Sure, sure, we can all hate on Wall Street, but, people have a ton of their money in the markets, especially for retirement. And banks that hold our money. This should mess them up
Wall Street braces for climate change scrutiny under Biden
Big Wall Street banks, facing the prospect that Democrats will impose new rules to force lenders to deal with natural disasters and rising sea levels, are positioning themselves as eager allies with a Joe Biden administration in fighting climate change.
Banks are accelerating efforts to get ahead of the issue and make clear to Biden’s team that they want a place at the table when decisions are made. JPMorgan Chase, Bank of America, Citigroup and Goldman Sachs are among the firms that have committed to hundreds of billions of dollars’ in investments that they say will reduce carbon emissions. The head of the Institute of International Finance, which represents global financial firms, pledged to Biden economic adviser Jared Bernstein that the industry would be “a willing and active partner†on climate.
But Biden’s win would expose U.S. banks to intense scrutiny for their role in providing billions of dollars of financing each year to fossil fuel production that contributes to climate change. Leading Democrats want to go even further by forcing lenders to abide by disclosure rules and stress tests to make sure they aren’t the source of a new crisis. The fear is that destructive climate events – as well as a costly transition to a lower-carbon economy – will wreak havoc on the banks’ portfolios and destabilize the financial system.
“Their customers shouldn’t bear the burden of risky loans made to yesterday’s technologies and power sources,†Sen. Sherrod Brown of Ohio, the top Democrat on the Banking Committee, told POLITICO. “The market can’t fix this. Congress must step up and work to combat our climate crisis.â€
All these banks and such should not bow to the Cult of Climastrology, because it’s just going to make them easier marks. Once you give in once, they’ll ramp up the pressure for you to give in more.
Further, anything these banks and such do will just be passed on to the consumers at higher costs. They won’t bear the cost.
Democrats had a chance in 2009, when they controlled Congress and the White House, to Do Something. Instead, they jammed through Obamacare. Why doesn’t Sherrod give up his own use of fossil fuels and go net zero, and get his Democrat buds to do the same?
Bankers see an opportunity in potentially helping Biden’s goal of investing $2 trillion in clean energy projects as president.
They see themselves getting lots of that money.
“Their customers shouldn’t bear the burden of risky loans”. Be definition, loans that get paid back aren’t “risky”. Climate change financial “damages” are all highly speculative and so far have not materialized.
“Why doesn’t Sherrod give up his own use of fossil fuels and go net zero, and get his Democrat buds to do the same?”
Net zero is a back door for polluters and carbon cheats. Go for absolute zero. Anything less and you are part of the problem, not the solution.
Only one problem with all of this. Carbon dioxide is not a pollutant and it makes little or no contribution to the temperatures measured on this planet. the biggest contributor to the retention of heat in our atmosphere is water vapour and no politician can control that!
To find out why CO2 was chosen as a means of control search “Maurice Strong”. He was an evil person who ended up living in China because he was immune from prosecution there.