Discussion: test

Discussion for article #222841

Real estate constitutes about a quarter of fixed capital investment in the US, so it has a profound effect on financial markets. It is not unreasonable to say stunts like this constitute moral hazard, a term that doesn’t come up to often in the climate adaptation and resilience discussion. But there it is. In Finland, the emerging rule is for the government not to cover any structure built within 3 meters of current sea level unless it meets strict building requirements. Coastal property is traditionally prime property, so let those who wish work it out with private insurers.

4 Likes

Federal flood insurance should pay off one time per property. Once mother nature has demonstrated that a particular parcel is a stupid place to build a house, it should cease to be insurable, as should any vacant lots in the vicinity. Let those homeowners who wish to rebuild seek flood insurance from the private market.

4 Likes

In the ideal case, subsidies for flood-insurance premiums are a way of avoiding the death spiral where only those who think they know something the insurance company doesn’t are willing to shell out for coverage. They can open up the market for insurance and bring premiums closer to the “real” community risk.

But that requires honest assessments of which coastal areas are fit for building, and that process got thoroughly corrupted long ago. It’s not clear how much of the program is a giveaway to the current homeowners and how much was graft for developers who would never have been able to sell the sites in the first place unless they’d gotten the feds to agree on insurance.

But now, of course, it’s a disaster, because what we need is a strategic retreat, no more coastal building.

3 Likes

Coastal flood insurance is probably a bigger hole in the federal budget than “entitlements” like Social Security and Medicare, and apparently we’ve decided to pay for the coastal flood insurance first.

1 Like

But…but…but…the debt! The deficit…!

2 Likes

As a progressive who usually votes democratic, I am embarrassed to see the almost unanimous support for this law by democratic representatives and senators.

8 Likes

This is NOT change I can believe in! More than that, if he did sign it, what did BHO get for it? National rules on fracking? Congressional mandates to reduce and rid us of any reliance on coal? Banning Keystone? A higher minimum wage? No wonder everything thinks they can weak all over Obama— 'cause they can!

1 Like

“…Could it be the clout…”

Case closed. Nicely done.

ru kidn me? $24 KKK 4 people who dont have sense to come in out of the rain?

Mucho cuidado: a monster El Nino is on the way, with most forecasters indicating that it’s current development along the Equator is more intense than the monster one in 1997: expect floods in California and along the Red River, like in '97, during this upcoming rainy season.

More welfare for the wealthy.

This has been happening at the Jersey Shore every time there’s a major storm. Sandy is only the most widely publicized recent example.

Alert!!! Alert!!! Alert!!
From Democrat Headquarters: All democrats and supporters here and abroad, we must flood the media with hysterical Benghazi & global warming alarms to take the heat off Dem candidates in the November 2014 and 2016 elections due to the train wreck of Obamacare! Shout, scream, cry, make outlandish claims and don’t stop till after the elections!!!
Alert!!! Alert!!! Alert!!!

This is merely trolling in it;s truest form. Continue the off-topic, baiting comments and you will lose the privilege of posting at TPM. Your other comments have been deleted and consider this your only warning.