Posted by: coastcontact | July 3, 2015

Another Effort to Reduce Competition

Over the past 35 years since Ronald Reagan became president we have seen a decline in competition in the United States. His words “Government is the problem” was a signal to those who could accumulate more wealth and control of businesses at the expense of America’s general welfare. Reagan’s philosophy was government should not interfere with business.  Thus we now have just four banking companies that control most finance. There is a handful of pharmacy chains, and a handful of supermarket chains spread across the nation that set the price you will pay for eggs, meat, and everything other food product.

List of largest banks in the United States

Rank Bank name   Headquarters
1 JPMorgan Chase            New York City, NY
2 Bank of America            Charlotte, North Carolina
3 Citigroup           New York City, NY
4 Wells Fargo            San Francisco, California

Chances are you do your banking at one of the branches of these companies.

List of largest drug store chains in the United States

  1. Walgreens
  2. CVS
  3. Rite Aid
  4. Walmart

Chances are you are buying some part of your drug supplies from one of these companies. Go into any of them and you will find their prices to be almost the same.

Now imagine what the cost of health care will be when the number of insurance providers is reduced. Did you know that Blue Cross and Blue Shield are both owned by Anthem? This is not a new fact.

Yesterday Centene said it will spend $6.3 billion to buy fellow insurer Health Net. Today Hartford, Conn.-based Aetna will spend about $35 billion to buy rival Humana. Now Health insurance giant Anthem presses for Cigna takeover at $54 billion.

Of course these companies argue that their consolidation will lower costs. For Who?

Will the federal government stop these consolidations? Who are the major contributors to presidential campaigns? Who provides the money to help your congressional representative and senator? Small donations are accepted but the big donors aren’t supporting those elected officials without receiving something in return.

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Responses

  1. Very well written – like you I wonder what can be done- the first step is getting the masses aware of the problem and then use the collective awareness to affect the changes needed. The waking up part is by far the most frustrating and slow process. As always I enjoy your postings. I am trying to get back to writing…


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