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More Pigs at the Trough - 5/15/2009 8:04:37 AM

rulemylife

Posts: 14614
Joined: 8/23/2004
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I knew this was coming.

My premiums on every insurance policy I own have skyrocketed in the last two years. My homeowner's insurance nearly
doubled and my health insurance increased 70%.

Insurance companies don't make their money from premiums but from investing those premiums.

So the market tanked, they took huge losses, and now the burden is on us to not only support their poor decisions by paying higher rates but also getting the privilege of using our tax dollars to remedy their balance sheets.

RealClearMarkets - AP
Insurers get preliminary OK for Treasury funds.

The Treasury Department has agreed to extend billions in bailout funds to six major life insurers, following a months-long quest by some in the sector for government help in shoring up capital positions in the wake of major investment losses.

The Hartford Financial Services Group Inc. was the first to disclose Thursday that it had been notified by the Treasury Department that it was eligible for $3.4 billion from the Troubled Asset Relief Program, or TARP. Lincoln National Corp., which commonly goes by the name Lincoln Financial Group, said it has been initially approved for a $2.5 billion injection from TARP's Capital Purchase Program.

Allstate Corp., Ameriprise Financial Inc., Principal Financial Group Inc. and Prudential Financial Inc. also are among insurers receiving preliminary investment approval, Treasury spokesman Andrew Williams confirmed. He declined to disclose the amount of investment each company will receive.

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RE: More Pigs at the Trough - 5/15/2009 8:54:30 AM

popeye1250

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Rule, I agree, it's getting rediculous!
Our homeowner's insurance rates went up here two years ago too.
Like I've said all along these things are being done to "keep wealthy people wealthy" And also like I've said all along we have a seperation of church and state in this country and we need to have a seperation of big business and state as well!

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RE: More Pigs at the Trough - 5/16/2009 10:09:27 AM

rulemylife

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I did agree with the bank bailout and still due to a certain degree. The last thing the economy needed was to have hundreds of bank failures. It was just poorly managed and regulated.

This was predictable with the insurers though and I can't accept the reasoning as valid.

With the banks there were many good reasons for a rescue package.

The only thing I see here are companies that lost money on investments and expect the government to cover their losses.

Funny, I don't remember being able to go to the government when I've lost money on investments.

But then again, I guess I'm not "too big to fail".

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RE: More Pigs at the Trough - 5/16/2009 10:30:42 AM

popeye1250

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From: New Hampshire
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Rule, if a bank is poorly managed it *should* fail, just like any other business.
Why should "banks" be treated with kid gloves and not others?
The depositers are covered already anyway.
When badly run cos. go out of business well run cos. replace them.

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RE: More Pigs at the Trough - 5/16/2009 12:15:34 PM

Lorr47

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quote:

ORIGINAL: popeye1250

Rule, if a bank is poorly managed it *should* fail, just like any other business.
Why should "banks" be treated with kid gloves and not others?
The depositers are covered already anyway.
When badly run cos. go out of business well run cos. replace them.

YRC (Yellow Roadway) asked for $1 billion in bailout money yesterday. YRC is the largest LTL trucking company in the US. (I still hate insurance companies the most.)

Yesterday I heard the value of derivatives written is now at $74 billion which is something like 4 to 5 times GDP. We should bail banks out? Greedy, useless bastards.

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RE: More Pigs at the Trough - 5/16/2009 12:20:54 PM

Vendaval

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Yet another, "Oh Shit!" experience for the working and middle class and homeowners.

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RE: More Pigs at the Trough - 5/16/2009 3:13:55 PM

rulemylife

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quote:

ORIGINAL: popeye1250

Rule, if a bank is poorly managed it *should* fail, just like any other business.
Why should "banks" be treated with kid gloves and not others?
The depositers are covered already anyway.
When badly run cos. go out of business well run cos. replace them.

The FDIC would not be able to absorb a large amount of failures within a short time, so then it would be up the goverment to provide additional funding to cover those deposits.

If that had happened we would have still had a bailout, only we would be bailing out the FDIC.

The FDIC on the Brink: FiLife (a WSJ partner)

While the FDIC is funded by member banks, the reality is that it is ultimately backstopped by the government.

The failure of the FDIC to provide insurance is almost impossible to fathom.

Such a scenario in the current environment would lead to bank runs and probably even worse. Therefore, the government will make sure that the FDIC has the ability to continue insuring cash deposits, no matter what takes place.

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RE: More Pigs at the Trough - 5/16/2009 3:17:06 PM

rulemylife

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quote:

ORIGINAL: Lorr47

YRC (Yellow Roadway) asked for $1 billion in bailout money yesterday. YRC is the largest LTL trucking company in the US. (I still hate insurance companies the most.)

And I can almost guarantee the airlines will be the next with their hands out, especially if oil prices spike again which is also almost guaranteed to happen.

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RE: More Pigs at the Trough - 5/16/2009 5:23:48 PM

Vendaval

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Are you taking bets on that, rule?

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"Beware, the woods at night, beware the lunar light.
So in this gray haze we'll be meating again, and on that
great day, I will tease you all the same."
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RE: More Pigs at the Trough - 5/16/2009 6:12:25 PM

pahunkboy

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From: Central Pennsylvania
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My late grandfather would not talk to a great uncle of mine. As it turned out- my uncle robbed the bank that held grampas money. ( he did jail time over it )

This before there was FDIC insurance. lol.

The maternal side of my family has some interesting characters in it. Good and bad.

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RE: More Pigs at the Trough - 5/17/2009 9:55:56 AM

rulemylife

Posts: 14614
Joined: 8/23/2004
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Absolutely. Did you see this one?

Hustler Publisher and Girls Gone Wild CEO Want Porn Bailout

As the 2009 AVN Adult Expo opens in Las Vegas this week, Girls Gone Wild CEO Joe Francis and HUSTLER magazine publisher Larry Flynt are petitioning the newly convened 111th Congress to provide a financial bailout for the adult entertainment industry along the lines of what is being sought by the Big Three automakers, a spokesperson for Francis announced today.

Adult industry leaders Flynt and Francis sent a joint request to Congress asking for $5 billion in federal assistance, "Just to see us through hard times," Francis said. "Congress seems willing to help shore up our nation's most important businesses, we feel we deserve the same consideration. In difficult economic times, Americans turn to entertainment for relief. More and more, the kind of entertainment they turn to is adult entertainment."

CNN Political Ticker: All politics, all the time Blog Archive

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RE: More Pigs at the Trough - 5/18/2009 8:02:40 AM

MrRodgers

Posts: 10540
Joined: 7/30/2005
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quote:

ORIGINAL: rulemylife
I knew this was coming.
My premiums on every insurance policy I own have skyrocketed in the last two years. My homeowner's insurance nearly
doubled and my health insurance increased 70%.

Insurance companies don't make their money from premiums but from investing those premiums.

So the market tanked, they took huge losses, and now the burden is on us to not only support their poor decisions by paying higher rates but also getting the privilege of using our tax dollars to remedy their balance sheets.

RealClearMarkets - AP
Insurers get preliminary OK for Treasury funds.

The Treasury Department has agreed to extend billions in bailout funds to six major life insurers, following a months-long quest by some in the sector for government help in shoring up capital positions in the wake of major investment losses.

The Hartford Financial Services Group Inc. was the first to disclose Thursday that it had been notified by the Treasury Department that it was eligible for $3.4 billion from the Troubled Asset Relief Program, or TARP. Lincoln National Corp., which commonly goes by the name Lincoln Financial Group, said it has been initially approved for a $2.5 billion injection from TARP's Capital Purchase Program.

Allstate Corp., Ameriprise Financial Inc., Principal Financial Group Inc. and Prudential Financial Inc. also are among insurers receiving preliminary investment approval, Treasury spokesman Andrew Williams confirmed. He declined to disclose the amount of investment each company will receive.