David Cay Johnston

The rhetoric is tough: the Fed calls the deficiencies from the servicers “significant and pervasive compliance failures” which constitute unsafe and unsound practices. In Fed-speak, that sounds serious enough.

It’s not.

Atop the front page of The New York Times today is a color photo of Georgia homes flooded up to their rafters, an image that illustrates how when it comes to insurance our Congress applies two standards, separate and unequal, one for property and a lesser one for people.

Unlike people without health insurance, homeowners have access to public option flood insurance.