Over at Cato@Liberty, Michael Cannon has a very good translation of the president’s speech last night. My favorite:

“Under this plan, it will be against the law for insurance companies to deny you coverage because of a pre-existing condition.”
Translation: I, Barack Obama, ignoring thousands of years of failed price-control schemes, will impose price controls on health insurance. I will force insurers to sell a $50k policies for $10k. What could go wrong?