I can’t believe I’m going to write this, but I sincerely believe that the republican group mentioned in this story have at least a framework for a plan that would work. In fact it’s sort of similar to something pie in the sky I said to my wife while bitching about the proposed bailout. There exist in this country an industry with the wherewithal to come to the rescue, expand their business, and quite possibly make the American taxpayers, the financial companies and even themselves come out ahead.
From the article
We ask the health insurance companies to take a financial stake in the firms involved in the mortgage fiasco, in return we expand Medicare* to cover every American. The Insurance companies can then elect to extend insurance to their existing customers at a reduced rate for co-pay/boutique coverage. This plan frees up capital for not just the financial companies but also GM and Ford which are also teetering and just about every industry I can think of by freeing up a lot of capital that’s currently committed to employee benefits.
I’m sure there would still need to be some mechanisms in place for fixing bad loans. I’m also sure that there would have to be some regulations involved. But as a general plan, I think it could work. Critique mine or put one of your own up.
*I haven’t looked at numbers but I’d think that non retirees and the disabled would have some form of co-pay.