I'm puzzled by the recent behavior of insurance companies.
They were somewhat dubious about Romneycare but supported it anyway.
They haven't lobbied against ZIRP which DESTROYS them.
Now that the consequences of Romneycare are becoming more clear, insurers are backing out fast. [Specifically: When you have to cover everyone, you have to charge huge premiums. Many people and companies are simply unable to pay huge premiums, so they go without insurance. Cranking up the penalty won't help if the money ISN'T THERE.]
Both decisions are puzzling because estimating the future risk of financial decisions is EXACTLY THEIR BUSINESS. This is WHAT INSURERS DO FOR A LIVING.
GM would catch the meaning of a Federal prohibition of automobiles. Intel would understand the consequences of a 100% sales tax on integrated circuits. They would lobby ferociously and successfully against such proposals.
Why did insurers allow ZIRP to happen? Why did they take 6 years to see the inevitable outcome of Romneycare?