ObamaCare: Young and wealthy to subsidize the rest

Mish does a roundup and commentary here.

Quoting Caroline Baum at Bloomberg:

Obama says his advisers have identified $500 billion to $600 billion of inefficiencies in the system that would pay for reforms. When was the last time the government wrung inefficiencies out of anything? Medicare is plagued with waste and fraud.

Obama says the government needs to offer a public health- care option to encourage competition. This line of thinking leads “to the uncomfortable conclusion that the government must be a player in every industry,” says Cliff Asness, president of AQR Capital, a hedge fund in Greenwich, Connecticut. [emphasis added]

According to ObamaLogic, the government must own the biggest company in every (fill in the blank) industry to offer a "public option" to "encourage competition". Evidently, we've started with General Motors, but ObamaLogic will likely be coming to your industry soon.

Read the rest, including Ms. Baum's Obama goes postal, lands in dead-letter office article. Without his beloved teleprompter, Mr. Obama is like a fish out of water.