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From Democracy Now! 12/22/09:
Health Insurance Stocks Soar in Value
Wall Street has reacted favorably to the Senate bill. Stock prices of health insurance companies have been soaring since October 27, when independent Senator Joe Lieberman announced that he would filibuster any healthcare reform bill that included a public option. Since then, the stock value of CIGNA has jumped 29 percent; Aetna, 27 percent; UnitedHealth, over 20 percent; and Humana, almost 14 percent. During that same period, the Dow Jones Industrial Average has risen by just over two percent.
This is Wall St.'s verdict on whose interests are being served by this legislation, and it sure ain't yours and mine.
good post,libhom.I usually watch Dem Now but missed this.
Kind of reinforces my thoughts on the matter.
The real story here, if someone wants to follow it is, how the insurance industry became the driving financial machine behind a relatively unknown and unremarkable U.S. senator from the state of Illinois in his bid to become president.
As with all things political: follow the money, honey. Follow the money.
This is Wall St.'s verdict on whose interests are being served by this legislation, and it sure ain't yours and mine.
Damn! If only I'd been prescient enough to get in on some of that action.
I'm not saying I'm crazy about it either, but you have to pass something, because if you give republicans victory, then your power is useless and we look pathetic.
Oso: DN is such an incredible resource. I don't listen to it as often as I would like, but I do try to check in to the website when I can.
Christopher: That is absolutely correct. Following the money is what every reporter is supposed to do, but it is forbidden in the corporate media.
Kvatch: Yeah, you have to think like pure evil to get in on that action.
phil: Actually, the Democrats don't have to "pass something." They have to pass healthcare reform, and the Senate bill is so corrupt it doesn't even remotely resemble reform. The Democrats already look incredibly weak and pathetic, pandering to Lieberbush, the HMOs, Nelson, and the health insurers.
Nate Silver over at FiveThirtyEight has reported that since Dec. 24, health insurance stocks have started to fall.
http://www.fivethirtyeight.com/2009/12/health-insurance-stocks-decline-on-news.html
Writer: I've checked the stock prices on Yahoo Finance. There's been some minor profit taking as one would expect after such a big upswing in price, but the stocks have kept the vast majority of their ill gotten gains.