Biden said that McCain wrote in a magazine article that he wanted to do for the health care industry what deregulation had done for Wall Street. That’s taking McCain’s words out of context, as we’ve written before.
Biden is referring to a phrase from a journal article under McCain’s name that said he would reduce regulation of health insurance “as we have done over the last decade in banking.” But the full context shows McCain was talking specifically about a proposal to allow the sale and purchase of health insurance across state lines. Here’s the fuller quote:
McCain: I would also allow individuals to choose to purchase health insurance across state lines, when they can find more affordable and attractive products elsewhere that they prefer. Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.