Reply #4: I never said "solvent" or "actuarially sound" [View All]

[Coastie for Truth]

just that it was an insurance program.

Do you really think FEMA Flood Insurance - or California Earthquake Insurance is "solvent." I don't - but I rely on the "full faith and credit" of the US and CA taxpayers (and I do carry both flood and earthquake insurance)

The insurance business is very simple - can explain it in two ways.

1. Privatize the profit --- socialize the risk.
2. Take your money - make you sue them when you have a valid claim - run to Congress/State Legislature to avoid paying the claim - and put it on the taxpayers.

That's the American way.