Sandy's small business victims: We don't want loans!

[olevetonahill]

Hell No, they dont want to pay anything back. Just another bunch that want **** gave to em. If ya cant get Ins. then why start a business in that area?

http://finance.yahoo.com/news/sandys-small-business-victims-dont-144400467.html

[C&CDean]

This kind of reminds me of something that happened to me this past summer. I had a 468 John Deere baler catch on fire and burn to the ground. Managed to get my tractor unhooked, but lost about 20 round bales and the baler. I call John Deere and ask about my insurance. They told me "if you'll read your entire contract it clearly states that when you pay off your loan to JD credit, your insurance will expire." So I read it, and they were right.

So, I go to my insurance agent and ask him if it's covered under my homeowners. He tells me it is not. So, basically I'm screwed.

Know what I did? That's right, I went to the JD dealer and wrote a check for $35K for a new baler. Hurt like hell. But it also taught me a valuable lesson. I switched insurance companies this past week. Got $500K in personal property coverage and insured that the paid-off tractors and balers and stuff were covered in that. Also raised the coverage for my barns and shops.

That's what Americans do. Socialists don't.

[JohnnyMack]

Way to let your insurance expire on that asset, jackhole. God you really might wanna think about an assisted living facility at this point.

[olevetonahill]

Glad to see Obammy jumped in there to help ya out . Oh wait ...

[cleller]

Barack Obama does not care about honky people.

[Turd_Ferguson]

Barack Obama does not care about honky people.
I's a honky...

[Soonerjeepman]

this is from my brother who has run a small 10Mil dollar business in KC and now does consulting..asked his opinion, part of me thinks hey the need some help from a freak of nature but then part of me says don't build in a flood plan and not get flood insurance..

"I am pretty much a capitalist, libertarian, free market, etc. so my answer will frustrate those that come from the entitlement mentality.

The government is here to make sure we are safe and can pursue life, liberty and happiness. They are not here to guarantee it or hand it out.

If you cannot get flood insurance for a reasonable price then that should tell you that some pretty smart people think you have a very high chance of damage from a flood. I always get a kick out of the people on the coast who complain that a hurricane destroyed their home. Or, the people in a forest who complain that a fire destroyed their home. Same is true for biz. As they say, you can't fix stupid.

If you give these people free money, then more people will do stupid things and expect the government to help them out when things go south. At some point, we need accountability and common sense -- not entitlements.

Loans are okay, but even that has a high risk of fraud, waste, mis-use, loss of taxpayer dollars. Who decides who can really afford a loan and who will default? Who decides who will really use the money in their business and who will use it for personal gain? And, the loan repayments will drag on them for a long, long time when other new or smart businesses do not have to make these old loan payments.

The goal is not to support these businesses. The goal is to support business. Let the market work. Stupid people go out of business. Smart people stay in business.

Cold, but that's what I would do."

[diverdog]

this is from my brother who has run a small 10Mil dollar business in KC and now does consulting..asked his opinion, part of me thinks hey the need some help from a freak of nature but then part of me says don't build in a flood plan and not get flood insurance..

"I am pretty much a capitalist, libertarian, free market, etc. so my answer will frustrate those that come from the entitlement mentality.

The government is here to make sure we are safe and can pursue life, liberty and happiness. They are not here to guarantee it or hand it out.

If you cannot get flood insurance for a reasonable price then that should tell you that some pretty smart people think you have a very high chance of damage from a flood. I always get a kick out of the people on the coast who complain that a hurricane destroyed their home. Or, the people in a forest who complain that a fire destroyed their home. Same is true for biz. As they say, you can't fix stupid.

If you give these people free money, then more people will do stupid things and expect the government to help them out when things go south. At some point, we need accountability and common sense -- not entitlements.

Loans are okay, but even that has a high risk of fraud, waste, mis-use, loss of taxpayer dollars. Who decides who can really afford a loan and who will default? Who decides who will really use the money in their business and who will use it for personal gain? And, the loan repayments will drag on them for a long, long time when other new or smart businesses do not have to make these old loan payments.

The goal is not to support these businesses. The goal is to support business. Let the market work. Stupid people go out of business. Smart people stay in business.

Cold, but that's what I would do."

I think we need to help a little. Provide them with loss of income for 6 months. Low interest loans for the rebuild. Appoint commercial underwriters to do both.

[C&CDean]

My dearest JM,

Just because I have tractors that are not only paid for, but are worth more than your house is no reason to be ugly. Besides, how bad is it when a geriatric senior such as myself could still stomp a hole the size of Dallas in your narrow ***?

[pphilfran]

My dearest JM,

Just because I have tractors that are not only paid for, but are worth more than your house is no reason to be ugly. Besides, how bad is it when a geriatric senior such as myself could still stomp a hole the size of Dallas in your narrow ***?

You screwed up when you didn't bitch and moan about it being the fault of somebody else and you want them to pay...he would have given you props...

[olevetonahill]

You screwed up when you didn't bitch and moan about it being the fault of somebody else and you want them to pay...he would have given you props...

JM said he was gettin senile and shat

[cleller]

Risk is a factor the everyone must deal with. This seems exceptional, because it is on a larger scale, but the government is not in the business of compensating for risk. Putting millions of dollars into a business that sits in a flood plain, and you cannot insure is poor risk management.

As the lawyers would say, they "assumed the risk", because they felt they could reap a reward.

[soonercruiser]

This kind of reminds me of something that happened to me this past summer. I had a 468 John Deere baler catch on fire and burn to the ground. Managed to get my tractor unhooked, but lost about 20 round bales and the baler. I call John Deere and ask about my insurance. They told me "if you'll read your entire contract it clearly states that when you pay off your loan to JD credit, your insurance will expire." So I read it, and they were right.

So, I go to my insurance agent and ask him if it's covered under my homeowners. He tells me it is not. So, basically I'm screwed.

Know what I did? That's right, I went to the JD dealer and wrote a check for $35K for a new baler. Hurt like hell. But it also taught me a valuable lesson. I switched insurance companies this past week. Got $500K in personal property coverage and insured that the paid-off tractors and balers and stuff were covered in that. Also raised the coverage for my barns and shops.

That's what Americans do. Socialists don't.

Sorry to hear....
I get a bad feeling every time I get an "agreement update" from my insurance companies.
Much as I hate extra reading material, you are forced to see what they are up to.

[Soonerjeepman]

I think we need to help a little. Provide them with loss of income for 6 months. Low interest loans for the rebuild. Appoint commercial underwriters to do both.

lol...figured you'd say that DD...goes along with your thinking on everything else.

Guess I believe in my brother who has run a 10mil dollar company.

The government is not here to GIVE us liberty and the pursuit of happiness...but allow us to pursue. I'm guessing you're good with giving MILLIONS...hundreds of millions of dollars to "green energy" companies..even when they go in the tank.

[diverdog]

lol...figured you'd say that DD...goes along with your thinking on everything else.

Guess I believe in my brother who has run a 10mil dollar company.

The government is not here to GIVE us liberty and the pursuit of happiness...but allow us to pursue. I'm guessing you're good with giving MILLIONS...hundreds of millions of dollars to "green energy" companies..even when they go in the tank.

JM,

If the flood had just taken out just the businesses that were ocean front then I would have agreed with you. However that is not the case with Sandy. NYC was hit with a massive tidal surge and it took out infrastructure that was vital to businesses to be able to survive. No insurance policy on the face of the planet will cover a disaster of this size.

The other problem is the Republican Party has for years fought of a program known as the CAT Fund. It is a catastrophe fund that is funded by pooling the most disaster prone states into a pool and it would allow businesses and individuals to buy insurance that they need for events like Sandy.

Finally loss of business income is not a covered risk under a flood policy and it is excluded under the normal business insurance policy as a covered loss due to a flood. So these folks have no way of insuring loss of business income.

[cleller]

If we do decide to help, where will we get the money? Maybe some of the people the government is already helping could help the latest ones that need help.

[olevetonahill]

If we do decide to help, where will we get the money? Maybe some of the people the government is already helping could help the latest ones that need help.

WE Just borrow whatever we need from the Chinks

[diverdog]

WE Just borrow whatever we need from the Chinks

Actually they hold very little of our debt. Most of it is owed to ourselves.

[diverdog]

If we do decide to help, where will we get the money? Maybe some of the people the government is already helping could help the latest ones that need help.

It is probably a moot point since it won't happen in the first place. Had NYC been a swing state both sides would have given away billions by now.

[olevetonahill]

Actually they hold very little of our debt. Most of it is owed to ourselves.

Heh
http://0.tqn.com/d/create/1/5/0/x/C/-/Great-Wallet-of-China.jpg

[pphilfran]

China owns around a trillion and a half...total of a all foreign governments that own our debt is around 5 trillion...

We owe the trust funds around 5 trillion...another 5 trillion is owned by individuals, corps, and state and local governments...

Total around 16 trillion

[olevetonahill]

Those who want to quibble about this aint nuthin but a Bunch of Nerds :stupid:

[cleller]

Those who want to quibble about this aint nuthin but a Bunch of Nerds :stupid:

Here ya go. All anyone could want to know about who holds what debt. In the end, its a lot of people owning an enormous, gigantically huge amount of debt.
If you laid $1 million bills end-to-end, the debt would stretch around the earth 11 times, plus 80 times around Rosie O'Donnell's waistline. There would still be enough left over million dollar bills to fill all of Madonna's orifice's 3 times.

http://usgovinfo.about.com/od/moneymatters/ss/How-Much-US-Debt-Does-China-Own.htm

[olevetonahill]

Here ya go. All anyone could want to know about who holds what debt. In the end, its a lot of people owning an enormous, gigantically huge amount of debt.

http://usgovinfo.about.com/od/moneymatters/ss/How-Much-US-Debt-Does-China-Own.htm

I dont GAS, I just like makin Jokes about how bad the Chinks Own us

[Soonerjeepman]

JM,

If the flood had just taken out just the businesses that were ocean front then I would have agreed with you. However that is not the case with Sandy. NYC was hit with a massive tidal surge and it took out infrastructure that was vital to businesses to be able to survive. No insurance policy on the face of the planet will cover a disaster of this size.

The other problem is the Republican Party has for years fought of a program known as the CAT Fund. It is a catastrophe fund that is funded by pooling the most disaster prone states into a pool and it would allow businesses and individuals to buy insurance that they need for events like Sandy.

Finally loss of business income is not a covered risk under a flood policy and it is excluded under the normal business insurance policy as a covered loss due to a flood. So these folks have no way of insuring loss of business income.

I agree with the infrastructure, but in the article the one guy interviewed said he couldn't afford flood premiums because he was in a flood zone, and even if he could it wouldn't cover most of his business...to me that is stupid and on him.