Senate Finance Committee Chairman Max Baucus Releases His Health Care Proposal

At first glance, the mark comes across as a victory for the private insurance industry, which is why it was promptly attacked as a sell-out by liberal pundits.

But the health insurance industry may yet come to see it as a variant of winner’s curse — a term economists use to describe situations in which a winner regrets getting what he wished for.

There's a lot more to say about the provisions in Baucus's bill, and perhaps I'll continue picking through the legislation tomorrow. But we basically covered the big-ticket items today. Max Baucus's bill is a very good platform with some very severe failings. The guts of the bill, the things people don't notice, are more fully fleshed out in this legislation than in the other bills I've seen. The exchanges, the risk adjustment, the delivery system reforms, the possibility of national insurance plans -- all that is fully realized in this bill. But the legislation has some serious, even crippling, flaws.