Has a country ever used an insurance company as a shield when the economy goes down?
score:5
Accepted answer
The net assets of even the world's largest insurance companies aren't anywhere near the amount of money a large Economy like the USA or the EU loses during a recession.
For example AIG is said to have total net assets of a bit less than $200 billion. That's how much you could theoretically get by sucking the company completely dry and abandoning it (leaving all its other insurees high and dry).
However, USA tax receipts dropped more than $400 billion in just the first year of the recession (2009). They still haven't gotten back up to 2008 levels (although they should this year, or in 2013 in "real" dollars). This isn't even taking into account tax revenue drops for the 50 states, extra expenditures on unemployment benifits, medicaid, the stimulus commonly accepted as nessecary to get an enonomy out of recession, etc. Add all that up and you are easily into trillions.
There is just no comparison between the amount of money represented by an entire nation's economy and the resources a meer company operating in it can muster.
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