After the 2008 Financial Crisis, the Economy Was Fracked Up

After the 2008 Financial Crisis, the Economy Was Fracked Up

The American Recovery and Reinvestment Act injected almost nine hundred billion dollars into the U.S. economy to help the nation recover from the 2008 financial crisis. Ninety billion dollars went to clean energy, with the intention of jump-starting a new “green economy” to replace aging fossil-fuel technologies. Instead, the bill may have done the opposite. Low interest rates, which made borrowing easier, encouraged a flood of financing for the young fracking industry, which used novel chemical techniques to extract gas and oil. Fracking boomed, and made the U.S. the leading producer of oil and gas by some estimates. The financial journalist Bethany McLean and the investor and hedge-fund manager Jim Chanos tell The New Yorker’s Eliza Griswold that something in the fracking math doesn’t add up. If interest rates rise, reducing the flow of cheap capital, they believe that the industry will collapse.

Then, the former Treasury Secretary Hank Paulson tells Adam Davidson what went wrong in Obama’s policy. Subsidies for specific industries, like solar, can’t change the market significantly enough, Paulson says. In his view—one shared by a growing consensus of economists—we need to correctly assess the costs of carbon emissions to society, and charge those costs to the emissions’ producers: a carbon tax. Then, with a more level playing field, the market can pick the best source of energy.

Jaksot(1020)

Chloé Zhao on “Hamnet,” Which Is Nominated for Eight Academy Awards

Chloé Zhao on “Hamnet,” Which Is Nominated for Eight Academy Awards

Chloé Zhao became only the second woman to win an Oscar for Best Director, for 2020’s “Nomadland,” and she is nominated once again for “Hamnet,” starring Paul Mescal and Jessie Buckley. Based on Maggi...

15 Maalis 22min

Social Media Goes to Court

Social Media Goes to Court

In the book “The Anxious Generation,” Jonathan Haidt, a social psychologist at New York University, argues that social-media platforms are detrimental to youths’ well-being, and that society needs to ...

13 Maalis 28min

Ryan Coogler on “Sinners,” His Epic Film about Race, Music, and the Undead

Ryan Coogler on “Sinners,” His Epic Film about Race, Music, and the Undead

When the Oscar nominations were announced this year, Ryan Coogler’s “Sinners” set a record. It received sixteen nominations, the most for any film ever. The fact that it’s, in part, a vampire movie, m...

10 Maalis 19min

The Global Fallout of Donald Trump’s War on Iran

The Global Fallout of Donald Trump’s War on Iran

As Iran’s retaliation hit American allies throughout the Middle East this week, David Remnick was joined by two New Yorker writers with decades of experience reporting from the region. Robin Wright ha...

6 Maalis 31min

Failed “Finance Bros” Find Success with HBO’s “Industry”

Failed “Finance Bros” Find Success with HBO’s “Industry”

David Remnick sits down with Mickey Down and Konrad Kay, the creators of a show he loves, “Industry,” which is currently airing its fourth season. The show is centered on the financial and personal dr...

1 Maalis 16min

What Could Go Wrong, or Right, in a War with Iran

What Could Go Wrong, or Right, in a War with Iran

As Donald Trump and his Administration threaten to attack Iran, their motivations remain unclear. Does the President want to force Iran to make a nuclear deal, to replace the one that he scrapped in h...

27 Helmi 34min

The Evidence on Ozempic to Treat Addiction

The Evidence on Ozempic to Treat Addiction

Ozempic and other GLP-1 drugs have had a major impact in their short time on the market—currently, one in eight Americans say that they have been on GLP-1 drugs. As tens of millions of people take the...

24 Helmi 19min

Conan O’Brien on What Can Go Wrong at the Oscars

Conan O’Brien on What Can Go Wrong at the Oscars

Hosting the Academy Awards ceremony is a notoriously tricky gig, but Conan O’Brien nailed it in 2025, and he will return for this year’s event. Since leaving late-night television, in 2021, O’Brien ha...

20 Helmi 31min

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