I’m also categorizing this under war on commerce, because government run insurance kills business opportunities for entrepreneurs who might insure profitably by actually measuring risk.
In Wilkinson County, Miss., a home has been flooded 34 times since 1978.
Extraordinary as the damage may be, even more extraordinary is that an insurer has paid claims every time, required no flood proofing, never raised premiums after a claim and vowed to continue insuring the house. Forever.
The home’s value is $69,900. Yet the total insurance payments are nearly 10 times that: $663,000.
It’s no surprise that the insurer faces huge financial problems.
The insurer? The federal government.
(Read more from usatoday.com)
Bureaucratic management at its finest. I can hear the rebuttal of my socialist friends now: “If we don’t like the way the government does flood insurance, we can vote them out. If it’s a corporation, we’re stuck.”
FOX & ABCNNBBCBS: MOSQUE AT GROUND ZERO! MOSQUE AT GROUND ZERO! THE EERANIANS AR COMIN TO GIT YOU!