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In 'Road Map for a More Sustainable Future,' NY Regulator Tells Banks to Consider Climate Risks in Planning

Originally published at http://www.commondreams.org/news/2020/10/29/road-map-more-sustainable-future-ny-regulator-tells-banks-consider-climate-risks

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"and that global heating is “increasing the frequency and intensity of extreme weather events and is projected to have profound effects on the U.S. economy and financial system, which we must address.”

Ah now it must be addressed.

“By the time a crisis occurs, it is simply too late,” she wrote.

Well she got that right.

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Deep-pocketed companies that produce and that burn soot-producing fuels may be financially responsible for 100,000 extra U.S. asthma deaths per year. They should be prepared to shoulder the financial and medical burdens that they are visiting upon many of our fellow citizens.

Deep-pocketed companies that produce and that burn greenhouse gas producing fuels may be financially responsible for the deaths of almost all trees, followed by ever-increasing megafires. They should be financially responsible for ever-increasing wind speeds in hurricanes so that we need a category 6 and 7 to describe their devastation. They should be financially responsible for flooding out parts of New York City including its tunnels and subway system, perhaps as often as once every two years, until the city becomes pretty much abandoned. They should be responsible for chronic worldwide agricultural failures driving up the worldwide price of food staples to intolerable levels.

Banks need to realize that even the world’s largest corporations will become worthless pieces of paper when faced with court orders to pay up for all of catastrophic climate change. The surest way to lose your shirt on Wall Street is to invest in industries that are about to get hit with massive lawsuits. Only real dummies invested in tobacco companies, although the short-term profits looked ok at the time. The same was true of chemical companies and the asbestos industry.

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Well, y’all know what that means, CYA and fast.

This translates into higher prices for everything especially insurance (homeowners) as hurricanes, flooding and fires become worse and more frequent, we all pay with higher rates. Ya didn’t think big business/insurance/banks were gonna pick up the tab now, did ya. This will be on the heels of higher health insurance rates due to COVID, that bill’s gonna come due soon too. And as usual, any penalties and fees charged to polluting corporations will be passed on to the consumers–just like they’ve always been.

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