Insurers not writing Salem-area homeowner policies

Craig Harris, Salem Statesman Journal
Published 9:12 p.m. MT Sept. 11, 2020


Bill Nichols, operations section chief, provides a update on the Beachie Creek Fire for Friday, Sept. 11.

Salem Statesman Journal

Several insurance companies on Friday put a moratorium on new homeowner policies for Salem-area buyers as wildfires continued to char large swaths of the state.

The temporary suspension postponed some buyers from getting into their homes. An industry advocacy group advised consumers to shop for a new insurance agency because the halting of new policies could run into next week as fires remain uncontained.

No agency has canceled policies across the state, according to the Oregon Division of Financial Regulation. Insurance companies are allowed to temporarily suspend the writing of policies on a case-by-case basis during a wildfire, and insurers would not have to notify the state if that occurs, a spokesman said.

The Statesman Journal was

Read More

US, China, India, Europe can’t save global economy from recession

  • During the financial crisis, two countries kept the global economy from cratering even further than it did — China and India. 
  • Unfortunately this time around — in the economic crisis caused by the corornavirus pandemic — no country is coming to save us.
  • India has been on lockdown for months, and China is still feeling the debt hangover from the credit binge it went on to skip the financial crisis.
  • This gives us all the more reason for Washington to pass another coronavirus aid bill as soon as possible.
  • This is an opinion column. The thoughts expressed are those of the author. 
  • Visit Business Insider’s homepage for more stories.

The coronavirus depression will be much worse than the last worldwide recession, because this time no country is strong enough to rescue the global economy.

The story of the Great Recession goes like this: the US and Europe were crippled while 

Read More

How mass incarceration became ‘a business opportunity’ in America

This is part 1 of Yahoo Finance’s Illegal Tender podcast about the for-profit prison industry. Listen to the series here. 

Mass incarceration in the U.S. grew over decades as more politicians with tough-on-crime stances became elected to office and laws changed surrounding sentencing. 

In that environment, the private prison industry became a place to generate a lot of revenue.

“A lot of these criminal laws were changed with the political support of individuals who supported the private prison corporation because they saw a business opportunity,” Amy Fettig, executive director at The Sentencing Project, told Yahoo Finance’s Illegal Tender podcast. “They saw the incarceration, the denial of freedom of our fellow Americans, people in our community as a business opportunity.”

A boy carries cash to visit his mother at California Institute for Women state prison in Chino, California May 5, 2012. (REUTERS/Lucy Nicholson)

The U.S. has the most private prisons

Read More