Faux and Friends breathlessly reported this morning that the Super Bowl could be canceled,
There is a chance that Super Bowl 49 will not happen. It’s bad news for folks looking to watch it or better yet, head to Arizona to attend it. The reason is Congress, and a piece of legislation you might have never heard of The Terrorism Risk Insurance Act. It was signed into law after 9/11, and established a risk sharing partnership between the government and the insurance industry that made terrorism insurance to businesses, including organizers of sporting events like the NFL.
See the most expensive disaster in the history of insurance was the 2001 terrorist attacks at $44 billion in claims. Under The Terrorism Risk Insurance Act, the government provides a financial backup for insurers by covering a portion of insured losses above $27.5 billion and up to $100 billion. So insurers have at least some certainty of their exposure, and in return they give terrorism coverage to their business clients.So unless this act is reauthorized by the end of the year, and the clock is ticking, insurers have the right to cancel terrorism coverage after January 1.
Faux News just demonstrated how they invent their
“news.” Faux took one piece of factual information; terrorism insurance
must be renewed and turned it into Democrats canceling the Super Bowl
because Harry Reid’s Democratic majority in the Senate didn’t
reauthorize funding for the insurance.
The version of funding for terrorism insurance is
controversial with some Democrats and the White House because it
contains provisions that weaken some financial regulations in
Dodd-Frank. The White House wrote in a statement of policy, “The
Administration strongly opposes the inclusion of modifications to the
Dodd-Frank Wall Street Reform and Consumer Protection Act, specifically
the end user provision, in this TRIA-related bill that has broad
bipartisan support. Broadening Dodd-Frank’s statutory exemptions is a
complicated issue with serious implications for the health and stability
of the Nation’s financial markets. The main purpose of S. 2244 is to
reauthorize the Terrorism Risk Insurance Program; this bill should not
be used as a vehicle to add entirely unrelated financial regulatory
provisions.”
There is no evidence that Democrats aren’t going to
reauthorize the program, and even less evidence that the Super Bowl will
be canceled if they don’t. When the NFL was asked about the Faux News
report, the league offered a one sentence reply, “The Super Bowl will be played.”
Faux News tried to blame Democrats for canceling a
Super Bowl that hasn’t been canceled, because they didn’t pass a bill
that will probably be passed. Faux News viewers are some of the most
misinformed people in the United States, because when all else fails,
Faux makes up shit and calls it the 'news'.
Faux News has demonstrated once again why they are America’s home for fictionalized versions of current events.
No comments:
Post a Comment