# 010 April 8, 2009
The news hit the headlines today, the USG is getting ready to bail out the insurance companies. When I started writing today’s essay, it was going to be a warning about insurance companies being the next to go. Guess I was too slow… the major media beat me to it!
Here’s the sad part, the information I am about to give you was available in February. This is April… what in the world is the mainstream media reporting? Certainly not the truth in a timely manner!
Do you own insurance? Surely all of us own some type of insurance. 96 insurance companies were downgraded or placed on the “watch” list by one or more of the rating services. Shouldn’t this have been front page news? I’ve seen not one thing about this. If the mainstream media is really out there to disseminate important information, then why aren’t we getting the information we need as consumers in order to make important decisions? We need to quit relying on the national media to give us information we need to protect ourselves and our personal interests… they are not on our side!
Here is a list of the companies: AGL Life Assur Hartford Life & Acc Pruco Life Ins Co AIG Annuity Ins Co Hartford Life & Ann Pruco Life of NJ AIG Life Ins Co Independence Life & Ann Prudential Ann Life Assr AIG SunAmerica Life Integrity Life Prudential Ins Co of Amer American Comm Mutual Ins John Hancock Life Prudential Retire Ins & Ann American General Life John Hancock Life & Heath Ins Reassure America Life American Genl Life & Acc John Hancock New York Reliable Life American Intl Assur John Hancock U.S.A. Resource Life Ins Co American Life Ins John Hancock Variable Scottish Re (US) Inc Americo Financial Life & Ann Lincoln Life & Ann of NY Scottish Re Life Corp Bankers Conseco Life Lincoln National Life Ins Co Security Benefit Bankers Life & Cas Merrill Lynch Security Mutual Of NY Banner Life MetLife Ins Co of CT Shenandoah Life Ins Co Celtic Ins Co MetLife Invest USA Slovene National Ben Colonial Penn Life Ins Co MetLife Investors Stonebridge Life Ins Co Columbus Life Ins Metropolitan Life Ins Co Sun Life & Annuity Conseco Health Ins Midland National Sun Life & Health Ins US Conseco Ins Co ML Life on NY Sun Life Assur (US) Conseco Life Monumental Life Sun Life Assurance Continental Life Brentwood National Integrity SunAmerica Life Ins EquiTrust Life Ins National States Ins Co Swiss Re L&H Amer Farm Bureau Life New England Life Ins Co Transamerica Financial Life First MetLife Investors North American Co L&H Transamerica Life Ins First Penn-Pacific Orkney Re Inc Union National First Security Benefit L&A NY Pacific Life United Family Life First Sunamerica Pacific Life & Ann United Ins of America General American PHL Variable Ins Co United States Life Genworth Life & Annuity Phoenix Life Variable Annuity Genworth Life Insurance Co Principle Life West Coast Life Ins Co Genworth Life Insurance NY Professional Ins Co Western & Southern Hartford Intl Life Re Protective Life & Ann Western Reserve Hartford Life Protective Life Ins Co Western-Southern
If you are interested in more information on the insurance industry situation, I received this list from “Trustmakers” newsletter. Just click on the link and you can check out their website or subscribe to the newsletter. This list doesn’t mean that these companies are about to bankrupt or go out of business, but it does mean they are having difficulty in these tough economic times. It pays to know how companies you are relying on are faring financially. It just seems to me this information should have made the news.
The biggest question I have is this… why does the USG need to bail out these insurance companies? Where is it written that every major corporation has a “right to stay in business” no matter how stupidly or ineptly they ran their business? Is this right in the Constitution? Nope, I checked. Is this written in the Declaration of Independence? Nope, I checked. As a matter of fact, it’s not even addressed in the original Articles of the Confederation (the pre-cursor of the Constitution). Go all the way to the Magna Carta… nope, not there!
Folks, let’s call it what it is. This is a massive power grab on behalf of the Executive and Legislative Branches of our government- more control, more power, more ability to be re-elected. Our national politicians are happy to sacrifice our future with debt today (in order to be reelected tomorrow) instead of chancing a recession that may cause them to not be reelected. When will this insanity stop?
I agree with H.L. Mencken; “An election is an advance auction on stolen goods.” That is about as succinct as you can make it.
Alcoa announced today that it lost almost a half of a billion dollars in the first quarter of 2009. That’s a lot of money! Other major DOW components blue chip stocks will be releasing their earnings reports for the first quarter this week and next week. My prediction (to quote Mr. T in Rocky III)… pain…..
Here’s an interesting story (that did make the news), Michael Vick was in bankruptcy court today and was expected to testify for several hours addressing the various issues concerning his income and expenses. His plan is to keep the first $750,000 he makes per year, and use other income to pay his debts. That sounds reasonable doesn’t it?
He may be able to do it with all the help he is getting. It is reported that a Newport News, Va. based construction company has offered him a 40 hour per week job at $10 per hour. See… there’s always a bright spot out there! Vicks announcement has come the same day that Centex and Pulte, two of the largest American homebuilders are going to merge creating the world’s largest homebuilder. I’m not sure how creating the world’s largest homebuilder will correct our housing market problems but hey… I’m game!
I thought you might just want to know!
Allen
Information contained herein is deemed reliable but not guaranteed.
Even though I do not comment all the time; I am reading and thinking about what you say.
ReplyDeleteI posted your link to a group who may have some folks interested in what you have to say. Maybe you will get some followers or better yet some debaters!