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Sorry Kurt, I can only follow your convoluted logic and morphing statements so far before it gets terminally confusing. I believe I have addressed the original points.
Since you refuse to provide any backup to your statement that a policy to cut off private financing to the fossil fuel industry is being implemented by the Biden administration, I did some internet searching including reading what the Heritage Foundation has to say. Came up with absolutely nothing. Nothing on Biden's website, no news articles, no articles from the activist community. So yeah, nothing but hot air from you.
So with this policy firmly stated and implemented, there is of course a spill over into all banking. That with the other links provided earlier establishes that the tone is quite clear and it has effectively dried up most money to finance the FFI here in America and increasingly abroad.
haresfur wrote:
As Richard pointed out, MRBs are not private banks and have nothing to do with private investment in the US. So no proof to back up your allegation
I did acknowledge that about MRB's by mentioning that there is a spill over as in this policy is foreboding about the future of broader policies across the board and if nothing else have a preemptive effect on decisions going forward.
Clearly you by your response you must believe that banking in general would disregard this in any internal policy decisions going forward. Is this correct ?
This bill requires large bank holding companies to set forth plans to reduce and ultimately eliminate the financing of activities that contribute to greenhouse gas emissions and deforestation.
Specifically, the bill prohibits the financing of (1) new or expanded fossil fuel projects by 2022, (2) thermal coal by 2025, and (3) all fossil fuel projects by 2030.
Further, the Financial Stability Oversight Council must consider the activities of certain bank holding companies and nonbank financial companies that contribute to emissions as part of the prudential supervision process.
The Board of Governors of the Federal Reserve System must report on financed emissions in the financial system, the estimated emissions to meet science-based emissions targets, and recommendations for addressing regulatory gaps in reducing such emissions that cannot be addressed by the board.
This is real legislation designed to do what I have stated which is to cut off private money to the FFI.
But I am sure that you and the others commenting still think my allegation is just some CT dreamed up out of thin air. That no specific policy exists to this end. That I am imagining all of this, right ?
What puzzles me most is that this policy supports the very things you all want, yet you deny it exists. It is the reason for rising energy costs, which you all want in order to diminish demand for these products. You should be saying yes, it's great, overdue, etc. Instead you say that there are no such policies.
And he's Catholic too, right? Dot dot dot(ominous music plays)
MDBs are not private money. Private banks won't "of course follow", because some already went there. And others won't. See link 1. Other "private money?" See link 2.
The US either follows or denies/disengages, depending on who's in charge, but does not lead in climate policy.
First, I said the article is old and this policy is off the drawing board and being implemented. Secondly, Biden campaigned on and promised to destroy the American Fossil Fuel Industry. He is working full tilt on this promise and hurting the little people who can afford it least in the process. He doesn't care, he also doesn't care that the alternatives to fossil fuel are not ready for prime time. He only cares about destroying this country ASAP with his energy policy. This is just about the only thing you can say for sure about Biden, too. A very recent poll says 88% of us feel that he is taking the country in the wrong direction. His approval rating is 36% favorable and 58% disfavorable. You would never know it from hanging around here though. I can't even remember the last time anyone here other than me has criticized him for anything. You sure as hell wouldn't know it by looking at his namesake thread ... Not even Richard, who criticizes everything American ...
Since you refuse to provide any backup to your statement that a policy to cut off private financing to the fossil fuel industry is being implemented by the Biden administration, I did some internet searching including reading what the Heritage Foundation has to say. Came up with absolutely nothing. Nothing on Biden's website, no news articles, no articles from the activist community. So yeah, nothing but hot air from you. . I should note your statement in a previous post: "Meanwhile, force electric on everyone prematurely with no infrastructure in place to deal with the extra volume. We cannot handle our needs at present. Our power grid needs to be totally rebuilt and hardened before we add anymore demand." That is precisely what the Green New Deal proposed: Government investment in the infrastructure needed to transition away from excessive greenhouse gas emissions. So yeah, if you want criticism of Biden, he should fully embrace the Green New Deal concept to make it possible to transition away from fossil fuels.
WASHINGTON – Today, the U.S. Department of the Treasury issued Fossil Fuel Energy Guidance for Multilateral Development Banks (MDBs), which is key Guidance in response to President Biden’s Executive Order 14008 on Tackling the Climate Crisis At Home and Abroad announced earlier this year. In its Guidance, Treasury advocates for MDB investments prioritizing clean energy, innovation, and energy efficiency, which will help achieve a clean and sustainable future consistent with the development goals of the Paris Agreement. U.S. Secretary of the Treasury Janet L. Yellen previewed Treasury’s MDB Guidance at the April 2021 G7 Leaders Summit on Climate and more recently discussed this with Heads of the MDBs in July 2021.
“Today, the United States takes bold, proactive steps to address the climate crisis by working with our international partners to establish a clear path to end Multilateral Development Banks’ support for fossil fuels except in exceptional circumstances while helping developing countries build a strong and sustainable future,” said Secretary Yellen.
Addressing the climate crisis is no longer business as usual and requires significant investments in clean energy. As the largest shareholder across the MDB system, the United States takes a leadership role with the new Treasury Guidance that advocates for MDB staff to assess options for clean energy, innovation, and energy efficiency, and to only consider fossil fuels if less carbon-intensive options unfeasible.
So with this policy firmly stated and implemented, there is of course a spill over into all banking. That with the other links provided earlier establishes that the tone is quite clear and it has effectively dried up most money to finance the FFI here in America and increasingly abroad. Here, I reposted this news which no doubt is off putting to anyone considering putting any money into the FFI ... The Permian is the world's largest oil field BTW ...
On the bolded, show me where the grid has been addressed with legislation. You or anyone else here.
What I am referring to is efforts since the big black out back around 2003 that took out the entire NE US for several days which started just several miles from where I am sitting. This long predates the Green New Deal. These efforts have fallen on deaf ears since to this day. No one wants to pay for it. Back then the cost was estimated to be about $2 billion and just before all hell broke loose with Bidenflation, $15 Billion. Who know what the tab would be now, but still chump change.
I will only address 1st paragraph (2nd is an oft repeated fox news line...building all these electric cars, with no infrastructure to handle...biden's not building them, Tesla, Ford, Toyota...are building them).
Seems production was following a trend line for 3 years under trump. But again, you ignore the fact that it takes years to ramp-up production...so it would seem the honors go to Obama, not chubby.
If your view is correct, why then did production plummet and never fully recover in 2020? Of course, you will piecemeal choose the truth (as is the way with trumpsters - the only time they choose the truth, is when it serves them) and say because of the pandemic and the steep drop in prices.
First, I said the article is old and this policy is off the drawing board and being implemented.
Secondly, Biden campaigned on and promised to destroy the American Fossil Fuel Industry. He is working full tilt on this promise and hurting the little people who can afford it least in the process. He doesn't care, he also doesn't care that the alternatives to fossil fuel are not ready for prime time. He only cares about destroying this country ASAP with his energy policy. This is just about the only thing you can say for sure about Biden, too. A very recent poll says 88% of us feel that he is taking the country in the wrong direction. His approval rating is 36% favorable and 58% disfavorable. You would never know it from hanging around here though. I can't even remember the last time anyone here other than me has criticized him for anything. You sure as hell wouldn't know it by looking at his namesake thread ... Not even Richard, who criticizes everything American ...
Since you refuse to provide any backup to your statement that a policy to cut off private financing to the fossil fuel industry is being implemented by the Biden administration, I did some internet searching including reading what the Heritage Foundation has to say. Came up with absolutely nothing. Nothing on Biden's website, no news articles, no articles from the activist community. So yeah, nothing but hot air from you.
I should note your statement in a previous post:
"Meanwhile, force electric on everyone prematurely with no infrastructure in place to deal with the extra volume. We cannot handle our needs at present. Our power grid needs to be totally rebuilt and hardened before we add anymore demand."
That is precisely what the Green New Deal proposed: Government investment in the infrastructure needed to transition away from excessive greenhouse gas emissions. So yeah, if you want criticism of Biden, he should fully embrace the Green New Deal concept to make it possible to transition away from fossil fuels.
Well sorry for not keeping up on everything related to your government. Saying this is Biden cutting off private financing is totally disingenuous and you are deliberately misrepresenting the situation. First, according to the article there has been no action by the federal government to mandate anything. The article says they are warning financial institutions that they should assess risks from climate change, which is entirely appropriate thing to do for institutions to maintain financial responsibility. Furthermore it is entirely appropriate for the government to warn about and in some cases regulate risks in the financial system or else they end up having to bail it out like in previous financial crises. But in this case they are not mandating anything. And even what the activists want doesn't cut off private financing, they want the banks to hold enough capital to cover the risks. Investors should expect no less.
First, I said the article is old and this policy is off the drawing board and being implemented.
Secondly, Biden campaigned on and promised to destroy the American Fossil Fuel Industry. He is working full tilt on this promise and hurting the little people who can afford it least in the process. He doesn't care, he also doesn't care that the alternatives to fossil fuel are not ready for prime time. He only cares about destroying this country ASAP with his energy policy. This is just about the only thing you can say for sure about Biden, too. A very recent poll says 88% of us feel that he is taking the country in the wrong direction. His approval rating is 36% favorable and 58% disfavorable. You would never know it from hanging around here though. I can't even remember the last time anyone here other than me has criticized him for anything. You sure as hell wouldn't know it by looking at his namesake thread ... Not even Richard, who criticizes everything American ...
And this is old news to those who are paying attention. It has well advanced since the article and is now policy and cutting off private financing of the oil industry.
Well sorry for not keeping up on everything related to your government.
Saying this is Biden cutting off private financing is totally disingenuous and you are deliberately misrepresenting the situation. First, according to the article there has been no action by the federal government to mandate anything. The article says they are warning financial institutions that they should assess risks from climate change, which is entirely appropriate thing to do for institutions to maintain financial responsibility. Furthermore it is entirely appropriate for the government to warn about and in some cases regulate risks in the financial system or else they end up having to bail it out like in previous financial crises. But in this case they are not mandating anything. And even what the activists want doesn't cut off private financing, they want the banks to hold enough capital to cover the risks. Investors should expect no less.
Biden screams do more and at the same time cuts off private money needed to conduct business, not government money but private money. Huh ?
Huh is right. Explain this to me. How is Biden cutting off private money to oil companies?
And this is old news to those who are paying attention. It has well advanced since the article and is now policy and cutting off private financing of the oil industry.
rising...but not as fast as it could be because oil cos not only shut down production when prices plummeted, but cut exploration. I'm guessing you are still arguing high oil prices and inflation are Biden's fault, while ignoring the obvious that it takes years to ramp-up production, the surge in demand, the Ukraine impact, and notably the larger point that we need a coherent national strategy if not global strategy to transition away from fossil fuels. The last administration (you know, the chubby one) added even more confusion to the markets by signaling he wasn't interested in alternatives. and yes
If you look at the chart we are just about where we were in July of 2018, still way down from the pre pandemic peak of 2020. The chart also shows that Trump had a tremendous surge in production all the way through to the pandemic. He accomplished that only with policy and reducing regulations. And look how cheap fuel was when the oil companies were turned loose, contrary to what is being claimed now; that if we set them free prices will rise even more. Obama had said that it would take 10 years to accomplish what Trump did in 2 years. All's you have to do is get the government out of the way.
As alternatives become cost effective, they will take over, period end of story. Meanwhile as I stated before (and completely ignored), we need a new grid (infrastructure) to handle all the forced new electricity consumption (demand). We already cannot handle the existing demand as we stand right now. We are designing a shopping center without roads to get to it. It only takes a fundamental grasp of urban planning to understand not to put the cart in front of the horse, which has been a tremendous failure of the democratic party demonstrated over the past 50 years.
