Obama Attacks Caterpillar, Deere, AT&T

[Apocalypse]

PEORIA — Caterpillar Inc. and other large companies are being criticized by the Obama administration for reporting now that they will take millions of dollars in hits to their earnings because of one portion of the new health care legislation.

Caterpillar and Deere were accused of being “premature and irresponsible” by U.S. Secretary of Commerce Gary Locke for saying a change to Medicare Part D laws would hurt their earnings in the present quarter.

Those companies are also being questioned about the amounts they are claiming — amounts that seem to get larger with every company that makes a report to the U.S. Securities and Exchange Commission about taking a one-time charge as a result of the legislation.

Caterpillar started it all by saying it would take a $100 million hit on its first quarter earnings. Deere & Co. followed with a report it would lose $150 million to its fiscal second quarter earnings.

The largest estimated hit yet, $1 billion, was announced Friday by AT&T.

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Dont question the Obama!

http://www.pjstar.com/business/x1447...cost-estimates

[Linda]

And don't tell the sheep it is going to cost them in the end! Anyone with a brain knows that if it cost the companies money...it is passed along to the customers to pick up the increase.

I hope you also noticed that the obama administrtion did not deny the fact that is is going to cost the companies a shitload of money because of this HCR....they just want to question the amount they company caims it will cost them.

[lacarnut]

Obama and his band of clowns is so, so, thin skinned. Poor babies!

[Kay]

Saw and snagged this from CC forum (credit to BKG there for posting it).
Isn't this just interesting .....

[Elspeth]

Saw and snagged this from CC forum (credit to BKG there for posting it).
Isn't this just interesting .....

Bart Stupak, eh?

[sgrooms]

Note Mr. Stupak's title. Trying to throw some fear into AT&T maybe? A congressional investigation if things don't go their way or they refuse to show?

[Rockntractor]

If this continues for very long many companies will withdraw their services and either go dormant or quit business.

[Apocalypse]

If this continues for very long many companies will withdraw their services and either go dormant or quit business.

I see many running to China for the Union free, benefit free labor at a mighty reduced cost of their pay. All they really need here in the states is some basic service techs to fix problems. The rest of their staff can be in China where it will be less then a 1/4 of the cost to them. Obama is redistributing the wealth all right. From us to China.

[Rockntractor]

I see many running to China for the Union free, benefit free labor at a mighty reduced cost of their pay. All they really need here in the states is some basic service techs to fix problems. The rest of their staff can be in China where it will be less then a 1/4 of the cost to them. Obama is redistributing the wealth all right. From us to China.

In the long run it will still be to their detriment because the US is still the main market. When this economy completely dies which seems to be the Muzzie and chiefs goal, the world will have lost their biggest customer.

[lacarnut]

November can not come soon enough. Obama knows he has just a few months left to pass more socialistic programs like cap and trade. Looks like anyone that speaks out against this commie HCP will be hauled before a Congressional hearing. The big oil companies will be next. 5 and 6 dollar gas prices are on the way if this sucker is not stopped.