Thanks to New york City Mayor Mike Bloomberg, the issue of global warming may finally be getting some much-needed attention. Better late than never, as they say…
Bloomberg Businessweek’s cover story this week takes a direct approach to linking Hurricane Sandy and climate change.
As the storm approached the East Coast on Monday, many media outlets considered the link between the hurricane and climate change vital to its coverage. While the connection was broached on social media sites like Twitter, the discussion did not get noticeable attention on cable new networks that were continuously covering the storm.
Bloomberg Businessweek, however, made the connection loud and clear with its cover story. Above a photo of a flooded, powerless city street, the headline “IT’S GLOBAL WARMING, STUPID” appears in bold, underlined text.
Bloomberg Businessweek editor Josh Tyrangiel tweeted, “Our cover story this week may generate controversy, but only among the stupid.”
You won’t hear about this on Fox news or on the right-wing blogs…
Solid returns on investments means taxpayers will be stuck for $70B – not $700B; ‘most useful federal program that has ever been despised by public’
Bailed-out banks, insurers, and automakers are a sore spot for millions of Americans hit hard by the financial crisis. Candidates running in November, especially those waving the Tea Party banner, are using “no more bailouts” as their mantra to attract voters. Yet there’s a disconnect between the political rhetoric and the facts on the ground.
The U.S. Treasury Department’s investments in banks through the Troubled Asset Relief Program have done surprisingly well, Bloomberg Businessweek reports in its Oct. 4 issue. Lower-than- expected losses on auto and insurance company rescues, as well as the financial markets’ return to strength, mean the $700 billion rescue plan launched in October 2008 will cost less than one-tenth its initial price tag.
“The TARP may well be the best and most useful federal program that has ever been despised by the public,” says Douglas J. Elliott, a fellow at the Brookings Institution and a former JPMorgan Chase managing director.
Image by afagen via Flickr
As Treasury gets ready to shut down the spending phase of the TARP program on Oct. 3, it now expects to turn a $16 billion profit on the $250 billion it plowed into banks in 2008 and 2009. And TARP’s final price tag is expected to be about $50 billion, according to an Obama Administration official.