The Bottom.

Henry Waxman is angry. As a matter of fact, he is fit to be tied. He wants answers and he is prepared to use the full weight of the Federal Government to get them. He is going to convene hearings, subpoena emails as well as other records as he sees fit and bring the awesome power of his committee to bear on a group of people he believes are playing fast and loose with the facts and adversely affecting our new President's moment of glory.

He stands before the cameras, eyes focused, brow furrowed and with his lips barely concealing what could only be described as a snarl. His nostrils flare, more than usual, as he informs a hungry group of reporters that he is on the hunt for malfeasance. The group before him, barely able to contain their glee at the prospect of red meat for an insatiable 24 hour news cycle, listen intently as he speaks, occasionally peppering him with questions.

He intones solemnly the details of his upcoming hearing, describing those he will bring before the committee with the familiar terms "robber barons" and "corporate fat cats". His rapt audience can scarcely hide their joy at the news of yet another chance to denigrate big business. The small gaggle of newsies thrust microphones into his face and scribble furiously into well worn notebooks.

The upshot of this impromptu news conference is this: several large corporations have restated their estimated earnings for next year downward to the tune of several billion dollars. Their stated reasoning? The estimated costs of the new health care law will force them to change the benefit packages for their retirees causing many to lose their prescription drug coverage. Henry Waxman sees this announcement as too tidy and coincidental to be anything other than skulduggery and he is determined to get to the bottom of things.

Let me take just a moment to welcome Mr. Waxman to...the bottom of things. Here at the bottom of things, it's very clear and uncluttered. The bottom of things is filled with simple answers, devoid of dark or sinister motives. It's a place where actions have consequences and words mean things.

Let's break things down for Mr. Waxman in a "bottom of things" kind of way. It works like this Henry. When Bush signed the prescription drug bill that you passed, it allowed large corporations to receive a 28% rebate on what they spent on drug coverage for their retirees. You did this so they wouldn't dump all their retirees into a drug plan for Medicare, ultimately bringing that house of cards down before it's time. You also allowed them to claim 100% of what they spent on their drug plan off of their corporate taxes at the end of the year.

Remember that? Remember when you said it was OK for large companies to stay out of your Medicare plan by giving them a little perk to continue covering those hard working folks who spent their entire careers working for the same company and are now entitled to the satisfaction of retirement.

Now, do you remember the health care bill you signed into law last week? That particular law did away with the little perks you gave to those companies and now they are required by law to restate their future earnings by SEC rules. They did so because now they have to pay all the expenses for their drug plan with no rebate from you. Oh, while you were at it, you also stopped allowing them to claim any of what they spent on the aforementioned drug plan.

Is any of this ringing a bell with you? Did you not understand what you were signing last week? Did you stop to read the bill before you signed it? My guess is that you did not and here you stand now, in front of the cameras, spouting the rhetoric of class warfare and pointy your bony finger at big business. Stating in plain language that you have no idea what you just did. Your righteous indignation is outpaced only by your extreme stupidity.

Welcome to the bottom of things Mr. Waxman. Down here, we all learn the hard way that actions have consequences.