Gas Industry: Talk to the Hand
Steve LeVine at Foreign Policy has a real interesting analysis (that doubles as a spanking of Michael Lewis, author of The Big Short,) on why the shale gas industry, in the face of increasing political pressure, is taking a don’t worry, be happy posture.
Between 2005 and 2007, our largest investment banks as a group nearly brought down the entire global economy by betting one-way on an inexorable rise in housing prices, and the capacity of budget-stretched Americans to pay escalating mortgage payments.
Assuming that he knows as much about shale gas, there is no need to read further. This dolt spanking Lewis? Not even funny.
Fannie, Freddie, and the Community Reinvestment Act might have played a role.