by Allen Finkelstein
Did you ever wonder how an industry which is repeatedly bailed out by the government holds the right to monopolize homeowners insurance? Every five years or so, the homeowners insurance industry, after making record profits, has to beg the federal government for huge amounts of tax payer dollars to retool after a major disaster. This does not even include flood insurance which is already directly underwritten by the federal government. Why does the federal government not own federal homeowners insurance? Clearly, in a charitable gesture to an artificially supported industry, the powers that be have granted permanent solvency, not to mention huge profits, to an otherwise decadent phase of the insurance industry. The solution, of course, is to hire the insurance industry to run federal homeowners insurance.
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