Brian Hunter thinks he knows something about hedge fund investing. The 33-year-old Canadian energy trader is starting his own firm and reportedly has already raised nearly $1 billion for the endeavor. No matter that Hunter was largely responsible for risky natural gas investments, which last September lost more than $6 billion for his then-employer, Amaranth Advisors, one of the largest hedge funds, causing it to collapse. No matter that the San Diego County pension fund is suing him for $150 million of the $175 million they invested with Amaranth, saying Hunter failed to deliver the diversified and risk-controlled investment strategy he had promised. No matter that a Senate committee is investigating manipulation of the natural gas futures market related to Hunter's investments.

For all the hype over the Democrats retaking Congress, you'd think the reemergence of that body's liberal lions would, in short order, bring about universal health care and a host of other panaceas. Winning universal health care, alas, remains unlikely, at least in the near term. Instead, repairing the cracked foundations of Medicare and Medicaid will dominate the health agenda, and if the Democrats have any energy left, they may try to stabilize the employer-based health system, too. But if the Democrats are smart, they'll go one step further, using their control of committees and their ability to set the agenda to lay the groundwork for a major universal health-care push in 2008 -- one that may boast a surprising array of new allies.