Paul Krugman notes that Sen. John McCain (R-AZ) published an article on his health care plan in the current issue of Contingencies — the magazine of the American Academy of Actuaries. In his article, McCain attempts to make his case for deregulating the health insurance industry by extolling the benefits of the last decade of deregulation in the banking sector. He writes:
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.
As Yglesias writes, McCain is “such an enthusiast about financial market deregulation that he was bragging about his plan to make the health care system as awesome as the financial system.”