The Beatings Will Continue . . .

As we all know, some rather remarkable legislation was recently passed. Like much legislation, it has consequences–a lot of them, as it turns out. Most of the consequences we’ve seen so far are, well, negative.

Those of us who work with business cycles realize that the end of Q1 2010 is upon us. Since regulations (gotta love them) require that companies charge off certain expenses in the quarter in which they are incurred or realized, that means several companies are doing just that. Some of the expenses are substantial: AT&T is charging off $1 billion and Caterpillar is doing $100 million (for two of the largest examples). Turns out that Representative Henry Waxman is a little unhappy that businesses are trying to do the best they can with the less-than-helpful plate of new regulations they’ve been handed. So, he’s told the heads of these businesses that they need to come testify before Congress and explain why they are putting out all of this negative information when everyone knows that the whole health care thing is not only deficit neutral but will actually create lots and lots of those . . . those . . . job thingies.

PowerLine has the details.

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