Meantime at the local business community meeting on this topic a couple of days ago here in Bay Waveland, Steven Palazzo sent a staffer in his stead as he is evidently afraid to publicly engage his vote to bankrupt substantial numbers of his ownconstituents “reforming” the corporate welfare program otherwise known as the Flood Insurance Program.
I hope everyone enjoyed the wonderful stretch of weather since late last week. I managed to spend copious amounts of time outdoors plus there was a visit with my peeps in Lamar/Marion County. First up was the game Friday night and that attracted field politicians. Check it out below.
If he comes back it will be as a Republican, a scenario that must frighten the heck outta Team Palazzo. To the extent conservative Blue Dog Democrats were sacrificed at the alter of Obama Care back in 2010 by the left wing of their own political party Gene owes them nothing at this point. And to the extent the man was a true deficit hawk years before such became fashionable in mainstream GOP circles up D.C. way he should hold great appeal to the Tea Party.
Qualifying is months away so this story will be with us for a while.
Here is what you don’t hear in the mainstream media outlets like the New York Times:
(3) 40 percent of premium dollars going to the NFIP and private insurance companies for program administration, (4) adjusters who wrongly attribute wind damage to the flood program, and (5) 40 percent of federally backed mortgages required to carry insurance do not carry it — have led to premium increases of up to 3,000 percent and much more. Policies now costing $500 can increase to more than $20,000 when rates are fully phased in because structures are deemed out of compliance by Biggert-Waters.
True NFIP reform means clearing the rats off the money, not bankrupting your own people so insurance companies based in Illinois can make a fortune. And that’s the bottom line……..
The AP’s Jeff Amy tackled the subject of Mississippi’s declining gaming industry Saturday in a must read story. In a prior life Jeff was a business reporter and that prior experience shows in the piece he wrote. The worst of the problems are at the north Mississippi Delta casinos but also extend to the Coast to a lesser degree.
Next up is the impacts of rising flood insurance premiums on the real estate market in Florida, the Northeast and Louisiana:
It would be nice to see one of the mainstream media outlets covered the inherent conflicts of interest built into the flood program and the fact that the middlemen WYO insurers take a 30% slice off the top for writing the policies. Yeah, those facts add a degree of complexity to the topic but they are vital to understanding what is truly going on with the program as this is not entirely about the program underpricing risk. Unfortunately the story above, like most of them gloss over those facts, in the case of the New York Times likely in deference to their insurance advertisers.
Finally we have Jackson County Sheriff Mike Byrd back in the news cycle:
I’ll note for the record that when Congressman Palazzo’s opinion mattered most, i.e. when he voted on Biggert-Waters he voted to impose those NFIP rate increases on his own people, which will keep the folks at the US Bankruptcy Court busy for years to come.
I am a Democrat in this sea of red in southeast Mississippi. I am probably the only Democrat in District 4 who didn’t know Steven Palazzo is a member of the Tea Party, and I think this can be used to defeat him. I was ready to see Palazzo gone when he voted against federal assistance for Hurricane Sandy victims. I am watching Palazzo to see how he plays in the upcoming debates to stop the sequester and pass a budget. There are many people in District 4 who receive social security benefits and military pay on active duty or reserve/guard who will suffer if the sequester doesn’t stop. If Palazzo sticks with his Tea Party cohorts he will bring District 4 voters to their knees financially. I don’t know how to personally contact Mr. Taylor so I request that you inform him that District 4 needs for him to get back in the fight in the House of Representatives. Mr. Taylor needs to go public big time if he will try to get this congressional seat back.
Lets take a trip down memory lane folks to those less pleasant days after Hurricane Katrina when everyone was busting a$$ trying to get shelter. Those like me that were slabbed out had rebuilding choices to make. Those that were flooded out had a seemingly more straightforward choice to make in fixing or selling the shell. Haley Barbour was even Johnny on the spot passing out homeowners grants to assist those that were outside the flood zone that flooded but the grants had a catch in putting a covenant on your land requiring flood insurance, essentially in perpetuity.
Call Steven Palazzo at (202) 225-5772 and ask him why he put the interests of a multinational insurer ahead of the people that elected him. Ask him why an insurance company that does does nothing but push a few papers get 30%, that’s right 30%, of the exorbitant flood premiums FEMA will be charging. Tell him you’ll be voting for someone next year that represents the people of South Mississippi instead of a national political party, his double dealing family and insurance execs from Illinois. Continue reading “Because each and every one of them sold us out and voted for it: An NFIP Disaster Update”