Economic reality slaps business owners of New Orleans like a cold, 30lb mackerel upside the head...
Thousands of business owners in the flood zone have been stunned to learn, long after the storm, how soaring rates for commercial wind coverage translate into fine print on their insurance policies.
Stunned? Let me get this straight, you choose to live in a cereal bowl, below sea-level, between the ocean, a lake, and a swamp, from which even rain water has to be pumped, in hurricane alley, and you just got destroyed by the biggest hurricane ever, and you are stunned, stunned, to learn that your insurance rates have gone up? Let me guess, you want the government to step in and cover all future hurricane losses because of what a tragedy it would be for America to lose the city's architecture, culture, and humanity because they are uninsurable?
Sorry, as a taxpayer, I don't think the government should be in the business of guaranteeing private ventures, even if that private venture is an entire city. That's a free-market function. If the rates are too high, you have choices: go somewhere else to set up shop, risk not having hurricane insurance, set up a private-business collective through which the group secures lower rates. Nobody else in America is guaranteed low insurance rates for private property coverage by the taxpayers, why should the residents of NO expect to be?