Tuesday, September 16, 2008

Did IKE Storm Wallstreet ?


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The Question of the Bigger Picture: A Collision of Calamities
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Is There a possibility that the Hurricane Crisis of IKE has just collided with the Wallstreet Crisis ? And if it has would that cause an even bigger Crisis for this Country to Face ? It is a question that needs closer examination and has not been brought up by Mainstream Media yet. At this point I don't know if it will be examined or weighed.Is there a possibility that IKE caused Extensive Damage that Insurance Companies , even AIG will need to assist in. Is IKE the reason there was a desperate Financial Maneuver put forth by the FEDS and not a small Bridge Loan was offered to AIG, 85 - 90 Billion dollars was agreed upon at 7pm tonight. Someone should ask how much did AIG insure in Texas on a State and City level and privately and corporately. Was this WHY the FEDS were pressured to Bail Out AIG, is it about IKE ?

Post Mortem of the Disaster IKE:
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{As a nurse with Disaster Experience and FEMA training I watch Disasters with more than a healthy interest, so my apology for the detailed analysis}. The IKE disaster has been intriguing on multiple levels, and worrisome, especially monitoring the Aftermath. When Katrina occurred we have extensive coverage put forth, 24 hours a day, the MSM served it up complete with carnage and damage. And yes, it occurred to me later that it was SWEEPS, so I am sure some of it was very much ratings driven. So getting accurate estimates of damage and even examining the visual damage with aerial footage has proved challenging.Within 48 hours of such an extensive disaster impacting millions of people Certain levels of AID and Care should have been rendered and offered. This includes power, water and shelter. FEMA teams are supposed to be sent to assess Damage and Needs, of humans and Businesses.

The Texas Coastline presents an interesting mix of damage to people and structures and landscape. Including the 4th Largest City in the Country with extensive Urban Damage as well as Damage to Numerous Petrochemical Companies and aligned companies.I mention this because all of these businesses are now involved in the damage assessment, as well as we should be hearing from DHHS and EPA about the damage along the Coastline as far as Needed Cleanup of this Hazardous Soup. Even not including Residential Losses and Commercial Losses and Business Losses, or Flood and Water Damage losses, estimates of the Damage from Texas alone comes to almost 40 Billion Dollars.And that is the starting amount proposed by Insurance Industry Experts, because of the Large City involved and the Petrochemical Oil Industry Damage.

Today President Bush went to the Texas Coast, and this time we were not shown ANY photos of him examining Damage. we were shown some photos of him at an Official Meeting. At none of the pressers we have been shown, has Bush said HOW MUCH AID was coming to Texas. Today on the news we did learn that IKE Victims were walking miles to Checkpoints to get 2 bags of ice and MRE'S and Food Supplies for 2 days.

Over 30,000 people are still be sheltered at 300 Shelters and over 1.2 Million are still without power and at least 1 Million are still misplaced and need to return Home. Yet there is only limited Power and Limited Water.It has not been released whether there was Environmental Damage to the Water Treatment Plants and Pipes tp deliver residential water, Surge Damage is one thing, Petrochemical Damage is another issue.We have not seen lines of delivery trucks and been told by the Media of the exact estimates of Food tonnage and gallons of water. We have not been told by the Media of FEMA how much per day would be spent on supplying these people with much needed power, generators,food etc. Those Logistics should readily available to be examined. Even the Red Cross has had to Borrow Money , because they have had a hard time working with FEMA getting financial reassurances.Over the next few days we may learn more what they are being offered from FEMA.

Ironically the Offshore Drilling Issue has scarcely been breathed in the past 5 days or discussed, or questions asked about WHO insured the Coastline Oil Rigs that were damaged by Houston.At least 14 Rigs were obliterated, and WHO is paying for the damage along the Coastline. Is AIG needed to cover the Damages of IKE in Texas ? AIG has Billions at stake due to IKE atleast 40 Billion in Texas, Billions and Billions more through the MidWest.

These offshore Rigs that are within the State Coastline are they insured by AIG ?If so that means the Environmental Cleanup not just the Rig Recovery/Rebuild would be covered by AIG.

{Another point to ponder about this issue is that in recent weeks we learned that the Interior Department had a cozy corrupt relationship with multiple Oil Companies. It is very odd that we have been shown NO Footage of BLM or Dept of Interior Officials examining the Coastline, or even USGS, or NOAA. Which brings up the next question WHO arranged the Insurance Coverage for the Shoreline of Texas, and Was there enough insurance to cover over Billions of Damage ? Was any of this coverage arranged with Interior Officials while wining and dining and worse ?}

These are concerns to ponder while you watch the AIG Spin the next few days, as Financial Guru's try to explain WHY the Large Insurance Company is being bailed out by the FEDs with a Large Loan, yet they have never ever bailed out an Insurance Company. But before we watch the Federal Government Bail out A Large Corporation with Billions should we have heard the FEDS offer assistance and aid to the People of Texas ? Did we learn Nothing from Katrina ? And shouldn't we ask the MSM to be covering the Disaster In Texas as this disaster mushrooms to Something more Disasterous ?

Galveston 9.15.08
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Background Articles for Further Exploration :::

(1) Assessing the Damage and comparing to OTHER Disasters in Texas WSJ article
(2) Galveston Damage Assessed with photos...
(3) Assessing the IKE Damage from LA Times shows numbers and estimates.
(4) Here is the article where Bush offers Help but NO real Numbers no actual money put on the table.
(5) More on AIG and Texas A Bad Situation worse?
(6) Is AIG Connected to Texas ?There is ONE Trillion worth in IKE"S path .
(7) MORE on Insurance Issues related to IKE and Texas and more Questions.
Photos from BBC Archives.( Public Domain)

11 comments:

Fran said...

Whatever the reason, there is NO excuse for FEMA to not have it together better to respond to natural disasters. I mean really they knew this was coming for many days. I saw a shot of Bush shrugging his shoulders, saying it's hard.

How much you want to bet, if they gave the green light to drill for oil offshore, it would not be hard at all?

Not only is there no profit in disaster relief, but with finances in ruins, there is no real money to pay for it--as seen in the lower 9th ward of NOLA.

PS Like my new Avatar thingy?

enigma4ever said...

Oh Fran..
I love the Avatar soooooo coool...
beautiful...

I know everything you said is true..believe I know ( I got yelled at for ordering too many sandwiches one time...)

yeah..but I think we are more broke than we know...terrible shame that we are not taking care of people and I am worried about how bad it is down there....( Red Cross here is not even sure to send folks down...there is no place for them..)

mess - horrible mess....

Christopher said...

Well, the Chimp breezed through Galveston today and pronounced the recovery effort "bold."

Don't you just love this guy?

He either flies over the sight of death and destruction, a la, New Orleans, from the safety of 8,000 feet, or he shows up 5 days later when the place is evacuated and does his photo-op.

Have I ever said how much I despise George W. Bush?

enigma4ever said...

Shit I missed the photo op...I have some fruit I was going to heave at the TV....so he did get out and look at the sludge and wreckage...I do wonder about the Insurance costs...and was the AIG estimate right - ONE trillion ..( I don't even know what that is....it is HUGE)....

enigma4ever said...

now I am bummed...CNBC is not airing the Asian Markets....hmm, that is NOT encouraging...I will have to find some other way to watch...shit...

R.J. said...

AIG Insurance has enough in assets to pay out claims. It's the credit swaps out of ther London office that's causing problems.

The job's still on the table, BTW. :-)

enigma4ever said...

RJ :
I hope it works out for you...whatever and however...that you get to do what you want to do...and that it has security... and a good future, and they treat you right...of course at this point...I guess that is all any of us can hope for or pray for....it is a shaky time;-)

take care...best to you...

Fran said...

I saw a shot of Bush holding the hand of a woman in the disaster zone. Puhleeze...... he's not inviting them to come stay at his ranch...or even offering a toxic trailer to live in.

I'm sorry, I'm so sick of the fatal Bush blunders.

enigma4ever said...

me2...me2...

D.K. Raed said...

AIG is a MAJOR insurer of big commercial projects and businesses. So I have no doubt you are correct, that there is a connection with the unprecedented fed bailout of AIG and all the major damage to businesses in Houston. It's all about business. You can bet insurance claims for regular homeowners, car insurers, etc, will bankrupt some of of those types of insurance companies very quickly, but they won't be bailed out. Business first last and always is this administration's only concern.

Hey! today I saw lines of people in Galveston getting gas & food. At one point Air Marine One flew overhead carrying our prezzie and NOT ONE person even looked up at it! Then tonight Keith showed GM workers chanting Obama '08 at McCain as he slunk away after telling them how fundamental they were. There is so much of this going on, and yet we are supposed to believe polls showing McCain and Obama are a hair's breadth apart?

enigma4ever said...

I have no answer for you friend...none..except to say you are right...all the way...

I am tired..and sad for all of it..

thanks..