On Saturday, January 11, 2025 at 1:55:12 PM UTC-7 John Clark wrote:
On Sat, Jan 11, 2025 at 2:17 PM Alan Grayson <agrays...@gmail.com> wrote: *> What isn't being discussed is the likely banking crisis as a result of these fires. With entire neighhoods burning out of existence, I wouldn't be surprised if there's a Trillion+ dollars of bad debt being created, as homeowners default on their mortgages.* *The figure I've heard is $135 billion in fire damage, it would take more than that to cause a banking crisis. * *John K Clark See what's on my new list at Extropolis <https://groups.google.com/g/extropolis>* That's just a preliminary estimate for rebuilding houses and *total *infrastructure replacement. Three months ago, State Farm, a major insurance company, cancelled 70% of its fire insurance policies in the LA area, so I infer that most homeowners are uninsured, and those that are, likely won't collect anything since insurance is not structured for this type of near global disaster and many will declare bankruptcy to avoid paying and going under. Fire Insurance works when there are sporadic fires, not as in this case where entire towns are wiped out, like Altadena, north and east of Pasadena where I resided when I worked for JPL, and Pacific Palisades, and some others. Given the number of homes totally destroyed and the likely lack of insurance among a majority of residents, IMO the total damage, including mortgage defaults, could exceed one TRILLION dollars. AG -- You received this message because you are subscribed to the Google Groups "Everything List" group. To unsubscribe from this group and stop receiving emails from it, send an email to everything-list+unsubscr...@googlegroups.com. To view this discussion visit https://groups.google.com/d/msgid/everything-list/18232dbc-4393-4c08-953b-04dc8bd1c1ecn%40googlegroups.com.
