Bits & Pieces (Tuesday Night Zilch)

I got nuthin’, nuthin’ I tell you. Some industrious moderator, please edit this post and add a link to a funny story from The Onion, preferably with pictures. Thanks!

— KW


Even The Onion didn’t have a whole lot going on, Kevin, but here you go:
Governor Romney’s watch is missing:

“I pledge to every single Hispanic-American—whether you came here from Mexico to start a new life for your family or fled the brutality of Castro’s Cuba—that if my watch is put back in its rightful place in the next two hours, I will consider the matter closed and no one will be the wiser.” With the watch still not returned at press time, Romney begged the nation’s Hispanics, “Please don’t make me call the—how do you say it? El policío? La policía? The appropriate authorities.”


And I don’t think I’ve linked to this video before:


–Michigoose

Birth Control, ACA, HHS, and the RC Church

Catholic Church Blasts HHS Birth Control Rule

By Emily P. Walker, Washington Correspondent, MedPage TodayPublished: January 30, 2012

 

 

WASHINGTON — The Catholic Church is protesting an Obama administration rule that requires nearly all employers — even Catholic ones — who provide insurance to their employees to include coverage of birth control services.

The United States Conference of Catholic Bishops (USCCB) has come down against the administration for not exempting all religious organizations from the rule.

In a video posted to the group’s website, USCCB president Archbishop Timothy Dolan said the “administration is on the wrong side of the Constitution” and that the rule to provide birth control is a violation of the First Amendment of the Constitution, which provides for the free exercise of religion.

Anecdotally, Catholics from the Midwest to the Washington, D.C., area said their churches addressed the issue in the past week via church bulletins that urged churchgoers to contact their members of Congress to support legislation to reverse the administration’s rule.

The Obama administration rule stems from a provision in the Affordable Care Act (ACA) that requires no-cost coverage for preventive health services. The Institute of Medicine (IOM) recommended that the Department of Health and Human Services cover the “full range of FDA-approved contraceptive methods” in order to prevent unintended pregnancies at no cost to the beneficiary, and that includes birth control.

The final rule, issued by the Department of Health and Human Services (HHS) on Jan. 20, says that starting on Aug. 1, 2013, health plans must cover all FDA-approved contraceptives, including hormonal contraceptives such as birth control pills, implanted devices such as intrauterine devices (IUDs), Plan B emergency contraceptives (the “morning-after” pill), and sterilization — all without charging a copay, coinsurance, or a deductible.

The plans will not have to cover abortions, however.

Churches and church-affiliated secondary schools are exempt from the rule, but other organizations with religious affiliations — including universities, charities, and hospitals — must comply. Such organizations petitioned HHS for an exemption after the preliminary rule was issued last summer. As a compromise, they have been given an extra year to comply.

“In effect, the president is saying we have a year to figure out how to violate our consciences,” Dolan said in a statement.

The Catholic Church opposes preventing conception by any artificial means, including condoms, IUDs, birth control pills, and sterilization.

Sister Mary Ann Walsh of the USCCB told MedPage Today that requiring Catholic providers to write prescriptions for birth control would be asking them to violate the church’s teaching.

“If you went to the Jewish deli, you can’t complain because it doesn’t have pork,” she said. “If you went to a Catholic hospital, you shouldn’t be surprised that that a Catholic hospital won’t prescribe contraception and sterilization.”

Walsh said the USCCB supports legislation authored by Rep. Jeff Fortenberry (R-Neb.) that would amend the ACA to permit health plans to refuse to cover specific items, such as birth control or services that “are contrary to the religious beliefs” of the entity offering the plan, without penalty. The bill, HR 1179, would allow those plans to still be considered “qualified health plans” and therefore able to be sold in the health insurance exchanges created by the healthcare reform law.

The bill has 102 sponsors, seven of whom are Democrats.

The Catholic Health Association of the United States declined a request for an interview, but pointedMedPage Today to a statement made by CEO Carol Keehan, who said the group is disappointed that HHS exempted only churches, but not religious hospitals, from its preventive services rule.

“The challenge that these regulations posed for many groups remains unresolved,” Keehan said in the statement. “This indicates the need for an effective national conversation on the appropriate conscience protections in our pluralistic country, which has always respected the role of religions.”

_________________________________________________________________

During the debate in 2009, The Bishops fought to have abortion not covered by ACA and the Catholic hospitals split with them (you can look that up).  The compromise finally went the Bishops’ way on abortion, as I recall.  Birth control, not including elective abortion, of course, remained in ACA, with an exemption for Churches, but not for RC employers or RC Hospitals (which presumably do not want that exemption, judging by 2009’s experience).  Is there some way the Bishops have been subjected to a sneak attack here, or was this a fight that was just going to happen once ACA was implemented, no matter what?  It seems to me that HHS is implementing ACA here as written.  Is there an executive overreach here that I am missing?  Was there reason to think a “church” included a “hospital” affiliated with the RCC?

Your collective input is required for my edification.

Morning Report

Vital Statistics:

Last Change Percent
S&P Futures 1315.7 6.8 0.52%
Eurostoxx Index 2434 29.330 1.22%
Oil (WTI) 101.03 2.250 2.28%
LIBOR 0.5424 -0.005 -0.82%
US Dollar Index (DXY) 78.888 -0.237 -0.30%
10 Year Govt Bond Yield 1.85% 0.01%

Markets are stronger this morning on progress in Europe. The Portuguese long bond is up a point and the Euro is strengthening.  In earnings, Exxon missed, Eli Lilly beat.  People are waiting anxiously to see the red herring for Facebook’s IPO.  Certainly the other social media stocks have not been shooting the lights out, but leaders always trade rich to also-rans.  Watching Linked-In or Groupon may not turn out to be the best comp.

The employment cost index came in at .4%, in line with expectations. Case-Schiller was also released this morning, with a 70 basis point decline MOM and 3.67% decline YOY.  This puts the index back to April 2003 levels.  Case-Schiller is a very lagged indicator and this number covers the 3 month average ending in November, so it is a snapshot of how the real estate market looked last fall.  Anecdotally, I am hearing things are improving in my neck of the woods, NYC metro.

Chart:  Case-Schiller

Another sign that the inventory of foreclosed homes is moving – the professional investor is getting involved.  Bloomberg has a story this morning on how private equity is getting involved in the Administration’s REO-to-Rental program.   These funds are looking at spending billions.  Still, the absolute numbers are staggering.  “About 7.5 million homes with a current market value of $1 trillion will be liquidated through foreclosures or other distressed sales by 2016” according to Morgan Stanley.

$1 trillion in distressed sales.  Wow.