In its coverage of the vote to expand the borrowing authority of the Flood Insurance program, they recorded the comments of House Financial Services Committee chairman Rep. Jeb Hensarling, R-Texas:
He said his committee would take up a bill this year “to transition to a private innovative, competitive, sustainable flood insurance market.”
I hate to break it to you, Mr. Chaircritter, but the reason there is a Federal Flood Insurance Program is because the private sector refused to sell flood insurance to people who might use it, while banks wouldn’t give mortgages to people who didn’t have it. There is no “private innovative, competitive, sustainable flood insurance market” and there isn’t going to be. This is the same reason we have Medicare, the private insurance market isn’t interested in issuing policies to people who are probably going to want to collect benefits because that reduces profits.
The official report showing the 67 Republicans who don’t want any Federal disaster funding for their districts.
January 4, 2013 2 Comments
OK, you got me…
[Editor: A semi-decent picture of Weasel thanks to a cold day, warm engine, and time to get the camera.]
January 4, 2013 5 Comments