Posted On: October 1, 2007, 10:27 am CDT

Posted By: tom

Congresswoman Waters comments were pretty stupid: Storms are getting stronger. What? Is that why Congress felt the need to now get in the wind coverage business? Storms are no different now than 50 or 100 years ago. Maybe building has become more sophisticated and certainly more expensive. So there is a lot more to lose. But 150 mph wind in 1920 is pretty much the same as 2007.
Okay, now that the government is getting into the wind business, if property owners in wind prone areas do not buy wind policies, will the federal government bail them out when they have a loss? How many people in flood prone areas have flood policies? When a disaster strikes, these uninsureds get on tv and cry the government needs to take care of me, wha wha wha. So now another government program is created, homeowners will not purchase the coverage and when a loss occurs it's still the governments fault.
Another fine usage of our tax dollars by geniuses like Maxine Waters.