Obama's green energy mania trumps his attacks on Wall Street

Ed Lasky
For years, Barack Obama has attacked the "fat cats" on Wall Street. For years his Democratic allies in Congress attacked "securitization" -the packaging of contracts into securities that could be traded. Securitization of mortgages was criticized as a high-falutin' concept that enriched Wall Street but led to financial Armageddon.  Now in one more ironic and hypocritical flip-flop by Obama (example #345,678) he and his team now seem to be on the verge of embracing a financing technique they spend years condemning: all for the sake of the Holy Grail of Green Energy. The Wall Street Journal reports: The Obama administration and some on Wall Street are laying the groundwork for bundling renewable-power contracts into securities, part of an effort to make it cheaper to finance alternative energy. The initiative aims to extend to renewable energy a financial tool already used in the mortgage and credit-card industries. The securities could be sold to pension funds or...(Read Full Post)