Taking a mortgage is a choice, not a mandate. Dodging responsibility for our own risks is a choice, not a mandate.
The bank doesn't have to loan us money, and the insurance company doesn't have to accept our risk. Thank goodness they do so anyway.
It is because of them that our lives are as good as they are. I suppose we can be ungrateful and thankless, but; they certainly do not deserve such vitriol.
Ungrateful and thankless? That's a good one!
The bank does not loan me money to do me a good turn; they loan money to collect interest and make a profit, its their business. If I default on a secured loan, they take my property.
Thank goodness they do so anyway.
There is no thank goodness about it. Its their freely chosen business to do so. Its a profit making endevor and they do their level best to minimize (or transfer) risk.
Many business analysts jumped on the bandwagon and supported the claim that the only way to prevent the economy from coming to a standstill was for the federal government to get into the reinsurance business. Insurance executives told Congress that the government needed to act before December 31, 2001, when about 70% of U.S. commercial policies containing terrorism insurance clauses were set to expire.1 They claimed that lenders and insurance companies would renew terrorism clauses in insurance contracts, preventing an economic crisis, if and only if they knew that the government would step in when necessary.
Kind of sounds like blackmail - subsidize our risk or suffer an economic crisis. Some free market.