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"Our argument has been, if it's a big enough storm - a $100 billion storm - it will bankrupt companies and the banks will go next," said state Sen. Steve Geller, a Democrat and past-president of the National Association of Insurance Legislators, which has promoted a national disaster fund. "The only one that can handle that is the federal government and if they're going to write a check anyway, it's better to do it ahead of time and plan than react without a plan."
But support from politicians in the Midwest and Northeast, which sustain snowstorms and tornadoes but nothing on the magnitude of a hurricane, has been hard to find.
Many of those states "view themselves as getting the short end of the stick and they don't support using federal tax dollars to help states that are at risk because people chose to live on the coast or over an (earthquake) fault line," said Robert Hartwig, chief economist for the Insurance Information Institute.
Florida Gov. Jeb Bush said Monday he believes Hurricane Katrina could start changing minds.
"Now that we're moving into a period where we expect more storms that could spark more consensus," he said.
Originally posted by FredT
This just smacks of a way to keep funding the lucrative end of the business and handing the smelly end back to the taxpayers.