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SARAH BLOOM RASKIN FREE
The result of Carter’s vision that big government was the answer to our challenges was multibillions of dollars in wasteful government spending and years of delay in the country making adjustments to new realities in energy - adjustments that could only be achieved by letting free markets work. He spoke to the nation, announcing that we are in an “energy crisis,” that the world is running out of oil and gas, and that the only way to transition to a new world with energy alternatives would be building and investing in major new government programs. In April 1977, President Jimmy Carter made the same prediction. “Why is the Fed Spending So Much Money on a Dying Industry? It should not be directing money to further entrench the carbon economy,” reads the headline of her New York Times article.īased on what does Raskin declare a death sentence on the multitrillion-dollar oil and gas industry? “The decision to bring oil and gas into the Fed’s investment portfolio not only misdirects limited recovery resources but also sends a false price signal to investors about where capital needs to be allocated.” She questions, for instance, why oil and gas companies received credit and capital infusions from the government during the coronavirus crisis along with other industries. Raskin is convinced she knows the future. But the difference between today’s progressive prophets and the prophets of the Bible is the latter knew they were not God but spokespersons for the Creator.