Former Federal Reserve Governor Rebukes Fed for Using Covid-19 Funds to Bail Out Fossil Fuel Industry
By Eoin Higgins
A former Federal Reserve board of governors member on Thursday called on her former colleagues to stop using Covid-19 relief funds to bail out the "dying" fossil fuel industry, calling the decision a threat to the planet's climate and a misguided use of taxpayer money.
"These concessions to the fossil fuel industry are a risky investment in the past," Sarah Bloom Raskin wrote in a New York Times op-ed. "The Fed is ignoring clear warning signs about the economic repercussions of the impending climate crisis by taking action that will lead to increases in greenhouse gas emissions at a time when even in the short term, fossil fuels are a terrible investment."
The last thing the Fed should be doing is bailing one of world's riskiest industries — fossil fuels. We know Big O… https://t.co/u4d5SoHy83— Collin Rees (@Collin Rees)1590674046.0
Raskin's opinion piece sparked praise from climate campaigners like 350.org co-founder Jamie Henn.
"This should cause some waves," Henn tweeted.
Henn on Thursday penned an opinion piece for Common Dreams arguing that Mike Sommers, CEO of the American Petroleum Institute (API), is spewing lies to the public when he claims the industry doesn't want—and hasn't actively pushed for—a bailout from the Fed.
As Henn wrote:
The truth is that despite Sommer's best efforts to spin a fairytale about oil companies tightening their belts and lifting themselves up by their bootstraps, corporate socialism is exactly what API wants. In fact, the fossil fuel industry, and the American Petroleum Institute in particular, have been at the forefront of corporate efforts to profit off the coronavirus pandemic and government relief efforts.
Climate advocacy group Friends of the Earth program manager Lukas Ross, in a statement Wednesday, also rejected Sommers' protestations.
"Oil lobbyists are spewing blatant lies, and we have the receipts," said Ross. "Big Oil has already nabbed $1.9 billion in giveaways thanks to corporate tax cuts from the last stimulus."
"If polluters want to deny the existence of the ongoing bailout," Ross added, "Congress should swiftly repeal these blatant corporate tax giveaways and make fossil fuels ineligible for stimulus lending programs."
Oil, gas, and coal companies are set to receive billions in federal aid from both the #PPP and #CARESAct. Many of t… https://t.co/mX370hwkg1— Western Values Project (@Western Values Project)1590689264.0
The bailout is presenting taxpayers with a burden, Raskin wrote, citing the industry's debt and unsustainable business model.
"For taxpayers, shouldering these liabilities is a bad deal," wrote Raskin. "Buying this bad debt is not likely to support the creation of jobs or even ensure that existing jobs survive."
Friends of the Earth agreed.
"Trump's administration has been exploiting this pandemic to bailout Big Oil companies that have been struggling long before coronavirus," the group tweeted.
The pandemic, wrote Raskin, "provides an unexpected opportunity to build an economy that is stronger in the long term."
"The decisions that the Fed makes today will go a long way to determining whether tomorrow's economy is one that remains susceptible to more chaos and vulnerability or builds economic security and resilience," she wrote.
Reposted with permission from Common Dreams.
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By Brett Wilkins
The U.S. Department of Agriculture (USDA) and the meatpacking industry worked together to downplay and disregard risks to worker health during the Covid-19 pandemic, as shown in documents published Monday by Public Citizen and American Oversight.
<div id="13077" class="rm-shortcode" data-rm-shortcode-id="11b9fe5ff48ebc437353df6df9c2c892"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1305915938148147205" data-partner="rebelmouse"><div style="margin:1em 0">Just a week before the Trump administration issued an executive order aimed at keeping meat packing plants open, th… https://t.co/DkbXgPm4YR</div> — ProPublica (@ProPublica)<a href="https://twitter.com/propublica/statuses/1305915938148147205">1600189597.0</a></blockquote></div>
<div id="36e4c" class="rm-shortcode" data-rm-shortcode-id="e7c8048c2755109629a3b3072fcb3261"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1304424041814593539" data-partner="rebelmouse"><div style="margin:1em 0">Meatpacking union @UFCW, which reps workers at this plant (four of whom died), slams OSHA for the small $13k fine a… https://t.co/tnhfKd89ab</div> — Dave Jamieson (@Dave Jamieson)<a href="https://twitter.com/jamieson/statuses/1304424041814593539">1599833901.0</a></blockquote></div><p>The United Food and Commercial Workers (UFCW) International Union, which represents Smithfield Foods workers, <a href="https://www.argusleader.com/story/news/crime/2020/09/10/osha-fines-smithfield-foods-sioux-falls-south-dakota/5768786002/?eType=EmailBlastContent&eId=f7bf3f03-ce98-4df4-9c45-f44d9a6a5890" target="_blank">slammed</a> the fine as "insulting and a slap on the wrist."</p><p>"How much is the health, safety, and life of an essential worker worth? Based on the actions of the Trump administration, clearly not much," said UFCW president Marc Perrone.</p><p>"This so-called 'fine' is a slap on the wrist for Smithfield, and a slap in the face of the thousands of American meatpacking workers who have been putting their lives on the line to help feed America since the beginning of this pandemic," Perrone added. </p><p>Other critics, including vegans, vegetarians, and animal rights and environmental advocates argued that the accelerated spread of Covid-19 from meatpacking facilities is but the latest compelling argument in favor of reducing—or eliminating—meat consumption.</p><p>"We know that Covid-19 originated in a meat market and that previous influenza viruses originated in pigs and chickens," People for the Ethical Treatment of Animals (PETA) <a href="https://www.peta.org/blog/meat-shortage-slaugherhouses-go-vegan/" target="_blank">said</a> in April amid news that a Foster Farms slaughterhouse in Livingston, California was <a href="https://www.peta.org/blog/coronavirus-covid-19-slaughterhouse-meat-concerns/?utm_source=PETA::Twitter&utm_medium=Social&utm_campaign=0420::veg::PETA::Twitter::Workers%20Blame%20Major%20Pig%20Slaughterhouse%20600%20Infected%20COVID-19::::tweet" target="_blank" rel="noopener noreferrer">ordered closed</a> by local health authorities due to a Covid-19 outbreak that killed eight employees.</p>
<div id="28490" class="rm-shortcode" data-rm-shortcode-id="48ddd3480a2beb42597d9516ef652f0f"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1252416495990140929" data-partner="rebelmouse"><div style="margin:1em 0">THIS IS OUTRAGEOUS! @SmithfieldFoods allegedly took NO PRECAUTIONS to protect the safety of its workers, leaving o… https://t.co/viAJ026pLy</div> — PETA (@PETA)<a href="https://twitter.com/peta/statuses/1252416495990140929">1587434336.0</a></blockquote></div><p>"It's not a matter of <em>whether</em> using and killing animals for food will give rise to another disease outbreak—it's a matter of <em>when</em>," said PETA. "There has never been a better, more obvious time for businesses to put an end to their dirty trade of slaughtering animals for their flesh." </p>
By Andrea Willige
More than half of the world's population lives in cities, and most future population growth is predicted to happen in urban areas. But the concentration of large numbers of people and the ecosystems built around their lives has also been a driver of climate change.