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Dems to Expand Socialist Agenda - Nationalize Hurricane Ins.

 
 
woiyo
 
Reply Mon 2 Jun, 2008 07:37 am
"WASHINGTON -- As hurricane season begins, Democrats in Congress want to nationalize a chunk of the insurance business that covers major storm-damage claims.

The proposal -- backed by giant insurers Allstate Corp. and State Farm Mutual Automobile Insurance Co., as well as Florida lawmakers -- focuses on "reinsurance," the policies bought by insurers themselves to protect against catastrophic losses. The proposal envisions a taxpayer-financed reinsurance program covering all 50 states, which would essentially backstop the giant insurers in case of disaster.

To gin up national attention for the program, Allstate and State Farm have teamed up with the American Red Cross in an advocacy group, ProtectingAmerica.org, pushing for better emergency preparedness, providing disaster news and education to prevent lawsuits. The group also pushes for the federal program.

Red Cross says it didn't lobby for the federal bill, and doesn't take a position on it. Its interest in ProtectingAmerica is solely to encourage preparedness, it says.

The proposed plan is roughly analogous to the National Flood Insurance Program, which has been criticized for encouraging construction in risky floodplains. Nevertheless, in recent weeks the Senate voted to renew the flood-insurance program, and also to forgive $17 billion in debt incurred after Hurricane Katrina.

Critics cite that debt forgiveness as an example of how states with little or no hurricane risk can end up footing the bill for damage in flood-prone areas. "For years, federal flood-insurance backers told us the program was financially sound, but the storms of 2005 left it $17 billion in the hole," said Steve Ellis of nonpartisan budget watchdog Taxpayers for Common Sense.

"I'm calling on the voters in both parties to demand that the nominee of their party publicly support a national disaster fund," said Florida state Sen. Steven Geller, an uncommitted Democratic superdelegate. "If they won't, vote for the other party."

Republican presidential candidate Sen. John McCain, who badly wants to win Florida, is resisting calls to back the program. "This is a very large federal program," and the only state currently in a position to benefit is Florida, said Douglas Holtz-Eakin, Mr. McCain's policy director.

Sen. Clinton received $1.5 million from individuals in the insurance industry during the 2008 campaign cycle. She received $10,000 from Allstate employees, and $12,550 from State Farm, according to the Center for Responsive Politics. Mr. Obama received $960,000 from individuals in the industry. Employees from Allstate and State Farm, both based in Mr. Obama's home state, gave him $25,000 and $35,600, respectively.

Mr. McCain, who opposed the federal catastrophe plan, received $690,000 from individuals in the insurance industry, $9,000 from Allstate employees and $21,000 from employees of State Farm."

http://mobile2.wsj.com/device/html_article.php?id=&CALL_URL=http://online.wsj.com/article/SB121219552595334557.html%3fmod=hps_us_pageone

Why are the poor decisions made by builders and buyers subsidized by Govt? If you build or buy in a hazzard zone, why should the taxpaers bail you out?
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Type: Discussion • Score: 1 • Views: 805 • Replies: 6
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Setanta
 
  1  
Reply Mon 2 Jun, 2008 08:12 am
Actually, that was originally Reagan-era legislation . . .

But screw hurricane insurance . . . we won't have true socialism until we have the re-education camps and the collective farms. First we round up the right wingnuts and send them off to the re-education camps, then we ship 'em off to the collectives so they can make some pitiable contribution to the society which supports their pathetic asses.

Then we export the world proletariat revolution ! ! !
0 Replies
 
woiyo
 
  1  
Reply Mon 2 Jun, 2008 08:16 am
Setanta wrote:
Actually, that was originally Reagan-era legislation . . .

But screw hurricane insurance . . . we won't have true socialism until we have the re-education camps and the collective farms. First we round up the right wingnuts and send them off to the re-education camps, then we ship 'em off to the collectives so they can make some pitiable contribution to the society which supports their pathetic asses.

Then we export the world proletariat revolution ! ! !


Why are the poor decisions made by builders and buyers subsidized by Govt? If you build or buy in a hazzard zone, why should the taxpaers bail you out?
0 Replies
 
Setanta
 
  1  
Reply Mon 2 Jun, 2008 08:30 am
Don't ask me--as i pointed out, that legislation originally got passed in the 1980s. People then claimed Ronnie was helping out his buddies who liked to build on ocean-front property for which they couldn't get insurance otherwise, but that ignores that it takes the Congress to pass the legislation in the first place.

Have you got a bag packed for the re-education center for after the election when Obama implements the new, Muslim fundamentalist, crypto-fascist, socialist regime?
0 Replies
 
engineer
 
  1  
Reply Mon 2 Jun, 2008 08:46 am
woiyo wrote:
Setanta wrote:
Actually, that was originally Reagan-era legislation . . .

But screw hurricane insurance . . . we won't have true socialism until we have the re-education camps and the collective farms. First we round up the right wingnuts and send them off to the re-education camps, then we ship 'em off to the collectives so they can make some pitiable contribution to the society which supports their pathetic asses.

Then we export the world proletariat revolution ! ! !


Why are the poor decisions made by builders and buyers subsidized by Govt? If you build or buy in a hazzard zone, why should the taxpaers bail you out?

In the case of hurricanes, the hazard zone is the entire eastern seaboard. That includes many of the largest ports in the US and huge chunks of manufacturing. It is to the benefit of the country that that region be financially stable. That said, it is fair to insist that those regions have appropriate building standards. But the other part of this is your assumption that this is a gimme for the locals. All the insurance providers in my neck of the woods pulled out after we had several hurricanes even though just five miles in-land there was minimal damage. (We already have those more stringent building standards.) My government backed insurance of last resort is twice what I paid for private insurance.
0 Replies
 
Walter Hinteler
 
  1  
Reply Mon 2 Jun, 2008 08:48 am
woiyo wrote:

Why are the poor decisions made by builders and buyers subsidized by Govt? If you build or buy in a hazzard zone, why should the taxpaers bail you out?


Hmm, you really should depopulate some parts of the USA - e.g. that state of Texas:
Quote:
A major hurricane could be the perfect storm to put the entire state's insurance system, as well as the state's budget and economy, at risk.
Hurricane could endanger Texas insurance system
0 Replies
 
JTT
 
  1  
Reply Tue 3 Jun, 2008 07:22 pm
Walter Hinteler wrote:


Hmm, you really should depopulate some parts of the USA - e.g. that state of Texas:


It seems that selective depopulation would suit some citizens of Texas just fine, Walter.


Quote:
0 Replies
 
 

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