Vicious Rants of an Angry Yellow Man

I wrote a comment on the previous blog last night but somehow it disappeared. So instead of writing the comment again I may as well write a new blog. Regarding the question about drug companies in trouble because several patents on profitable drugs are due to expire soon and generics will be available, I agree that the drug companies will take a hit now. But don't feel too sorry for them. They have done very well recently with these drugs. If they don't have drugs in the pipeline then it is their own fault since they know this day is coming. I hope this spurs them into finding drugs for less common diseases as we have many choices now for things like diabetes and hypertension. I think it maybe better to try to corner a small market (uncommon disease) than to try to win a big share of a large market (common disease).

Having gone over the main points of the debt deal, I still think that the Republicans won this round. There are only two ways to cut a deficit: decrease spending or increase taxes. It is no compromise when one way is not considered. I don't like to pay more taxes either but it is nonsense to say increase taxes always decrease jobs. We had a tax cut during the Bush era, how well did that worked? Nobody really understands economy so I believe that if things are going bad, just do the opposite as what you are doing now. You see, economy is all about confidence. If you have inflation, increase interest rate. If you have recession, decrease interest rate. Does it work? Who knows? But the fact you did the opposite the rest of the world thinks that the U.S. knows what it is doing. When you are in a recession, you are arguing about debt limit and no tax increase when you had tax decrease at this time? That does not instill confidence in the world which means worse economy for the world and for us.

Another way you can see the Republicans won is that 68% of Republicans voted for the bill but only 50% of Democrats voted for it. Boehner and McCopnnell looked a lot happier than Reid and Pelosi! The super committee of 6 Republicans and Democrats will not work anything out. And if they did the Congress will not support it. We had the Simpson and Bowles Commission which had some very good ideas but that didn't get anywhere. They should have the courage to adopt Simpson/Bowles and we would be better off. I had said after the 2010 election that nothing is going to be done in the next two years. This debt deal is worse than nothing done. It was a crisis that was self-made. Nothing is going to be done with this super committee and nothing good will come out of this Congress next year either.