Thursday, April 28, 2011
Like a good con artist, State Farm, Farmers, USAA Insurance, and other insurance companies collected decades' worth of premiums from Gulf Coast residents, and then just 3 months ago, started dropping their windstorm and hail coverage. The timing of those companies' collective decision is eerily prescient in this January 2011 story from Daphne, AL, in which a customer is told her wind and hailstorm coverage would be dropped in March 2011 - a little over a month before many Alabama residents would need that coverage.
God help the tornado victims and grant them the strength and resolve to obtain the compensation they are justly owed.
Friday, April 22, 2011
The piece What's Good Enough for GE is Good Enough for the United States argues the point that S&P's downgrading of the U.S.'s credit rating was widely met with snorts and chuckling. Why?
Still, it’s true that federal debt held by the public has reached 60 percent of GDP, while tax revenues remain around 20 percent of GDP. 60 percent of GDP is a lot! And double, nearly triple, tax revenue! What would we call a company with outstanding debt double or even triple its revenues, and expected to keep the highest bond rating?
We would call it General Electric. As recently as 2007, GE had an S&P rating of AAA with outstanding debt at over three time revenues...
Even Transocean, which operated the Deepwater Horizon rig for BP, managed an A- rating prior to the spill, with a debt-revenue ratio similar to what the federal government has now. [J.W. Mason, New Deal 2.0]
We all know the conservative mantra, spouted ad nauseum from our Gret Stet of Looziana to the congressional halls of the Beltway: "Government should be run like a business!" As it turns out, the government is already run like a business. So thank you, Republicans. Your work here is done. You can all step down from your lives of public service now and go home.
Thursday, April 14, 2011
Hanging on for Dear Life: Katrina Survivors" Daily Struggle to Live
- The representative of the neighborhood "Lakeview" (an upper middle class mostly white neighborhood of NOLA) just told a story that will stay with me for the rest of my life. She told the story of 2 volunteers from Boston, a mother and a 9 year old daughter. After a week of working, the daughter turned to the mother and asked her when they would be returning to America. The lady representative broke down into tears and asked the senate panel the same question. When will we be returning to America?
- 2005 homeowners insurance: $1926... 2006 homeowners insurance: $2343... 2007 homeowners insurance bill: $4599
- That ain't shit. 2005 Farmers: $2400 / 2006 Farmers: $4000 / 2007 Farmers: $11,000
- "I hope the levees break again and kill you."
- The average cost for a 2,000-square-foot home has jumped, probably, to the $80,000 range just for foundation work