After The Signing, The Rising

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Shortly after the House passed the health insurance reform bill that, according to every Republican in Congress, will ruin the private health care sector of the economy, the stock market, recognizing the coming apocalypse… markedly rose? As Business Week reported

Bristol-Myers Squibb Co. and Pfizer Inc. climbed at least 1.4 percent to help lead health-care companies higher after the House approved legislation that will ensure tens of millions of uninsured Americans will get medical coverage. Boeing Co. advanced 1.7 percent to help lead gains in the Dow Jones Industrial Average. Citigroup Inc. jumped 3.6 percent as Richard X. Bove at Rochdale Securities LLC advised buying the shares. “The health-care legislation approval removes the uncertainty,” said Richard Sichel, chief investment officer at the Philadelphia Trust Co., which manages $1.4 billion.

Surely this was just a brief mistake, a mere blip. No doubt the market would recognize the coming disaster to the U.S. economy today, having had another 24 hours to consider the dire consequences of the cursed legislation that that Kenyan Usurper Anti-Christ Commie Muslim Terrorist Obama signed into law today-

Dow rises 100+ points as Obama signs health insurance reform

(By the way, I know you can’t tell much from daily fluctuations of the stock market, but in this case you can at least tell that the market does not think that health insurance reform poses any danger to the private health care system).

2 thoughts on “After The Signing, The Rising

  1. There’s a Joy Cardin show on Wisconsin Public Radio this morning (4/7) debating the positives/negatives of the health care bill. It comes on the heels of a recent poll in Wisconsin showing that 51 percent don’t like the new health care bill while 44 percent do like it.

    The debate was (in my humble opinion) bogged down by arguments each side has been spewing – for instance, “Republicans have done nothing but block health care change (despite the fact that the bill the way it is now resembles the Republican proposal from the early 1990’s)” VS “Democrats are lying about how much this will inevitably cost and that insurance companies aren’t setup to be public utilities but that’s what they’ll become with this bill”. The poll itself was VERY general — i.e., “Do you like the new health care bill or not?”

    Frankly, I’m suspicious of the Republican motives for arguing against this sort of bill. If anything, it increases the customer base for the private industry. There are some parameters around coverage (long time coming!). But gee(!), seems like a 32-million-customer-plus windfall for insurance industry folks.

    Yeah, maybe they’ll have to offer some incentives and low ball bidding for some markets. And they’ll have to actually PAY for folks with pre-existing conditions (unlike ye ol’ days when they could collect a person’s money and then deny them coverage when the health care emergency they’ve been paying for showed up). But it’s NOT universal health care or socialism or anything close to it.

    Why the ruckus from the opposing political party? I think they’d hate ANYTHING they didn’t come up with. (Seems like the definition of egotistical and narcissistic.) But it’s just politics as usual — stuck, angry and invective. No one gets along anymore. And the longer it goes with propaganda as “news” and people who choose to listen and be led rather than think for themselves, we’re going to continue to get polls like the one this morning…

    mho

  2. My guess is that if 51% don’t like it, at least 10-20% of that is dissatisfaction that it has no public option or other effective cost controls – in other words, it doesn’t go far enough. But I wonder how many of them would have preferred that it didn’t pass at all…

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