The silver lining to the storm clouds that washed away so much of the GOP in 2006 and 2008 is that in the process they washed away many of the people responsible for shipwrecking the party, and most of the illusions those people promulgated. Unfortunately, that’s only “many” and “most,” not all, and we do have some big-government Republican quislings still hanging around. One of those guys is Charlie Crist, governor of Florida; I cringed every time he was mentioned as a potential running mate for John McCain, I cringe every time I hear him mentioned as a potential presidential candidate in 2012, and with this latest stunt of his, he should be ashamed to call himself a Republican. I’d say he ought to just change parties and be done with it, except that I’m not sure the Democrats would want him either. Here’s how the Wall Street Journal sums it up:
Who needs Mother Nature to cause a catastrophe? Florida’s politicians are busy creating an unnatural disaster in their state insurance market that will blow away taxpayers when the next big hurricane hits. And we mean taxpayers across America.Last month State Farm pulled the plug on its 1.2 million homeowner policies in Florida, citing the state’s punishing price controls. The state’s largest insurer joins a raft of competitors that have already reduced or dumped their property and casualty business in the Sunshine State, including Prudential, Allstate, Nationwide and USAA. This is the inevitable result of Governor Charlie Crist’s drive to control property-insurance premiums. The Republican also lobbied his GOP legislature to make the state government a giant competitor in the market, undercutting private insurers. . . .Every month in Florida, State Farm loses $20 million. So it finally said, No mas.Meanwhile, Floridians have been signing up with Citizens Property Insurance Corp., the state-run insurer that Mr. Crist unleashed in 2007. Because it has an implicit taxpayer guarantee, and because its actuarial assumptions are, well, loose, Citizens can offer lower premiums than private competitors can. Citizens has become the largest insurer in the state, with 1.1 million policies.Mr. Crist has thus guaranteed that Floridians, rather than the global insurance industry, will be on the hook for property damage when the next Katrina hits. Citizens is facing more than $400 billion in potential exposure, yet Citizens Chief Financial Officer Sharon Binnun was recently cited in the South Florida Sun Sentinel as saying it had only $3.4 billion in net assets. . . .Some 25% of the coastal property in U.S. hurricane zones is located in Florida, and another storm is inevitable. To pay for those claims when they come, Mr. Crist will either have to raise taxes on Floridians, or beg Congress for a rescue. . . .It’s scary to imagine the bill taxpayers will get when the next big hurricane hits Florida. It’s even scarier to think Mr. Crist is being touted as a potential GOP candidate for the White House.
No kidding.