On healthcare reform and black holes
Ed Yardeni makes the comparison:
What a big relief! I’m not referring to the great stock market rally over the past year, but rather to Tuesday’s “Big Bang.” Particle physicists used the Large Hadron Collider near Geneva to simulate the event that might have occurred at the beginning of the universe. A few Doomsayers warned that the experiment could create a black hole that would suck us all into oblivion. Fortunately, they were wrong. However, even if a doomsday scenario is a small risk, shouldn’t all of us on the Planet Earth get to vote on whether the experiments should proceed? A spokesperson for the physicists said, “We are not doing anything that nature has not done before.” That’s not very reassuring. (Where did all the dinosaurs go?)
It all reminds me of ObamaCare. The legislation was passed despite lots of dire warnings that it will blow up both the healthcare system and the federal budget. Nothing terrible has happened so far, though the predictions are that it will be a slow-acting black hole. There has already been a collision between Congressional Democrats and a few CEOs over the adverse impact of the law on corporate earnings and retiree drug benefits. This spat along with the passage of ObamaCare haven’t unnerved stock investors so far. Maybe that’s because they are relieved.