There's a quick, one-word explanation for why the federal government started selling flood insurance: Betsy.
Hurricane Betsy, which struck the Gulf Coast in 1965, became known as billion-dollar Betsy. Homes were ruined. Water up to the roofs. People paddling around streets in boats. Massive damage.
This would be the time when you'd expect people to be pulling out their flood insurance policies. But flood insurance was hard to come by. You could get fire insurance, theft insurance, car insurance, life insurance. Not flood.
One week after Federal Aviation Administration officials grounded Boeing's newest jet, the world's entire 787 Dreamliner fleet remains parked. FAA Administrator Michael Huerta said Tuesday he couldn't speculate on when a review of the plane would be complete.
Investigators in the U.S. and Japan remain perplexed as to why batteries on two planes suffered serious failures. Now Boeing, its flagship jet and the certification process for the 787 are under intense scrutiny.
When compared with its neighbors Coney Island and the Rockaways, Manhattan seemed hardly touched by the waters and winds of Superstorm Sandy in late October. But almost three months later, areas of lower Manhattan are still laboring to recover.
Earlier this month, a museum devastated by Sandy finally reopened. About 800 people packed the lobby and upstairs galleries of the South Street Seaport Museum in lower Manhattan as Mayor Michael Bloomberg addressed the crowd.
"Britain's prime minister said Wednesday he will offer citizens a vote on whether to leave the European Union if his party wins the next election, prompting warnings from fellow member states about the soundness of such a move," The Associated Press writes.
The wire service adds that:
"Cameron proposed Wednesday that his Conservative Party renegotiate the U.K.'s relationship with the European Union if it wins the next general election, expected in 2015.
Half of all tomatoes eaten in the U.S. come from Mexico, and tomato growers in Florida aren't happy about that. In fact, they're willing to risk a trade war to reverse the trend.
At JC Distributing In Nogales, Ariz., one misstep and you're likely to get knocked over by a pallet full of produce. Forklifts crisscross each other carrying peppers, squash and especially tomatoes from trucks backed into the warehouse loading dock.
"This is a Mexican truck being unloaded," says JC President Jaime Chamberlain. "He's just waiting for his paperwork to get back."
MONTAGNE: Nebraska's governor has approved a new plan for where the controversial Keystone XL pipeline will pass through his state. In 2011, the governor opposed the pipeline for its potential environmental impact. Yesterday, he wrote a letter to President Obama saying the new route avoids the more environmentally fragile parts of Nebraska.
It now falls to the Obama administration to approve the project. Transcript provided by NPR, Copyright NPR.
And today's last word in business is: extraterrestrial gold rush.
A company called Deep Space Industries - which sounds like it's a company fm a Mel Brooks movie - anyway, it's planning to start mining asteroids - mining asteroids by the year 2015. The idea is to first send small spacecraft to explore asteroids for minerals like platinum and gold.
The House is expected to vote Wednesday on a Republican leadership plan to put off the debt ceiling fight for three months. This marks a new strategy for House Republicans who until recently had pledged not to raise the debt ceiling unless it was matched with an equal amount of spending cuts.