Insurance Coverage, Conveniently After the Fact
What a great deal. Auto insurance only if you wreck your car, life insurance only after you’re dead, fire insurance after the fire and flood insurance . . . you guessed it, after Katrina has swept you off the map.
I’d buy that. Certainly you’d buy that. Who would bother with expensive insurance, if they knew they could get covered anyway?
So, that’s what is about to be proposed in the United States Congress (where anything is possible) and it has the feel-good badge of help for mostly poor victims of the horrendous hurricane damage. You’d have to be pretty hard-hearted not to support that.
Or would you? A little closer look tells you the recipient of all this largesse are not who you think they are.
The money goes directly into the pockets of mortgage holders, without bothering to pass GO, and certainly without anybody but them collecting $200. Some $15 billion into the pockets of this or that bank, savings and loan, union savings bank or other holder of paper. $15 bil is the sta…