Implementing Proposition 103
William C. George’s column calls Prop. 103 (“The Insurance Initiative the People Thought They Voted Into Law,” Op-Ed Page, Dec. 7) “a long-running soap opera.” Alas, he is right. He also chides us poor deluded citizens for thinking that $325 million was going to come out of the hides of the insurance companies and again he is so right. It will come out of the hides of the California motorists.
George says insurers are entitled by law to a fair rate of return. He is quite right. But do tell how much is a fair rate: 25%, 75%, 150%?
George says “stay tuned for further developments in the saga of how Ralph Nader and Rosenfield fooled the people into thinking they could vote their way to lower auto insurance premiums.”
Yes, Mr. George, you are absolutely right as power corrupts and the greater the power the greater the corruption.
“The will of the people”? Read instead “The will of the people be damned.”
GEORGE MARGO
Malibu
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