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Author: Lokicious Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35387  
Subject: OT: Bush Insurance Bail-out Date: 11/16/2002 8:50 AM
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Just thought I'd point out that the bill just passed in Congress, for which Bush lobbied heavily and which is his "solution" to our economic woes, is a guarantee to bail-out insurance companies if they sustain significant losses due to terrorism.

I assume the idealists will claim this is different and justifiable, because true believers always find ways to explain away inconsistencies in their belief systems, rather than admit that their belief system is imperfect to begin with.
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Author: fingfool Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5233 of 35387
Subject: Re: OT: Bush Insurance Bail-out Date: 11/16/2002 11:47 AM
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Just thought I'd point out that the bill just passed in Congress, for which Bush lobbied heavily and which is his "solution" to our economic woes, is a guarantee to bail-out insurance companies if they sustain significant losses due to terrorism.

I assume the idealists will claim this is different and justifiable, because true believers always find ways to explain away inconsistencies in their belief systems, rather than admit that their belief system is imperfect to begin with.


While it may be less troublesome to answer/assume positions for those with which you may not agree, you might want to make an effort to see what they are saying. Here's a brief response you may want to read: http://www.cato.org/dispatch/11-15-02d.html#1 .

It's not a big stretch to believe that the government can be just as ineffective and resource distorting in the area of terrorism insurance as it has been in medical insurance.

Regards,
fingfool

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Author: hackshark Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5234 of 35387
Subject: Re: OT: Bush Insurance Bail-out Date: 11/16/2002 1:46 PM
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guarantee to bail-out insurance companies if they sustain significant losses due to terrorism.


Yes, we'll bail them out, even as they have raised their premiums due to the perceived higher risk of terrorism. So, they collect more money, and if a terrorist event does occur they can wash their hands of it and tell everyone the government is responsible for paying claims. Very convenient.

-hack

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Author: Lokicious Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5235 of 35387
Subject: Re: OT: Bush Insurance Bail-out Date: 11/16/2002 4:48 PM
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"Yes, we'll bail them out, even as they have raised their premiums due to the perceived higher risk of terrorism. "

Not holding my breath waiting for my raised insurance rates to be lowered again.

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Author: splotto Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5237 of 35387
Subject: Re: OT: Bush Insurance Bail-out Date: 11/16/2002 9:16 PM
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Just thought I'd point out that the bill just passed in Congress, for which Bush lobbied heavily and which is his "solution" to our economic woes, is a guarantee to bail-out insurance companies if they sustain significant losses due to terrorism.

I assume the idealists will claim this is different and justifiable, because true believers always find ways to explain away inconsistencies in their belief systems, rather than admit that their belief system is imperfect to begin with.


It amazes me that the party the runs on small government and free markets is never taken to task for things like this, steel tariffs and farm subsidies.

Splotto



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Author: Juggernaut8 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5238 of 35387
Subject: Re: OT: Bush Insurance Bail-out Date: 11/16/2002 9:43 PM
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I'm not defending the current administration and I haven't actually read the legislation, but isn't there a substantial ceiling for the losses necessary for this "government reinsurance" to kick in? I'm guessing that it wouldn't kick in until losses mounted to the point where the industry was in jeopardy anyway - in which the government would have to intervene anyway. Seems to me like they're just formailizing what would happen in the event catastrophic losses occured.

The comments to the effect "then why haven't premiums gone down" I agree with.

-J8

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Author: susan400 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5239 of 35387
Subject: Re: OT: Bush Insurance Bail-out Date: 11/16/2002 10:19 PM
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The system we live in is imperfect, solutions are imperfect, the world is imperfect.


Insurance bailout isn't goping to bail out our economy,
it helps loosen thinghs up though.

The alternative is financing availablity either collapses or rises in price sharply.

If a nuke goes off anywhere in the US, everyone's pension , bank , life insurance co, what else is Kaputt, and teh US govt will have to bail everything OUT!!

The govt isn't bailing out insurance cos, the govt is taking war risk, that no one else can offer .

My take anyway.


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Author: WilliamLipp Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5244 of 35387
Subject: Re: OT: Bush Insurance Bail-out Date: 11/17/2002 9:50 AM
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It amazes me that the party the runs on small government and free markets is never taken to task for things like this, steel tariffs and farm subsidies.

And lumber tariffs.

Equally amazing is the flip side of Clinton railroading NAFTA through. I've taken to musing whether the Democratic Party should be the true political home of Free Traders like myself.

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Author: imcharliehm Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5245 of 35387
Subject: Re: OT: Bush Insurance Bail-out Date: 11/17/2002 11:32 AM
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I've taken to musing whether the Democratic Party should be the true political home of Free Traders like myself.
------------------
William,

Ableson, in his weekly Barrons column, reviews the election results and offers this quip from another William:

"I don't belong to any organized political party. I'm a Democrat.





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Author: fingfool Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5246 of 35387
Subject: Re: OT: Bush Insurance Bail-out Date: 11/17/2002 12:02 PM
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It amazes me that the party the runs on small government and free markets is never taken to task for things like this, steel tariffs and farm subsidies.

Organizations such as the Cato Institute (a reference my previous post) and the Heritage Foundation are quite consistent in their views on government subsidies and take politicians to task on these issues constantly. The steel and farm subsidies are concessions from gutless politicians of both parties.


Equally amazing is the flip side of Clinton railroading NAFTA through. I've taken to musing whether the Democratic Party should be the true political home of Free Traders like myself.

As I recall NAFTA passed with overwhelming Republican support and was fought primarily by the Democrats in Congress and particularly those with strong union backing. NAFTA may have been a step in the right direction for Free Traders but is a ways removed from the ideal of free Free Traders like myself.

Regards,
fingfool





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