Wall Street ADMITS That Our Healthcare System Is Totally Screwed

Recently, an analyst for Goldman Sachs admitted that curing diseases is actually bad for business – and that tells you everything you need to know about how screwed up our healthcare system is. Ring of Fire's Mike Papantonio and Farron Cousins discuss this.

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Welcome back to Ring of Fire. I'm Mike Papantonio here with Farron Cousins, editor of the National Trial Lawyer Magazine, one of the biggest trial law magazines in the country.

Recently an analyst for Goldman Sachs admitted that curing diseases is actually bad for business. He actually said that. Tells you all you need to know about how screwed up our healthcare system is. More importantly, it tells you how the thugs on Wall Street regard us generally when it comes to making big profits.

I read this. I had to read it twice because it was so callous, Farron. This character is ... What he's talking about is if we cure cancer, we're not going to have all that money coming in for things like chemotherapy and all this money that goes into treating cancer victims. He actually was very down on the idea of gene therapy to cure diseases because not because I wasn't going to be profitable from that standpoint, but it was going to destroy all the profits and long term care for people who are dying from things like cancer.

What's your take on this?

He says the idea of one shot cures, yeah, it's attractive, but for the love of God, we got to take care of these poor bankers by getting people to come back every month. Whether it's dialysis or chemotherapy or whatever it is that everybody has to keep coming back for. It's funny. Lee Camp did a phenomenal job on this story.

Yeah, Lee did a great job on this story.

Published in Truth Dig, and he also mentions there's this old comedy routine from Chris Rock from 1999 where he said they're never going to cure diseases because there's no money in that. At the time it was a humorous observation. It was funny because you didn't think it would happen. But here, this guy from Goldman Sachs, Salveen Richter is his name.

Yeah, Salveen Richter.

Absolutely said this is bad for business.

So the whole time that we thought it was a joke, the thugs up on Wall Street, they weren't laughing.

Right.

They were worried about, "Gee. We really might cure something like cancer. We might cure MS and we might cure these long term diseases." The problem is this, part of this issue is what's happened is the hospital corporations have become so big. You've got hospital corporations that run public health all over the country. Add to that the monstrosity that we call the pharmaceutical industry. Those two entities, they benefit big from long term care. If you cure cancer, you don't have the pharmaceutical industry making a gazillion dollars selling cancer drugs, same with hospitals. So these hospital corporations have become this big monster that we have to keep feeding, and that's what this guys talking about. He's talking about, "We're making a lot of money in the healthcare industry because you've got all the baby boomers coming through. A lot of the money we're making is that long term care kind of issue."

Well, a lot of questions that came up from this is just the fact of why does Wall Street even care what happens in the pharmaceutical industry? Why do these bankers care what happens in the hospital industry? It's because people don't understand how entwined everything has become int his society in terms of businesses. Wall Street banks fund these hospitals. They fund the pharmaceutical industry. So big pharma has to make a profit because part of its got to go back to the big bankers. They do the same thing with the gun industry. These big banks are entwined with them. They're entwined with Monsanto and DuPont and Dow and everybody. So whatever happens, and that's one of the reasons these banking lobbyists push for lax regulations on the oil industry, something seemingly unrelated. Well, it's because they help fund it. They finance it.