March 18, 2004

Stealing other People's Money. "Government flood insurance is so "compassionate" that the program didn’t even raise my premiums when, just four years after I built my house, a two-day northeaster swept away my first floor. I could still use the place, since the kitchen and bedrooms were on upper floors, though some guests were unnerved when a wave sloshed through the bottom of the house. After the water receded, the government bought me a new first floor. Federal flood insurance payments are like buying drunken drivers new cars after they wreck theirs. I never invited you taxpayers to my home. You shouldn’t have to pay for my ocean view. Actually, I don’t have such a great view anymore. On New Year’s Day, 1995, I got a call from a friend. "Happy New Year," he said. "Your house is gone." He’d seen it on the local news .. The ocean had knocked down my government-approved flood-resistant pilings and eaten my house. It was an upsetting loss for me, but financially I made out just fine. You paid for the house -- and its contents .. I could have rebuilt the beach house and possibly ripped you taxpayers off again, but I’d had enough. I sold the land. Now someone’s built an even bigger house on my old property. Bet we’ll soon have to pay for that one, too .. ". more JOHN STOSSEL Posted by Greg Ransom | TrackBack