Home | About | Donate

"They're Done": CNBC's Jim Cramer Says Fossil Fuel Industry "In the Death Knell Phase"

Originally published at http://www.commondreams.org/news/2020/01/31/theyre-done-cnbcs-jim-cramer-says-fossil-fuel-industry-death-knell-phase

1 Like

Watch what they do, not what they say…

ttps://finance.yahoo.com/news/bank-of-america-brian-moynihan-on-climate-change-140826633.html?guccounter=1

5 Likes

lol
Because Cramer is so right so often? lol

@Unmentionables - Yep, Its a head fake

7 Likes

You beat me to it.

3 Likes

This is not enough in and of itself. This needs to be a wake-up call to scientists and engineers and THINKERS to get started on alternatives…NOW!!!

1 Like

Know when something is happening that you’ve wanted to happen but never thought it would! A tipping point has occurred in getting off fossil fuels. What this man is saying is exactly what we have all been hoping would happen! This week it was the Guardian divesting and that will be followed by others. Yeah it is a parade. We need a parade because we need it fast. ‘‘This is tobacco and people don’t want it”.

‘Follow the money’ is good advice and from now on, the money will be going elsewhere. Watch how stocks in alternatives soar. Wind and solar farms are now where the smart money… the young money goes. Be logical. This had to happen and now you are seeing signs that it is.
@Unmentionables @Phred_Pharkel @Wayhey @carlmarks

3 Likes

@Rebel_Farmer

This topic, oil & gas - I’m reading “Blowout”, and I know you are not a fan. Since I haven’t watched TV for some twenty years, I’ve never seen Rachel Maddow on MSNBC, but I can tell you this Reb - she can write, her stuff is first class scholarly backed up, and the breadth of her vision is breathtaking.

I’ve finished “Drift” - same as above - absolutely solid - she is a born storyteller - but it’s all true.

The financial world is turning on oil and gas, but I wouldn’t count those proverbial chickens just yet - not by a long shot. Just now there is no replacement - and Russia is absolutely dependent upon oil & gas - their lifeline.

You know, Canada isn’t that far from Russia on that ! Those big pipelines are being built - tarsands crude and natural gas both.

Yes, of course. However as long as people are driving their cars to work every day, we haven’t solved the problem. This pendulum likely has a few swings left in it.

5 Likes

Use the sunlight that falls on the Earth every day,keep the Ancient Sunlight in the ground where nature intended.

6 Likes

You’re drinking your own bathwater. They’re still financing it in the trillions of dollars. These are long term investment contracts they will fight tenaciously to maintain, all while blowing smoke and upping their greenwashing. As we discussed, the Guardian’s move was insignificant, but since you seem to like them here’s a Guardian article on how much the banks are sinking into fossil fuels. This will continue unless challenged. Enough phony triumphalism, as Greta Thunberg says.

ttps://www.theguardian.com/environment/2019/oct/13/top-investment-banks-lending-billions-extract-fossil-fuels

7 Likes

As @Unmentionables said

Watch what they do, not what they say…

2 Likes

Yeah that is also true but when several things need to happen then when one of the biggest ones starts we should all be glad that it does. This means more impetus to get us off fossil fuels. It will mean less drive to drill and explore for oil. It will mean greater and greater interest in research and development of alternatives by turning that divested money to bringing the already profitable wind and solar into greater prominence and so and so forth. This kind of thing needed to happen. For whom the bell tolls? Listen you can hear the death knell of fossil fuels getting louder. It may as yet be off in the distance but you can definitely hear it clearly. How loud will it be in the next few years? You know divesting is starting to happen on a large scale and that is the necessary first big step!

Much as he was quite late to realize what an utter mountain of turds mortgage backed securities were (which Jim Cramer was still pumping in 2008), so too is this hack when it comes to client / investor driven divestment from fossil fuels equities. In fact, green portfolios have been largely out-performing the rest of the market since the first Obama term. You will not get nuggets like this from corporate media shills like him though, as the fossil fuels mafia still consist an outsize amount of advertising revenues on outlets like CNBC. It is only the sheer obviousness in other quarters that has forced this admission from Martin Shkreli’s former mentor.

Cramer has never been right about anything. Completely clueless and in shock at the 2008 economic melt down. When the US stops fighting oil wars, I’ll believe the oil companies are going down. The US props them up with billions in subsidies and tax breaks. That will continue whether they are making money or not.

Bernie 2020

6 Likes

How can we NOT be suspicious of anything republican, or financial? All trust and credibility is gone.

2 Likes

…My faith is absolutely GONE, with only a thread of hope…

"I need a helmet to protect my head
I need earphones to hear what gets said
I need a miracle to keep this little thread from snappin’ " Bruce Cockburn

1 Like

In a perfect world, I’d like to work with a foundation or with a research institute. Using my own retirement money is often faster and more effective, but I’m somewhat tapped out. I want to work on the following projects:

  1. I have already prototyped a zero-fuel and off-grid greenhouse that grows frost-sensitive vegetables in almost any winter climate. You can see that prototype at klinkmansolar dott com. No other greenhouse on earth comes close to its price/performance. I expect to help put up a second greenhouse about 10 miles to the northwest of Providence, RI in 2020.

  2. All buildings should store solar-sourced thermal heat and coolness. The heat or coolness can be distributed on demand with a mini split heat pump. This model can reduce the fuel that the world spends on heating and cooling by perhaps 90%. I have an unfinished prototype in Warwick, RI.

  3. California is shutting down photovoltaic farms on spring afternoons whenever solar farm supply exceeds the network’s demand. Clearly a kilowatt-hour generated on a spring afternoon will be no substitute for a peak load kilowatt-hour. I want to work on three novel types of generating solar-source electricity after dark:

3a. Hydropumping moves water uphill when renewable electricity is plentiful and returns power on demand. I want to achieve a similar energy storage effect with bags of rocks and a robotic ski lift system. My mass pumping system has no water losses or other known adverse environmental effects.

3b. Solar power towers would be competitive with PV farms, except they kill birds and they set blowing leaves on fire. I have a number of improvements to the art. I want to prototype a bird-safe solar thermal storage system with a power tower’s generating capability, at a low cost.

3c. The waste heat and waste water vapor from power towers can be sent into a hot air chimney running up a mountain slope. An experiment in Manzanares, Spain showed that hot air in a chimney can turn a 50-kilowatt wind turbine. Short chimneys are inefficient, but mountainside chimneys with perhaps 2000 meters of net elevation change wring a great percentage of electricity out of the heat in the rising air.

At night when outside air temperatures drop, the same amount of stored heat generates relatively more power in the chimney.

The water vapor in the waste heat, H2O, has less mass per mole of molecules than does air. Water vapor masses about 18 grams per mole, while air, 78% nitrogen, masses about 29 grams per mole. An air pressure head of 1 pound per square inch is possible at the generating turbine.

4a. As water vapor rises in the chimney it condenses. The water vapor gives up its latent heat during condensation and that heat further drives the air stream upward. Quite a stream of distilled water is a fortunate by-product of this condensation process.

One flavor of the mountain chimney, a water vapor chimney, maximizes the percentage of water vapor put into the chimney’s air at the bottom. Solar ponds can cost-efficiently store the heat of the sun during the daytime. Low-yield geothermal water can also contribute useful water vapor to the chimney’s mix.

Two options at the top of the chimney could be considered. One option, a series of chambers containing 2” diameter rocks at the chimney’s top, will cool the exiting airstream to maximize direct water collection. The other option, letting the air stream rise with a vortex that spins well above the mountaintop, lets the air stream rain or snow onto the nearby mountains. This option might at times be advantageous for a nearby ski resort owner - for example, as of 1/31/20 the Mount Baldy resort lacks snow. The snow pack will stay in seasonal storage until perhaps June of each year. This single water system gets rid of industrial smokestack waste heat of various kinds, generates low-cost solar-based electricity at night, generates potable water and stores that fresh water seasonally at low cost. California might seek to inhibit some aspects of climate change by putting extra moisture into the local air. I’d like to see my partner institute build a series of relatively inexpensive subsystem prototypes and virtual models.

4b. Night fog may be critical if we require planet-wide agricultural sequestration of carbon. A solar pond has a layer of oil on top of the pond. This enables it to store the sun’s heat. A fog pond has a swimming pool lip, and at night the oil layer is drained into the lip. In arid areas, cold night air meets hot water to create billows of fog that drift with the wind. Fog netting captures half of the fog. The rest of the fog rolls over the fog netting to nearby crops.

  1. I recommend a specific above-grade transit system as a clear cure for freeways. Allowing motorized gondola cars with wheels to hang from stationary zip line cables will economically solve the last mile problem, because hanging two zip line cables above a street will be affordable. Zip lines transition to pivoting rails at certain spots. With rails, rail switches are possible. A section of rail holding a car can be lowered, so that a wheelchair can roll in at ground level. In the short term, a college might build a small mobility access system.

I’m eventually aiming for a fully automated system with a ballpark 300 mile per gallon equivalent in electricity. It should be vastly less expensive per passenger-mile than the automobile/freeway system. An automated system can put 100 times as many patrons above the freeway as the freeway can currently carry. Be aware that I have about one hundred separate innovations that go into this transit system. That’s how I work.

  1. Easily built shorter-term transit innovations abound. They don’t have gigaton-scale impacts but they feature a tiny price tag.

6a. Europe already has inclined moving walkways being used as bicycle escalators, and New York City already has a one-mile-long above-street walkway, the High Line. The world needs accident-safe bicycle arteries. We need to try above-grade bicycle paths. Rows of wind-directing sails might make bicycle paths faster in windy cities.

6b. The world already has a few traffic lights that detect priority vehicles coming. We need lights that also detect busses coming and that pre-clear traffic arteries for them. Bicycle traffic signals should detect bicycles coming. All traffic lights should be sensitive to minute-by-minute repeatable traffic anomalies such as a rush of cars related to class times all getting out at once on specific weekdays.

6c. Metered express-only lanes with adequate exits to keep the lanes moving should move far more cars per hour than clogged freeways. Free 20-minute parking meters might improve downtown parking for merchants.

6d. Every subway train needs to be equipped with a people-catcher, similar to an old cowcatcher, to save lives. Every inter-city train needs a van-catcher that can lift and slide a minivan off of a railroad track without killing its passengers.

  1. If the Arctic melts down, it may release roughly 1.7 trillion tons of greenhouse gases into the atmosphere. Stopping this catastrophe is mission-critical. I have a wind-powered device that enhances the growth of pack ice on the Arctic Ocean in the dead of winter. The device might also grow ice deep, to the ocean floor to keep the Thwaite glacier from collapsing and flooding out coastal cities. We also need to protect the albedo of sections of Arctic tundra, probably by using wind-powered snowmaking equipment. I’d like to build scale models of these inventions in a walk-in freezer or in an appropriate winter environment.

Humanity’s other mission-critical (or else!) Arctic meltdown invention will most likely be a wind-powered artificial snowmaking machine that coats a section of tundra, restoring the land’s pre-anthropocene albedo and preventing tundra megafires. I can’t imagine all of humanity preferring catastrophic climate change to engineering these simple Arctic devices.

  1. A functioning economy of invention would drive solar and climate-related invention. We need a few good inventors to have a strong financial incentive to participate. Our current invention economy, where we pretend to pay our inventors pie in the sky and soon they find paying work elsewhere, leads the world strongly in the direction of a climate catastrophe. Humanity will thrive if our governments actually pay cash money now for clearly promising mission-critical innovations.

I have been co-coordinator of a novel mobility access service for a one-week event, Friends General Conference, for about 20 years. In time we collectively invented what we needed. I find that innovation is a relatively egalitarian process if done right. Many so-called “difficult” problems soon become easier problems and finally they become problems with common sense solutions. Coordinating staff and volunteers often requires a gentle touch, good listening and consensus process skills.

In sum, I have named many common sense inventions with a straight development path, with a high probability of working and often with gigaton-scale impacts on the planet’s atmosphere. I have avoided naming difficult and seriously expensive scientific challenges with limited prospects of success. My common sense inventions are likely to make some institute proud. They’re as close to low-hanging fruit as a climate research and development institute is going to see.

2 Likes

So tell me… what is your point? My point is that this is a great and very positive sign. It is what we all know is needed. Follow the money and this shows us and them that more and more of the money will be going elsewhere. I don’t get you? Are you actually saying that unless it happens overnight that it is unimportant?

Totally false analysis, Jim. The entire world economy runs on petroleum and other fossil materials, not just for fuels, but for plastics, fertilizers, etc.
There are no alternative forms of energy or materials that can be developed quickly enough to replace petroleum and other fossil materials in our economy.
Humans have created a classic ecocidal trap for themselves by creating a petroleum economy. The relentlessly increasing overpopulation that is causing us to be a mass extinction event has been fueled by petroleum, and by the Haber-Bosch nitrogen fixation process, both of which are ecocidal, and helped technoindustrialism and industrial agriculture to provide sustenance for billions of people who would not otherwise have lived.
The only way to slow down anthropogenic mass extinction is to reduce the demand for energy and all the other materials and supplies that humans rely on.
But that won’t happen. Humans are the most utterly selfish, destructive, prideful, arrogant, and vicious species ever seen. Say goodbye to a living biosphere.

2 Likes

You blithely announce that all is lost. Try not to be too disappointed if humanity succeeds in doing what it needs to do! It is beyond belief that anyone who claims to want us to get off fossil fuels would dismiss news like that fossil fuels are not attracting investors or that a major news paper like the Guardian would announce that it is divesting from fossil fuel industry advertising revenues.

It appears that the addiction is really to whine and complain in righteous self pity rather than work with others to save the damn biosphere. Maybe you and others might take the time to notice just how much your comments are either venting (#1 priority) or agreeing with the author as if readers of CD needed convincing. Preaching to the converted (#2 priority). So vent away and don’t forget to discourage people if they get the occasional positive news item because for far too many commenters here on CD - ‘You vent, therefore you exist!’