| ▲ | jobs_throwaway 14 hours ago |
| > the entire idea of being an "insurer of last resort" is based on an unlimited supply of money to fund losses that no longer make financial sense Key insight here. Insurer of last resort == bag-holder for negative EV proposition. |
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| ▲ | pc86 13 hours ago | parent [-] |
| Insurer of last resort == taxpayers bailing out people who can no longer afford to live in their multi-million dollar properties but refuse to sell and move. |
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| ▲ | njovin 13 hours ago | parent [-] | | TBF the best example of a program like this that currently exists is the National Flood Insurance Program which covers many sub-multi-million dollar homes and is billions of dollars in the hole. | | |
| ▲ | pc86 12 hours ago | parent [-] | | It's a pretty astounding mix of "being the most expensive insurer that exists for a particular parcel" and "completely unable to fulfill its obligations in the event of any medium- or large-scale disaster." Hence my use of the term bailout. |
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