Foreclosures spiked in August

I think the biggest atrocity is what the insurers were doing or not doing rather. I'd fully support an audit of their pricing and payout formulas. The ambiguity in the coverage was deplorable and people are still living in trailers waiting on something from the insurance companies.
Stuff like this is one of the reasons I'll never support hard core libertarians. "The Market" and businesses do not always do the right thing.

One old man got under $2K for his house. He paid more for it just after WW2 then what the reimbursed him.
 
Stuff like this is one of the reasons I'll never support hard core libertarians. "The Market" and businesses do not always do the right thing.

You're thinking of Anarcho-capitalists. Most libertarians would not tolerate such illegal behavior that is committed through fraud. The whole bait and switch tactic isn't a legitimate business plan.

Insurance companies make money by collecting it not paying it out. However if in the contract with those who are insured if the damage is covered the insurance company has to pay otherwise it is breach of contract which is a form of fraud.
 
IHateGovernment said:
Stuff like this is one of the reasons I'll never support hard core libertarians. "The Market" and businesses do not always do the right thing.

You're thinking of Anarcho-capitalists. Most libertarians would not tolerate such illegal behavior that is committed through fraud. The whole bait and switch tactic isn't a legitimate business plan.

Insurance companies make money by collecting it not paying it out. However if in the contract with those who are insured if the damage is covered the insurance company has to pay otherwise it is breach of contract which is a form of fraud.
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That's the problem, though, people are losing lawsuits and they were told that these policies would cover hurricane damage and it doesn't. Its something really slimy too, like wind, but not water damage from wind, all very sneaky. people are losing in court to the insurance comps

http://www.nrca.net/rp/news/details.aspx?id=1283
 
It is important than when you sell a product to a person that it is made clear what the product covers and what it doesn't. There needs to be full disclosure and burying details in tons of legal jargon that only an attorney could understand does not constitute disclosure in my opinion.

However the law is the law but in this case perhaps the law should be changed. Although that would not help the Katrina victims.
 
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