Is Obama's 'Major' Health Care Announcement Just a Bunch of Bull?

So the big news today is President Obama's press conference with the health insurance industry touting the industry's "voluntary" commitment to slashing $2 trillion off Americans' health care bills over the next decade. The New York Times reports that this voluntary announcement is motivated by the health insurance industry's "hope to stave off new government price constraints that might be imposed by Congress or a National Health Board of the kind favored by many Democrats."

My three questions are really simple:

1) If the health industry is saying it can lower costs by $2 trillion over 10 years and remain highly profitable, isn't the industry admitting that it was planning to absolutely bilk consumers, and has been bilking consumers in the past? Put another way, isn't the industry admitting that it's entire business model is based on outright profiteering?