Sure Enough

The New York Times reports that "President Obama will propose on Monday giving the federal government new power to block excessive rate increases by health insurance companies."

How fun!  Those of us who remember the 1970s recall the frolics sparked by America's last great experiment with widespread price caps – namely, those on oil and natural gas.  The resulting short supplies gave us the thrill of waiting in long lines – and sometimes even getting into fistfights – for the privilege of...