Private Insurance vs Private Insurance

Mich McConnell states that the reason that we should not have a public option in health care reform is that "The private insurance people would not be able to compete with a government option."
Twist your head around that one. On one hand the right tells us that "government" involvement in health insurance would be bad because it would be badly run and cost us too much. No one would want that. But on the other hand they are saying that we can't have a public option because that would put private insurers out of business. Because everyone would want it. WTF?????
Here is a classic cartoon to remind us of the health care industry. You see, the Private Insurance companies just can't be satisfied with profit. They've got to have more and more and more and MORE, they've got to have it all, all of our money, all of our health, all of it. Not just the meat, they've got to have The Gravy. All of it: