Pure Capitalism May Be the Death of Us All

Or at least the death of those among us who cannot afford private insurance.

If you still think the current status of health care in America is A-OK, maybe the story below will be a wake-up call for you. You see, there are plenty of people in this country who care about nothing other than making money off of other people’s misfortune or ill health, and it’s time we stopped pretending otherwise:

Health Insurance Stocks Rise After Defeat Of Public Option Amendments

Yesterday, the Senate Finance Committee voted down both the Rockefeller and Schumer amendments, which would have added a public insurance plan to the committee’s bill. As the Wall Street Journal reports, shares in health insurers Humana and UnitedHealth shot up following the votes:

Shares of companies that operate private health plans turned higher or trimmed losses in afternoon trading Tuesday after a Senate committee rejected an amendment that would have created a government-run insurance option. Humana Inc. (HUM) shares, which had been down earlier, were recently up 1% at $38.41. UnitedHealth Group Inc. (UNH) shares gained 3 cents to $25.83.

Private health insurers have bitterly fought the creation of a public insurance option, fearing that such an option would cut into their profits. Yesterday, Life And Health Insurance News reported that the insurance industry has responded positively to the defeat of the public option amendments. “We are pleased by the rejection of both the Rockefeller and Schumer amendments,” said Tom Currey, president of the National Association of Insurance and Financial Advisors. Janet Trautwein, president of the National Association of Health Underwriters, also told the press that her organization is pleased by the failure of the Schumer and Rockefeller amendments.

Read the rest of the story over at ThinkProgress.

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9 comments

  1. Pure Socialism certainly will be the death of us all.
    Unless, you like 1984 and want to be Winston Smith that is…

  2. “But capitalism unreigned seems to unleash evil (via pure greed) in humanity.”

    Sounds more like the definition of dictatorship.

  3. Now, Morgan, don’t go starting trouble! I am all for the capitalist model for our economy. But there needs to be a recognition that this is not just one big happy game of “Monopoly” we’re playing. We don’t all start out with the same amount of cash on hand, making wise business choices and hoping for a good roll of the dice.

    When put into practice, a democratic capitalist society must have safety nets in place for those who need them. I am not an economist, but it sure seems to me that if we allow the greed that drives capitalism to run free, then its inevitable end will come when there are a handful of obscenely wealthy people, and the rest of the population cannot even afford to keep a roof over their heads or buy food for their children.

    Or perhaps we are already there ….

  4. I’m all for capitalism with the asterick also. The problem lies in all the safety nets being yanked out from under us in the past 30 years.

  5. Additionally. what I have seen thus far of this Health Care Reform Bill is for big business and is nothing for the middle/lower class. What I do see on the horizon is a whole school district of vehicles coming our way.

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