PROOF that the world is ending
and it's definitive.
can't tell you how many times i've said, "the world is obviously ending," and been countered with, "don't you think the market and financial people would be worried?"
well, we have arrived, ladies and gentleman. financial markets are officially worried. so much so, in fact, that they're running to the SEC for reassurance! here's the letter they wrote, and here's what the Washington Post had to say.
the only possible way you could counter this proof is by claiming (and this is asserted obliquely in some of the coverage), that financial institutions are worried about federal measures on climate change that will place economic constraints on them, rather than the effects of climate change on them directly. but read closely, folks, and you'll see that i'm correct. what we have here is the proof. it's the economy, stupid, and this is no exception!
can't tell you how many times i've said, "the world is obviously ending," and been countered with, "don't you think the market and financial people would be worried?"
well, we have arrived, ladies and gentleman. financial markets are officially worried. so much so, in fact, that they're running to the SEC for reassurance! here's the letter they wrote, and here's what the Washington Post had to say.
the only possible way you could counter this proof is by claiming (and this is asserted obliquely in some of the coverage), that financial institutions are worried about federal measures on climate change that will place economic constraints on them, rather than the effects of climate change on them directly. but read closely, folks, and you'll see that i'm correct. what we have here is the proof. it's the economy, stupid, and this is no exception!
posted by alex at 1:11 PM
2 Comments:
A,
I'd hardly consider "a group of state officials, state pension fund managers and environmental organizations," as the Washington Post calls the signatories of that letter, the "market and financial people." Indeed it seems the thing they have most in common is a consistent use of their institutional power to make political statements.
When Berkshire Hathaway and the Carlyle Group start divesting from industries that'll be hard hit if temperatures spike and sea levels rise it may indeed be time to start worrying about the end of life as we know it.
As yet, however, the real market and financial people are cool and collected -- perhaps due to their knowledge of a certain moon based air-conditioning system -- as am I.
ok, i'll give you that -- these people aren't blackstone or carlyle. and i think a reason those guys haven't piped up may be because there are new and interesting ways that they're finding to profit from global warming, so any losses they may feel in other areas are "offset" (ha) by their creative profit strategies. secondly, i spoke to a money guy the other week who said "You’re only interested in what happens in the next 30 days as an investor. Markets only react to what’s immediately ahead of them," so maybe that just goes to show that the markets aren't the best indicators of doom, being that they don't have a long term view of things. maybe the people who wrote the letter -- who certainly also have market concerns, it should be noted -- are better harbingers.
but let's just take insurance (the issue cited in the WaPo piece) as an example, and its connection to home buying, mortgages, massive loans, and therefore massive investment opportunities, as an example. there's no way that concern won't trickle up to big guys like blackstone, who buy up debt on a huge consumer level in order to profit. the question is, when will the concerns make it into the near term sight lines of investors for them to say something.
ah, anyway, good point man. i guess we'll see...
Post a Comment
<< Home