September 30, 2008
Over the weekend, New York Times columnist Thomas Friedman authored an opinion piece on why the federal government’s response to the financial crisis needs to be green. While the bursting economic bubbles of the past have been painful, the United States has at least been left with improved infrastructure. For example, the country has benefited from the railroads left behind after the railroad bust and the information superhighway left behind after the dot-com bust.
The banks and subprime lenders that profited from the subprime boom and are now suffering the bust have left no positive legacy for the nation. Their policies were based on deceptive financial practices rather than investment in infrastructure or innovation. Instead of railroads or the Internet, we are left with evictions.
Solutions to today's economic crisis should not be centered on giving more money to the corporations that have been working against our communities through predatory lending and evictions. Solutions should help our communities grow into more sustainable, healthy, and vibrant places to live. Investing in the green economy will do just that. Read more...