Comments on: Best Thing I Read Today http://theunbrokenwindow.com/2008/06/24/best-thing-i-read-today/ The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. - F.A. Hayek Thu, 20 Nov 2008 15:06:36 +0000 http://wordpress.org/?v=2.3.3 By: Gordon Barnes http://theunbrokenwindow.com/2008/06/24/best-thing-i-read-today/#comment-357 Gordon Barnes Tue, 24 Jun 2008 17:40:04 +0000 http://theunbrokenwindow.com/2008/06/24/best-thing-i-read-today/#comment-357 Oh, and the same article (that I cited above) explains that, until Katrina, most insurance companies were unprepared for the losses that they would suffer from a serious catastrophe, and thus their "coverage" was completely bogus. In the event of a serious catastrophe, they would go bankrupt, and those who were "insured" would have to hope that the government would bail them out. Fortunately, that seems to have changed, due to the work of a few people, but the insurance industry as a whole gets no credit for it. Oh, and the same article (that I cited above) explains that, until Katrina, most insurance companies were unprepared for the losses that they would suffer from a serious catastrophe, and thus their “coverage” was completely bogus. In the event of a serious catastrophe, they would go bankrupt, and those who were “insured” would have to hope that the government would bail them out. Fortunately, that seems to have changed, due to the work of a few people, but the insurance industry as a whole gets no credit for it.

]]> By: Gordon Barnes http://theunbrokenwindow.com/2008/06/24/best-thing-i-read-today/#comment-356 Gordon Barnes Tue, 24 Jun 2008 17:36:17 +0000 http://theunbrokenwindow.com/2008/06/24/best-thing-i-read-today/#comment-356 Reality check: "Before the 1994 Northridge earthquake, more than a third of California homeowners had quake insurance; right after, the insurers fled the market, so that fewer than 15 percent of California homeowners have earthquakes in their policies today." New York Times, August 26, 2007 Reality check:

“Before the 1994 Northridge earthquake, more than a third of California homeowners had quake insurance; right after, the insurers fled the market, so that fewer than 15 percent of California homeowners have earthquakes in their policies today.”

New York Times, August 26, 2007

]]> By: Speedmaster http://theunbrokenwindow.com/2008/06/24/best-thing-i-read-today/#comment-353 Speedmaster Tue, 24 Jun 2008 10:17:08 +0000 http://theunbrokenwindow.com/2008/06/24/best-thing-i-read-today/#comment-353 Great observation. I've noticed that myself. Great observation. I’ve noticed that myself.

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