OPINION: McCain's Regulation Talk Sounds Subprime

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Sen. John McCain (R., Ariz.) has gone out of his way this week to demand oversight of the greedy Wall Street bankers and lobbyists who created our current financial crisis. There's one small problem with his loud cries: He doesn't believe in regulation.

Not only does he believe in massive deregulation of the banking system -- a cause of the current crisis -- he also wants to spread the "innovation in banking" over the last decade to the health care industry. His "subprime" approach to banking and health care can't be trusted.

In the most recent issue of Contingencies, a publication of the American Academies of Actuaries, McCain outlined his goals for the American health care system. He wrote:

"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."

It appears that not only does he not understand the banking system, but he also has plans to reform -- read wreck -- our health care system. ...