H is for Hell No

John McCain writes in the September/October issue of Contingencies, the magazine of the actuarial profession:

"I would also allow individuals to choose to purchase health insurance across state lines, when they can find more affordable and attractive products elsewhere that they prefer. Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation. Consumer-friendly insurance policies will be more available and affordable when there is greater competition among insurers on a level playing field. You should be able to buy your insurance from any willing provider—the state bureaucracies are no better than national ones. Nationwide insurance markets that ensure broad and vigorous competition will wring out excess costs, overhead, and bloated executive compensation."

So, John McCain would like to do for the health insurance industry the same sorts of things that he and his campaign advisers/lobbyists have done for the banking industry over the last decade?

And how'd that work out?