Opinion: NFIP flaws

The inundation of Houston this week undoubtedly will expose the
most fundamental flaws in the National Flood Insurance Program
(NFIP), a creation of the same government that ushered in
then-president Lyndon Johnson's Great Society social welfare
programmes in the 1960s.
The NFIP was not supposed to be a source of subsidies.
Yet today it is widely criticised as a wealth transfer mechanism
that bails out the owners of homes in choice, high-value locations
such as beach fronts and charges below-mar