Why Obamacare Is Unconstitutional – Ep. 425
The Peter Schiff Show Podcast17 Des 2018

Why Obamacare Is Unconstitutional – Ep. 425

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Decision May Well Stand up under Appeal
A Federal Judge in the state of Texas, U.S. District Judge Reed O’Connor, has ruled that the Affordable Care Act, otherwise known as Obamacare, is unconstitutional, and therefore the law would be null and void, that it would be struck down. Of course this will be the subject of appeal, so whether or not this decision is going to hold is still an open question. But if you listen to the way it is being reported in the media, the reaction from a lot of the people, particularly the Democrats, is that they are accusing this judge of being partisan, being a judicial activist, that this is a ridiculous crazy decision and that it will clearly be overturned. All this is a bunch of nonsense. The judge in this case is completely correct. Obamacare was unconstitutional before this decision.
The Rationale Behind Judge's Ruling
This particular judge focused on one aspect of the law, but there are so many reasons this law is unconstitutional. But for the purpose of this podcast is to focus on the rationale behind the judge's ruling and why I believe the decision is valid and may, in fact stand up under appeal. Under the new makeup of the Supreme Court, some of the new justices could easily side with the original dissent to form a new majority now that the law itself has been changed based on the Tax Cuts and Jobs Act, which is the basis of this particular decision.
Read Article 1, Section 8, Clause 3 of the U.S. Constitution
I did an earlier podcast on whether or not the U.S. government could require American citizens to purchase health insurance. Now the theory was that they had the right to do this under what is now known as the Commerce Clause (Article 1, Section 8, Clause 3 of the U.S. Constitution), one of the single most understood Constitutional clauses which has enabled the government to get away with all sorts of things that the Constitution does not authorize. This is where all the powers to the Federal government are delegated. One of the powers is to regulate commerce with foreign nations and among the several states and with the Indian tribes. That's it.
Constitution Allows Federal Government to Regulate Commerce, not Companies
Now based on that clause, you have had Supreme Courts validate government regulation of companies because the government claims that since those companies engage in interstate commerce, that it falls within that power, that Congress can regulate these companies because the company is engaged in commerce. Of course, that's not what it says. The Constitution doesn't say the Federal government has the right to regulate companies that engage in interstate commerce, it just says it can regulate the commerce, itself. The commerce has to do with the flow of goods and services over state borders. So this is an unconstitutional expansion of Federal power. The Federal government does not have the constitutional authority to regulate businesses simply because these businesses happen to engage in interstate commerce.
Federal Regulation of Business Outside of Constitutional Authority
But that was even the camel's nose under the tent, because then it got worse. Then what happened is companies that were regulated that did no interstate commerce were saying, "this law does not apply to me because I don't engage in interstate commerce." But the Supreme Court said that the Federal government under the Commerce Clause can regulate companies that do not even engage in interstate commerce if they can show that those companies somehow effect interstate commerce, even though they themselves do not participate in it. So now, Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

Episoder(1085)

Denial Runs Deep From Wall Street To Bitcoin – Ep 43

Denial Runs Deep From Wall Street To Bitcoin – Ep 43

* Dow down 600 points in between Tuesday high and Wednesday low * Stock market and real estate are pillars of the phony recovery * Loose government lending standards encouraging mortgage defaults * Dollar down and gold up on low retail sales numbers * Fed not likely to sit out a U.S. recession, trading support for Wall Street over the dollar * The next QE could be bearish for bonds and the dollar * Demise of the recovery illusion will also hurt stocks * Bitcoins down on more bad news * Price does matter as investors seek value * Irredeemable digital currencies will never be money Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

15 Jan 201533min

Jobs Up But Earnings and Participation Down – Ep. 42

Jobs Up But Earnings and Participation Down – Ep. 42

* December jobs report up; unemployment down * Average hourly earnings dropped * Labor force participation hits new low, except for older Americans * Fewer young workers supporting the Social Security system * Most credit comprised of student loans and auto loans * Auto delinquencies highest since 2008, indicating a bubble * Obama's plan to make community college free will further inflate costs * Charles Evans calls for more inflation before raising interest rates * Denies relationship between cheap money and bubbles * The term "patience" indicates no timeframe for higher rates * Gold stocks very strong and gold prices continue to rise in face of rising dollar Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

11 Jan 201521min

Gold Breaks Out, Stocks Break Down – Ep. 41

Gold Breaks Out, Stocks Break Down – Ep. 41

* World markets left the gates weak on first full trading week of the year * Catalysts: Declining oil prices and Greece's potential Eurozone exit * The Euro has gone sideways against the dollar for 9 years * The U.S. stock market will decline until the market believes rate hikes are off the table * U.S. will not experience accelerating growth in 2015 * Evidence shows the home market is not strengthening * Young entrepreneurship at a 20-year low * Falling oil prices are a symptom economy is not expanding Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

6 Jan 201522min

As The New Year Begins, Will The Recovery End? – Ep. 40

As The New Year Begins, Will The Recovery End? – Ep. 40

* Falling unemployment trends seem to be over * PMI "unexpectedly" drops to 53.9% * Construction spending "unexpectedly" fell .3% * December ISM fell to 55.5 * Draghi's comments at ECB sparked U.S. Dollar rally despite weak data * Eurozone QE not likely * 2014 was a flat year for gold, despite bad press * Dollar price based on higher interest rate expectations * Price of gold has tripled since 2005 * Gold mining costs rise with inflation * The real bubble is the confidence in central bankers Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

4 Jan 201535min

Christmas Snow Job on Wall Street – Ep. 39

Christmas Snow Job on Wall Street – Ep. 39

Christmas Snow job on Wall Street * Dow ended Christmas Eve Day above 18,000 for second day * Catalyst was bigger than expected revision to Q3 GDP to 5% * Big disconnect between economic performance and expectations * Consumer spending up mostly on healthcare * Inventory increases in expectation of future sales * Data for Q4 is lower * Home sales continue to drop Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

25 Des 201426min

SNB Takes Snap From The Fed And Markets Run With The Ball – Ep. 38

SNB Takes Snap From The Fed And Markets Run With The Ball – Ep. 38

SNB Takes Snap From The Fed And Markets Run With The Ball * Negative deposit rates in Switzerland send U.S. stocks up 420 points. * Two-day Wall Street rally over 700 points on nothing but Central Bank inflation * Swiss move triggers QE speculation and higher gold prices * Janet Yellen merely suggested the economy is strong enough to raise rates in the future * Meanwhile, economy is slowest since last February Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

19 Des 201422min

Yellen Bluffs Future Rate Hikes and Traders Pretend to Believe Her – Ep. 37

Yellen Bluffs Future Rate Hikes and Traders Pretend to Believe Her – Ep. 37

Yellen Bluffs Future Rate Hikes and Traders Pretend to Believe Her - Ep. 37 * FOMC wrapped up meeting with Yellen press conference * Most people expected "considerable time" to be dropped * Bloomberg believes "considerable" dropped in favor of "patience" * The Fed didn't change anything * The Fed didn't actually say anything * Markets up on Yellen's optimistic non-news * Why wait to raise interest rates? * The longer the Fed waits to raise rates, the more painful it will be for the economy * What is the Fed's strategy if economy slows down? Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

18 Des 201425min

You Know the Bubble’s About to Pop When Jim Cramer Gives Germany Economic Advice – Ep. 36

You Know the Bubble’s About to Pop When Jim Cramer Gives Germany Economic Advice – Ep. 36

You Know the Bubble's About to Pop When Jim Cramer Gives Germany Economic Advice Ep. 36 * Oil and Russia viewed to be at the epicenter of this week's market chaos * Why is the oil price dropping? The market anticipates a drop in demand due to global recession * Winding down of QE triggering market instability * Economic data still pointing to weakness * Russia raised interest rates to 17% * Ruble crisis is a "dress rehearsal" for the dollar crisis * Our currency crisis will be worse because of our debt * Euro and Yen rallying * This morning gold was up, down, ended up * Volatility indicates changing trends * A recession in the U.S. means QE4 Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

17 Des 201424min

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