Friday, October 23, 2009

Newsflash: Senator actually reads academic paper

Props to Sen. Sheldon Whitehouse (D-RI) for actually looking at the findings presented by Prof. Lawrence Powell defending medical insurers' anti-trust exemption:

"The best possible outcome from repealing McCarran is continuation of the status quo," he said. "However, it is also likely that repealing McCarran would have negative consequences for consumers, by decreasing competition and accuracy in insurance pricing."

Rhode Island Democrat Sheldon Whitehouse pointed out that the professor was relying on outdated information.

"You cite for the proposition that insurance markets are highly competitive an article by Paul Joskow. Do I have the date of that article correct, it's 1973?" he asked Powell. "I believe so," came the answer.

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