Seems like it was just yesterday when South Mississippi’s fluffer congressman Steven Palazzo was patting himself on the back and claiming credit for fixing a disaster he helped create in the Biggert-Waters National Flood Insurance Program, which has dumped on the premium payers, billions of dollars in Wind Obligations private insurers stuck the program in the aftermath of Hurricane Katrina.
So is everything OK now that Palazzo has “delayed” the inevitable? Heck no because you gotta have the Senate agree and Houston there is a problem! Manuel Torres has the skinny:
Vitter and Landrieu have also warned of the drastic effects of the upcoming flood insurance premium increases, and the two senators have unsuccessfully tried to attach amendments to other Senate bills to stop those rate hikes.
Some senators have objected to efforts to stop implementation of the Biggert-Waters Act, arguing that Congress passed that law, by large margins, to make the National Flood Insurance Program financially sustainable.
So how electing a sold out Ed Rust shoe shine boy working out for everyone in South Mississippi? On the bright side for those that are in decent financial condition the repo market has never been better down here in Soggy Bottom as ordinary folks are financially crushed and forced out under the weight of corporate greed and their own sold out politicians.