Banking or Health Care: Which Is In Greater Need of Reform?

Talk of Federal regulation is swirling around two industries: banking and health care. Both are essential to our modern way of life, and both have their critics and backers. The health care system has never gone through a massive meltdown like banking did a year ago, but many people see it as suffering a slow decline: continually rising costs, deteriorating quality of care, and inadequate resources to meet the demands of an aging population. So, the question is, which industry is in greater need of regulation and reform?

For all its troubles, on a day-to-day basis, banking does operate much more efficiently than health care. One key: banking has been much quicker to embrace technology. Some may decry the lack of personal service this involves, but as long as cost efficiencies find their way into higher bank rates, most people don't mind. Speaking of bank rates, with resources like money-rates.com, bank customers can freely compare savings account rates, CD rates, etc. When it comes to health care, information -- and choice -- is much harder to come by.

As for service, while banking has become more automated, it still offers access to branches and human representatives for those who want the personal touch. Ask yourself this: have you ever had to wait an hour to see a banker? It's more likely you've experienced that kind of wait at the doctor's office.

The reforms needed for banking involve reining in the risk-taking incentives that can endanger the whole system. In some ways, this is an easier fix than health care, because it doesn't involve improving the way the business runs from the ground up. Both may be in need of attention, but they need very different types of solutions.

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