As I wrote yesterday, “tomorrow is another day”.
Figure 1: UK Economic Policy Uncertainty (blue), and centered 7 day moving average (red). ECRI defined recession dates shaded gray. Source: policyuncertainty.com, ECRI and author’s calculations.
As I wrote yesterday, “tomorrow is another day”.
Figure 1: UK Economic Policy Uncertainty (blue), and centered 7 day moving average (red). ECRI defined recession dates shaded gray. Source: policyuncertainty.com, ECRI and author’s calculations.
UK Economic Policy Uncertainty Spikes
[ The uncertainty is given market reaction, because for Conservatives the policy initiatives of Truss were clear and supported for months. Kwarteng’s approach was clear and supported. Conservatives wanted tax cuts, property price supports and a continuing of roughly full employment to dismiss Labour policy criticism. ]
“Liz Truss has spoken today to Ukraine’s president about the ongoing crisis.
Zelensky promised to provide all the assistance he could.”
Well, it could have happened.
https://www.nytimes.com/2022/09/29/climate/hurricane-ian-flood-insurance.html
September 29, 2022
Hurricane Ian’s Toll Is Severe. Lack of Insurance Will Make It Worse.
By Christopher Flavelle
Most of the Florida homes in the path of Hurricane Ian lack flood insurance, posing a major challenge to rebuilding efforts, new data show.
In the counties whose residents were told to evacuate, just 18.5 percent of homes have coverage through the National Flood Insurance Program, according to Milliman, an actuarial firm that works with the program.
Within those counties, homes inside the government-designated floodplain, the area most exposed to flooding, 47.3 percent of homes have flood insurance, Milliman found. In areas outside the floodplain — many of which are still likely to have been damaged by rain or storm surge from Ian — only an estimated 9.4 percent of homes have flood coverage….
[ Where then was federal flood insurance, with subsidies when necessary, and requiring insurance coverage? ]
flood insurance is typically required if you have a mortgage. it is not required if you own the property outright. the article is a bit misleading. a county is very large. the land that is flooded is actually a quite small percentage of that land. many of those floodplains are not coastal flood plains, but river and lake flood plains. while there was a significant amount of rainfall, I don’t think that part was as impactful as some thought. the storm did not stall like the models suggested it might. wind damage is not covered by the flood insurance program. damage from named tropical systems is treated separately than other storms, with different deductibles as well.
ironically, for many of those folks the houses are old and dilapidated. the true value is the land, located within a short walk of the beach. those folks still own that land. they can still sell the land and buy a house inland in cash. yes, that means more gentrification. but many of these people will still have options, compared to those homes that flooded in the ninth ward of New Orleans during Katrina. those property lots still sit vacant today.