Because It’s Where The Money Is

Mar 19, 2009 by

“Bilking American taxpayers is what insurance companies do. Why is anyone surprised?!” Rep. Gene Taylor, D-Miss

They are surprised because they failed to learn the hard lessons that were given to the residents of the Hurricane Coast: the business model of insurance–to take in money and pay little or none by what ever means necessary, including fraud and bilking the government.

The Times-Picayune’s Rebecca Mowbray does an excellent job of dissecting the irony of AIG’s Edward Liddy defending the sanctity of contracts when discussing bonuses paid to those who nearly destroyed the West’s financial system versus his position when he was head of Allstate in the years that included Hurricane Katrina.

Whether the companies were bilking the Federal Flood Insurance program, as Allstate was shown to do, or doctoring engineering reports to deny claims like State-Farm, everyone down here knows that insurance is not a business. It is a racket, like selling “protection” on the streets.

So many of the hard lessons America has digested in the years since–insurance as a business is thoroughly corrupt and broken, our infrastructure is dangerously deficient, a generation of the systematic sabotage of the efficacy of government by its opponents have rendered it a helpless giant–all of this was made abundantly clear to us.

If you missed the memo, America, it is because you were not paying attention. I suggest you start looking for your bootstraps. Feel free to give us a call if you want some tips on how to deal with the loss of everything you own, the psychopathic callousness of those who control our economy, or the collapse of effective government.

-WetBankGuy

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