Sunday, September 6, 2009
Monopoly Capitalism in Medical Care
In 1945, Senator Pat McCarran (NV) sponsored a bill giving insurance companies an exemption from Federal anti-trust laws. The McCarran-Ferguson Act gave states the right to regulate insurance; in reality it allowed insurance companies the power the fix prices and deny care to its customers with limited repercussions. Today, health insurance companies make billions of dollars through monopoly capitalism and denying care to its sick customers through rescision.