Welp folks, here comes ol’ C-Note trying to explain away his vote to raise your flood insurance rates through the roof. You newbies need to know it was Jason at American Zombie’s coverage of Richmond’s associations with certain 501(c)3’s that gave rise to the term “conprofit” locally. Richmond, with the help of the local MSM, was able to duck accounting for what Jason found. That was yesterday’s news.
In today’s news NOLA’s Bruce Alpert reports on the crash of burn of Mary Landrieu’s publicity stunt on the coming, massive NFIP rate hikes and lordie be if C-Note doesn’t speak:
Richmond said sometimes the “reality” of legislation isn’t apparent when Congress passes a bill. That’s the case, he said, with the 2012 flood insurance measure.
“If we don’t change the law, reality is going to set in and people are going to lose their homes,” Richmond said.
I read that as saying Richmond is admitting to being out of touch with “reality”. And as we learned with the levee failures associated with Hurricane Katrina, factoring them into the risk calculation for premium purposes has a severe downside so you gotta wonder who is gonna get stuck subsidizing the premiums of those living the illusion of protection afforded by imperfect flood protection systems, whose previous failure have been so well documented?
This NFIP thang is a complex critter and I submit letting the insurance industry write Biggert-Waters was a terrible mistake that is now being compounded by grandstanding politicians attempting to create cover for their earlier vote.