Category Archives: Today in the Free Market

Today in the Free Market 5 – Drugs kill M’kay

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Big Pharma and the FDA have both known for years that certain asthma drugs can cause death. However what is most startling how. These drugs can actually cause and worsen an asthma attack.  The drugs marketed as Symbicort, Advair, and Serevent all carry warning labels saying “cause an increased risk of death from asthma problems.”.  Each year over 4,000 people die from complications caused by these drugs, which is higher than the number of people who die from asthma!

But Advair alone brought in over $5 billion for its manufacturer,  GlaxoSmithKline, so it remains available.

Today in the Freemarket – 4: Whirlpool Misses Earnings

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Whirlpool misses its analyst estimated (made up) Q3 earning per share goal of $2.68 per share instead checking in at $2.35 despite sales rising 2% to $4.6 billion. Because of this, Whirlpool CEO Jeff Fettig announced the company would lay off 5,000 workers in North America and Europe.  End of year earnings estimates were also revised downward to $4.75 to $5.25.

Whirlpool is only going to make between $363 million – $401.1 million in profit for 2011, so naturally, American workers will have to suffer.

I appear to have misplaced the press release where Whirlpool’s executive team taking any pay cuts. Whirlpool’s five top paid executives make a cumulative $28.6 million a year.  But I’m sure it will turn up somewhere…..

Today in “The Free Market” – 2

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Safety Regulations are bad m’kay.  Sen. Rand Paul (lunatic – KY) is opposing safety regulation proposals intended to address the gas line safety issues surrounding a natural gas pipeline in San Bruno last year that destroyed a neighborhood and killed eight people.

The Senate bill requires installation of automatic or remote-control shut-off valves on new and replaced pipelines, but Speier and California Sens. Dianne Feinstein and Barbara Boxer, both Democrats, want to require such equipment on existing pipelines, such as the one in San Bruno, because those are at the highest risk of failure.

The legislation passed the Senate Commerce Committee unanimously in May. Given the bill’s broad support, Senate Democrats had “hot-lined” it, asking each party’s caucus if anyone objected, so that it could be passed quickly by unanimous consent.

Paul has used his Senate privileges to put a hold on the Pipeline Transportation Safety Improvement Act of 2011, which blocks further action on the bill despite nearly unanimous bipartisan support in Congress for toughening federal regulations.

Sen. Paul is against the Government telling The Free Market who they can and cannot kill.

Today in “The Free Market”

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School Bullies: Texas oil refineries want Texas school districts to pay for the pollution-control equipment the refiners are required to install. They claim they cannot afford to stop polluting the environment unless they get huge tax refunds. Win or lose, little Johnny should get an education.

The refineries want the tax breaks in exchange for buying pollution-controlling equipment. But the cost to public schools would be dear, coming only months after lawmakers slashed education spending by more than $4 billion. An intense odor of burnt chemicals hangs over the town. “There are days when we can’t go out because our children’s asthma is that bad,” she said. “And then they want money back?”

In smaller, more rural counties — where property taxes from heavy industry provide a big chunk of funding for schools and government services — the effect could be even greater. For example, in Moore County, where a Valero refinery is seeking two exemptions, a $15.8 million refund would amount to more than $720 per person.

Now, now these are tough times for these megacorps making record profits. They’re not flush with cash and power like those greedy schoolkids.

Clearly, the problem is the teacher’s union.