Much of what I see on TV that is damaged is not necessarily ocean-front.
Sowell makes a good point. But like many points that libertarians make "on principal" it is ultimately not very helpful--we still have to deal with realities.
Without government insurance, those houses would never have been rebuilt after they were first destroyed. We pay for them over and over. Anyone can find out where it is safe to build and then take their chances.
No one built expensive homes in vulnerable areas unless tey could afford to lose them. Now they not only build them, they count on Federal money to remodel and modernize them every few years when a storm comes through.
SO9
Sowell's point is that the "realities" would change if we would phase out the current policy of throwing taxpayer money to bail out poor judgment.
Note that he says, "phase out." That means we would not abandon people in dire straits today.
But it does mean we would say: This is the LAST time you can expect the government to throw money at you for your own poor decisions.
No, what "we" should do is stop subsidizing stupidity. They can move themselves out once the gravy train no longer stops in their town.
Of course, the downside is that other parts of the country would then be inflicted with old, crotchety, leftist New Yorkers with atrocious, ear-splitting accents. Who can't drive.