The market was less than kind to health insurers today after a Congressional Budget Office analysis painted a rosy picture of the pending health-care legislation.
Health-insurance investors should not lose heart, however, because the CBO study has a significant flaw: It assumes that Medicare will cut doctors’ fees -25% next year.

As the world trained its eyes on Copenhagen last Friday to learn the location of the 2016 Olympic Games, I sat in a bar in Washington with an old friend.
We were waiting for the results of a different contest altogether.
The race we were interested in has far larger economic ramifications than the Olympics and every [...]