FIRE: Finance Insurance Real Estate
I (Insurance) looks at longer-term risks. That’s why the industry is pulling out of Florida, etc. The know what is coming.
F(inance) and RE(real estate) look short-term and are still ignoring the climate crisis. There are short-term profits to be made.
Financial collapse happens slowly, then all at once. Another huge hurricane? A heat wave that kills thousands? Terrible flooding? SOMETHING will happen one of these days, and suddenly everyone will be worried that they shouldn’t be where they are.
Florida real estate is an example. It is already worthless because it will be underwater relatively soon. And one day SOMETHING will happen and everyone will decide it’s time to get out. Sell! But they’ll all decide to sell at once and the buyers will have seen the same thing. So all the mortgage will fail. All the lenders will fail.
And THAT will trigger a closer look at other climate-devalued real estate, like Phoenix and every other coastal area.
F and RE will catch up with I.
Silicon Valley Bank fails…
Corruption allowed the finance industry to operate outside of sensible government oversight, even as the world has experienced the consequences of this over and over again. So here in Silicon Valley and around the world, tech employees are waiting to find out if they’ll get their paychecks or get laid off next week. The world is wondering if contagion will spread that fear. Again. (Last time, because of corruption, not one banker type was held accountable. Not one.)
Also here in Silicon Valley it is raining harder than almost ever – except for a couple weeks ago. Flooding everywhere. I mean, torrential, incredible rain pouring down right now. This is because corruption has caused governments to allow the industry causing this to keep putting more and more carbon into the air even as we all know what the consequences will be.
The news lately has been about train derailments devastating localities. This happens because corruption allows wealthy rail-owners to keep governments from making them operate safely.
Inequality is now completely out-of-control. 60% of Americans now live paycheck-to-paycheck, not even able to raise $500 to cover an emergency like a car breakdown. The government doesn’t raise the minimum wage or otherwise address this because of obvious corruption. Million upon millions are spent convincing these people to blame government for this and vote for those backed by that money, and abolish democracy. “I am your retribution.”
The Supreme Court “rules” that this is all OK. Any amount of secret money is allowed to influence elections. People trying to fix this face millions of dollars spent smearing them in LOCAL elections. This Supreme Court we have is the way it is because of corrupt money spent to put them there.
Is there a common theme here?
One senator who makes a fortune from coal is blocking the country from last-ditch efforts to keep the climate crisis from becoming catastrophic. Well, it’s really one Democratic senator and EVERY Republican – all of them, their entire party and propaganda infrastructure paid by the fossil-fuel industry. But they go unmentioned.
The Guardian explains, in, Joe Manchin leads opposition to Biden’s climate bill, backed by support from oil, gas and coal,
In the current electoral cycle, Manchin has received more in political donations from the oil and gas industry than any other senator, more than double the second largest recipient. He is also the No 1 beneficiary of donations from the coal mining sector, leads the way in money accepted from gas pipeline operators, and is sixth in the ranking of senatorial donations from electricity utilities.
… But Manchin’s ties to the fossil fuel industry run deeper than political donations. After initially working in his family’s furniture and carpet business, Manchin set up a coal brokerage firm called Enersystems in 1988, running it until he became a full-time politician.
… His shares in Enersystems are worth between $1m and $5m, according to his latest financial disclosure document, with the senator receiving more than $5m in dividend income from the company over the past decade. The coal brokerage represents 71% of Manchin’s investment income, and about a third of his total net worth.
For history there should be a memorial monument that names names. It should list the names of individuals who contributed to the horrific situation they inherit.
But place that monument well above sea level.