Twofer Tuesday Business

First up is the RollingStone’s Matt Taibbi take down of the New York Times’ Thomas Friedman, who likely has no clue how the average American citizen lives their daily lives. Friedman, likely the wealthiest journalist in the country, is an unabashed proponent of globalization that sees the world divided into two factions, those that like the trend towards the globalization of the world’s economy and those that don’t.

The problem for Friedman being the entire topic is far more complicated than simply painting the opponents of globalization as election year losers (think Bernie Sanders supporters and soon Trump’s). To understand where I’m going with this you must first read Taibbi’s piece because the price of globalization is inequality (income, political and other) along the decimation of the United States middle class. These built in inequalities drove the Brexit vote and no doubt plays a role in the thinking of both Trump and Sanders supporters, which I’m going to illustrate with a picture a reader sent me a while back:

Reader Submitted Photo of the Royal Dutch Shell Special Projects Office in New Orleans, Louisiana. Desks that were once occupied with college educated engineers have been empty for well over a year
Reader Submitted Photo of the Royal Dutch Shell Special Projects Office in New Orleans, Louisiana. Desks that were once occupied with college educated engineers have been empty for well over a year

Those that follow Slabbed’s twitter timeline have witnessed our coverage of the downsizing of the New Orleans RDS office, which I’m getting from a very well placed source. Shell has not exactly made a secret of what they are doing downsizing its New Orleans office but you can’t view what is happening now through the same lens used to examine previous oil patch bust layoffs. Here is an edited comment from Slabbed’s source on the current happenings in NOLA at RDS: Continue reading “Twofer Tuesday Business”

The Chickens are Coming Home to Roost in the Sunshine State: A Sup guest post

We’re always happy to feature Sup here at Slabbed whenever he gets the urge to author a post. Unlike many in the insurance industry Sup isn’t afraid to engage us and we’re very happy to have his perspective. (Note I’ve “blogified” the text minimally to add the links inline)- sop

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Two articles published last week at the New York Times and Tampa Tribune indicate the folks in charge in Florida may have gotten their heads out of the sand. Governor Crist and the Legislature seem to have come to the realization that Citizens Property Insurance Corporation is broke.

What does this mean to the citizens of the state of Florida? It means they will be paying higher insurance premiums and they all must pray the state escapes hurricanes for a few years. “Citizens’ life expectancy in a storm: ‘a few short hours’ “ is stated in the New York Times article. It is clear the politicians and regulators were playing politics with this issue and it has now backfired. What these folks have done is criminal and if they were a private organization they would be prosecuted for the sham.

The second article reflects the Feds are not going to help. This article states by state law the Cat fund should be able to cover up to $29 billion, but state officials say the fund could only cover about $11 billion. Continue reading “The Chickens are Coming Home to Roost in the Sunshine State: A Sup guest post”