Healthcare Stocks Rocked After GOP Attempts Last Ditch Effort to Destroy Obamacare

The Graham-Cassidy bill is picking up steam in the Senate, which would eliminate the employer and individual mandate, permitting people to choose flimsy plans on the cheap. As you could imagine, the healthcare mafia is panicking over this and are likely rushing to lobby Sen. McCain’s office to vote against such a measure.

Some of the standout losers include MOH (-6%), CNC (-4.6%), WCG (-4.3%),AET (-3%).

The gist of the new proposed plan would transfer power over to the states via grants by eliminating federal funding.

Source: NY Mag

But Graham-Cassidy does something even more radical: eliminating federal funding for Obamacare marketplace subsidies and the Medicaid expansion, and replacing it with one block grant to the states.

“If you like Obamacare, you can re-impose the mandates at the state level,” Cassidy told CNN. “You can repair Obamacare if you think it needs to be repaired. You can replace it if you think it needs to be replaced. It’ll be up to the governors. They’ve got a better handle on it than any bureaucrat in Washington.”

Sen. Paul sums it up.

“I think this is a game,” said Senator Rand Paul, one of the few GOP senators openly opposing the bill. “I think this is a game of Republicans taking money from Democratic states. What happens if Democrats take power back?”

Breadth stands at 49% today, with banks leading on the upside. Incidentally, I closed out my FAZ position.