This Health Care Bill Is A Bailout For the Insurance Companies

[lib2DaBone]

Health care insurance companies have been speculating in the derivatives market and credit default swaps... just like AIG an Goldman Sachs.

AIG was an insurance company that we bailed out through TARP.

Wellpoint, Aetna, Humana, etc., are going to be bailed out.. not by TARP.. but by cash. Cash paid as premiums by every man, woman and child in the United States.

Below is an article that goes back to 1993... and explains how the health insurance companies got into the mess that they are in..... through the CFTC (Commodity Futures Trading COmmission), headed by Dr. Wendy Gramm, (Wife of Senator Phil Gramm of Texas)

." President Reagan called Wendy Gramm "my favorite economist," naming her chairman of the Commodity Futures Trading Commission, the powerful regulatory agency which oversees the nation's commodities and futures exchanges.

Some economists state that the 1999 legislation spearheaded by Sen Phil Gramm and signed into law by President Clinton — the Gramm-Leach-Bliley Act — was significantly to blame for the 2007 subprime mortgage crisis and 2008 global economic crisis.<10><11> The Act is most widely known for repealing portions of the Glass-Steagall Act, which had regulated the financial services industry.<12>



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http://findarticles.com/p/articles/mi_m1094/is_n2_v28/ai_13834938/
Business Economics, April, 1993 by James A. Hayes, Joseph B. Cole, David I. Meiselm


Because of the enormous importance of health care expenditures, now exceeding 13 percent of GNP, and the impact of volatility and uncertainty of health care costs on buyers and sellers of health care and health care insurance, a natural market exists for still another significant derivative product to manage the risk of changes in health care costs. The product, as with other derivatives, will facilitate price discovery, risk transfer, and risk management.

Leslie Rosenthal, former CBOT Board of Directors Chairman and currently Chairman of the Insurance Subcommittee at the CBOT, among others, advocated the development of insurance futures at the exchange and is responsible for completing the design of these contracts with the support of the CBOT Economic Analysis and Planning Department staff. Several contracts, including health insurance futures contract, have been approved by the Commodities Futures Trading Commission (CFTC).

[ixion]

1. yep, that's exactly what it is

and why it should die an fast death.

[rasputin1952]

9. Nothing, for perhaps an entire generation would be better...how?

One cannot amend or build on nothing.

medicare, Social Security and a host of other programs began substantially differently from what they are now, and if they were stopped...there would be nothing that would have been built upon...Millions would have starved and be on the street w/o a foundation to build upon.

Burying this would ensure the deaths of thousands, if not millions in the future...who can say in any form, that that is somehow acceptable?

[ixion]

11. add a strong public option to provide a check and balance to the mandate

and I would be more inclined to support it. Without that, I simply can't support it in good faith. For all the good it might -- and I stress might -- do, it will a) not really be 'reform' and b) will hurt more people than it helps.

The primary beneficiaries of this bill are the insurance companies, and until that changes, I can't support it in good conscience.

[rasputin1952]

14. Not to be facetious...

but your good conscience would provide an avenue for perhaps millions to die, with nothing to build upon in the future...it is a conscience I am glad I do not have.

[Don Caballero]

2. It may be but we must have it passed

The changes to the bill can come later. We just need this thing passed to show the Republipukes they can't push us around.

[ixion]

3. so we show them by rewarding their base?

:shrug:

Nothing regarding the Insurance Industry Bailout will get changed. Count on that.

[Edweird]

7. Yeah! Passing RW legislation will show those RW'ers who's boss!

[BeFree]

10. Exactly...

...we showed the republicans who is boss. Against all the lies and all the money, the dems came together and passed legislation that the pubbies were in lockstep against. The pubbies lost.

The dems are the boss, good of yall to see that. Now we put away the pubbies for good over the next few years.

[Edweird]

12. Oh. So when did we become the party of corporatism and privatization?

I mean, privatization was Reagan's thing. Reagan was a republican. Hm. Now we are cutting Medicare and expanding private insurance companies. Sounds like Reagan. It looks to me like you are a little confused. It also looks to me that your "we put the republicans in their place" victory lap is a little premature. They got THEIR way AND POLITICAL COVER. They get to campaign on "trying to save Medicare from the Dems". All for a bill that rewards vultures. A bill that will likely, in the real world, do little to nothing for people that actually need help. Remember, the insurance companies are the reason everything went to hell. They are not your friend. They do not care about you. They exist to make a profit for their shareholders. They are not there to 'help you'. Now, as a result of your glorious 'victory', we are FORCED to buy from them. If you think things will get better now that it is a MANDATE, I've got oceanfront property in Kansas I need to sell. Cheap.

Of course, when Dems start losing elections, I'm sure you'll have some convoluted excuse that ignores the fact that a lot of people - Dems included - saw this bill for the piece of shit it is.

[BeFree]

13. Hehe

You so funny!!

We kicked republican ass. Now you may think 60 dems agreeing on something is a clusterfuck but methinks they got the best that could be gotten at this time. I'm funny that way - thinking the dems are pretty smart. YMMV.

I prefer a socialist plan. One like France has. And the only way to get there from here is a constant kicking of republican ass. Progress can only be made over the dead body of the republican political body. And our body just got started kicking their ass.

I realize some here like to see this in a negative light - gloom and doom - I can do that too, but at this point I will place a bit of faith in the dem body politic, especially having just witnessed this kicking into the dirt of my fervent opposition pubbies.

The sooner the pubbies are history, the sooner we make our history. 'Twas ever thus.

[Edweird]

15. Well, I hope for the sake of our party and country that you are right and I am wrong.

[ReverendDeuce]

4. I said this FOUR DAYS ago and my post was DELETED...

Be careful! Sometimes I don't get DU...

[ixion]

5. It's been quite a fight

the GOP-DLC is out in force trying to get us to stay on their message.

Ignore them, and hang in there for the Truth! :woohoo:

[ReverendDeuce]

8. I'd post it again, but I am afraid of getting tombstoned...

Despite my five years at DU, I fear it.

[sandnsea]

6. What was it in 2004? When Dean proposed it? n/t