by Scott Creighton
“THERE is a time for weighing evidence and a time for acting…For too many years, we failed to rein in the excesses building up in the nation’s financial markets. When the credit bubble burst in 2008, the damage was devastating. Millions suffered. Many still do. We’re making the same mistake today with climate change.
… We need to craft national policy that uses market forces to provide incentives for the technological advances required to address climate change. As I’ve said, we can do this by placing a tax on carbon dioxide emissions. Many respected economists, of all ideological persuasions, support this approach. We can debate the appropriate pricing and policy design and how to use the money generated. But a price on carbon would change the behavior of both individuals and businesses. At the same time, all fossil fuel — and renewable energy — subsidies should be phased out. Renewable energy can outcompete dirty fuels once pollution costs are accounted for.
… To add reliable financial data to the science, I’ve joined with the former mayor of New York City, Michael R. Bloomberg, and the retired hedge fund manager Tom Steyer on an economic analysis of the costs of inaction across key regions and economic sectors. Our goal for the Risky Business project — starting with a new study that will be released this week — is to influence business and investor decision making worldwide.” Hank Paulson, June 21, 2014
Henry “Hank” Paulson, former Goldman Sachs CEO, failed to rein in the excesses of the financial market place for years. In fact, he did everything he could to ensure that the sub-prime mortgage bubble, created by the same financial institutions he serves, would cripple the economy forcing an ideological shift in the economic structure of the United States (anti-entitlement programs, harsh austerity… a.k.a. neoliberalism) and every other country places like Goldman Sachs could sell off their toxic derivative economic WMDs.
The results were breathtakingly bad for the average citizen ranging from heavy losses in their retirement nest-eggs to the losses of their homes, jobs and pensions. But big finance profited immensely by selling the bad loans, to bundling them into toxic assets, to betting against their inevitable failure, to forcing congress to bail them out in the end to the tune of trillions upon trillions of dollars, to the consolidation of the banking industry, the likes of which has never been seen in the history of mankind.
Yesterday, the Sunday Review of the New York Times published an op-ed by Mr. Paulson in which he touted the desperate need to impose a carbon tax on individuals and businesses to combat man-made global warming. He specifically cited “Hurricane Sandy and the deadly Oklahoma tornadoes” as proof of the dire consequences that are coming if we don’t give in as soon as possible. It doesn’t matter to Mr. Paulson that Sandy was neither a hurricane, nor did it have anything to do with global warming, according to the experts writing about it at the time.
Filed under: Global Free Market Wars, Global Warming Scam, Globalization, Goldman Sachs, Neoliberalizing America, Scott Creighton | 8 Comments »