Biden can reshape economy, fight climate change, bash Wall Street boogeymen

Business Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.

5/9/2021 4:04:00 PM

Opinion | Wall Street boogeymen known as 'bond vigilantes' have haunted Democrats for decades. But Biden has a chance to exorcise those demons, reshape the economy, and tackle climate change. By AlexYablon.

Business Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.

after it received insurance payouts and a bailout from the federal government and state for lost tax income, allowing the town to pay its obligations. As Moody's put it,"The heavy physical and economic damage to the town of Paradise has devastated its financial position, realistically eliminating any short-term ability to pay debt service, except with one-time funding sources."

A giant prehistoric rhino was the biggest land mammal to walk the Earth Hernández: Clippers go from cursed to franchise first by reaching conference finals A huge backlog at China's ports could spoil your holiday shopping this year

As a financial event, the Paradise credit downgrade was a blip. But when climate related disasters get more severe and widespread, there's every reason to expect larger, more economically important localities will face similar crises that they can't afford to contain on their own. It may not matter much to the national economy and country if Paradise disappears, but California's worsening fire seasons increasingly threaten the economic powerhouses of Los Angeles and the Bay Area. If unabated, climate change could shrink the global economy by 11 to 14 percent by 2050, according to a

.Sometimes the easy route is the most responsibleThe Biden administration should seriously rethink its commitment to financing a green infrastructure package with taxes rather than the deficit. Whatever the merits of putting the squeeze on unaccountable corporations or ending giveaways to rich coastal property owners, with low interest rates and no real threat of the supposed"bond vigilantes" showing up anytime soon, it's not at all clear that all those pay-fors are needed or justified. Given that the new taxes come with political costs in Congress that Biden cannot pay, deficit spending is eminently affordable and solves an important political problem.

More importantly, by limiting the scope of green investment to solely what taxes can cover rather than using freely available money to avoid a massive downside risk, Biden will effectively force our grandchildren to pay the price for the appearance of"responsibility." 

If the federal government does not spend easily available dollars on a green transition now, future catastrophes will be more severe and widespread. If America waits too long to ameliorate or adapt to climate change, not only will frontline communities have a harder time finding the money to cope, there will be far more frontline communities. 

Every single part of the country except the far north of the Great Lakes region will likely suffer extreme weather as a result of rising temperatures. Without upfront investment by the federal government, the devastating costs will spread like the floodwaters and flames.

Sign up for notifications from Insider! Stay up to date with what you want to know. Read more: Business Insider »

Elisabeth Moss and Gillian Anderson on Spending Their 20s on TV, Playing Margaret Thatcher and the Post-Trump ‘Handmaid’s Tale’

Elisabeth Moss (“The Handmaid’s Tale”) and Gillian Anderson (“The Crown”) sat down for a virtual chat for Variety‘s Actors on Actors. For more, click here. When Gillia…

AlexYablon Lmao amazing illustration. Is Biden supposed to be Gandalf? AlexYablon He's destroying America instead of making it better AlexYablon 🤣🤣🤣🤣. Burrrrrrrrrrrrrrrrrrrrrrr

Litquidity Capital Is the Meme King of Wall StreetWall Street memelord Litquidity Capital has emerged as a giddy and astute observer of finance high and low, followed by Reddit day traders and private-equity sharks alike. jenwieczner reports exec_sum jenwieczner 🤝

The Exchange: Finance far away from Wall StreetIt’s not often we hear from the boss of a finance business based in Milwaukee. Even more unusual is to find one that is owned by its customers. Rob Cox chats with Northwestern Mutual CEO John Schlifske about investing, interest rates, ESG and the benefits of mutual ownership.

Wall Street slips as inflation jitters spark broad sell-offWall Street lost ground on Tuesday as rising commodity prices and labor shortages fueled fears that, despite reassurances from the U.S. Federal Reserve, near-term price spikes could translate into longer-term inflation.

Stocks sink again on Wall Street as inflation worries mountInflation worries rattled Wall Street Wednesday, pulling the Dow Jones Industrial Average more than 680 points lower and placing the major stock indexes on track for their worst week in more than six months... Well, in 228 years we accrued 20 trillion in debt (1790-2018), then in the last three years we added a mind boggling 9 trillion. So yea inflation will occur. Putin has unleashed his Russian hell hounds of cyber disruption onto America's energy infrastructure. It will affect the U.S. economy adversely, w/ gas shortages & inflationary pressures. Warfare w/enemies will not be fought conventionally. But w/computers & cyber technology! who the hell knows what motivates the stocks these days?

20 cybersecurity stocks Wall Street believes can rise up to 79% over the next yearThe ransomware attack on Colonial Pipeline Co. highlights an obvious area for growth in the technology sector. WallStreet 'advisers' and mass media: CNBC, Bloomberg have to be very proud for luring clueless retail 'investors' into the biggest StockMarket BUBBLE in history! This is what they are paid for by big corporations - turning retail investors into bagholders! Hedge Funds are selling in preparation to StockMarket crash!