Bush Signs Terrorism Insurance Act, Sees Jobs Boost

Reuters ^ | Tuesday, November 26, 2002 | Randall Mikkelsen

[Willie Green]

The title of this article should read: "Bush Helps Insurance Industry Sodomize The Treasury"

With the collapse of the high-tech telecom/dotbomb bubble, and the economy in general in the dumpster, there is a glut of empty office space on the market. There is absolutely NO pent-up demand for new construction of 110 story office buildings.

Who does this out-of-touch Presidential Bozo think he's kidding?

Related thread: Bush Plans New Agency to Dole Out Billions in Aid

[meenie]

As they say in Texas, all hat and no cattle. The appearance is created that this is holding back construction when the real reason is the glut of office space that is already built.

[laotzu]

"read: "Bush Helps Insurance Industry Sodomize The Treasury""

Is there nothing more vile than those greedy, corporate insurance bastards?!! Oh!!..and those homophobes that won't let a gay man take children camping. The swine!! And christians..Yikes!!!

Sure is fun being part of the herd.

[contessa machiaveli]

sorry lao, this legislation was not needed at this time. the concept as well as the "why" is bogus. if construction is slow it's because there is NO demand. there's plenty of empty office space, hotel rooms, and yes even in NYC multimillion dollar condos are going a beggin. we've got to take a breather for awhile and allow for industry adjustments.

[laotzu]

" if construction is slow it's because there is NO demand"

This is not about construction or the need for office space.

This is about guaranteeing insurance companies they will not have liabilities forced upon them from risks they did not accept, or collect premiums for.

To arbitrarily, & forcibly transfer risks on them; and prohibit all underwriting and compensation, would financially destroy them in short order.

As despicable as insurance companies are painted (and sometimes earned), we would not be able to do without them.

[Willie Green]

This is about guaranteeing insurance companies they will not have liabilities forced upon them from risks they did not accept, or collect premiums for.

There's no need for such subsidies.
Insurance companies are in the business of evaluating and underwriting such risks.

[Moonman62]

This is not about construction or the need for office space.

That's not what the president has been saying.

[Moonman62]

Bush said on Tuesday that more than $15 billion in real estate transactions were delayed by an inability to obtain terrorism insurance following the 2001 attacks on the World Trade Center in New York and the Pentagon.

Does anyone know of any actual project that's been held up?

[Moonman62]

"Today we're taking action to strengthen America's economy, to build confidence with America's investors and to create jobs for America's workers," Bush said at a White House signing ceremony.

If he really wanted to help investors and create jobs, he'd stop the runaway federal pork train, and get the government out of the way. Adding another $270 billion potential liabilty to us taxpayers isn't helping.

[Willie Green]

Of course not.
This whole sham is so ludicrous, it's even insufficient to say that their motives are "transparent"
It's more an arrogant display of "Look what we can get away with" basking in the spotlight.

[Moonman62]

New Republican Motto: "We're not very good for the economy, but we're not as bad as the Democrats."

[WhiteGuy]

$100 billion in U.S. government backing for insurance companies........

Quid Pro Quo?

I suppose insurance premiums will be plunging now right?

[WhiteGuy]

I just had another thought....

Doesn't this "plan" seem like one of Tony Soprano's cause and effect scams?

Frightening

[Willie Green]

Frightening

Even Hollyweird scriptwriters can't top the corruption that occurs in real life.

[demsux]

I own a ONE STORY office/warehouse building in a premiere business park and my "updated" insurance policy excludes "terrorism" AND THE PREMIUM DOUBLED.

You probably ought to research the problem from a business perspective, before posting.

[demsux]

Does anyone know of any actual project that's been held up?

Yes

[Willie Green]

I own a ONE STORY office/warehouse building in a premiere business park

Whooooaa... I'm sure that just gotta be on the Top Ten Target List for the Evil Doers. </sarcasm>

[Moonman62]

What project is that?

[demsux]

World Trade Center