Senate Finance Committee Chairman Max Baucus (D-MT) unveils his health care "reform" bill, that mandates insurance for everyone, imposes stiff penalties and has no public option. Speaker Nancy Pelosi and House progressives are outraged but there has been one very positive response to the plan: Health care and pharmaceutical stocks rallied.
Following Baucus' announcement, CBS Marketwatch reports HealthNet shares increased by 3%, United Health Group Inc shares rose by 2.7%, Humana Inc. rose by 2.6%, Wellpoint stock gained 1.7% and Aetna Inc rose 1.6%.
The New York Times reports the Pharmaceutical Research and Manufacturers of America (PhRMA) will spend $150 million to lobby and boost the Baucus plan. If health care and PhRMA are behind the plan, coould it poissibly be the best plan for Americans?