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-
(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).