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)

Richard Brody Presents the 2026 Brody Awards

Richard Brody Presents the 2026 Brody Awards

Every year, ahead of Oscar night, the film critic Richard Brody joins the New Yorker Radio Hour to discuss his picks for the year’s best films. David Remnick sits down with Brody and the staff writer ...

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What Donald Trump and “Everyone” Knew About Jeffrey Epstein

What Donald Trump and “Everyone” Knew About Jeffrey Epstein

In January, the Justice Department released over three million documents, including many redacted e-mails, related to Jeffrey Epstein. “Should we share the Julie Brown text with Alan [Dershowitz],” Ep...

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Jenin Younes on Threats to Free Speech from the Left and the Right

Jenin Younes on Threats to Free Speech from the Left and the Right

Jenin Younes rose to prominence on the right by defending medical professionals like Jay Bhattacharya who claimed that they were being censored over opposition to vaccination and masking mandates. You...

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Ben Shapiro Is Waging Battle Inside the MAGA Movement

Ben Shapiro Is Waging Battle Inside the MAGA Movement

Ben Shapiro, the host of his eponymous podcast and the co-founder of the conservative website the Daily Wire, has lambasted the left and the Democratic Party for decades. Recently, though, Shapiro has...

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The City of Minneapolis vs. Donald Trump

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The staff writers Emily Witt and Ruby Cramer discuss the situation in Minneapolis, a city effectively under siege by militaristic federal agents. “This is a city where there’s a police force of about ...

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How Bari Weiss Is Changing CBS News

How Bari Weiss Is Changing CBS News

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How Tucker Carlson Became the Prophet of MAGA

How Tucker Carlson Became the Prophet of MAGA

Tucker Carlson has long been a standard-bearer for far-right views, such as the racist conspiracy theory known as the “great replacement.” He recently did a chatty interview with the white supremacist...

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How Betting Took Over Sports

How Betting Took Over Sports

Danny Funt has been reporting on the gambling boom for The New Yorker, which has generated startling recent headlines, including the arrest of a former N.B.A. coach and the indictment of two M.L.B. pi...

20 Tammi 17min

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