How the Financial Crisis Hurt the Climate

Almost exactly a decade ago, as the Federal Reserve worked to stabilize a careening stock market, overleveraged banks, and underwater mortgage lenders, it made a decision that helped fundamentally reshape the global energy industry. In the middle of October 2008, the Fed agreed to bail out America’s big banks, even the ones that weren’t failing, like JP Morgan Chase, Citigroup, and Goldman Sachs.

That decision continues to be hotly debated ten years later. But its profound...

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