A Nightmare before Christmas Peter Schiff

Peter Schiff Video Blog 24 December 2009

Lew Rockwell at FFF Economics and Moral Courage

Lew Rockwell, founder and president of the Ludwig von Mises Institute, gave this wonderful speech entitled "Economics and Moral Courage" for the Future of Freedom's Economic Liberty Lecture Series at George Mason University, September 9, 2009.

Peter Schiff Dropping the Bomb on Health Care

Dropping the Bomb on Health Care

by Peter Schiff


As business owners undergo the yearly ritual of passing through eye-popping health insurance premium increases to their employees, it's easy to understand why any attempt at health insurance reform would be met with some degree of hope. Unfortunately, President Obama and his Democratic allies in Congress are about to take a very bad system and make it unimaginably worse.

While ramming their new legislation through Congress, the Democrats have taken great pains to point out that they do not intend to "socialize medicine." But make no mistake, that's where we're headed. Even if some naïve centrists believe that their efforts have denied the Left a total victory, the practical implications of the current legislation sow the seeds for complete capitulation.

This first round of reform could be labeled as the 'neutron bomb' of the insurance industry: it leaves some of the private apparatus standing, but it irradiates whatever remains of the industry's market viability.

The bill's centerpiece is a clause prohibiting insurers from denying coverage based on a pre-existing medical condition. However noble and marketable an idea, this proscription removes the very basis upon which any insurance model operates profitably.

A system of insurance requires that premiums be collected from a pool of low-risk people so that funds are available in case a high-risk event befalls a particular person. In that way, premiums can be low and coverage can be widely available, even if the benefits offered are hypothetically unlimited.
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Peter Schiff Wall St Unspun - December/23/09

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