More California implosion

[Into the Night]

My best friend lives in L.A. and is big in the corporate insurance world. I asked him about this and his response 'this is what happens when you won't allow insurers to price in risk'.

As I understand it basically the state wants to put caps on certain costs under the guise of 'consumer protection' but won't them raise costs elsewhere to make up for the loss. In such a scenario it's not surprising companies are reducing what they offer or pulling out altogether.

Most of this is directed at people who live in higher risk wildfire areas (Lake Tahoe is one example). Since little happens in a vacuum this is also a result of the state's NIMBYism. The state has basically stopped growth in urban areas so people move further out where it is more 'affordable'. Some of these further out areas are in more wildfire prone areas (and we won't get into how poorly the state has handled that).

Exactly. This is yet another case where price controls don't work. It just causes shortages.

[Into the Night]

Its as bad or worse in Florida:

https://www.insurance.com/home-and-r...eaving-florida

You can get insurance in Florida. Florida doesn't implement price controls there like California does.
Price controls don't work.

[Into the Night]

Global warming you lying evil shit

What 'global warming'?? It's not possible to measure the temperature of the Earth.

What's providing all this extra energy?

[Into the Night]

And people need insurance


If the market can’t provide it the state can set up a non profit insurance of homes


Take that you corporate whores


No profit means it will be much much cheaper

California already DOES provide an 'insurance of last resort' here. It's very expensive. Government ain't cheap.

[Into the Night]

Take out the cost of PROFITS


NON PROFIT INSURANCE



Fuck those corporations whores who can’t provide a service because then they can’t make enough money to set their mistress up

Communism doesn't work.

[Into the Night]

They want to abandon the market?


Let’s do it our selves


It will catch on in other states


They are fucking themselves

Communism doesn't work.

[Into the Night]

ROFL

It is jaw dropping how stupid you are, just astounding.

If a home can't be insured, then no one can get a mortgage - meaning that homes can't be sold, and the housing market collapses completely.

You Communists love to claim California is the 7th largest economy in the world - if the Communist policies in California destroy the housing market - it will do FAR more than crash California's economy - it will cause a nation wide depression, possibly a global depression.

BUT China will come out on top - and that's the real goal, isn't it?

China won't come out on top. There are no winners in a global economic depression.

[Into the Night]

Would not be surprised to see big carriers bail on CA auto coverage as well. Increasingly more companies are realizing that despite the huge size of the CA market, it’s just not worth doing business there.

That's already starting to happen.
https://www.cbsnews.com/losangeles/n...of-california/

[Hawkeye10]

CA bureaucrats have been hammering insurance companies for a couple of decades now, they were always going to run out of runway at some point.

[anonymoose]

Its as bad or worse in Florida:

https://www.insurance.com/home-and-r...eaving-florida

Even if that was true, that it’s as bad or worse than CA ( it’s not) it has nothing to do with government policy. Price controls don’t work, never have.

[Uncensored2008]

China won't come out on top. There are no winners in a global economic depression.

Depressions end, and positions shift. I believe Biden - or rather those who hold the old criminal's strings - are deliberately sabotaging the US economy in order to shuffle the deck so to say, so that China emerges as the predominant economic power.

[Uncensored2008]

Even if that was true, that it’s as bad or worse than CA ( it’s not) it has nothing to do with government policy. Price controls don’t work, never have.

Exactly. Insurance in Florida may increase in cost, but insurance is available.

[Into the Night]

Even if that was true, that it’s as bad or worse than CA ( it’s not) it has nothing to do with government policy. Price controls don’t work, never have.

It is true. Price controls are implemented by government.

[Into the Night]

Depressions end, and positions shift. I believe Biden - or rather those who hold the old criminal's strings - are deliberately sabotaging the US economy in order to shuffle the deck so to say, so that China emerges as the predominant economic power.

Depressions end, but not until the conditions for economic activity can be restored. Yes...that means capitalism. Yes, Biden is trying to support China over the U.S.

China just doesn't have the resources the States do. They are currently in dire economic strain...caused by their government inflating their currency and cutting off services. Instead, the Chinese government is trying to build it's way out of it's difficulties with various 'mega projects' such as whole cities with no one to live in them, dams that are shoddily built (and will eventually collapse, ruining all downstream), etc. Remember the Chinese government OWNS the concrete and steel industries.

It seems quite likely that China will soon return to revolution after revolution, which is most of it's history.

[anonymoose]

It is true. Price controls are implemented by government.

I think you misunderstood my post.