John McCain Wants to Bring Banking De-Regulation to the Health Insurance Market

McCain and his chief economic adviser, lobbyist Phil Gramm. In 1998 Senator Gramm wrote the bill that deregulated banking.

Yes, John McCain's chief economic adviser blew up the economy.
Heckuva job, Phil.

[A] correspondent directs me to John McCain’s article, Better Health Care at Lower Cost for Every American, in the Sept./Oct. [2008] issue of Contingencies, the magazine of the American Academy of Actuaries. You might want to be seated before reading this.

Here’s what McCain has to say about the wonders of market-based health reform:

Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.

So McCain, who now poses as the scourge of Wall Street, was praising financial deregulation like 10 seconds ago — and promising that if we marketize health care, it will perform as well as the financial industry!

Paul Krugman, NYTImes: McCain on Banking and Health

If you have been thinking about writing a letter to the editor to your local newspaper, I'd start with this quote. Let's blow up health insurance, just like Republican deregulation just blew up the banking industry.

This puts the lie to all McCain's claims that he will fix our problems. He is one of the problems. He loves deregulation. He loves the giant corporations that flood his campaign with money and lobbyists. The only Americans he has ever really cared about are the rich ones. He's their man.