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

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)