Anyone who isn't shaken by the events that rocked the financial markets over the past couple of weeks must have ice water in their veins. Congress got the bum's rush to cough up $700 billion to bail out those who shamelessly placed our entire economy at risk with reckless loans, shaky securitizations and worthless financial guarantees. I think these clowns have a lot of nerve, especially since few would have touted the wonders of federal intervention–at least not while they were sober.

It was in this context I moderated “The Great Debate: Federal Versus State Regulation,” as part of our company's second annual Virtual Conference. Details appear on page 7, and you are welcome to listen firsthand by registering free at http://presentations.inxpo.com/Shows/Summit/09-08/Registration/agenda.htm.

American Insurance Association President Marc Racicot faced off against North Dakota State Rep. George Keiser, secretary of the National Conference of Insurance Legislators, and it was quite a verbal battle. (I want to thank Rep. Keiser for stepping in at the last minute as a substitute for the president of the National Association of Insurance Commissioners, Sandy Praeger of Kansas, who could not make the taping due to pressing business involving fallout from the AIG fiasco.)