Industry death spiral, you are upon us. Welcome to the inevitable result when government passes a law that presumes to eliminate market forces that are natural and entirely rational, only to make off-the-cuff tweaks and exemptions in response to political blowback without any consideration of how said changes will affect the delicate balance of the market as a whole - not that any such consideration was given when the law was passed in the first place. Humana had no choice but to admit the following in its latest securities filing (via Reuters):
