Another Bailout Could Be Around the Bend
There could be another bailout that Congress will be considering shortly, and this time, it involves protecting the rich and their beach houses. S. 505, the Homeowner’s Defense Act is designed to set up a National Catastrophe Fund, which would provide reinsurance for the insurance companies that experience huge damage related claims. Since it is hurricane season, this would primarily impact the areas on Florida’s Gulf Coast, and give the money to wealthy beach front property owners.
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Posted on June 6, 2009, in Economy, National Politics and tagged Bailouts, Congress. Bookmark the permalink. 2 Comments.
GROAN….now I know why the NRSC thinks Crist is such a great candidate.
Dude, where’s my country?
I need to look this up further, but this might be one that we agree on, CCC. I lived in Florida and can vouch that wealthy people choose to live in some areas that were not intended by nature for humans to build home on.
There are people who live on barrier islands in Florida and South Carolina. Folks, why do you think they are called “barrier islands?” It’s because they are a natural firebreak for hurricanes and severe storms in that region.
The rest of us should not have to pay for the folly of rich people who choose to build homes there. BTW, one of those places, in South Carolina, is called Folly Island. It says it all.