Biggert-Waters disaster update: We have problems in the Senate

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.

2 thoughts on “Biggert-Waters disaster update: We have problems in the Senate”

  1. You are “right on” about the repo market. For the past several months the legal ad section of the Sea
    Coast Echo has a minimum of 40% to 50% of its legal ads being foreclosure notices. And now, the good
    ole Moonshine Capital of the world (“the Kiln”) will soon be incorporating. Folks are moving north in
    Hancock County–that is the ones who can afford to stay.
    In the midst of all this, Bay St. Louis’ Mayor (at the last Council meeting) wanted to use over $700,000
    in reserve funds to pay bills. The largest draw for almost $400,00 didn’t even tell who the check was
    going to. Hey, Les, it’s Hurricane Season. I’d leave the reserves alone if I were you. Having been the
    Recovery Director for the Bay after Katrina should have taught you something!
    I was grateful (and shocked, frankly) that the Council denied him this “privilege.”
    All of these “leaders” are supposedly educated on how to be responsible public officials at the
    Miss. Municipal League meetings and seminars. They either don’t go to the meetings, or just forget
    everything they heard there. HELP!

  2. interested party, from your bit of news and the incorporation scam, I’m surpeised they’re staying in Hancock County. It is large but not that large!

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