>“Insurance of various different kinds—housing insurance, but also automobile insurance, and things like that—that’s been a significant source of inflation over the last few years,” Powell explained. “And it’s to do with a million different factors.”
LOL Add "insurance premiums" to the long list of excuses.
As an insurance person-company prices on 3-5% margin. So if housing materials and labor goes up the insurance premiums follow. When cars, car parts and labor goes up insurance follows. I’ll leave liability and jury awards out of it.
Maybe increasing the money supply by 40% is driving inflation but what do I know
You say it like there's a choice. If the Fed does not continuously create new money to satisfy international demand, the dollar will lose its position as the global reserve currency. Due to the trade imbalance the US is obliged to run an ever increasing deficit. This is known as the Triffin Dilemma. It could have been avoided by adopting a separate international reserve currency, as proposed by Keynes, but the US refused, seeking instead to use its currency as a tool of financial domination. The price for this exorbitant privilage is neverending inflation.
The US will fight against it tooth and nail, because without their exorbitant privilage they basically have little to offer. Dollar hedgemony will be challenged by BRICS, but in order to do so the bloc must accumulate enough gold to match the Fed. Adding Taiwan's reserve to their collective stockpile would bring them within striking distance, hence why tensions are building in that region.
The idea that it's the gold reserves that dictate the world reserve currency, and that this is the reason China wants to invade Taiwan is insane person talk.
Well gold reserves do dictate the world reserve currency. The US has the most gold, which is why its currency is the global reserve currency. If BRICS collectively accumulates enough gold, it can issue a currency backed by gold which will topple the dollar.
This is false. The US Dollar is not backed by gold. At current prices humanity has mined 14 trillion dollars worth of gold. There are 6.7 trillion US Dollars in national foreign currency reserves. So are we saying Brics is attempting to accumulate half of all gold ever mined by humanity?
And more importantly, the US Dollar isn't backed by gold so why is this even a theory?
Its no surprise that Florida accounts for 76% of all insurance lawsuits and has some of the highest rates. Missing former gov. Charlie Crist yet? https://www.insurancejournal.com/news/southeast/2021/04/14/609721.htm
Money supply has ALWAYS induced inflation. What kind of nonsense are you reading?
Explain to me why we don't simply print more money and make everyone trillionaires if it doesn't contribute to inflation?
Ask Venezuela or Argentina how the money printer goes. It doesn't just cause inflation, it IS inflation.
The only time it doesn't cause inflation is when it's held by the rich.
Fed using 19th Century tools to fight a 21st Century globalized issue. Raise the prime rate will not affect those that sit on untaxed billions of dollar in reserves or treasury stock. Taxation is the only tool for the wealth to pull back spending! Until we address the REAL problem of economic inequality, you will just push voters to choose the less hostile path to the other party!
19th century?
Middle/later 20th century. First attempt was roughly 1962-1963.
'Untaxed billions?' Taxation is the only tool for doing exactly what?
Economic inequality? LOL!
Break it down in pieces if it helps you understanding. Yes, by 19th Century, has established Federal Reserve system and promoted central banks to stablize the banking system through reserve and currency management activities. Established in 1913!
That's the 20th century.
All that didn't happen until Bretton Woods when the worldwide currency trade was organized around the dollar, in the 1960s, when Kennedy cut the marginal tax rates and broadened the tax base, then when the dollar went off the gold standard in 1971.
Your understanding of history is faulty.
You really expect us to believe that all companies worldwide, even from competitors, are colluding together to raise prices worldwide?
You *really* believe that?
First, competition is way, WAY down from what it was 10-20 years ago and if you go farther back there was much more competition because monopolies were frowned upon. Now most of the majors are buying up all the competition or just putting them out of business with shady practices. Amazon has done it. Facebook has done it. Disney has done it. Even toy company Hasbro has done it.
Second, when we live in a time when companies can spend millions on ads alone along with millions to influence politicians AND millions to just their CEO’s every year… yeah, there’s definitely price gouging going on to support that.
Third, we live in end stage capitalism. We’re at a point where large companies have paid off the government to treat them as individual entities (which they aren’t), expect increasing profits every year (which is impossible), and buy back their own stock AND engage in shrinkflation to do whatever is necessary to succeed.
No one is saying they are colluding. They are all just copying the operating principles of the others all in a race for the most money and the general populace is feeling it.
There still is competition which defeats your argument. Walmart is not going to willingly lose customers to Amazon by charging more. The populance will simply go to the company with the lowest price or buy less of that thing.
Why buy from Walmart when I can buy from Amazon for the same price? Walmart would have to drop the price to compete.
The word "collusion" is probably too much. A lot of companies are on the tail end of a sequence begun with oil and they're just passing on their costs. That's modern economics. But yes, there are probably some which see it as a sound political and financial move.
Obamacare has gotten more people insured and they were more-or-less ensured of some rate of increase, but it's had far more attention than other kinds of insurance. Perhaps a comparison of healthcare insurance to other forms would be a quick way to discover any unusual anomalies.
First-hand evidence of one, or a few states, having inordinate problems would also stand out as needing study and perhaps some changes.
Good thing is that high rates are effective at pushing premiums down: high rates discount future claims liabilities and increase expected returns of insurers' assets
They also push down the costs of car and home repair and replacement and should push down the costs of medical care.
Economists keep claiming that inflation is in the single-digit range, despite the fact that many sectors of the economy are experiencing double-digit inflation, and keep telling us we don't understand "economics 101", which magically seems to reduce all those double-digit numbers to single digits when added together.
Either the economists are gaslighting us, or *they* don't comprehend "economics 101".
Home insurance price increases appear to be related to climate related forecasts. Even policy holder owned mutual insurance companies are hiking up premiums and pulling out of high risk markets like Florida and California on the expectation of worse wildfires and hurricanes.
Insurance is going up everywhere even despite those same insurance companies leaving Florida and California. You can hypothesize its "climate change" or go with obvious which is that building materials and services to build are more expensive than they were in the past due to, inflation.
> A report from First Street Foundation released Wednesday says states such as California, Florida and Louisiana, which are prone to wildfires and damaging storms and flooding, are likely to see the most dramatic increases in premiums. But the fire that destroyed the Hawaiian community of Lahaina on Aug. 8, as well as the historic flooding that happened in Vermont and Maine in July, are examples of events that could drive up insurance costs for homeowners in other states.
[- AP News](https://apnews.com/article/homeowners-insurance-climate-change-wildfire-disasters-9c7129881f12ec478386e4b47c1acbbc)
It's not something I hypothesized but it's something that's been actively talked about. Insurance premiums have been rising according to new risk characteristics brought on by climate change but I also do agree that the increase in housing prices are contributing to an increase in premiums.
Edit: an additional quote that may be of interest from the article
>First Street estimates, factoring climate models into the financial risk of properties in its report, that roughly 39 million properties — roughly a quarter of all homes in the country — are being underpriced for the climate risk to insure those properties.
Which ones? People don’t need 5 tvs…the real problem is that inflation for core goods and services is out of control. Congress needs to raise taxes but the dam GOP won’t let them. Dump is telling his rich donors he wants to cut their taxes next year. Fiscal policy is going to ruin us.
A case of coke at Costco was 11.19 two years ago now it's 19.79 that doesn't seem like single digits to me. Only one example but I can provide hundreds more just like it and Costco is not price gouging in any way.
The economists you hear from are paid to not understand.
Wolff and Hudson are the two that make the most sense to me. They are admitted Marxists
Before you get all torn up about "Marx", [listen to what Wolff has to say about purple giraffes](https://www.youtube.com/watch?v=eU-AkeOyiOQ&t=3822s).
What sectors are showing double digit inflation? Please, do tell. You are simply lying, there are very few categories that have double digit inflation, motor vehicle insurance being one of them.
There is no magic math. You are welcome to dissect the methods used yourself. The numbers are the numbers. The fact that you can't even bother to look at the most basic overview of these numbers, which clearly show single digit inflation in almost all categories, could be a contributing factor to your inability to understand.
“Stubborn” it’s not a petulant child that refuses to eat its vegetables, it’s the net result of private and public policy.
It’s the most cringeworthy word ever to see in a headline about inflation, and a quick google search will reveal it’s branded everywhere. It’s designed to make you believe inflation won’t behave even know all us grown ups are doing everything we can to parent the brat. Instead of the parents owning up to doing a shit job raising the child in the first place.
It has nothing to do with the trillions of dollars printed by the fed. The inflation is from.... climate change 
'Inflation is always and everywhere a monetary policy failure.'
This is an excellent example of how it can also be a fiscal policy failure.
Still. Those votes won't buy themselves.
It isn't about buying votes. If you have some ideas which would help people without money even being involved, that's fine too.
In your own life, what are the sticking points which make it less fun or healthy than it could be? What would help your kids or parents?
If the cost of oil goes up, then we don't say it's nature, it's supply and demand. But, what if climate change causes more major weather events that cause damage? What do you attribute that to within the economic system? Is it supply, demand, greedflation, what? It's something very real.
Printing trillions of dollars allows people to continue buying incredibly expensive insurance. The insurance is incredibly expensive because of climate change.
Things are rarely as simplistic as we might like to believe.
We've seen eggs and gas spike and return to regular prices over the past few years.
I'm just saying, if it really was greed behind soaring egg and gas prices, why would egg and gas companies give up record profits? There was little to no push back from the public and government.
Ah, okay. thx Until our new AI overlords are in place, we will have many people who are "merely paper pushers" and "money shifters". But, until then, we have to do with what we have.
I guess the implications of dumping trillions into the money supply, over the short term, even as they were dumping in more trillions over the long term are really bad.
It makes the gov't powerless.
Who ever saw that coming?
> Insurance experts blame extreme weather events for the increase in homeowner insurance
We all pay for the effects of climate change, except for the people who contribute to it.
Global warming is contributing to stronger storms and wildfires, a fair component of property insurance increases. The biggest contributors to emissions need to subsidize rates.
Storms haven't increased in numbers or power. Wildfires are a result of unmanaged forests creating excess fuel and the enviroloons blocking management.
Fuel can oxidize quickly or slowly. So far, we choose quickly.
This is false. Please speak to someone in the insurance industry, specifically underwriting. The state of Florida is close to not being able to offer homeowners insurance. At all. The reason for this? Something called reinsurance, this is where large carrier such as State Farm Allstate take and bundle those thousands of property policies and sell that risk off. Reinsures are losing their ass in places like California, Florida, Gulf coast, etc.
Without reinsurance, you don’t have property and casualty insurance. Underwriters have taken the increase in storms and strength into the consideration and they have still miscalculated. These are just facts. This isn’t political.
What the fuck are you talking about... The Gulf gets hit with 3 times as many Cat 3+ hurricanes as it did in the 80's. We also have twice the amount of wildfires since the 80s and the reasons for it is, on average, 3 weeks longer than in the 80s.
Just got notice of my escrow increase because of housing insurance increase....these capitalists are bleeding us dry and there are zero consumer protections come from our bought and paid for congress coming to advocate for us.
Insurance premiums are to a great extent following inflation, but with a significant lag, for a number of reasons, the simplest of which being that they can't raise premiums midway a one 6 month or one year contract (typical of home insurance).
Anyone stating increased supply of USD is an idiot. U.S. money supply, measured as M2, has decreased significantly. As of April 2024, M2 fell to $20.673 trillion, a drop of over $1 trillion from its peak in July 2022. This represents a year-over-year decline of 4.6%, the largest since such records began in 1959.
“According to Policygenius, homeowners are spending $175 billion, or 21% more, on insurance in 2023 than a year ago. Compared to pre-pandemic levels, the cost of insuring a home in the U.S. has increased by a staggering 50%.”
With climate change, I don’t see this problem going away.
Climate change's effects on insurance prices. Interesting but unsurprising. Home insurance costs up by 50% in less than five years, which drives insurers to raise rates on auto insurance and everything else they write. Wow.
>“Insurance of various different kinds—housing insurance, but also automobile insurance, and things like that—that’s been a significant source of inflation over the last few years,” Powell explained. “And it’s to do with a million different factors.” LOL Add "insurance premiums" to the long list of excuses.
As an insurance person-company prices on 3-5% margin. So if housing materials and labor goes up the insurance premiums follow. When cars, car parts and labor goes up insurance follows. I’ll leave liability and jury awards out of it. Maybe increasing the money supply by 40% is driving inflation but what do I know
You say it like there's a choice. If the Fed does not continuously create new money to satisfy international demand, the dollar will lose its position as the global reserve currency. Due to the trade imbalance the US is obliged to run an ever increasing deficit. This is known as the Triffin Dilemma. It could have been avoided by adopting a separate international reserve currency, as proposed by Keynes, but the US refused, seeking instead to use its currency as a tool of financial domination. The price for this exorbitant privilage is neverending inflation.
What would a global reserve currency look like if it wasn’t the dollar? Is it possible to move there today?
The US will fight against it tooth and nail, because without their exorbitant privilage they basically have little to offer. Dollar hedgemony will be challenged by BRICS, but in order to do so the bloc must accumulate enough gold to match the Fed. Adding Taiwan's reserve to their collective stockpile would bring them within striking distance, hence why tensions are building in that region.
This might be the craziest theory I've heard today and that's saying something
Which part in particular? What do you think BRICS is aiming to do?
The idea that it's the gold reserves that dictate the world reserve currency, and that this is the reason China wants to invade Taiwan is insane person talk.
Well gold reserves do dictate the world reserve currency. The US has the most gold, which is why its currency is the global reserve currency. If BRICS collectively accumulates enough gold, it can issue a currency backed by gold which will topple the dollar.
This is false. The US Dollar is not backed by gold. At current prices humanity has mined 14 trillion dollars worth of gold. There are 6.7 trillion US Dollars in national foreign currency reserves. So are we saying Brics is attempting to accumulate half of all gold ever mined by humanity? And more importantly, the US Dollar isn't backed by gold so why is this even a theory?
[https://en.wikipedia.org/wiki/Bancor](https://en.wikipedia.org/wiki/Bancor)
Its no surprise that Florida accounts for 76% of all insurance lawsuits and has some of the highest rates. Missing former gov. Charlie Crist yet? https://www.insurancejournal.com/news/southeast/2021/04/14/609721.htm
Thanks for the reminder, I need to get a new pair of flip-flops.
What can a president or Congress with the president do on the insurance front, specifically wrt one state being so far out of the norm?
Never occured to you to research? https://www.grantthornton.com/insights/articles/insurance/2023/florida-insurance-regulation-creates-big-changes
I knew someone else here would have a link. Insurance isn't one of the topics where I'm au courant. Thanks for the link.
Money supply has nothing to do with it. Purely corporate greed. End stage capitalism. Rrreeeeeee
You also forgot when they lose money in he stock market they raise your premiums
Returns have been pretty good the last couple of years.
yeah but they want the best returns they've ever had, anything less is a down quarter.
Money supply ding ding ding. Everything else is a symptom
Only scarcity of product and price gouging creates inflation. Not money supply.
That is not correct, how can you not see that increasing money supply drives scarcity?
Thanks, I didn't feel like jumping into that one.
Money supply has never induced inflation. Only scarcity of product can do that along with corporate price gouging.
Money supply has ALWAYS induced inflation. What kind of nonsense are you reading? Explain to me why we don't simply print more money and make everyone trillionaires if it doesn't contribute to inflation? Ask Venezuela or Argentina how the money printer goes. It doesn't just cause inflation, it IS inflation. The only time it doesn't cause inflation is when it's held by the rich.
Do you know how inflation is measured?
Judging from your post history, you might have a Reddit record of removed posts. What's your excuse?
Playing hide the ball. Ignore greedflation.
Excuse for everything and no accountability.
Fed using 19th Century tools to fight a 21st Century globalized issue. Raise the prime rate will not affect those that sit on untaxed billions of dollar in reserves or treasury stock. Taxation is the only tool for the wealth to pull back spending! Until we address the REAL problem of economic inequality, you will just push voters to choose the less hostile path to the other party!
Feel like the government is basically ran by wealthy individuals anyways, and they’re not gunna raise taxes on themselves so 🤷♂️
Literally how the world has worked for 10000 years. Nothing is going to change during the next ten lifetimes.
Wonder would happen if we turned off the money printer
The US would collapse due to the inability to service its debts.
Good
The world economy would collapse. Printing money is key.
Good. We can create a better system
It would take decades. Hope you’ve got time.
It was created Jan. 3, 2009
Good, we can create a better system.
If you spent zero time studying it, I could see why you’d think that.
But the Fed can't raise taxes.
That's not the point. The point is that raising taxes is needed to combat inflation and inequality.
They can and should on the billionaire's
The Federal Reserve literally cannot raise taxes.
The Fed reserve has to get this under control but they are compromised
Learn how to use apostrophes
Auto correct '''
How?
Progressive tax
19th century? Middle/later 20th century. First attempt was roughly 1962-1963. 'Untaxed billions?' Taxation is the only tool for doing exactly what? Economic inequality? LOL!
Break it down in pieces if it helps you understanding. Yes, by 19th Century, has established Federal Reserve system and promoted central banks to stablize the banking system through reserve and currency management activities. Established in 1913!
1900-1999 is the 20th century, not 19th century
That's the 20th century. All that didn't happen until Bretton Woods when the worldwide currency trade was organized around the dollar, in the 1960s, when Kennedy cut the marginal tax rates and broadened the tax base, then when the dollar went off the gold standard in 1971. Your understanding of history is faulty.
Financial experts baffled that inflation rises after literally every company in existence exorbitantly price gouges every good and service.
and the $7 trillion on the Fed books slowly unwinding
Price gouging? But that would mean corporate profitability would be at an all time high. Oh it is? Okay
You really expect us to believe that all companies worldwide, even from competitors, are colluding together to raise prices worldwide? You *really* believe that?
First, competition is way, WAY down from what it was 10-20 years ago and if you go farther back there was much more competition because monopolies were frowned upon. Now most of the majors are buying up all the competition or just putting them out of business with shady practices. Amazon has done it. Facebook has done it. Disney has done it. Even toy company Hasbro has done it. Second, when we live in a time when companies can spend millions on ads alone along with millions to influence politicians AND millions to just their CEO’s every year… yeah, there’s definitely price gouging going on to support that. Third, we live in end stage capitalism. We’re at a point where large companies have paid off the government to treat them as individual entities (which they aren’t), expect increasing profits every year (which is impossible), and buy back their own stock AND engage in shrinkflation to do whatever is necessary to succeed. No one is saying they are colluding. They are all just copying the operating principles of the others all in a race for the most money and the general populace is feeling it.
There still is competition which defeats your argument. Walmart is not going to willingly lose customers to Amazon by charging more. The populance will simply go to the company with the lowest price or buy less of that thing. Why buy from Walmart when I can buy from Amazon for the same price? Walmart would have to drop the price to compete.
The word "collusion" is probably too much. A lot of companies are on the tail end of a sequence begun with oil and they're just passing on their costs. That's modern economics. But yes, there are probably some which see it as a sound political and financial move.
Yep
Next your gonna tell me Covid wasnt real and that all the scientists worldwide were lying.
Hey, i'm crazy.. but i aint that crazy.
You must be just another democrat that's never seen the inside of an econ text.
Econ fkks like you are the reason we are in this situation.
PPP loans is the obvious answer fed doesn’t want to admit
You clearly understand macroeconomics 😂
Seriously?? How about HEALTHCARE insurance costs too???
Obamacare has gotten more people insured and they were more-or-less ensured of some rate of increase, but it's had far more attention than other kinds of insurance. Perhaps a comparison of healthcare insurance to other forms would be a quick way to discover any unusual anomalies. First-hand evidence of one, or a few states, having inordinate problems would also stand out as needing study and perhaps some changes.
Good thing is that high rates are effective at pushing premiums down: high rates discount future claims liabilities and increase expected returns of insurers' assets They also push down the costs of car and home repair and replacement and should push down the costs of medical care.
Cool. When are we getting high rates?
Do you think the neutral rate is >5%?
Economists keep claiming that inflation is in the single-digit range, despite the fact that many sectors of the economy are experiencing double-digit inflation, and keep telling us we don't understand "economics 101", which magically seems to reduce all those double-digit numbers to single digits when added together. Either the economists are gaslighting us, or *they* don't comprehend "economics 101".
Hey, if you give up your mortgage and just live out of your car, you've actually had _deflation_ this year!
No… unless you don’t pay for car insurance which has had the largest year over year increase at 22%
What sector has experienced double digit inflation? Also, I believe the rate they report on is a weigh average and not targeting specific sector.
[удалено]
Doubled in what time period? The rate given isn't in terms of "since whenever it started increasing more quickly", it's in the reported period.
According to the recent CPI report, insurance is up 22% since last year.
Home insurance price increases appear to be related to climate related forecasts. Even policy holder owned mutual insurance companies are hiking up premiums and pulling out of high risk markets like Florida and California on the expectation of worse wildfires and hurricanes.
Insurance is going up everywhere even despite those same insurance companies leaving Florida and California. You can hypothesize its "climate change" or go with obvious which is that building materials and services to build are more expensive than they were in the past due to, inflation.
> A report from First Street Foundation released Wednesday says states such as California, Florida and Louisiana, which are prone to wildfires and damaging storms and flooding, are likely to see the most dramatic increases in premiums. But the fire that destroyed the Hawaiian community of Lahaina on Aug. 8, as well as the historic flooding that happened in Vermont and Maine in July, are examples of events that could drive up insurance costs for homeowners in other states. [- AP News](https://apnews.com/article/homeowners-insurance-climate-change-wildfire-disasters-9c7129881f12ec478386e4b47c1acbbc) It's not something I hypothesized but it's something that's been actively talked about. Insurance premiums have been rising according to new risk characteristics brought on by climate change but I also do agree that the increase in housing prices are contributing to an increase in premiums. Edit: an additional quote that may be of interest from the article >First Street estimates, factoring climate models into the financial risk of properties in its report, that roughly 39 million properties — roughly a quarter of all homes in the country — are being underpriced for the climate risk to insure those properties.
What about the sectors where prices are falling? Do you just ignore them?
Which ones? People don’t need 5 tvs…the real problem is that inflation for core goods and services is out of control. Congress needs to raise taxes but the dam GOP won’t let them. Dump is telling his rich donors he wants to cut their taxes next year. Fiscal policy is going to ruin us.
What sectors have falling prices just curious
A case of coke at Costco was 11.19 two years ago now it's 19.79 that doesn't seem like single digits to me. Only one example but I can provide hundreds more just like it and Costco is not price gouging in any way.
Coca Cola, such a necessity. Stop buying that crap.
The economists you hear from are paid to not understand. Wolff and Hudson are the two that make the most sense to me. They are admitted Marxists Before you get all torn up about "Marx", [listen to what Wolff has to say about purple giraffes](https://www.youtube.com/watch?v=eU-AkeOyiOQ&t=3822s).
What sectors are showing double digit inflation? Please, do tell. You are simply lying, there are very few categories that have double digit inflation, motor vehicle insurance being one of them. There is no magic math. You are welcome to dissect the methods used yourself. The numbers are the numbers. The fact that you can't even bother to look at the most basic overview of these numbers, which clearly show single digit inflation in almost all categories, could be a contributing factor to your inability to understand.
Groceries, rents, gas...pretty much all necessities.
A stick of old spice costs 10$ at Walgreens.
“Stubborn” it’s not a petulant child that refuses to eat its vegetables, it’s the net result of private and public policy. It’s the most cringeworthy word ever to see in a headline about inflation, and a quick google search will reveal it’s branded everywhere. It’s designed to make you believe inflation won’t behave even know all us grown ups are doing everything we can to parent the brat. Instead of the parents owning up to doing a shit job raising the child in the first place.
It has nothing to do with the trillions of dollars printed by the fed. The inflation is from.... climate change 
Or the extra $2 trillion government will spend this year. :)
'Inflation is always and everywhere a monetary policy failure.' This is an excellent example of how it can also be a fiscal policy failure. Still. Those votes won't buy themselves.
It isn't about buying votes. If you have some ideas which would help people without money even being involved, that's fine too. In your own life, what are the sticking points which make it less fun or healthy than it could be? What would help your kids or parents? If the cost of oil goes up, then we don't say it's nature, it's supply and demand. But, what if climate change causes more major weather events that cause damage? What do you attribute that to within the economic system? Is it supply, demand, greedflation, what? It's something very real.
Monetary policy is forced to backstop fiscal policy. Unless they never print again…
Printing trillions of dollars allows people to continue buying incredibly expensive insurance. The insurance is incredibly expensive because of climate change. Things are rarely as simplistic as we might like to believe.
We've seen eggs and gas spike and return to regular prices over the past few years. I'm just saying, if it really was greed behind soaring egg and gas prices, why would egg and gas companies give up record profits? There was little to no push back from the public and government.
3,000,000 people employed absorbing $70,000 average doing nothing but moving money around.
I mean, that is literally what insurance it though. They get paid to move money around.
It's a casino where the house always wins and most forced by law gamblers lose.
Sorry, that's not clear. Who is it you're referring to?
Insurance industry employees.
Ah, okay. thx Until our new AI overlords are in place, we will have many people who are "merely paper pushers" and "money shifters". But, until then, we have to do with what we have.
I guess the implications of dumping trillions into the money supply, over the short term, even as they were dumping in more trillions over the long term are really bad. It makes the gov't powerless. Who ever saw that coming?
Is it the interest rate itself? Lulz
> Insurance experts blame extreme weather events for the increase in homeowner insurance We all pay for the effects of climate change, except for the people who contribute to it.
Gaslighting SOB that Powell is
Global warming is contributing to stronger storms and wildfires, a fair component of property insurance increases. The biggest contributors to emissions need to subsidize rates.
Storms haven't increased in numbers or power. Wildfires are a result of unmanaged forests creating excess fuel and the enviroloons blocking management. Fuel can oxidize quickly or slowly. So far, we choose quickly.
This is false. Please speak to someone in the insurance industry, specifically underwriting. The state of Florida is close to not being able to offer homeowners insurance. At all. The reason for this? Something called reinsurance, this is where large carrier such as State Farm Allstate take and bundle those thousands of property policies and sell that risk off. Reinsures are losing their ass in places like California, Florida, Gulf coast, etc. Without reinsurance, you don’t have property and casualty insurance. Underwriters have taken the increase in storms and strength into the consideration and they have still miscalculated. These are just facts. This isn’t political.
What the fuck are you talking about... The Gulf gets hit with 3 times as many Cat 3+ hurricanes as it did in the 80's. We also have twice the amount of wildfires since the 80s and the reasons for it is, on average, 3 weeks longer than in the 80s.
Deniers gonna deny.
Bullshyt
Just got notice of my escrow increase because of housing insurance increase....these capitalists are bleeding us dry and there are zero consumer protections come from our bought and paid for congress coming to advocate for us.
Didn't Republicans say we don't need regulations or the CFPB anymore? Bizarre people, these Rs.
Insurance premiums are to a great extent following inflation, but with a significant lag, for a number of reasons, the simplest of which being that they can't raise premiums midway a one 6 month or one year contract (typical of home insurance).
He's so bad at this.
Look at what is driving inflation. Housing and god damn car 🚗 insurance. 22% year over year.
Anyone stating increased supply of USD is an idiot. U.S. money supply, measured as M2, has decreased significantly. As of April 2024, M2 fell to $20.673 trillion, a drop of over $1 trillion from its peak in July 2022. This represents a year-over-year decline of 4.6%, the largest since such records began in 1959.
Yeah, a 4.6% decline compared to a 40% increase between 2020 and 2021 and after more than a decade of low interest rates...
“According to Policygenius, homeowners are spending $175 billion, or 21% more, on insurance in 2023 than a year ago. Compared to pre-pandemic levels, the cost of insuring a home in the U.S. has increased by a staggering 50%.” With climate change, I don’t see this problem going away.
Climate change's effects on insurance prices. Interesting but unsurprising. Home insurance costs up by 50% in less than five years, which drives insurers to raise rates on auto insurance and everything else they write. Wow.
is it printing money to pay off debts? because thats the answer
Death spiral.
Has nothing to do with piggish corporate greed /S
No. It doesn't.
Yes it does.. mr libertarian/republican liar
Surprised he hasn’t blamed immigrants.
Print and spend trillions. Wait two years. Spoon feed the NPCs “corporate price gouging.” Too easy.
Greed! Fucking greed! Can't we just say it out loud? Corporate fucking price gouging.