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Well, the banks do this as a part of business, knowing the US will bail them out when their insider trading house of cards crash down. Flood insurance for a ho
by AtlasBarfed 6y ago
Well, the banks do this as a part of business, knowing the US will bail them out when their insider trading house of cards crash down.
Flood insurance for a house purchase is very different from a afterthought utility bill that, really, you have no "choice" on procuring.
- brianwawok 6y agoWait, but you did have a choice in picking this utility bill. Your choice was: a) (default choice): Use as much power you as you want, 12c a kWh, it never changes. b) (other supplier choice): Pay market rate! Currently only 9c a kWh, save 3c per kWh! (Until this event, when it went to $1000 a kWh). Consumer opted into B to save some cash, but got hit with the downside of their bet.
- Spooky23 6y ago...and somehow everyone is surprised that consumers do a bad job at assessing risk. It’s an unconscionable business model with no guardrails. Commercial users don’t sign up for rates like that without breakers or hedges.
- brianwawok 6y agoAnd commercial users tend to be more sophisticated. So then we just ban users from such programs? (I don't know the answer, but this ends up down a pretty strict path of not letting you hurt yourself).