RSS Feed MenuThe first effort to pass the beach house bailout legislation, Rep. Gene Taylor’s (D-MS) “Multiple Peril Insurance Act,” appears dead. Just moments before the House of Representatives was scheduled to vote on the bill Thursday, Democratic leadership pulled it from the floor, an action that may kill it for this Congress. The bill still could come back, Jason Voohrees like, at some point in the future. But, if it remains dead, it’s a big victory for the strange bedfellows—environmentalists and free-market groups—that led the fight against it.
The bill, which would have set up a huge wind insurance entity in the federal government, would have encouraged enormous amounts of development in places where it shouldn’t happen while simultaneously saddling taxpayers with multi-billion dollar liabilities. Everyone had a reason to hate it but, in the wake of disorganized opposition, it sailed through Congress in 2007 even though it was exactly the type of legislation that the country didn’t need. That said, another, similar bill proffered by Rep. Ron Klein could well come to the floor soon. For now, at least, the battle rages on.
JonF // Jul 23, 2010 at 9:14 am
LFC // Jul 23, 2010 at 10:08 am
I imagine Florida wants this bill BADLY. Insurers are either jacking up premiums or pulling out of Hurricane Alley altogether. That rise in cost of living makes real estate less valuable and Florida ’s already been whacked for their bad building policies and subsequent collapse.
dante // Jul 23, 2010 at 12:18 pm
Can we include “bailout” to the list of prohibited euphemisms like “9/11″, “Nazi” and “Nixonian”? It gets a little tiring when every bill, every legislative action, EVERYTHING becomes a bailout. Next up the agriculture bill will be the “Farm Bailout”, the DOT funding will be the “Infrastructure Bailout”, and federal tax exempt status for The Humane Society will be the “Kitteh Bailout”.
ENOUGH!
Kevin B // Jul 23, 2010 at 3:15 pm
Can we include “bailout” to the list of prohibited euphemisms like “9/11″, “Nazi” and “Nixonian”? It gets a little tiring when every bill, every legislative action, EVERYTHING becomes a bailout. Next up the agriculture bill will be the “Farm Bailout”, the DOT funding will be the “Infrastructure Bailout”, and federal tax exempt status for The Humane Society will be the “Kitteh Bailout”.
It could be fun to see how far it will go.
How about “The Defense Bailout”? I’ve seen a few headlines recently that call for the end of the “Death Bailout.” And what about those who want to make the Bush administration’s bailout of the richest Americans permanent.
Oskar // Jul 24, 2010 at 11:42 am
Bailout is another version of sticking “gate” after every so-called scandal.
jakester // Jul 25, 2010 at 1:52 am
What about Bailoutgate?