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There's a good argument to be made that companies that are private, where they're run by partnerships, where everybody has true stake in them and they're not playing with other people's money, that by default it's a safer system, because you really have skin in the game. You really own the company. ”
Wall Street is littered with clever plans to use financial instruments to change behavior - carbon trading, for example. Some have changed the world, and others failed miserably. ”
In truth, Wall Street is in for a radical makeover. Fewer people, lower margins, lower risk, lower compensation - and ultimately, fewer talented people. It is likely to change the culture of an industry that for nearly a century has been the money center of the world. ”
The economic meltdown that would define every aspect of Obama's economy came to a head well before he became president, of course, and so did the legislation that would be the basis for everything that came after. ”
If a columnist writes that something happened on a certain date, or that the government spent a certain amount of money on something, or that a specific number of people have died in the war in Iraq, to pick a few examples, it is his or her responsibility to make certain that information is correct. ”
At the end of the day, though, there are a huge number of considerations that our management team go through before accepting any project - checking out the license is just one of them. ”
The tar sands boom has become the world's largest energy project, the world's largest construction project, and the world's largest capital project. ”
The problem with cap-and-trade and programs such as carbon capture and storage is that they all assume that business as usual can continue. The financial meltdown and peak oil has pretty much demonstrated that business as usual's not going to work. ”
There are two perspectives on the oil sands. You have companies that want to make it the next Saudi Arabia. The other is that it's a transitional resource to a low-carbon economy, and to regard it as anything else is to drain the continent's financial resources. ”
There are some outcomes in finance we don't want, and government should regulate that. ”