THE BURNED OVER DISTRICT

Pity the poor Fux Nooz. They came up with a killer story that would absolutely destroy the Democrats in the eyes of sports fans everywhere. The only problem was that it was so preposterous and so easily proven wrong that all Fux did was failo in the eyes of anyone with a functioning brain.

Fux and Fiends breathlessly reported this morning that the Super Bowl could be canceled,

There is a chance that Super Bowl 49 will not happen. It’s bad news for folks looking to watch it or better yet, head to Arizona to attend it. The reason is Congress, and a piece of legislation you might have never heard of The Terrorism Risk Insurance Act. It was signed into law after 9/11, and established a risk sharing partnership between the government and the insurance industry that made terrorism insurance to businesses, including organizers of sporting events like the NFL.

See the most expensive disaster in the history of insurance was the 2001 terrorist attacks at $44 billion in claims. Under The Terrorism Risk Insurance Act, the government provides a financial backup for insurers by covering a portion of insured losses above $27.5 billion and up to $100 billion. So insurers have at least some certainty of their exposure, and in return they give terrorism coverage to their business clients.So unless this act is reauthorized by the end of the year, and the clock is ticking, insurers have the right to cancel terrorism coverage after January 1.

Fox News just demonstrated how they invent their “news.” Fox took one piece of factual information; terrorism insurance must be renewed and turned it into Democrats canceling the Super Bowl because Harry Reid’s Democratic majority in the Senate didn’t reauthorize funding for the insurance.

The version of funding for terrorism insurance is controversial with some Democrats and the White House because it contains provisions that weaken some financial regulations in Dodd-Frank. The White House wrote in a statement of policy, “The Administration strongly opposes the inclusion of modifications to the Dodd-Frank Wall Street Reform and Consumer Protection Act, specifically the end user provision, in this TRIA-related bill that has broad bipartisan support. Broadening Dodd-Frank’s statutory exemptions is a complicated issue with serious implications for the health and stability of the Nation’s financial markets. The main purpose of S. 2244 is to reauthorize the Terrorism Risk Insurance Program; this bill should not be used as a vehicle to add entirely unrelated financial regulatory provisions.”

There is no evidence that Democrats aren’t going to reauthorize the program, and even less evidence that the Super Bowl will be canceled if they don’t. When the NFL was asked about the Fox News report, the league offered a one sentence reply, “The Super Bowl will be played.”

Fox News tried to blame Democrats for canceling a Super Bowl that hasn’t been canceled, because they didn’t pass a bill that will probably be passed. Fox News viewers are some of the most misinformed people in the United States, because when all else fails, Fox makes up the news.