In Spite of Disastrous Consequences of Removing Protections on Wall Street, McCain Argues for More of the Same for the Health Insurance Market

Denver, CO - In spite of the unprecedented economic crisis created by Bush-McCain policies that freed the banking and lending industry from vital protections for the American people, John McCain wants to put Americans' health care at the mercy of Wall Street. Just days after claiming that "the economic fundamentals are strong" while Americans' savings and retirement accounts yo-yoed with the struggling stock market, an article penned by McCain himself is running in the latest edition of the magazine Contingencies, in which McCain argues for more deregulation - for health care.   

According to McCain, "Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation." The article highlights that John McCain's plan for the economy and for health insurance means more of the same deregulation and failed Bush economic policies that have created today's economic crisis, leaving Americans to struggle.

Today, Senator Obama is delivering a major policy address to lay out his plan to reform the greed and excesses of Washington so that we never face an economic crisis like this again.  Senator Obama will reform our out-dated, unfair regulatory system that favors Wall Street over Main Street but has ended up hurting both. The Obama campaign today also launched a new 30 second TV ad, Article, which highlights McCain's call for more deregulation - this time in the health insurance marketplace. To see the ad, click on the following link: http://my.barackobama.com/page/content/article_ad/.

"Clearly John McCain not only doesn't get it, he can't be trusted to protect the middle class and prevent another crisis in the future," said Pat Waak, Chairwoman of the Colorado Democratic Party. "Even while Coloradans watched their savings and retirement plummet with the stock market, McCain claimed the fundamentals of the economy were strong. Now McCain wants Coloradans to believe that removing protections on the health insurance market would be a good thing. That's not the change we need, that's just more of the same, and it's a risk Coloradans can't afford."

McCain's article arguing for the removal of vital protections on the health insurance market is only the latest chapter in a long history of supporting deregulation. After facing widespread criticism over his out-of-touch statement that the economic 'fundamentals' are strong on Monday, McCain tried to revise his 26-year history of opposing regulations, claiming that he's for "strong and effective regulation." But McCain has consistently supported deregulation in all forms and even bragged in March, "I am fundamentally a deregulator.  I'm always for less regulation." McCain's article advocating the deregulation of health insurance markets is proof that, despite what he says on the campaign trail, he will continue push more of the same disastrous deregulation policies in every sector, from the economy to health care to the privatization of Social Security.

"Amazingly McCain wants to do for healthcare what he and his chief economic adviser, Phil Gramm have already done for the financial sector.  We've all seen that their radical deregulation of the financial industry has been a disaster," said Waak. "Coloradans can't afford four more years where they extend their failed approach to health care."