Taxpayers May Face Hurricane Tab »
Posted by: libsRfunny 3 months, 1 week agoDemocrats in Congress want to nationalize a chunk of the insurance business that covers major storm-damage claims. The proposal - backed by giant insurers Allstate and State Farm Mutual - focuses on "reinsurance"... [which protects insurers against losses]. The proposal envisions a taxpayer-financed reinsurance program...
Read Full Story at mobile2.wsj.com
Join the Discussion 
+ Add Comment
Comments So Far: 30
-
0%
libsRfunny3 months, 1 week ago
Completely outrageous!
"The legislation passed the House with bipartisan support, 258-155, late last year, despite a presidential veto threat. Although a Senate vote is unlikely this year, proponents are trying to make it a litmus-test issue in the presidential race. The two Democratic contenders, Sen. Hillary Clinton of New York and Sen. Barack Obama of Illinois, in their recent visits to Florida -- a key swing state -- have both voiced support for the plan."
More reason to vote against Obama. At least the current president has the sanity to veto it. I hope McCain does, too, when he is president.
If my tax dollars are used in this kind of corporate welfare, I sure in Hell better get a portion of the profits along with every other taxpayer!!!
Reply -
birddog54Comment removed: User banned.
-
0%
TheRealizer3 months, 1 week ago
Corporate welfare is alive and well in the United States,
We have the best legislators money can buy...
Reply -
-
0%
HannibalBarca3 months, 1 week ago
Again the gov bails out big business at taxpayers expense; but if you are some poof unfortunate who has no health coverage, well that is your fault, and don't think joining the army is a way around this,,,,
Reply -
0%
libsRfunny3 months, 1 week ago
This is CLASSIC corporate welfare.
I'd much rather see insurers given a tax break on claims associated with "major storms" than to have our tax dollars raped. In a nutshell, that is the primary difference between the tax-and-spend mentality of Democrats versus tax-cutting incentives of Republicans.
Reply
-
-
0%
kboy3 months, 1 week ago
Always glad to see the Democrats selling out the country for their own gain. Lobbyist from the insurance companies know the easy sells.
Reply -
-
0%
amazed3 months, 1 week ago
As if the insurance companies are on the ropes...
Perhaps they could bring their CEO's salaries down to eight figures instead of nine....
The insurance companies main goal in their operating plan is to pay out as few claims as possible...
You're in good hands?? Please. They will screw you and totally wreck your car or your health to save themselves $40 bucks -- not much on an individual claim, maybe but when you add it up over all the claims --more millions.
If you have an accident and go to a drivethru adjuster, you will generally receive a check for 30-40% of the cost of the repairs - they're hoping you don't get your car fixed. But, you're entitled to the value of the repairs regardless. It also costs you time when you go to get the car fixed and it as to be re-appraised.
Now, they are looking for the gov't to reinsure them. If they need reinsurance, let them buy it from Lloyd's. Either way, it's not like they'll pass the savings along.
Reply -
-
ranchhandComment removed: User banned.
-
-
0%
aniokly3 months, 1 week ago
At what point do we decide the Productive can no longer afford the Non-productive? We are buying their food, paying part of their rent, paying to educate their children, paying to get them to the doctor. Now they don't even want to buy their home insurance? We pay for the Snow to be removed from the streets of Chicago. We pay for too much. I refuse to let the Democrats "pay back" the insurance companies for hefty political donations to the Democrat party.
Reply -
0%
aniokly3 months, 1 week ago
I alway knew the Democrats would over play their hand, and try to force Americans to be "too generous" to those people who refuse to take responsibility for themselves, this is it!
Reply -
0%
icono13 months, 1 week ago
Well all those good lawyers that get elected to office do understand the power of the Ins. Company dollar(s).
Reply -
-
0%
libsRfunny3 months, 1 week ago
Nothing good about taxpayers forced to foot the bill for insurance companies.
Reply
-
-
0%
Commodore13 months, 1 week ago
The libs are just hell bent to tunr this country into a socialist nation aren't they?
Reply -
0%
svensun3 months ago
The only way that makes sense to me is to have a national disaster insurance pool. It doesn't make sense, economically, to just offer hurricane insurance in hurricane-prone areas, or earthquake insurance in areas overlaying earthquake faults. Such an insurance is bound to fail, by the numbers.
Instead, all risks should be subsumed into one large 'disaster' fund, which should be as basic a part of property ownership as fire insurance. If the pool is big enough, and geographically spread across the country, it might make enough sense actuarially.
This would make more sense than taxpayer-funded reinsurance, which is sure to be used, since it is a 'freebie', and no one makes money by not using it. Therefore, it will get used, and abused.
Reply -
0%
nostalgia3 months ago
As the article points out:
"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."
Look at Dauphin Island AL:
Pounded by Hurricane Ivan in 2004 and then Katrina, Dauphin Island hardly resembles the paradise days of its past.
About 300 beach homes were destroyed by the two storms, and as many as 50 lots are now in the Gulf of Mexico. Wooden stilts that once held up $1 million vacation homes peek through the frothy surf
Dauphin Island is a symbol of the excessive financial aid that benefits mostly privileged folks whose vulnerable coastal property has been hit repeatedly by storms.
http://www.usatoday.com/weather/hurricane/2006-...
Reply -
0%
Will13133 months ago
Hell I'd much rather we send the money to artificially inflate the salary of an Iraqi police officer or to build a school in Iraq or a hospital in Iraq of health care for an Iraqi or to rebuild the power grid in Iraq...
THAT WOULD BE A MUCH BETTER USE OF MY TAX PAYER DOLLARS... heaven forbid we actually spend any tax money to help AMERICA.. that would simply be socialistic..
Reply -
0%
bill29363 months ago
For all the democrats in congress critical of the oil companies for their profits ~7% on investment, they should look at the insurance company profits about twice that on investment. Plus, why should the smart people (those who don't build in hurricane areas) pay for those who aren't smart (build in hurricane areas)?
Reply
Submitted By:
libsRfunny
Related Articles:
Why not submit a story?
Also Propping This Article
Groups Watching This
No groups are watching this story. Why not share it with your group?
