Health Reform as a 'Taking'

The Fifth Amendment restriction on a "taking" of private property by the government without just compensation might be grounds for health insurance companies to challenge President Obama's plan to compete with them by offering a "public option," the manager of the Congressional Effect Fund, Eric Singer, writes in Investor's Business Daily. Mr. Singer's mutual fund, incidentally, invests in stocks when Congress is on recess and goes to cash when Congress in session, on the theory that Congressional action destroys wealth. Its performance so far is here.