Hang on a second, Girma. Sorry to do this, but I have to address your post line by line.
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Originally Posted by Girma 
You go so quickly from extolling the virtues of harsh regulations on the private health insurance market in other industrialized nations, to calling any prospective regulation here feckless, that I think I just developed whiplash.
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I think "extolling the virtues" is a misrepresentation, but anyway, I drew a comparison between
criminal laws and what passes for corporate regulation in this country, which renders it essentially voluntary. If you'd like more on this subject, read or listen to anything Eliot Spitzer has said over the past couple of months. If you live in a country where the economic royalists and corporatists have grown more powerful than the government, there is essentially no real police force that can take them on. If you want to argue that, I'll take that argument (maybe not here). The point is, no public official appears to be immune to the power these multinational corporations wield, and that's not likely to change until we have entirely public elections with no private financing and anti-corruption laws that makes the kind of lobbying going on a criminal offense.
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Originally Posted by Girma 
Rather than get bogged down in things like whether or not the CDS market was actually regulated or not, what exactly is the reason why healthcare costs have gone up so astronomically in this country? As far as I know, it has very little to do with private insurers collecting a profit, and everything to do with the fact that our system incentivizes the funneling of people towards costly, and ineffectual, treatments.
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So, when an insured person is denied an expensive treatment because of a so-called pre-existing condition, or when an insured person is dropped from his/her policy on the cusp of some expensive treatment because of some technicality, that incentivizes funneling people towards costly or ineffectual treatments? When a CEO makes $1 billion in bonuses, contributing to the 30 or 40% overhead that gets worked into the premiums of an insured person, that is a direct result of funneling people towards costly or ineffectual treatments? This argument doesn't hold water because it addresses only a very narrow slice of the overall picture. Until opponents of a public option come up with a better argument against increased competition to bring costs down, the argument will
have to continue to rely on irrational scare tactics and lobbying of corrupt Washington sellouts.
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Originally Posted by Girma 
So, public option or not, wouldn’t a heavily regulated market be able to address that?
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No, because politicians are susceptible to financial pressure and regulators are only as good as the people backing them up, which would be nobody except the occasional honest congress person (like Bernie Sanders, for example).
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Originally Posted by Girma 
Wouldn’t an employer mandate to either provide health insurance, or pay into a fund, allow for virtually universal coverage (assuming practices like recision or denying applicants due to preexisting conditions are banned)?
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I'm not against the first idea, but do you really think the insurance companies will allow anyone to curb their current extremely profitable practices? That fight would be akin to the fight against a public option and would be subject to equally disgusting dirty tactics. And even if it did, who's going to enforce it once they put armies of paper-pushers on the case of finding loopholes?
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Originally Posted by Girma 
I know the Republicans are too busy calling everyone a socialist to make a coherent argument, but why exactly wouldn’t something like that work?
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Hopefully, I presented a reasonable opposing viewpoint.
But one thing I ask you to consider: why are the big insurance conglomerates and drug companies spending so much money and using such immoral and dangerous tactics to fight a public option? Isn't competition supposed to be the essence of capitalism?