Cash for bailout, but none for climate

I just don’t get it. The US Fed has just released another 37.8-billion-dollar injection of cash into AIG – which makes it seem that there is an endless pit of money available to bail out failed financial institutions.

But when we have a problem that threatens the entire world, Climate Change, there seems to be no money available – and all those who deny CC complaim about how much it will cost the taxpayer.




8 Responses

  1. Nicely pointed out joni,

  2. The thing about this is that the US is borrowing the money for the bailout when they were already running a large deficit. It is hard to see how the US Government will retain much value out of these bail-outs either. It is going to be the future tax payers who foot this bill and it will be larger than the bailout figure due to the interest component.

    While I am sure that Obama and the Dems would love to implement universal health care in the US, I can’t see how they are going to be able to afford it in the coming years.

    Another point worth making is that we seem to be one of the only western countries that hasn’t dipped into its own pockets to bail out the banks. We have put in around 4.5 Billion to buy AAA rated securities but these are not likely to decrease in value so the nett cost to our Governments so far is negligible.

  3. Very true, D55. We seem to be weathering the storm at the moment, but the question is: for how long can the Aussie institutions weather the battering?

    I am a contractor for an insurance company – and I have juts found out that my boss is wanting to keep me on next year. And in this climate – that makes me feel a bit more secure. And to repay his faith in me, I will not ask for a rate increase.

    As my agent says: 100% of something is better than 0% of nothing.

  4. Of course there is no money for climate change. Climate Change doesn’t make a profit. You can’t suck money out of Climate Change. You can’t have multimillionaire CEOs of Climate Change. Until we can manage to somehow show greedy extreme capitalists that they can make squillions out of Climate Change we will not win. Simply because they use the “we’ll all be ru’ned” and “jobs will be destroyed”. Forgetting that we will be ru’ned if we don’t act and jobs that disappear will be replaced by jobs in Climate Change industries.

  5. By the way did anyone else see the report the other night about CEO wages. Over a decade ago the average CEO wage was around 20 times the average worker wage. the average CEO wage is now over 200 times the average worker wage. How on earth a CEO does 200 times the work of their staff amazes me.

  6. Actually Shane, it is probably the fact that because the CEO now gets each of the members of staff to work 200 times harder because of staff cuts the CEO gets 200 times their salary.


  7. You’ve hit the nail on the head Shane. There are no perceived profits in climate change, and may I add, there are huge profits for the planet destroyers to continue doing what they are doing.

    But why should they change? In the USA in particularly, the government is behind them all the way.

  8. Yep, the status quo is gonna be incredibly difficult to budge.
    Entrenched money & power will hobble progress on this issue ad nauseam.

    The frog in boiling water analogy is very appropriate.

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