No sooner had I questioned whether issuers of catastrophe bonds had the financial strength to stand behind them comes this report via BusinessInsider that many states are going naked to save on premiums. It makes sense, I suppose; now that the federal government has taken on the role of insuring everything from hangnails to bad business decisions, why should a state’s citizenry burden itself when they can stick the bill to the residents of the other 49 states? This explains why Greenwich can get “disaster relief” for unbudgeted snowplowing costs, or New Jersey can soak the country’s taxpayers because farmers had a wet growing season. There was a time when farmers expected bad weather and New England towns expected snow, and planned accordingly. No longer.