With gritted teeth, I cast my vote last week for the insuranceindustry's nemesis, Eliot Spitzer, to become the next governor ofNew York. How could I do such a thing?

There is no doubt Mr. Spitzer is a bully. (Which prosecutorisn't?) There is no doubt he abused his authority and used themedia shamelessly as a club to browbeat targets intosettlements.

However, there is also no doubt that as the state's crusadingattorney general, he uncovered serious wrongdoing–not only in theinsurance industry (catching big brokers and carriers red-handed inbid-rigging and contingency fee abuse), but earlier on exposingoutrageous anti-consumer behavior by the mutual fund business andthe investment banking community.

Mr. Spitzer claims his idol is Theodore Roosevelt–a Republicanwho earned the wrath of the powerful industrial community with histrust-busting ways.

Teddy believed that if big business failed to play by therules–if they were allowed to take advantage of the public–supportfor the free market would be undermined and voters would demandmore radical change than merely stronger regulations. He wanted toestablish the credibility of the government in guaranteeing a levelplaying field. If that's how he runs his office, I can supportthat.

I also am counting on him to shake up the moribund politicalsystem in Albany and make the state government a means to an end,rather than an end in itself. It won't be easy, since as aprosecutor he had a lot more dictatorial power at his disposal, anddidn't have to compromise often to get what he wanted, as he'llhave to do in Albany.

I hope he follows the example of two Republicans I voted for inthe past for mayor of New York–fellow former prosecutor RudyGiuliani and current Mayor Mike Bloomberg–in reshaping a veryself-interested, self-perpetuating political system into anefficient, effective government.

Mr. Spitzer certainly will make life interesting for theinsurance community, since he will be the one picking New York'snext insurance superintendent–someone no doubt far less friendly tothe industry than its current occupant. But if insurers andproducers run their business honestly, they shouldn't have anythingto fear.

Nationally, the Democrats managed to gain control of the Houseof Representatives for the first time in 12 long years–and, as ofthis writing, might take over the Senate as well. But even withjust the House going to Democrats, the entire political calculuschanges in Washington.

There are bound to be implications for the fate of TRIA (whichactually may get more sympathetic treatment from Democrats),federal regulation (is there an industry Democrats don't want UncleSam to oversee?), flood insurance, credit scoring, the industry'sfederal anti-trust exemption, and other critical issues facinginsurers and producers.

Fasten your seatbelts, folks, it's going to be a bumpy ride!