A Contrarian Comment on the (Now Cancelled) Waxman Hearings
posted at 2:56 pm on April 14, 2010 by J.E. Dyer
Michelle Malkin and Ed report that Henry Waxman (D-CA), Scourge of Big Business, has cancelled his inquisition of the big companies that announced – in accordance with the requirements of Sarbanes-Oxley – the downgraded earnings that will be the consequence of passing Obamacare.
I applaud Representative Joe Barton (R-TX) for challenging Waxman on this, and thank Ed for posting the video. But I’m actually sorry to see the hearings cancelled. I don’t for a minute think Waxman has cancelled them because he thought better of trying to embarrass or harass the companies in question. My analysis would be that he cancelled the hearings because they were going to make him look like a buffoon.
The company CEOs have only to answer questions honestly to show up Waxman. They are required by law to make the announcements they made, and the reality that Obamacare will cut into their profitability is unspinnable. Taxes are part of the accounting process to determine profits; when they go up, profits go down. Eliminating a tax credit makes taxes go up. It doesn’t matter whether you think the companies are evil behemoths that need a good skinning anyway: thinking that doesn’t change the reality that raising their taxes makes their profit projections go down.
The American people are much better equipped to understand that than many pundits give them credit for. I was actually looking forward to the Waxman hearings because it’s clear the CEOs would have had truth on their side – and the hearings would have given the people the opportunity to see that, and see Waxman’s move for what it is.
That’s why I think the hearings have been cancelled. And I think it’s too bad.