Rashida Tlaib, a Michigan Democrat and progressive Squad member, has a great idea for promoting energy independence in the United States: Why not just pressure the banks to stop investing and funding fossil fuel products ?
On Wednesday, she had the opportunity to present that proposal to a panel of bank CEOs during a congressional hearing. Shockingly, they didn’t all slap their foreheads at the same time and murmur, “Why not I do you think about it?
Instead, the reaction is best summed up by JPMorgan Chase CEO Jamie Dimon, who said the plan would “make America hell.”
“You all, as you all know, have committed to aligning emissions from lending and investing towards net-zero by 2050,” Tlaib said as she began her survey.
“So, no new fossil fuel production as of today, so that’s kind of like zero. I would like to ask you all and go through the list because again, you have all agreed to do this.
Don Lemon has the audacity to suggest to the royal analyst that the monarchy should pay reparations, and immediately regrets it
Then: “Please answer with a simple ‘yes’ or ‘no’. Does your bank have a policy against financing new oil and gas products? Mr Dimon?”
Dimon’s answer was classic:
“Absolutely not, and that would be the road to hell for America,” he said.
Nine simple words that sum it up well: “That would be the road to hell for America.” Succinct, devastating and accurate.
Not to Tlaib’s ears, though; She then lost it and suggested that Americans stop doing business with Dimons Bank. As Axios noted, earlier in the hearing, Dimon had called President Joe Biden’s student loan forgiveness plan “poorly done,” something she intended to use against the CEO of JPMorgan Chase:
representative @RashidaTlaib Asking bank bosses to stop agreeing to fossil fuel financing is denied by all
Jamie Dimon: ‘This would be the road to hell for America’ pic.twitter.com/U7yr6AbtyF
— Tom Elliott (@tomselliott) September 21, 2022
“Yes. That’s fine, that’s fine,” a snappy Tloib replied.
“Lord, you know what? All relieved of student loans [that] has a bank account with your bank should probably take their account out and close their account.”
Unfortunately, unless these people like stuffing money under their mattresses, they won’t have many places to store the money they withdraw. According to Fox Business, none of the CEOs Tlaib asked said they would stop funding fossil fuel projects immediately.
“We will continue to invest in fossil fuels and support clients who are investing in fossil fuels and help them make the transition to cleaner energy,” said Jane Fraser, Citigroup CEO.
“We’re helping our customers make the transition, and that means providing credit to both oil and gas companies and new energy companies, and helping monitor their course toward the standards you’re talking about,” said Brian Moynihan, CEO of the Bank of America.
While these responses were all a bit more diplomatic than Dimon’s, all CEOs acknowledged a basic reality that embittered Green New Deal supporters still don’t understand: a massive systemic shock that would take the world away from cheap sources of reliable energy this cause untold misery.
Do you agree with the CEO of JPMorgan Chase?
Yes: 100% (7 votes)
No: 0% (0 votes)
Do you think things were bad earlier this year when gasoline topped $5 a gallon nationwide for the first time? Do you think things are bad in Europe, where the prospect of a winter without Russian natural gas has made wood-burning stoves a precious commodity?
Those are small things compared to an economy in which banks suddenly divested all funding from fossil fuel projects at the behest of far-left politicians who cared more about their goals than their constituents’ quality of life.
For the Rashida Tlaibs of the world, the system shock would suddenly have us all living on solar power and riding electric scooters – provided, of course, by a massive infusion of government money that would make the original New Deal look like an ongoing budget resolution.
In reality, this would be nothing more than a path to inflation, poverty and the destruction of the economy of the greatest country the world has ever seen.
In other words, a road to hell.
Dimon called Tlaib’s pipe dream exactly what it is.
https://www.westernjournal.com/bank-ceo-slams-rashida-tlaib-hard-truth-fossil-fuels-immediately-loses/ Bank CEO Slams Rashida Tlaib with Hard Truth About Fossil Fuels; Then She Immediately Loses It