Sorry, I didn't want you to start reading this article under some false impression that I in any way endorse Ted Cruz, what he's doing, or his party in any way, shape or form! Actually, I shouldn't say anything as we are witnessing the death of the Republican Party. You may not believe it now but read this again in 20 years and you'll be saying "Oh yeah, I remember those guys."
Ted Cruz is not even filibustering because that would imply he had the ability to block something. What he is doing is called grandstanding or, more accurately, his job – as he was just elected last November and heavily funded by the Health Care Lobby to do exactly what he is doing now – whatever he possibly can to stop or delay Obamacare so his Corporate Masters can continue to collect their excess profits from the American people for as long as possible.
Cruz has, this year, been specifically tasked by the Heritage Foundation (yes, as an acting US Senator!) to tour the nation this Summer and do whatever it takes to shut down the Affordable Care Act. They pay for the food, the drinks, the private jets, the staff for Cruz's quest to repeal affordable health care before it begins and Heritage, of course, gets their money from the Health Care Industry.
Sorry but I was looking for Cruz and saw that and I don't think it should pass without mention. Politics are a disease in this country and Ted Cruz was the AG of Texax before being elected to the US Senate. Who knew it was such a lucarative position? Anyway, like the Energizer Bunny, Ted Cruz is still going (8am) and he will keep going until they are ready to vote, when he has to shut up because he doesn't have the procedural right to filibuster – this is all for show but Heritage and the Health Care Lobby are sure getting their money's worth!
Which brings us back to the markets. This is all important background because, way back in December 2009, when we anticipated some sort of health care legislation, I wrote my 2010 outlook and we liked the Health Care sector and my picks at the time were:
- IHI at $58, now $85 - up 46%
- XLV at $30, now $52 - up 73%
- ISRG at $260, now $363 - up 40%
- MDT at $34, now $54 - up 59%
- TMO at $55, now $93 - up 69%
- BSX at $7.50, now $11.50 - up 53%
- STJ at $40, now $54 - up 35%
- SYK at $52, now $71 - up 36%
- GE at $17, now $24 - up 41%
- MRK at $32, now $48 - up 50%
- PFE at $16.50, now $29 - up 75%
- CELG at $60, now $146 - up 143%
- AMGN at $53, now $115 - up 117%
- UHS at $42.50, now $73 - up 72%
- THC at $26, now $40 - up 53%
The fact that pretty much every one of these stocks is still trading near their all-time high is a pretty good indication of what a complete waste of time Cruz is but, every year they delay healh care reform is another $1Tn in revenues MORE than any other civilized country is charged for it's health care – that's why a guy like Cruz is worth every dime the lobbyists pay him!
So don't blame the modern GOP for this – the Republican Party has been screwing the American People for decades!
As you can see from the chart, this is a $2.6Tn (16% of our economy) problem. It's not going to go away with a magical wave of Obama's wand but at least we are making a start to stopping the madness. As you can see, households and Government shoulder 72% of the burden so that's $1.8Tn paid by workers and $800Bn paid by business, which is actually more fair than taxes, where Business pays just $200Bn of the $2.4Tn collected (8.3%).
Come on people – STOP THE MADNESS!