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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (326056)	2/15/2007 11:46:19 PM
From: combjelly	Read Replies (1) \| Respond to of 1576184

"might be less likely to buy if they couldn't get insurance and they knew there would be no bailouts." "Might" is the operative word. Good example. Texas, like many states, has an Open Beaches Act. But ours has some real teeth. Everything from the grass line to the water is public property. If the grass line moves, then so does the public land. If the grass line moves past your house, you cannot make repairs, nor can you sell the house. Sounds brutal, but it is the only way to discourage people from building too close to the beach. Lack of insurance doesn't do it. And it is in the interest of the state to firmly discourage such building. Because when we do get a hurricane that roars ashore, they are lobbying and even suing the state to help them rebuild. Even so, every time we get a hurricane, there are those who try to sue the state for confiscating their property. It usually gets thrown out as soon as the judge reviews the case, although they always appeal to the media. The law has been around for ages. By law, when you buy property within a certain distance of the beach, you are told, in excruciating detail what the law is and the risk you are running. You have to sign several times that you have been told and understand the risk. Ok, so you can't get insurance and you run the risk of losing your property without any recompense. Logically, there should be no housing within a 100 meters or so of the beach in Texas. But, just drive down the beach close to any town. Yeah, you can drive on the beach here. You will see plenty of houses, many right at the grass line. Which a good drought could shift past their house. If that were to happen, then they couldn't even paint their house. Or fix a leaky pipe. Yet they still spent a large chunk of cash to run that risk. Bailouts or no bailouts, people will buy houses in incredibly stupid areas. And pay top dollar. This isn't theoretical, it happens all the time. This isn't theory, or speculation, but something that can be proven objectively.