I'd apply it to the auto insurance industry in a heartbeat.
(And the rest of the insurance industry not long after).
Profit increase of over 600% in one year.
($2.6 billion)
Their explanation for rate increases?
To make up for "6 bad years".
Uhm. Lets see. those years would be ...
2003 (industry posted >300M profit),
2002 (9/11 bust),
2001(dot com bust),
2000 (dot com boom),
1999 (dot com boom),
1998 (Bre-X bust),
And what happened the year before that?
Oh. just a piddling trifle ...
1997 ($2 billion record profit)
Auto industry appologists had been saying that our premiums are higher because up until now, they'd been subsidized by investments.
No offence NOLAWitch, but I wish the entire industry would go to hell. |
