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View Diary: Open thread for night owls: A sweet deal for banksters—Too big to jail. (181 comments)

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  •  They're looking for ways to profit from Climate (8+ / 0-)

    Change

    Wall Street banking on global warming
    James Temple
    As free-market think tanks continue working to discredit solid science on climate change, Wall Street itself is already busy exploiting the unfolding tragedy.

    An infuriating Bloomberg Businessweek article published Thursday revealed that hedge funds and other financial firms are pouring money into ventures that stand to profit as the world warms and oceans rise throughout this century.

    "Senators are a never-ending source of amusement, amazement, and discouragement" ~ Will Rogers

    by Lefty Coaster on Thu Mar 07, 2013 at 09:54:06 PM PST

    [ Parent ]

    •  Just maybe (2+ / 0-)
      Recommended by:
      Eric Nelson, Simplify

      that's not a bad thing. If the money boys get behind it and pour money into dealing with climate change it might do some good. Wouldn't bet on it, but it's a maybe.

      Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone."

      John Maynard Keynes

      •  What if they get behind the wrong tech? (1+ / 0-)
        Recommended by:
        Simplify

        If they get behind the wrong tech and there's good profit streams involved we can't get out of it.

        I'd rather not try to profit our way to climate prosperity. I don't think it can be done.

        Democracy - 1 person 1 vote. Free Markets - More dollars more power.

        by k9disc on Thu Mar 07, 2013 at 10:34:15 PM PST

        [ Parent ]

      •  They're not trying to prevent or mitigate (9+ / 0-)

        it. They're trying to exploit it, such as by speculating on (soon to be) prime real estate and the like.

        "Violence never requires translation, but it often causes deafness." - Bareesh the Hutt.

        by Australian2 on Thu Mar 07, 2013 at 10:44:05 PM PST

        [ Parent ]

        •  Exploitation (1+ / 0-)
          Recommended by:
          DeadHead

          is what capitalists do. For better or worse, that is the system we're dealing with in the foreseeable future. If big money doesn't jump in on climate change, we're screwed. If they keep backing denial, by the time people realize it's for real it will be too late. 10 to 1 we're screwed no matter what, but it might be our only hope of doing something about it. As to backing the wrong technology, that happens all the time. We can only hope they back the right horse from the start. I'm not optimistic. Read my sig line.

          Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone."

          John Maynard Keynes

          •  no, they don't care. whatever makes $$ (1+ / 0-)
            Recommended by:
            Simplify

            They won't put the money in to reverse global warming. The big money has no problem acknowledging that it's happening. They are not interested in fixing it. They are going to invest in whatever is going to happen because of global warming.

            That means, once they've invested in the results of global warming they will want it to continue, to protect their investment!

      •  Unfortunately investment in solutions.. (3+ / 0-)
        Recommended by:
        DeadHead, OLinda, jakedog42

        ..like:
        Clean energy
         

        But the opportunism and tone deafness aren't the only distressing things in the article. Even more worrisome is the corollary trend of investors shifting money away from addressing the root cause of climate change: greenhouse gas emissions. Investments into clean energy technologies like wind or solar that could help shift the world away from fossil fuels dropped 34 percent in 2012, according to Bloomberg New Energy Finance.

        Instead of spending money to prevent the mess, investors are now betting on mops.

        ..isn't their goal here.

        Although the article does admit that even though the focus isn't  clean energy solutions, this happens as a side effect:

        when an industry that's demonstrated remarkable power to sway public policy can at least admit the world is warming once it spots dollar signs, it should make it increasingly difficult for politicians to carry on pretending there's a scientific debate on the matter.
        •  That was (2+ / 0-)
          Recommended by:
          Eric Nelson, OLinda

          kinda my point. Politicians follow the money.

          Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone."

          John Maynard Keynes

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