Do you prefer this photo-op?
This clearly illustrates the stewardship that Louisiana Democrats have given us so far when entrusted with the taxpayers' money.
yeah, we know the plan... me, me, me... and screw the taxpayers footing the bill... NOLA and the rest of LA can stew, as far as this taxpayer is concerned. You decided to live in a swamp, or closer to the ocean than nature allows!
I just read the whole text of H.R. 4100 (pdf at House committee on Financial Services) Its Purpose:
•HR 4100 IH SEC. 5. MISSION, PURPOSE, AND DUTIES OF THE CORPORATION.
(a) MISSION.—The primary mission and purpose of the Corporation(Louisiana Recovery Corporation hereafter in this Act referred to as the ‘‘Corporation’’) shall be the economic stabilization and re- development of areas within Louisiana that were dev- astated or significantly distressed by Hurricane Katrina or Hurricane Rita.
(b) ECONOMIC STABILIZATION.—In executing its economic stabilization mandate, the Corporation shall, after consultation with State and local officials and pursuant to agreement that eligible properties are not likely to be redeveloped without Corporation assistance, locate and acquire real property (commercial and residential) in such a manner and subject to such conditions that, upon the consummation of any acquisition of real property securing a mortgage loan—
(1) the mortgagee’s debt shall be considered paid in full by the mortgagor; and
2) all title and interest in the real property securing such mortgage loan passes to the Corporation.
(c) REDEVELOPMENT.—In executing its redevelopment mandate, the Corporation shall, after consultation with State and local officials, carry out the following activities:
(1) Package for sale acquired real property in substantial tracts of land.
(2) Make improvements to such tracts of land so as to make the land suitable for sale and development, including such basic improvements as the following: (A) Construction and reconstruction of neighborhood roads.
(B) Repair or replacement of water and wastewater infrastructure.
(C) Similar activities necessary to maximize the return on acquired real property.
(3) Through a competitive bidding process, dispose of such acquired properties in a profitable manner.
(4) In consultation with State and local officials, provide for the protection and preservation of historical and other sites of cultural significance in such a manner that promotes local heritage and interest.
The risk is the Corporation could improve the properties it purchases and then find the fair market value is lower than the cost of improvements. Taxpayers get stuck with the balance.
Also, is my math wrong here (my calculator doesn't take billions), Baker says he is willing to compromise. He should be. Louisiana is asking the nation to take a huge risk by borrowing up to $30 billion. If I divide 30 Billion by 200,000 homes, thats $150,000.00 per home. I wonder what the median price of these homes were before the hurricane.
If this passes, I hope its not a boondoggle.
LMAO!!
The "plan": Give us trillions of dollars and don't ask any questions.
Louisiana has a plan. Washington will supply the money, Louisiana politicians will supply the pork.
I drive 60 miles every day to work at 5 AM and listen to WLW on the radio clear as a bell during the trip. What I hear is bitching about insurance payments, needing MORE budgeted money from the government, "I ain't got MY FEMA trailer", and all the crap left over from the hurricane and levee breaks that ain't cleaned but by whoever. What I very rarely hear is recounts of people telling of what THEY'VE done and are CURRENTLY doing to clean things up and move on.
Your governor and mayor HAVEN'T shown how and where they intend to spend what they've already been budgeted by Congress (other than calling the Baker Plan a plan for rebuilding). I don't call a plan to buy out every damn blown out, water-logged dwelling a plan; I call it what it is -- giveaway, plain and simple. I don't hear anything about what the residents of Louisiana have committed to do, only HOW MUCH money they want.
If I ever get to speak to my Congressman or Senator(s), I'm going to tell them to make sure that continue to do what they've been doing --demanding a realistic plan and accounting for the money Louisans's being given.....
I live in south Louisiana. I disagree that there is a plan. They want the money and then we have to cross our fingers and hope some of it ends up with the people it's supposed to help after all the kickbacks and contractor payments and skimming is complete. La history doesnt give people much confidence in things being done with transparency and integrity....not with many of the same good ole boys and girls still at the trough.
I understand that the problem many homeowners are having is that the homeowners insurance co and flood insurance carrier are fighting over who should pay. If someone has both forms of coverage then they should pro-rate it and get them a check so they can either rebuild or move. There's no excuse for anyone in that area NOT to have flood insurance...even if not required most people in south La. know at any given moment they can become a flood zone, whether recognized by a map or not.
The big question everyone skirts is how the rebuilding sould take place. If they start building more housing projects the people of this state should have a "Baton Rouge gumbo party" on the Mississippi River in protest.
Hold on for a second. The people of Lousiana elected their representatives (i.e. corrupt politicians) year after year after year. The representatives received untold millions of federal tax dollars specifically for levee maintenance and and repairs. That money was negligently (and probably illegally) spent elsewhere. In the meantime, thousands of homeowners failed to buy flood insurance, purely to save a few bucks every year. And you are trashing the President because of Lousiana's self-inflicted wounds and demands for other US citizens pick up the tab?
I don't think so Tim.
You're full of it. Your screen name is well chosen.
Don't alter the original title of articles. Thank you.
I'm sorry to have to tell you that except for Mississippi most people don't care. The MSM managed to use up any feelings of compassion that the people had for NO and they can't seem to get it back.
This idea makes a lot of sense. Thousands of homes built below sea level in Hurrican Alley were just a multi-billion dollar natural disaster waiting to happen.
............market it to investors for redevelopment.
This is where the idea does an about face back to stupid.