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Video archive of the US Congress

House Proceeding 07-16-09 on Jul 16th, 2009 :: 4:29:55 to 4:33:25
Total video length: 4 hours 37 minutes Stream Tools: Stream Overview | Edit Time

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Steve King

4:29:35 to 4:29:55( Edit History Discussion )

Steve King: the newly created public health plan, if the government subsidizes that, the premiums will be lower than in the private sector and the premium is what would reflect the risk but push out and crowd out and kill the private insurance market. it's just a fact that's what happens, mr. speaker. and i can givehe clearest

Steve King

4:29:55 to 4:33:25( Edit History Discussion )
Speech By: Steve King

Steve King

4:29:56 to 4:30:16( Edit History Discussion )

Steve King: example of how this will and can work. there was a time when people bought flood insurance in this country, flood insurance in this country from a private provider, insurance company is created in part for the purpose of the property and casualty insurance so if your home was flood you could be compensated and pay the premium according

Steve King

4:30:17 to 4:30:37( Edit History Discussion )

Steve King: to the risk. and the government decided to get in the flo insurance business. now they're in the flood insurance business. they sell flood insurance and require you to buy flood insurance in some cases before you can get a mortgage on property. and the flood insurance program that exists now has a couple of uniquehings about it. first, it's crowded out all the

Steve King

4:30:38 to 4:30:58( Edit History Discussion )

Steve King: private sector, as near as i can determine, there's not a single company in america that's sellinglood insurance. i asked the question today in a conference, what if i want to sell flood insurance to the people out there in the lowlands that need that coverage? and i asked the question, rhetorically and got the answer, there's no prohibition

Steve King

4:30:59 to 4:31:19( Edit History Discussion )

Steve King: to starting a flood insurance company or an existing company from expanding their services into flood insurance. the prohibition is the federal government is in the business, they have cornered 100% of the market. there isn't anybody competing against them, and we know the government can't do anything as efficiently as the private sector can or hardly anything,

Steve King

4:31:20 to 4:31:41( Edit History Discussion )

Steve King: so the circumstances are this. the flood insurance account is $18 billion in the red. that represents that the deficit that comes out of the taxpayers and that represents how much below the cost of doing business that flood insurance is. that's what government does. so if we can have a viable and relatively healthy flood

Steve King

4:31:42 to 4:32:02( Edit History Discussion )

Steve King: insurance program in the private sector that existed years ago and the federal government comes in and competes directly like they did with crop insurance, too, by the way, they crowd out the private providers and put in the government program and pretty soon there's nobody there but government. that'shat will happen here. and if anybody thinks the president's promise that if

Steve King

4:32:03 to 4:32:24( Edit History Discussion )

Steve King: they like their insurance plan, their health care plan they get to keep it, they just don't lose it the day the bill's signed and they won't get to make that decision because the insurance company may have to fold up and sack up their bags that day or a month or a year later, and even those private providers that will last for a while will still have to adjust

Steve King

4:32:25 to 4:32:46( Edit History Discussion )

Steve King: their premiums accordingly, and when they do that, they won't be able to compete with the federallsubsidized plan, and you will see employers that will drop the private carriers here and adopt the public plan here because it will be cheaper. and we saw wal-mart take a position this past weekend that they supportean employer

Steve King

4:32:47 to 4:33:08( Edit History Discussion )

Steve King: mandated health insurance plan. it doesn't necessarily mean they support this mom trotity -- monstrosity here, but is president obama going to tell wal-mart thanks for the support of the concept he's promoting but you can't sign up on the public plan because some of your employees might want to keep the policy they have? the president can't make that promise and we ought to know it.

Steve King

4:33:09 to 4:33:25( Edit History Discussion )

Steve King: j that he was going to create or save x million jobs. the language about saving always was the words that let him slip away, you can never prove somebody saved $3 - 3.5 million new jobs unless you get

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