[quote=capeman]Exactly. It’s not the business of the government to be paying out private insurance except possibly in the case of natural disasters.
I just recently bought a sizable term life policy from a company that has been around for a long time and is very well capitalized. If they somehow go down then I need to find a new insurance company. There’s no reason outside of Soc. Security that my family should be getting paid out because I bought insurance from a defunct company.[/quote]
OK, your position in consistent. I can’t disagree on a micro level. On a macro level, I would have preferred some level of AIG “bailout” where ALL claimants took (big) haircuts. Just not big enough to bring down the entire system. But what’s done is done.
You might feel differently if you were the beneficiary of an AIG policy and discovered you were getting zippo. It’s one thing to have your insurance company blow up when it doesn’t owe you anything. You just move to another insurer. It’s quite another to have it blow up with an outstanding claim. As I like to say, where you stand on an issue generally depends on where you sit.
