Nevada, USA Volume 16 Number 22 FEBUARY 7, 2019
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Penny Press Nevada, USA Volume 16 Number 22 FEBUARY 7, 2019
THE PENNY PRESS,FEBUARY 7, 2019 PAGE 2
www.pennypressnv.com
The Penny Press is published weekly by
Penny Credits:
Publisher and Editor: Contributing Editors:
Far West Radio LLC All Contents © Penny Press 2019
Press
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Fred Weinberg
Floyd Brown
Doug French
Al Thomas Letters to the Editor are encouraged. They should be
Robert Ringer emailed to: pennypresslv@gmail.com No unsigned or
unverifiable letters will be printed.
Pointedlymad John Getter Pat Choate
licensed from: Ron Knecht Byron Bergeron 775-461-1515
Rich Gast
Penny Press NEVADA USA 16 PAGES VOLUME 16 NUMBER 22 FEBUARY 7, 2019
The Decline and Fall of the American Empire
By MARILYN M. SINGLETON, MD governor’s ghoulish advocacy for about eugenics, the “science” of of moral iniquity.” The NAACP
Special to the Penny Press abortion until delivery of the infant improving the human gene pool for promoted eugenics theory by
was jaw-dropping as he explained the preservation of society. hosting “Better Baby” contests.
New York’s Catholic that killing the infant after birth was At the First International The Model Eugenical
Democratic Governor had the allowed. Eugenics Congress in 1912, a Sterilization Law (1914) was the
World Trade Center in lights to How can we tolerate this moral Carnegie Institute-supported blueprint for the sterilization of the
celebrate its abortion-on-demand- regression? Infanticide was the paper, Preliminary Report of “socially inadequate” including the
norm throughout ancient Athens and the Committee of the Eugenic feebleminded, insane, criminalistic,
Commentary Sparta where the elders inspected Section of the American Breeder’s epileptic, inebriate, diseased,
the newborns to ensure that only Association to Study and to Report blind, deaf, deformed, dependent,
the strong survived, and the weak on the Best Practical Means for orphans, ne’er-do-wells, tramps,
were left to die. Early Roman law Cutting Off the Defective Germ- the homeless, and paupers. By
until-the-day-of-birth law. This decreed that deformed children Plasm in the Human Population the 1920s, thirty-three states had
law was framed as empowering would be put to death. Fortunately, (“Breeder’s Report”), analyzed the compulsory sterilization laws.
women through guaranteeing by the 4th century, European law, problem of the “unfit” and the need Margaret Sanger, the founder
“Reproductive Health.” Women in religion, and medicine rejected the to find solution to “cut[ting] off the of Planned Parenthood, advocated
New York must be really powerful intentional killing of an infant. supply of defectives.” for mandatory IQ testing for the
since New York’s abortion rate is Americans have been sucked in Even black intellectuals lower classes and the issuance of
twice the national average. This and before by pretty words that mask the jumped on board. The Harvard- government-approved parenthood
eight other similar state laws were brutal reality of “evolved” policies. educated professor and civil rights permits as a prerequisite to
largely ignored as merely codifying There was a time when America’s activist W.E.B. DuBois believed having children. Sanger criticized
Roe v Wade. But the state of best and brightest were teaching only fit blacks should procreate philanthropy as tending to
Virginia’s Democratic pediatrician Dr. Josef Mengele a thing or two to “eradicate the race’s heritage
Continued on page4
The Conservative Weekly
Voice Of Nevada RON KNECHT PAGE 5
Penny Wisdom FRED WEINBERG PAGE 6
Inside: ROBERT RINGER PAGE 7
I am here to to give the
Infanticide? Anthem back its voice, to
stand for that historic choice
DOUG FRENCH PAGE 9
MERRILL MATTHEWS PAGE 10
New York, New York of words.
—Gladys Knight ROBERT ROMANO PAGE 11
See Editorial Page 6 CHUCK MUTH PAGE 14
THE PENNY PRESS,FEBUARY 7, 2019 PAGE 4
Sterilizing The 'Feeble-Minded"? How About New York's Governor?
Continued from page 3
perpetuate “human waste.” She also proposed that “the whole dysgenic Excellence supports the use of “quality-adjusted life years” (QALY) to
population would have its choice of segregation or sterilization.” measure the quality and quantity of life added due to a particular medical
Compulsory sterilization of the “feebleminded” was etched in stone by treatment. If the cost per QALY gained exceeds a predetermined amount,
the revered liberal Supreme Court Justice Oliver Wendell Holmes. Buck the government denies payment for that treatment. ObamaCare architect
v. Bell (which has never been overruled) concluded that “the principle Ezekiel Emanuel’s “Complete Lives System” prioritizes adolescents
that sustains compulsory vaccination is broad enough to cover cutting the and persons with “instrumental value,” i.e., individuals with “future
Fallopian tubes.” usefulness.” With current nursing home costs averaging $7,500 per
With Congress steamrolling exclusively government-controlled month, hospice care could be the default medically necessary treatment
medical care with Medicare-for-All, we must reflect on our past as well for the disabled.
as the present policies of our civilized neighbors. What happens when It was not too long ago that the top Democrat official, Nancy Pelosi
the government runs out of money to pay for everything our politicians said “[Republicans] pray in church on Sunday and they prey on people
promised? the rest of the week. And while we’re doing the Lord’s work, ministering
The Model Sterilization law’s selling point was that sterilization of to the needs of God’s creation, they are ignoring those needs which is
those maintained wholly or in part by public expense was cost-effective: to dishonor the God who made them.” I don’t know whose “lord” she is
segregation for life cost $25,000 and sterilization a mere $150. talking about—perhaps the overlords who aim to take over mankind in
In Belgium, a nine and an eleven-year-old were euthanized for sci-fi stories or the “Lord of the Flies.”
conditions that we in the United States vigorously treat: cystic fibrosis and The day erecting a barrier to stop drug and human trafficking is
muscular dystrophy. Canada is considering allowing such barbarism—aka considered immoral and killing viable live babies is celebrated is the day
medical assistance in dying—to be perpetrated upon its children. some Americans tossed morality into the abyss.
Iceland has virtually eliminated Down’s syndrome through abortion.
Coincidentally the Ministry of Health lists Down’s syndrome as the most Dr. Singleton is a board-certified anesthesiologist. She is President of the
expensive disease for the state-funded health care program. Association of American Physicians and Surgeons (AAPS).
The British National Health Service’s Institute for Health and Care
THE PENNY PRESS,FEBUARY 7, 2019 PAGE 5
Commentary: Ron Knecht
nastiness and pettiness of politics Americans will be going back to illegal alien. He celebrated the
Trump Rises to this decade: America’s potential. space in American rockets. legal immigrants who enrich our
And how to achieve it by working Next, he directly appealed nation and strengthen our society
the Occasion together.
Visionary and conciliatory. The
for compromise to promote the
common good and break decades
and challenged congress to act on
the issue in the next ten days.
Rising above the persistent ideal way to start in these troubled of political stalemate. “Tonight, I Mr. Trump saluted the brave
political turmoil and smallness of times. ask you to choose to make America men and women of the Immigration
Democrats and the mainstream He began by noting two great great.” and Customs Enforcement bureau
media, President Donald Trump anniversaries that remind us of His main theme was a plain- and promised walls and see-through
Tuesday delivered a memorable our unlimited potential and what spoken and clear list of specific steel barriers will be built where
State of the Union speech. we have done in the past when we issues and policies. He noted that, they are needed. What he rightly
Forget the incessant whining worked together. First, he saluted despite the problems of the last called a common-sense solution.
and complaining of CNN, et al. three World War II veterans who decade, we have a strong economy Although I have reservations
that followed. Let’s focus on what participated in the 1944 D-Day on which to build. Unemployment about his tariff wars, he extended an
he said. landing in Europe to rescue the is at its lowest in 50 years, with olive branch to China in this regard
He began by noting our world from the fascist and socialist record low figures for African, and offered other constructive trade
“unlimited potential” as a country, Axis powers. That drew a huge, Asian and Hispanic Americans. initiatives.
and he told legislators he is ready enthusiastic standing ovation. And five million Americans lifted Promising efforts to lower
to work with them to realize it: “We Inspiring. off food stamps in recent years. the cost of health care and
must govern not as two parties but The second event was the Later, he noted 58 percent of last protect people with pre-existing
as one nation.” So, from the start, 50th anniversary of the Apollo year’s newly created jobs went to conditions, he again reached out to
he focused on the most important 11 landing on the moon. He women. the Democrats.
thing, especially in view of the introduced lunar module pilot Buzz He pointed to the growth- Recognizing the needs for real
Aldrin and promised that this year inducing tax cuts and regulatory solutions in education, he promised
reforms that are major achievements school choice for American
of his administration. He noted we children. He challenged us to
Tips Of Our Cap have become the world’s leading
producers of oil and gas and a net
exporter of oil for the first time in
build a culture that cherishes and
protects innocent life. He noted
foreign affairs progress, especially
and 65 years.
“The state of the union is
in Venezuela. And he promised,
“America will never be a socialist
strong. ... Our country is vibrant.” country.”
Bronx Cheers That’s as true as we make it.
He asked senators to confirm
In the end, he returned to the
D-Day heroes, noting one of them
300 qualified needed nominees the later helped liberate the Dachau
Democrats have held in limbo. concentration camp, including a
The Penny Press Tips Its Cap To: He praised the ground-breaking survivor seated next to him. He
criminal justice reform First Step denounced the vile poison of anti-
Gladys Knight for her wonderful rendition of the National Anthem at SuperBowl 53. It was,
Act the administration and congress Semitism and celebrated moving
quite frankly, better than the game and it also helped restore our faith in the NFL after
several years of the league crapping all over football fans by letting players do whatever passed by working together. He our Israel embassy to Jerusalem.
they wished to by way of diminishing our flag and the song which honors it. recognized two good people who He closed by again inviting the
benefitted from it. Democrats to work in bi-partisan
Las Vegas’ McCarran International Airport soared to record heights last year, when it saw Then he turned to the many cooperation with Republicans and
the most travelers pass through its gates in its 70-year history. 49.7 million passengers burdens of illegal immigration, his administration so our most
arrived and departed, setting a passenger volume record, the Clark County Department of saying providing safety and thrilling achievements are still
Aviation announced. security to Americans from the ahead. Just right.
minority of dangerous illegal aliens
The Penny Press Sends A Bronx Cheer is a moral issue. He recognized the
And A Bouquet of Weeds To: heirs of the Jerry and Sherri David RON KNECHT
of Reno, recently murdered by an
The left leaning media which, somehow, thinks that alleged racism is worse than
www.pennypressnv.com
baby killing. As soon as the Governor of Virginia was implicated in a 35-year-
old picture they went with racism as opposed to the practicing pediatrician’s easy
acceptance of retroactive abortion.
OPINION
THE PENNY PRESS,FEBUARY 7, 2019 PAGE 6
From The Publisher...
Infanticide: Isn't That Special...
So now, we have states with Democrat Governors which move the needle at all.
want to remove ALL restrictions on abortions, even to
the point of infanticide (which commonly means killing an Babies in a Democrat world seem to be in danger. It’s not
infant which has already been born). enough to kill babies in the first trimester of a pregnancy
as Roe v. Wade allows.
Perhaps this nation has residents—calling them citizens
may well be a bridge too far—who want to re-enact the fall Oh no. We must be able to kill a baby for any reason at
of the Roman Empire. any time. That’s the Democrat mantra. It’s the sort of
thing that happens when a New York City bartender can
New York Governor Andrew Cuomo is surely among those. pass for a congressperson at age 29.
He just signed a bill into law which legalizes what can only
be described as infanticide. Now, keep in mind that New She wants access to the public treasury so she can give
York has an extremely high rate of abortions. In fact, free stuff to everybody and pay for it with 70-90% tax
according to the Kaiser Family Foundation, it leads the rates on the rich—which won’t work because the rich don’t
league in killing babies, even as the City has cleaned up have enough money to cover the tab and she’s never been
its murder rate—excluding abortions. Put another way, able to read the numbers—kind of like Nancy Pelosi’s “we
Planned Parenthood in New York City is the Yankees of have to pass the bill to see what’s in it”.
baby killing.
Can it get worse?
Cuomo was so proud of the bill he signed, which would
allow what amounts to retroactive abortions, that he had Sure. We have a Senior Senator (Diane Feinstein
the new World Trade Tower lit in pink to celebrate. (D-People’s Republic) who actually is a senior) who tells
judicial nominee Amy Coney Barrett who is Catholic that,
It should have been blood red. “The dogma lives loudly within you.” The chilling part of
that is that Feinstein happens to be Jewish. So am I and,
The legislature in Virginia had better sense. Its Republican let me tell you that being pro-life AND pro-Israel is entirely
legislature did NOT pass such a bill despite the urging of consistent with societal norms. Despite what a bigot such
its Democrat Governor Ralph Northam—a pediatrician by as Feinstein may insinuate.
trade—who said, asked about a potential failed abortion,
“the infant would be resuscitated if that’s what the mother Fortunately, sane people still control the Senate and the
and the family desired, and then a discussion would ensue White House.
between the physicians and the mother.” And, presumably,
nobody would go to prison or even be indicted. And it’s only a matter of time until the Supreme Court will
be called upon to take up the case of infanticide.
Northam got caught the day after his blathering about baby
killing, allegedly wearing either a Klan hood or blackface My guess?
in a 35 year old med school yearbook picture. The leftist
media immediately forgot about infanticide and went with Even some of the liberal justices will not be able to stomach
racism. Killing babies, apparently, is OK, but disliking your the New York law. Or anything similar.
fellow man on the basis of skin color is a capital crime in
the view of the chattering class. That’s something to think Roe was a horribly reasoned compromise in the early 70s
about when you evaluate how well the media is serving which said to America that the justices at the time read the
you. Washington Post.
Put another way, in the words of Dana Carvey’s Church It’s likely this group will not be as charitable to the baby
Lady, “isn’t that special.” killing crowd the next time around.
And while the Democrats are busy doing their Superior FRED WEINBERG
Dance over the racism, killing live babies doesn’t seem to
THE PENNY PRESS,FEBUARY 7, 2019 PAGE 7
Commentary: Robert Ringer themselves and start believing their own gibberish. This misguided belief
AOC and the Moron Mob often evolves into a sadistic ruthlessness toward others. History is filled
with examples of young people who were not taken seriously when they
An acquaintance of mine recently asked me if I took media darling first came on the scene, yet went on to establish brutal dictatorships.
Alexandria Ocasio-Cortez seriously? Without hesitation, I answered in Adolf Hitler was not taken seriously in his younger years, and we all
the affirmative. Let me explain why. know how that story ended. Likewise, Fidel Castro, in his twenties and
In full disclosure, I admit I have a soft spot for AOC. She’s an early thirties, was for many years considered to be nothing more than a
adorable little girl with sparkling eyes and boundless energy. Sure, she’s nuisance by the Batista regime in Cuba. But in 1959, at the tender age
undeniably a moron, but a pleasant moron. I can’t help it, I just like of thirty-three, Castro overthrew the entrenched government and wreaked
pleasant people, even if they’re a little short on intellect. misery and death upon the Cuban people for sixty years (and counting).
What’s most remarkable about AOC is that she does something I like to refer to this phenomenon as the “Lonesome Rhodes Syndrome.”
Radical Leftists almost never do: smile! And not just any old smile. Hers Lonesome Rhodes was a character portrayed by Andy Griffith in the 1957
is the kind of smile that lights up a room and makes everyone around her film classic “A Face in the Crowd.” Rhodes was a hard-drinking drifter
feel good. from rural Arkansas who somehow stumbled into a gig with a small local
More full disclosure: AOC reminds me of a Puerto Rican girl in New radio station. His listening audience loved his country-boy charm so much
York City who I dated in my mid-twenties. She, too, sported an infectious that it landed him his own television show in Memphis.
smile, and her enthusiasm was always in high gear. In Memphis, he became famous for his country drawl and irreverence,
What made her different from AOC, however, was that not only was which led to his getting his own television show in New York. But as
she intelligent, she also possessed an understanding of how the real world his fame spread, Lonesome Rhodes evolved into an arrogant scoundrel
works that belied her age. Of course, she had the advantage of not having who berated underlings and joked privately that his audience consisted of
her thought processes stunted by a four-year misinformation campaign at “idiots” and “trained seals.” I won’t give away the ending, but suffice it
a prestigious eastern university. to say it was not pretty.
Not so, however, with AOC. Sadly, she got lobotomized by Boston The takeaway from all this is that even accidents of history like AOC
University’s finest anti-American, socialist professors. By the time tend to develop oversized egos and become enamored of their power. So
she graduated, she was fully prepared to take on the evils of Western even if she’s just a cute, well-meaning little moron right now, with the
civilization and play a key role in the fundamental transformation of the backing of the FNM she has the potential to develop into a ruthless leader
United States of America. who acquires enough power to implement her communist fantasies.
I guess sometimes it’s just the luck of the draw. Had AOC crossed paths But take heart. Perhaps AOC is nothing more than God’s way of
with someone who was inclined to steer her toward a serious institution of punishing the Dirty Dems for their crimes. After all, she has created a
higher learning, everything might have turned out differently for her. For huge dilemma for them: They’re damned if they push back against her
all one knows, had she attended a school like Hillsdale College she might and doomed if they support her.
have come out the other end as another Candace Owens. But, alas, it was In any event, no matter how things play out, it will be fun watching the
not to be. Dirty Dems fall all over themselves trying to figure out how to walk the
Now, back to my acquaintance’s question: Should AOC be taken AOC tightrope. One might be tempted to argue that she’s the best thing
seriously? Yes, for at least two reasons. that ever happened to feckless Republicans.
First, absurd as it may sound to an intelligent, rational person, AOC’s As AOC herself might say, “Um … like … um … I’d rather be … like
lack of knowledge is actually an advantage when it comes to appealing to … um … morally right than … like … um … factually correct. You know
the Moron Mob. These intellectually challenged bobbleheads comprise what I mean?” Well, not exactly, but I guess it makes perfect sense to the
a huge segment of the population — from the guy in the street to Jim Moron Mob. And never forget that the Moron Mob votes!
Carrey … from social activists to LeBron James … from college-campus ROBERT RINGER
snowflakes to media propagandists like Don Lemon — that has been Robert Ringer (© 2019)is a New York Times #1 bestselling author who has
growing at an accelerating pace ever since the Dirty Dems took off their appeared on numerous national radio and television shows, including The
masks a few years back and openly declared war on America. Tonight Show, Today, The Dennis Miller Show, Good Morning America,
What’s scary is how easy it is for race hustlers and hate mongers to ABC Nightline, The Charlie Rose Show, as well as Fox News and Fox
appeal to the Moron Mob. One need only offer them free stuff — the Business. To sign up for a free subscription to his mind-expanding daily
more, the better — and they quickly morph into modern-day Jacobins insights, visit www.robertringer.com.
shouting “off with their heads.” Let’s face it, everyone likes free stuff —
even me! — but rational, intelligent people of goodwill realize that “free”
is nothing more than an illusion and that the true cost of so-called free stuff
is a loss of freedom.
Second, when bold, charismatic accidents of history like AOC
are cheered on by the media, they inevitably become enamored with
www.pennypressnv.com
THE PENNY PRESS,FEBUARY 7, 2019 PAGE 8
THE PENNY PRESS,FEBUARY 7, 2019 PAGE 9
Commentary: Doug French Agency, the duo transferred $81 billion worth of credit risk on $2.5 trillion
Synthetic Danger, Again of unpaid principal balance, and they had covered another $278 billion
worth of credit risk on $1.1 trillion of unpaid principal through primary
In “The Big Short” Michael Lewis was able to elegantly explain just mortgage insurance.”
how “a security so opaque and complex that it would remain forever Counterparty risk is what comes to mind when considering capital
misunderstood by investors and rating agencies: the synthetic subprime relief. Back in the 2008 crash, AIG had provided the financially engineered
mortgage bond-backed CDO, or collateralized debt obligation” is created. backstop and Eurozone banks depended on AIG’s AAA rating. When the
It takes him less than a page. However, the thicket of financial products huge insurer and financial alchemist teetered on the edge of bankruptcy,
does get a bit more complicated from there. Europe’s banks were joined with AIG on the ledge.
For example, as many toxic mortgages as there were to package Grant’s Evan Lorenz writes,
together for speculators to make side bets on, Lewis pointed out, “All the more reason for Eurozone banks to hope that the multitude of
“when Mike Burry bought a credit default swap based on a Long Beach counterparties backing capital-relief trades--whoever they are, and however
Savings subprime-backed bond, he enabled Goldman Sachs to create much they are on the hook for--will prove more reliable in the next crisis
another bond identical to the original in every respect but one: There were than AIG did in the last one.”
no actual home loans or home buyers. Only the gains and losses from the Investors in Europe’s banks have already given their opinion. The Euro
side bet on the bonds were real.” STOXX Banks Index today trades at 60 percent of book value compared to
Yes, synthetic CDOs were born out of the collective imagination of 156 percent of book at the end of 2007. U.S. banks in the S&P 500 trade
Wall Street. Now, there’s a new synthetic something to put on your radar: at 125 percent of book.
Synthetic securitization in the form of capital relief for banks. Jim Grant often says, “knowledge in finance is cyclical, not cumulative.”
The latest Grant’s Interest Rate Observer calls our attention to the latest Remembering past financial folly, DoubleLine Capital’s Jeffrey Gundlach
bit of financial razzle-dazzle to make banks risky again. What annoys told Grant’s, “Are synthetic securitization not kindred spirits with synthetic
bankers in the world of Basel regulations is the requirement to hold reserves CDO-squareds?”
in differing percentages against different types of loans and investments. The extraordinary book “Finance and Philosophy: Why We’re
Loans to governments, no matter how financially dodgy, require no Always Surprised” includes a chapter entitled “Usually a Banking Crisis
reserves. Loans to people, companies, construction mean plenty must be Somewhere.” Author Alex J. Pollock counts 263 banking crisis in the 100
set aside, making doing those loans in some cases unprofitable. years from 1901 to 2000. That’s 2.63 crisis per year, and these events have
The whole idea of capital relief, as the name would imply, is to lower continued mightily since 2000.
the amount of equity required and increase leverage. What’s a banker to “Add uncertainty, fundamental illiquidity, and smallness of capital, and
do when a pension or hedge fund rep stops by and offers to unlock some of what have you got?” Pollock asks rhetorically. “Usually a banking crisis
his or her bank’s idle capital? somewhere.”
Euromoney.com reported in 2016 that Nordea sold “a 5% first-loss Michael Lewis, call your office.
transfer [which] saw risk-weighting on the portfolio fall from around 45%
to 7%, giving a 30 basis points benefit to tier-1 equity.” DOUG FRENCH
What’s synthetic about this securitization is that no assets are transferred.
The buyer, in exchange for being paid an interest rate on the total amount
of loss covered, doesn’t take possession of the loans and therefore, “it
doesn’t interfere with the businesses and client relationships,” Nordea’s
Jonas Backlund told Euromoney. “The benefit is you still face the client,
who does not even notice the risk has been sold,” echoed Jorge de Vries.
Grant’s cites a Deutsche Bank A. G. report estimating the amount of
capital relief transactions in Euroland increased from €20 billion in 2013 to
€94 billion in 2016. However, when Grant’s attempted to quiz regulators,
here, in Canada, and across the pond, about which banks are exposed and
are guarantors good for their side of the deals, regulators were silent.
Perhaps, it’s as George Passaris told Euromoney, “The term synthetic
creates negative connotations among politicians and regulators, because it
sounds complex,” he says. “In synthetics there’s a lack of understanding
[in the European Parliament] of the differences between a balance-sheet
securitization and arbitrage deals.”
Return on equity is the name of the game and thus regulations forcing
increases in bank equity were the mothers of invention. Funds providing
capital relief “are betting that the regulators are underestimating the quality
of the loans, therefore overestimating the need for capital,” writes Grant’s.
However, that’s not the only bet the synthetic securitization sellers
are making. Grant’s believes the riskiest bet is “that a decade’s worth of
interest-rate suppression has not distorted Europe’s economy, destroyed its
bond market and corrupted its credit culture.”
Here in the U.S. Fannie Mae and Freddie Mac engage in capital relief.
Grant’s explains,
“As of June 30, 2018, according to the Federal Housing Finance
THE PENNY PRESS,FEBUARY 7, 2019 PAGE 10
Commentary: Merrill Matthews
by patients. But they often profit from those discounts even as they find
Pharmacy Bills Too High? Blame new avenues to charge beneficiaries.
The growth of prescription drug tiers is a prime example. Whereas
the Middlemen insurance firms used to charge one co-pay for generics and a slightly
larger one for brand name medications, they’ve recently added a third and
President Trump recently complained that pharmaceutical companies even a fourth tier, with much higher co-pays for some innovative drugs.
have “rigged the system against American consumers” by keeping drug In 2017, 83 percent of Americans insured by their employer had a
prices unfairly high. plan with at least three prescription drug tiers. The average co-pay for the
Americans often pay too much at the pharmacy counter for brand highest tier was $110.
name drugs. But insurers and other middlemen in the drug supply chain Co-insurance is another example. Under these arrangements,
bear much of the responsibility. beneficiaries pay a fixed percentage of a drug’s price at the point of sale.
Actually, drug spending in the United States is slowing. Retail Co-insurance rates are often based on a drug’s initial list price — not what
prescription drugs represent 10 percent of the $3.5 trillion spent on health the insurer actually pays after the discounts secured by PBMs.
care in 2017. Then there’s the pharmacy “gag clause,” in which PBM contracts
One reason for the decline is that nearly 90 percent of prescriptions prohibit pharmacists from telling a customer the out-of-pocket price for a
in the United States are less-expensive “generic” copies of brand name drug was less than the person’s co-pay.
drugs. I ran into this personally a few years back. My co-pay for a generic
Another reason is that pharmaceutical companies discount the “list drug would have been $15. I asked the pharmacist how much it would cost
price” of their drugs. These manufacturer discounts have more than if I paid out of pocket. “$11.50,” she replied. She was likely contractually
doubled in value over the last few years, rising from $59 billion in 2012 prohibited from volunteering the information, but not from answering my
to $127 billion in 2016. question.
Even with manufacturer discounts, patients aren’t feeling relief. That’s Fortunately, Congress recently passed legislation ending this practice.
because insurance companies and middlemen in the drug supply chain That’s a great start, but there’s more to do.
have enjoyed the lion’s share of the savings. The president needs to shine a light on middlemen and insurer
Those middlemen are “pharmacy benefit managers” (PBMs). PBMs practices. They are the ones who decide what patients actually pay for the
extract discounts from pharmaceutical firms, and pass part of the savings latest medicines.
to insurers that agree to add the discounted drug to the list of drugs they’ll MERRILL MATTHEWS
cover. Merrill Matthews is a resident scholar with the Institute for Policy
Insurers could use their discounts to reduce the financial burden borne Innovation in Dallas, Texas. Follow him on Twitter @MerrillMatthews.THE PENNY PRESS,FEBUARY 7, 2019 PAGE 11
Commentary: Robert Romano
overall be pushed forward and simply spent later. According to the report,
CBO Says Government Shutdown “Although most of the real GDP lost during the fourth quarter of 2018 and
the first quarter of 2019 will eventually be recovered, CBO estimates that
Cost $3 Billion. It doesn’t matter. about $3 billion will not be.”
Meaning the real calculation that should be made is to the annual,
The Congressional Budget Office estimates that the now-ended, inflation-adjusted growth rate. There, the $3 billion for the year is just a
month-long partial government shutdown cost the U.S. economy $3 fraction, just 0.014 percent off the annual rate. Meaning, if growth would
billion of output in the fourth quarter of 2018, and $8 billion of output in have otherwise been 2.6 percent, it would be reduced to 2.586 percent. It’s
the first quarter of 2019, respectively. less than a rounding error.
It doesn’t matter. It is true that government spending is factored into the overall GDP.
Of the amounts suggested, most of that comes out of $245 million of What this underscores however is how temporary gains and losses to that
government contracts a day not paid out during the shutdown. Federal figure really are.
employees who were furloughed during that time have already been So, if you know cutting spending would save money over the long run
awarded back pay, including for the last week of 2018, the output of which but one impact would be to output measured by the Bureau of Economic
has been moved into the first quarter of 2019. Analysis to the quarterly GDP, you take that deal because of the long-term
Making no mistake, $8 billion in the first quarter works out to $32 benefits to reducing the deficit.
billion annualized. That could take 0.6 percent out of the first quarter In other words, we do not make public policy decisions solely on how
GDP’s inflation-adjusted growth rate. they impact quarterly GDP. Nor should we. Congress should still address
But in terms of growth, it will be made up for in the second quarter and budgets on their merits, including whether it meets the nation’s priorities,
beyond as government contractor spending “grows” by $8 billion back to even if it takes a little while longer to come to a consensus or there’s a
its normal level. As the report notes, “In subsequent quarters, GDP will be temporary shutdown. It’s not, hurry up and make a deal. Get it right.
temporarily higher than it would have been in the absence of a shutdown.” ROBERT ROMANO
In other words, it’s a wash for the most part. Robert Romano is the Vice President of Public Policy at Americans for
In addition, about $8 billion out of the $11 billion of lost spending will Limited Government.THE PENNY PRESS,FEBUARY 7, 2019 PAGE 12
THE PENNY PRESS,FEBUARY 7, 2019 PAGE 13
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Commentary: Chuck Muth
media of his vested financial interest and other support – including his
Investigation Called for in recently discovered public participation in a private church meeting last
April where he declared “It’s time to close down these brothels in Lyon
Guinasso/McNeil Brothel Scandal County” - for ETAP PAC’s activities despite the regulatory power he
possessed over the brothels in his governmental position as sheriff.
As noted in a pair of columns this past week, I recently discovered that In the Secretary of State complaint, I lay out the reasons why I believe
a Reno lawyer and the former Lyon County (NV) sheriff secretly conspired Mr. Guinasso’s and ETAP PAC’s failure to disclose Sheriff McNeil’s
to pass a 2018 ballot question to shut down the four legal brothels in Lyon financial support was both deceptive and intentional…
County and hid the fact that the sheriff had helped bankroll the initiative. 1.) Mr. Guinasso is a highly-trained lawyer. As an officer of the court,
The effort failed spectacularly – with voters crushing Lyon County ignorance of the law is no excuse.
Question 1 by a margin of 80-20 percent. But that’s not the point… 2.) Mr. Guinasso works for a politically-connected law firm headed up
The point is that Jason Guinasso, who spearheaded the effort using by Nevada’s former lieutenant governor which is experienced in a variety
a state political action committee (PAC), failed to disclose Sheriff Al of matters involving governmental legal matters.
McNeil’s financial support on a pair of required campaign finance 3.) Mr. Guinasso, who is also chairman of the Nevada Public School
reports leading up to Election Day - critical information for voters on this Charter Authority, was a candidate for public office in 2016 and his own
particular issue which could have changed the outcome. campaign finance reports from that failed effort clearly demonstrate his
As such, I filed a formal complaint and request for an investigation of knowledge of the reporting and disclosure requirements.
Mr. Guinasso and his End Trafficking and Prostitution (ETAP) PAC with 4.) Mr. McNeil’s contribution on August 30, 2018 of $999 clearly
the Nevada Secretary of State over suspected election law violations. demonstrates that both Mr. McNeil and Mr. Guinasso KNEW of the
In short, Nevada law requires that the identify of donors to PACs who $1,000 “trigger” amount requiring disclosure and attempted to hide his
contribute $1,000 or more – either one time or cumulatively – be disclosed financial support from voters despite an earlier donation of $500 that put
on official campaign finance reports. Mr. Guinasso and ETAP PAC failed Mr. McNeil’s CUMULATIVE total over the $1,000 trigger.
to do so on Report #3 and Report #4 which were filed just prior to Election As such, I have suggested to the Secretary of State - should it find in
Day. its investigation that this violation did, in fact, occur - “that the maximum
Had this information been disclosed, it would have been a major fine and/or penalties be assessed as opposed to a simple slap on the wrist.”
news story, as the sheriff was secretly funding and assisting efforts to In addition, since it’s clear to me that Mr. Guinasso, Mr. McNeil
shutter businesses he had the power and authority to regulate without the and ETAP PAC attempted to deceive the voters by filing inaccurate and
knowledge of county commissioners. improper reports, I’ve also asked the Secretary of State to obtain full bank
In fact, Sheriff McNeil delivered to the County Commission an statements for ETAP PAC for each month in 2018 and review them for any
extensive “Internal Audit Report On Brothel Compliance Requirements” additional deceptions.
just weeks before the election without disclosing his financial support of Under the circumstances, there is no reason whatsoever to “take their
ETAP PAC. word for it” that the PAC isn’t hiding anything else.
“The discovery of US immigration law violations and possible acts of Lastly, I’ve copied the Nevada Attorney General’s office, the Nevada
international human trafficking into a legal brothel system is extremely Commission on Ethics and the Nevada Bar Association requesting they
alarming,” McNeil told commissioners in prepared, incendiary remarks review this complaint for possible additional investigations into Mr.
on October 3, 2018. Guinasso’s and Mr. McNeil’s actions in this matter.
McNeil’s report generated several potentially damaging news stories Clandestinely abusing power and authority – either as a licensed
– including reports on a brothel compliance check that many falsely attorney or an elected public official – is serious. Especially when that
characterized as an “ICE raid” - which could have adversely affected the power and authority are used against relatively powerless businesses and
vote on Lyon County Question 1. citizens in our state.
Not only was this statement not true – as the Nevada Independent Let’s hope the authorities throw the book at ‘em.
accurately reported, the compliance check did NOT uncover any “acts of CHUCK MUTH
international human trafficking into a legal brothel system” and “did not (Mr. Muth is president of CitizenOutreach.org and publisher of
lead to arrests or citations” - it was clearly designed to sway voters into NevadaNewsandViews.com. He blogs at MuthsTruths.com. His views are
voting for Question 1 to close the brothels. his own.)
Again, all without disclosure to commissioners, the public or the
www.pennypressnv.comTHE PENNY PRESS,FEBUARY 7, 2019 PAGE 15
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