Hipparchia of Over the Cliff, Onto the Rocks has been having some computer and connectivity issues, but she should be back up sometime next week.

The Pensacola Beach Blogger has a story about the effect of the insurance companies refusing to issue property insurance policies in Florida. The state has cut a deal with Berkshire Hathaway [Warren Buffett’s company] to provide a $4 billion loan to the state at 6.5% in the event of a major hurricane. The deal will cost the state $224 million whether or not the loan is needed.

This would be totally unnecessary two years ago, but today, because of the mortgage meltdown, a loan of that size isn’t possible through the normal channels – the normal sources don’t have the money to lend.  Even successful businesses on solid footing can’t get the credit they need in the short term to operate.  Many of the people who will be going out of business in the near future simply can’t get the money they need to continue, as they borrow to restock their inventory.  If they can’t restock, they can’t stay in business.

When the Republicans are trying to justify tax cuts for the wealthy you will hear:

A rising tide raises all boats.

Think about the assumptions in that. They want you to think that it means that everyone will benefit.

When I hear it I think:

You have to be wealthy enough to afford a boat or you’re going to be treading water until you drown.

After 7½ years which version contains more truth?

CNN/Money reports that Exxon posts record $11.68 billion profit

NEW YORK (CNNMoney.com) — Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
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Rejoice Harry Potter fans, The Tales of Beedle the Bard will be published with profits going to charity.

If you are really flush, Amazon will be putting a collector’s edition resembling the version it bought at auction in a run of 100,000.