Aug 30, 2017

Buffett on Harvey: "Insured loss will be large"

Nati Harnik / AP

Billionaire Warren Buffett, who owns Geico and several other insurers, said on CNBC that damages from Harvey in Texas are "staggering" and that the "insured loss will be large." He noted "there will be a lot of uninsured loss, too."

He said for Geico customers, he suspects most of the losses will be total losses.

Why it matters: According to an AP investigation, "Houston's Harris County has 25,000 fewer flood-insured properties than it did in 2012," a 9% drop in coverage. That means many residents seeking refuge from Harvey will be forced to use savings, take on debt, or even sell to deal with damages.

Bonus Buffett quotes, per CNBC: "I would guess we're in a 2 percent growth economy now ... Every now and then we think it's accelerating. And every now and then that maybe there's a double dip or something. It just seems to be a couple of percent."

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Sanders requests recount of Iowa recanvass after results show shrunken margin

Photo: Joe Raedle/Getty Images.

Sen. Bernie Sanders said in a statement Tuesday night he will request a recount of the Iowa Democratic Party's recanvass results.

Where it stands: Both Buttigieg and Sanders requested partial recanvasses in Iowa last week after results were delayed and showed several errors following a software malfunction on caucus night.

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Energy deputy secretary nominee faces heat after contradicting Trump

Mark Menezes speaks at a forum in Addis Ababa, Ethiopia, June 12. Photo: Minasse Wondimu Hailu/Anadolu Agency/Getty Images

Trump administration officials are internally raising concerns about President Trump’s nominee for Energy deputy secretary, who appeared to openly contradict the president on nuclear waste storage at Nevada’s Yucca Mountain last week.

Driving the news: While speaking at a House Energy and Commerce subcommittee hearing last Wednesday, Mark Menezes told members of the panel that the Trump administration is still interested in storing nuclear waste at Yucca Mountain and that “what we're trying to do is to put together a process that will give us a path to permanent storage at Yucca."