The policy debates over the 2010 Patient Protection and Affordable Care Act ("Obamacare"), and current efforts to repeal it or hamper its implementation, are fueled by starkly different views of the ability of private markets to deliver health care effectively. This presentation reviews where health care in America stands relative to the rest of the world, and where it is going, with or without Obamacare. It reviews the experience with the market for prescription drug insurance established in 2006 under Medicare Part D, identifies the prerequisites for a healthy market for health insurance, and draws lessons from this for the insurance regulations and exchanges planned under Obamacare. Daniel L. McFadden, PhD. was recently appointed the Presidential Professor of Health Economics at USC by President C.L. Max Nikias. He is a professor emeritus at the University of California, Berkeley. Professor McFadden is the 2000 Nobel Laureate in Economics for his work in econometric methods for studying behavioral patterns in individual decision-making. Following the completion of his PhD in 1962 at the University of Minnesota, Professor McFadden went to the University of Pittsburgh as a Mellon postdoctoral fellow. The following year, he joined UC Berkeley's economics department. In 1979, Professor McFadden moved to the economics faculty at MIT, and in 1991 he returned to UC Berkeley. Among his many awards and honors, Professor McFadden received the John Bates Clark Medal from the American Economics Association in 1975; he was elected to the American Academy of Arts & Sciences in 1977 and to the National Academy of Science in 1981; in 1985 he delivered the Jahnsson Foundation Lectures in Helsinki, Finland; in 1986 he won the Frisch Medal from the Econometrics Society, and in 2000 he received the Nemmers Prize in Economics from Northwestern University.