So When Obama Says He Is Going To Stop The Bailouts......

[Patranus]

So when Obama says he is going to stop the bailouts does he really mean have more?

Established in 1968, the National Flood Insurance Program (NFIP) is for homeowners who live in flood-prone areas that are considered too great a risk for private insurers.

$19 *billion* dollars in debt in fact, and the program doesn't bring in enough in premiums to cover all of the risk and claims. Homeowners also pay below market rates for the insurance.

" For most properties, premiums would probably have to be about twice as high as they are today to even help the program get anywhere near to breaking even, said Mark Calabria, Director of financial regulation studies at the Cato Institute in Washington, DC.

http://liveshots.blogs.foxnews.com/2010/06/17/flood-insurance-program-drowning-in-debt/

So let me get this straight. These people live in a high flood area (their choice), they pay 1/2 as much as their insurance should cost, and now they want to bail this out with taxpayer money?

 

[highland145]

The American way.

 

[ElFenix]

why are we even subsidizing this? maybe back then mortgage companies didn't require insurance but nowadays they do. 'i can haz loan?' 'do you haz insuruns? 'lol noez' 'no loan for u!'

after ike people all around galveston were clamoring for .gov aid. a friend of mine down there would ask, 'did you buy the subsidized flood insurance.' 'no.'

 

[MotF Bane]

wtf, stop subsidizing this shit. CUT FUCKING SPENDING.

 

[Slick5150]

Obama has what to do with this exactly? He isn't even mentioned in the article you linked to, let alone anything about a bailout.

Way to fail, dude. Your threads are epic in that.

 

[DaveSimmons]

Rand Paul and Sarah Palin want to bail out flood insurance? I did not know that, thanks.

 

[highland145]

Obama has what to do with this exactly? He isn't even mentioned in the article you linked to, let alone anything about a bailout.

Way to fail, dude. Your threads are epic in that.

Everyone knows that the potus is responsible for everything. Where have you been.

Booooosh

 

[woolfe9999]

Obama has what to do with this exactly? He isn't even mentioned in the article you linked to, let alone anything about a bailout.

Way to fail, dude. Your threads are epic in that.

I was trying to figure that out as well. He isn't mentioned in the article. He did not create this program. Nowhere has he proposed "bailing out" this program, or even, so far as I've seen, mentioned it at all. It's a load of fail like almost every Patranus thread.

- wolf

 

[Infohawk]

I was trying to figure that out as well. He isn't mentioned in the article. He did not create this program. Nowhere has he proposed "bailing out" this program, or even, so far as I've seen, mentioned it at all. It's a load of fail like almost every Patranus thread.

- wolf

Can't agree more. This guy is really a rising star in right-wing hackery on this forum. I actually agree with the conservative position that government should not be subsidizing this nonsense, but this has nothing to do with Obama. What's next, blaming farm subsidies on socialist Obama?

 

[Patranus]

Can't agree more. This guy is really a rising star in right-wing hackery on this forum. I actually agree with the conservative position that government should not be subsidizing this nonsense, but this has nothing to do with Obama. What's next, blaming farm subsidies on socialist Obama?

Obama said the bailout would end.
Now there is going to be another bail out.

hmmmm.

 

[Slick5150]

Obama said the bailout would end.
Now there is going to be another bail out.

hmmmm.

Seriously. Just stop.

 

[woolfe9999]

Obama said the bailout would end.
Now there is going to be another bail out.

hmmmm.

Your article doesn't even say there will BE a bailout. So let's get this straight. This program is operating at a loss. You therefore PRESUME there will be a bailout, and you then PRESUME that Obama WILL, in the future, support said bailout. That's the connection to Obama here?

The fail is strong in you, young Jedi master.

- wolf

 

[Slick5150]

The mods need to reign in these insane Patranus threads with blatantly made up headlines and intros that have nothing to do with the inane story he links to. It's getting ridiculous.

 

[DaveSimmons]

I just can't figure out why Rand Paul is pushing for this bailout so hard. He might even be forming a new board to certify flood insurance inspectors.

 

[MotF Bane]

The mods need to reign in these insane Patranus threads with blatantly made up headlines and intros that have nothing to do with the inane story he links to. It's getting ridiculous.

lulz

 

[nonlnear]

I've long been a fan of abolishing NFIP, but calling it a bailout is ridiculous. Yes it's a subsidy, and yes it (arguably) distorts the real estate market in negative ways, but it simply is not a bailout. If anything it's a Republican gift to rich people with beach homes. Well them and the NASCAR fans down on the floodplains and the bayous...

 

[classy]

One there is no mention of a bailout and the title of the thread is like so many others, a lie. Two many of the claims which have brought the program under water is the seriously bad weather we have had. And many of these areas are still under old flood map zones. Which will probably change. Premiums have nothing to with value of a house persay, they are written based on flood maps. They will need to change the flood maps more frequently so they stay current, which will allow the program to adjust rates accordingly.