While driving the car loses all electrical power?

Yep, if you can move wires around under the steering column it sounds like the switch is bad, I would replace it and check the wiring connections at the switch. Check out the diagrams (below). Please let us know what you find.

Would it be the ignition switch even though the car starts fine and was running when the power went out?

Yep, when you move the wires it moves the contacts inside the switch, but like I say check the wiring as well.

Hi Ken, I unplugged the wiring that goes to the ignition switch on the steering column. Unplugged some other wiring also so the car would not start. However, when the car lost all electrical power while I was driving, I had no interior lights at all, the car was completely dead. When the ignition switch was disconnected, I still had interior lights. I was just running some tests. If it is not the ignition switch or the wiring that goes to it, what else could cause that kind of power failure? I've been able to get the car running both times that this has happened but disconnecting the wiring on the steering column didn't replicate the total electric failure that occurred.

I have seen the main battery fusible links go out intermittently which could be your problem. Please check down by the starter and pull on the links, if they feel rubbery, they are bad, and you need to replace them.