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Wall Street Protesters Speak
Wall Street is not the problem, it is a symptom.
The problem is regulatory failure. -
Maria
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Does IMF Stand for Impressive Macroeconomic Flexibility?
So the IMF is holding a meeting on rethinking macroeconomic policy (I was invited but couldn’t make the timing work.) And the Fund’s chief economist has already made it clear that he’s open to some serious revision of the prevailing paradigm.http://krugman.blogs.nytimes.com/?s=imf
http://krugman.blogs.nytimes.com/2011/09/13/the-death-of-the-confidence-fairy/"Unfortunately, austerity programs are now the rule everywhere; even if the new Obama plan became law, which it won’t, it would only slow the pace of fiscal consolidation in America, and there’s nothing like it even on the table elsewhere.
Economic policy: we’re doing it wrong."
I see that Krugman is in Japan.
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maria clara
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Stephen Colbert: The Whole Truthiness and Nothing But
Stephen Colbert testified in Congress on Friday about an immigration bill that he said — in all truthiness — he had not read, “like most members of Congress.”He has been busy.
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Adm. Michael Mullen Retires
A man of misplaced faith. -
Flood Aid Solution: Make Individuals Buy Policies - Room for Debate
Insurers have no incentive to promote loss prevention for floods.
"Why do some people qualify for federal flood insurance and other homeowners don't? If the Senate and House believe the system should be changed, why hasn't that happened? What needs to be fixed?"-
Why Homeowners Are 'Unprepared'
Ryan Alexander, Taxpayers for Common Sense
"Both the House and the Senate have adopted separate bills that would improve the flood insurance program. The two most critical elements are updating and enforcing flood rate maps to ensure that homeowners understand their risk, and making sure that premium rates are actuarially sound."
This one understands the problem.
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How to Fix the System
Howard Kunreuther, professor of decision sciences and public policy
"oday there is an opportunity to revise the National Flood Insurance Program so it helps reduce losses from future floods while at the same time providing protection to those who suffer damage from these disasters. As a first step in the process, insurance premiums need to reflect risk so that individuals are aware of the hazards they face."
It is not going to be allowed.
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What Congress Can Do
Bruce Bender, former insurance agency manager
"On the surface, a quick fix would be to start actuarially rating all of these buildings at renewal. However, for many homeowners, this could result in a significant financial burden as premiums could increase by several thousand dollars or more. And selling that home could be difficult because of high flood insurance premiums. "Pay him his fee.-
Bad for Taxpayers and Whales
Mark A. Calabria, Cato Institute
"If we should have learned one lesson from the financial crisis, it is that gross under-pricing and the subsidization of risk will result in individuals making choices that will harm them and taxpayers. We must begin today to roll back the various subsidies toward housing. The National Flood Insurance Program is an easy and reasonable place to start."
Fighting the wrong war.
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A Private Market Solution
Carolyn Dehring, associate professor of real estate
"The current federal flood insurance program should be eliminated in favor of a private-market solution."
pay the private rate or take the loss.
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Make Individuals Buy Policies
Birny Birnbaum, Center for Economic Justice
Support your insurance company in luxury.
All these people think this program should make fugitive buildings permanent. I think that is a really bad idea.The insurance companies have developed the silly idea that the way to deal with risk is to eliminate it. Risk shedding rather than risk spreading. Loyd's has a line: There is no such thing as a bad risk, only a bad premium. Federal flood insurance as a mandated program carries a relatively low premium. We have had a bad few years so the pool is in debt. This will reduce automatically if conditions improve or repetitive losses can be much reduced. I do not expect climate to improve. repetitive losses can be reduced by removing structures and people from high risk areas.Take the caps off losses. Waterfront houses run over a million dollars.Total losses should be bought by the federal insurance program and be removed and the property be removed from the market.
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Federal Flood Aid: Bad for Taxpayers and Whales - Room for Debate
By underpricing flood risks, the government gives people an incentive to live in flood-prone areas.Fix that. -
Flood Aid: A Private Market Solution - Room for Debate
Participation in the federal program promotes bad development and leads to costlier damage.
We can fix that.
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