Right now, the hot magazine is not Rolling Stone, or Wired, or Maxim, or People, or but Contingencies, the publication of the American Academy of Actuaries.
There’s an article in the current issue by Senator John McCain, talking about his health care plan, where he explains his philosophy of deregulation:
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.
Paul Krugman at the New York Times, Josh Marshall of Talking Points Memo, Joe Klein at Time, Steve Benen at The Washington Monthly, Ezra Klein at the American Prospect, all make the point, in different ways, that John McCain thinks the banking industry is a good model for the health insurance industry to follow.
Not the best week to make that point in writing.
Our legislative advocate Beth Capell here at the Health Access WeBlog made the same point, but the quote and the article make the link explicit.
McCain wants to eviscerate consumer protections–including fiscal solvency standards–for health insurers, which seems only to invite the disaster we now see on Wall Street. As Beth indicates, there’s lots of history to suggest what the problems would be with such lack of oversight.
We need more, not less, oversight over the banking, financial, and insurance industry. $700 billion is just the latest figure of what the price of such lack of oversight is.