"One cannot describe the status quo ante for the U.S. health care system -- the system that existed before Obamacare -- as a free market in health care. Health care and health insurance are among the most highly regulated industries, and in the case of health insurance the regulatory regime is a fragmented patchwork of conflicting state regulations."
Roderick pauses, and sips from a glass of water on the lectern.
"And so, one cannot characterize problems in the old system as market failure. It would be more apt to describe it as regulatory failure, or government failure."
Members of the Old Ivy Political Economy Club applaud Roderick's paper enthusiastically. Roderick beams, and waves to the crowd as he leaves the lectern. Lily Chang winks seductively as she passes him.
"Thank you, Roderick, For our next presentation, Penny Whiffenpoof will deliver her empirical study of marginal pricing in the Lake City S&M market. Penny?"
Penny strides onstage dressed in a black leather jacket, thong and high heels. She carries a whip.
Backstage, Roderick calls Mr, Smiley.
"Hello?"
"Hi, Mr. Smiley, it's Roderick."
"Hello, Roderick." Mr. Smiley is always pleasantly surprised when Roderick calls, because he does not look at the little thing on the phone that says who is calling. Smileys think it's impolite to check to see who is calling.
"I just delivered part four of my paper on health insurance."
"That's nice."
"Also, Christmas is coming soon."
"Yes, I suppose so," says Mr. Smiley matter-of-factly. Mr. Smiley doesn't seem too excited about Christmas because in Smileyville, every day is either Christmas Day, Christmas Just Happened or Soon It Will Be Christmas.
"What would you like for Christmas?"
"Oh, I don't know..." Mr. Smiley ponders the range of possible gifts. Not that there's much to ponder, since Smileys invariably give one another pickles, cheese or chocolate, or birdhouse kits that fathers and sons can build together. Oddly shaped and brightly colored bird houses.
"Heh!" says Roderick. "I'll bet you would like a nice slab of Emmenthal cheese."
Mr. Smiley thinks about a nice slab of Emmenthal. The thought makes him smile.
