National Flood Insurance supplemental: The bastard son of Flash from Key West

Way back when on finance I had a fellow message boarder that went by the handle Flashcash and he claimed to be a fellow long but I’ll be darned if the guy wasn’t the best stock basher on the face of the planet.  It was a small cap stock everyone knew had great upside potential but even if the company had a good quarter on conference call day Flash would always show up bitching a  blue streak and if the price popped up he bitched even worse. It always had the desired effect and when the guy went on a rant he could not be stopped.

I could write a treatise to explain what the guy was doing but I won’t save for saying I immediately knew cyber Yoda when I met him and even though Flash was not looking for a Padawan he ended up with one against his will. In any event me and Flash are on good terms but he deserves some credit:

So what was Flash’s trick? I’m not saying no siree but I’ll share this:

U.S. House passes a delay to flood insurance rate increases ~ Jordon Blum

Plaquemines Parish President Billy Nungesser praised Cassidy’s amendment but he also heaped compliments on Sen. Mary Landrieu’s efforts on the Senate side to delay premium increases that came along with making the NFIP more self sustaining. “That’s why I’m so glad Sen. Landrieu is speaking up, warning about this problem and leading the fight in Congress to fix this program so it works,” Nungesser said.

Now that the House has approved a delay in the increases for many, the legislation next moves to the Senate. Cassidy is challenging Landrieu, D-La., in her re-election next year.

A big key in the House was winning the support of U.S. Rep. Maxine Waters, D-Calif., who cosponsored last year’s reauthorization, Cassidy said. “She and Cedric did a good job of getting their side on board,” Cassidy said.

The fight was a “harder sell” with Republicans who are more concerned about the “taxpayer being exposed” to greater federal expenses, Cassidy said. GOP members had to be convinced that the flood insurance program is still on its way toward being more financially self-sustainable even with the amendment attached, he said.

One thing that scares these political cats worse than anything else is the loss of the office and for many of ’em, the chance to double deal. The House of Representatives doing something bipartisan on a money issue? When was the last time that happened? Yup.

Take a bow folks.

4 thoughts on “National Flood Insurance supplemental: The bastard son of Flash from Key West”

  1. The vote on the Cassidy amendment:
    Republicans 94-135
    Democrats 187-11

    So, basically he has Nancy Pelosi and Maxine Waters to thank for urging Democrats to vote for his amendment.

  2. This is the evil risk-based premium provision that they are trying to prevent from taking effect:

    42 USC

    1. For me it’s no so much what’s in the law, it is what wasn’t.

      http://www.slabbed.org/2009/09/23/the-gao-does-some-more-cussin-and-discussin-on-the-national-flood-insurance-program/

      I have no problem paying for insurance that is properly priced to the risk. What I have problems paying for is an insurance company sticking wind damage to the Flood program, like they have for decades with Hurricanes. Thanks to Ex Rel Rigsby this is now what is known as a journalistic fact in fact.

      If Congress is gonna price the NFIP like it is a multi peril policy covering Hurricane damage, then they should provide the coverage to go along with the tab. Otherwise maybe a few procedural safeguards are in order since the fox is still in charge of the hen house.

      If Gene Taylor were still in Congress there is no way Biggert-Waters would have passed without those items being addressed and addressed they weren’t. You of all folks know that Brian.

      Now back to Flashcash, once in a while he had a tender moment online but he was mostly a son of a bitch but we all loved him because he was our kind of son of a bitch. He told it like it was whether we wanted to hear it or not.

      Flash is now mostly the stuff of board lore and legend but a few of us still know where to find him. Best in the business bar none to this day.

  3. You need also notice the fact that Congress is blesing the insurers with a 20 percent minimum roll-in. The kind of thing that demonstrates the inevitables relationship between Big Brother and Big Business.
    Doug hits it right when he states “I have no problem paying for insurance that is properly priced to the risk.” One may also add to that contract based theory the fact that one should have a contract without one side “hedging its position” by obtaining exemptions, immunities and preclusions from government, through edict, law or judicial ruling. Also, one would also consider policy coverage “wisdom” which is at odds with reality – such as policy provisions which discount the value of an immovable or component parts, especially when the value of immovables has had an upward trend for at least a century. Also, there’s a disconnect with economic fact: the depreciation and deductions take place after a storm when the pricing signals go upward, not down.
    Children, you know full well the “industry” is thoroughly tainted when one of their favorite academic shills in New Orleans, Wade Ragas, can say in deposition with a straight face that property values are not depreciated by virtue of flood stigma. This of course notwithstanding Mr. Ragas could not show any pricing signal to back up his assertion, due to the absence of sales in the areas under review!

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