of regulations to the consumer, and to even profit from those overhead costs.
A lean, mean, upstart might not have those overhead costs of the bureaucracy. Thus it would not be fair compettion for it to be allowed to offer cheaper insurance, or a customized plan (eg for a niche market) that the big company is unable to offer.
I've been in the insurance industry since 1968.
I read this as a prayer.
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In this case, I think you meant to say "Does this actuary have ovaries?" Why the hell would a dude be talking about imitating Meg Freakin' Ryan??
"Why the hell would a dude be talking about imitating Meg Freakin' Ryan??"
Because he's a Democrat?
I'm sure you noticed that some time ago, SW. ;-)
Anybody who uses the word "reasonable" when referring to Pelosi, Rangel, Frank, and Stark is missing a few screws.
Yes... That's a mighty impressive resume you have!!!
I knew someone sporting your same first and last name in 1963 in Lincoln, NE. That was my first contract in the biz, back when it only took $2 and 2 Wheaties box tops to get a license to sell. Worked for old John McArthur's outfit running down Paul Harvey leads written on post cards by the old folks who didn't have Harry Truman's and LBJ's socialized medicine yet. (now old John's money funds PBS!)(yeck!)
How 'bout that, Mr. spintreebob? Oh! I was born and raised in Chicagoland, too!!! Used to listen to the WLS barndance and Don McNeil's breakfast club on my crystal set while milkin 9 head of holsteins by hand. What a life!!! Pullin teats and listenen to "Fiction and fact, from Sam's almanac!" Co bossy... don't kick the danged bucket, now...
Now THAT's exciting!!! YES!!! YYYYYYYYYYYEEEEEEEEESSSSSSSSSS!!!
Nope! They just try to immitate a faker!!!
Well, now... wait! Them number dummies lead such lackluster lives they're likely to try anything for laughs!
We made the mistake of inviting one of ours to a convention in Jamacia once and he went completely nuts. Out limbo'ed the drunkest, most limber agent in the event!!!
Then he decided he wanted to play craps and was using my used flash cubes for "dice," trying to get a game started in the middle of the dance floor!!!
All in all, Wasp, I can't get too excited about anything that comes out of the insurance industry. In terms of public confidence/approval, the insurance industry ranks right down there with politicians, used car salesmen and criminal defense lawyers.
"Then he decided he wanted to play craps and was using my used flash cubes for "dice," trying to get a game started in the middle of the dance floor!!!"
Yep, I remember the first time I got drunk in public. Bet this guy didn't, lol.
Well, then I guess that about does it for me! It's been my bread and butter for over 40 years including a short stint in politics!!! Hain't never sold no cars or defended any crinimals in court, but hey! I ain't dead yet!!! Gimme time, will ya??? Ha Ha ha!!!
Are you serious??? No matter what the DU'ers think, Demonicrats just cannot help themselves. They firmly believe that the only reason business exists is to make money for their "revenue streams!" They most times get to stepping all their own anatomy and basic benefactors and brutalize their "friends" in business to bizzarre lengths.
Judas Priest man! Can't you remember the Carter maladministration??? Guess you've never owned a bakery and fell victim to the Clinton maladministration's "EnvironMental Crimes Enforcement Task Force!" Haven't you seen what CA's Demonicrats did to "energy company deregulation???"
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