The Wonk Room

McCain’s Embrace Of Wall Street Regulation Exposes Health Care Hypocrisy

Since the collapse of the U.S. financial system, Sen. John McCain (R-AZ) has struck a “populist tone,” calling for greater government regulation of the financial markets:

Part of the reason we are facing this crisis is an antiquated regulatory system of uncoordinated agencies that haven’t been doing the job. I believe we need a high level oversight board to impose accountability and establish concrete criteria for who gets help and who does not.

McCain credits the financial crisis to “failed regulation, reckless management, and a casino culture on Wall Street” and proposes government regulation, more oversight of the Bush administration’s bail-out plan, and greater accountability.

Unfortunately, “oversight” and “accountability” are both missing from McCain’s health care plan. Whereas the government must eliminate corporate greed and “a casino culture on Wall Street,” it has no responsibility — as far as McCain is concerned — to insure that health insurance companies don’t deny coverage to sick people, jack-up premiums, or conduct another round of medical

As insurance companies deny or price-out of coverage nearly nine out of every ten Americans who apply for individual insurance, 45.7 million Americans live without any coverage, and another 25 million are under-insured, McCain sees no crisis. He continues to propose “a casino culture” for health care: more vigorous nationwide competition, as we have done over the last decade in banking,” deregulation and lax oversight.

In short, the financial crisis demands regulation, but America’s health crisis requires the exact opposite approach. Only the “original maverick” can argue for both.