Posted on 10/05/2008 5:47:54 AM PDT by Fox_Mulder77
........ A Cat Fund that cannot borrow is, under Florida law, a Cat Fund that does not have to pay claims. If Florida is unable to raise enough cash, it can default on its contracts, leaving insurers to their own devices. That jeopardizes the checks for storm victims to rebuild and communities to recover. "Let's hope we don't have a storm," said Alex Sink, the state's chief financial officer. Failing that, she said, hope for a multibillion-dollar federal bailout. "We have to recognize that if we have a big enough storm, just like the guys in Wall Street this week, we'll be up there in Washington, hat in hand," she said.
(Excerpt) Read more at heraldtribune.com ...
And the mtg holders require insurance. If you own your home you do not have to have it.
Whaaaa, what about MEEEEEE!!! I want a bail out, too!!!!
At least FL can blame their plight on the hurricanes. CA has no excuse for wanting a bailout except wasteful spending and passing such high taxes that businesses fled to NV and AZ.
California, New York, Florida ... is there anybody that doesn’t want a bailout?
Read an article this morning on here. Mass is begging for one too. “Can’t borrow money on the short term credit markets” (Well sh*t, maybe they don’t deserve it??!?? HELLO!)
I propose a new Secretary of Bailout department in the US government....with at least fifty senators on full-time stand-by to negoatiate the various bailouts necessary. The department would be manned by 500 government employees who were former members of Wall Street.
In addition, we would have a full-time network set up....”The Bailout Channel” which would immediately broadcast across the nation the various details and bits of each bailout.
Eventually, we’d arrange a bailout parade at the end of each day....kinda like those Disney folks do at the conclusion of each day at the theme park. We’d hand out bailout pens and coffee cups to everyone who wanted them.
Eventually, we’d be able to shut down most functions of the government, to include social security....in order to ensure neat and orderly bailouts.
This lady is incompetent. Her office is a under tremendous pressure do to lack of oversight, poor management and ethics questions.
Gov. Suntan Christ, the metrosexual should fire her
But, back to the article:
Hurricane season is almost over and by next year a lot of the current mess will be largely flushed out of the system.
This is much to do about nothing unless a Hurricane hits with in the next month which is highly unlikely
Shh, you don't want to give them any ideas!
True, being a Floridian I know that, just was pissed about it.
He can ask her to resign?
But, you need a backbone and gonads to do that. Charlie lacks both
You're assuming the economy will make a rebound in less than a year. And by the way, the federal Cat fund may kick in next year...... putting every State in the country on the bond market for storm insurance..... I hate to get arcane with this but we're facing an insurance catastrophe if the Dems win in November.
I don't think it will rebound as in complete recovery, but I do think we will be on the way to a stronger economy.
Of course, I could be completely wrong and living in a Kenmore box by next year!!!
Doesn’t Florida have oil off the coast? I hear folks will pay good money for it. Or even just to look for it.
:-)
YES! I've been saying that forever..... but, and this is a HUGE but...... it seems our Congress wants to allow offshore drilling, but they don't want Florida collecting a single penny from it..... they want all of the money to go to the Federal government, because they want to put the money into wind and solar technology, and a ton of pork projects!!!
I thought the states had the oil within several miles from the coast.
They do, but they have no right to any of the revenue..... the Federal government has total control over the revenue....
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