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(Anchorage Daily News)   Federal government to threaten banks with Dodd-Frank if they don't finance drilling in ANWR   (adn.com) divider line
    More: Asinine  
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1978 clicks; posted to Politics » on 21 Nov 2020 at 6:05 PM (11 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-11-21 2:27:05 PM  
59 days, 21 hours, 33 minutes...
 
2020-11-21 2:30:09 PM  
What.  The.  Actual.
 
2020-11-21 2:42:14 PM  

Marcus Aurelius: What.  The.  Actual.


They don't have enough time left to do anything.
 
2020-11-21 2:49:00 PM  
The OCC is trying force banks to finance failing industries that their shareholders don't want them in.

They want to bring back redlining and socialize banking for guns and oil.
 
2020-11-21 2:50:51 PM  
Would this law require banks to give loans to abortion clinics then?
 
2020-11-21 3:09:11 PM  
Here to witness those folks who got the vapors and decried the government "picking winners and losers" during the Obama era forcefully denouncing this in this thread.
 
2020-11-21 3:11:31 PM  
Even though I disagree with the ruling, corporations have 'free speech' rights according to the courts. Since this rule goes directly against a corporation exercising their right to free speech it's going to wind up in litigation until it is withdrawn in late January.
 
2020-11-21 6:09:45 PM  
Well, that doesn't seem like a market-driven solution.
 
2020-11-21 6:09:58 PM  
If the rule is finalized, Biden can un-finalize it.  Of course, if the banks refuse to finance the project for political reasons look for a good Republican to file a stockholder lawsuit.
 
2020-11-21 6:10:04 PM  
This is great! That's how I like my limited government, with strong adherence to conservative principles.

/bullshiat
 
2020-11-21 6:10:12 PM  
That's nice.  We'll get back to you in about 2 months.
 
2020-11-21 6:10:26 PM  
Since late last year, five of the nation's largest banks - Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo - have announced that they will pull back from supporting Arctic oil and gas projects.

Christ... Trump has even managed to get the League of Supervillains itself to turn against him.
 
2020-11-21 6:10:37 PM  
We need to accelerate climate change even more to take revenge on the voters!
 
2020-11-21 6:12:17 PM  

WTFDYW: Marcus Aurelius: What.  The.  Actual.

They don't have enough time left to do anything.


Banks are EXPERTS at slowing stuff down.
 
2020-11-21 6:13:16 PM  
 in what is part of a "creeping politicization" of the banking industry,...

🤣🤣🤣🤣🤣
 
2020-11-21 6:13:21 PM  
And the Republican scumbags claim the banks are discriminating against Native Americans.  The same Native Americans who don't want drilling to happen in the first place.
 
2020-11-21 6:13:47 PM  
So the banks announce new policies that they wont finance oil exploration in ANWR and other similar sites likely in an effort to look like good corporate citizens but equally likely based on numbers cos they're banks.

And now with the countdown clock ticking down Trump decides to try to pressure them by proposing a new rule rhat woyld punish them for pulling out of such financing deals?

Did I read that right?

He is trying to scorch the earth even in the arctic now, FFS.

A dying bull in a china shop on steroids.

He can't be gone soon enough.
 
2020-11-21 6:15:34 PM  

WTFDYW: Marcus Aurelius: What.  The.  Actual.

They don't have enough time left to do anything.


Their plan is to auction off the refuge.  Obviously the companies know they won't get drilling done.  But I'm certain you'll find oil companies with certain political figures tied to them as investors buy up the land....

Guess who gets to turn a profit after the inevitable purchasing of the land back by the government?

It's another grift.  Its a way to make a quick buck by friends of the administration.

Buy land cheap from their friend Trump, then sell it back to next administration at a profit.

The infrastructure at the ANWR is terrible.  No company wants to actually drill there until major investments into infrastructure on someone else's dime.  This is/was never about oil, but is still about profits.

These people need to be drawn and quartered.  Any republican voter that really thinks that Trump gives a shiat about them is dumb as fark.
 
2020-11-21 6:15:41 PM  
Let's take a look at the arctic.
Stargate Continuum holds the Guiness World Record for most northern on site filming location.
Stargate: Continuum
Youtube fTWUv1gfkDw


Gee, why hasn't anyone beaten that record? Could it be that farking around up there costs extra?
 
2020-11-21 6:16:07 PM  
People don't get that the whole agency doesn't come up with these "rules." Trump people in the head office do and that's why they typically aren't well researched, don't have supporting evidence, have a different affect than intended, and are overturned in court. The career folks aren't consulted (maybe secretaries and the like as well as the folks who release/publish docs for the public). This is the same for every agency with a Trumpster. The agency head get his/her pick of a bunch of appointed lackeys. Even if an agency goes easy on who they're regulating, the support for the decision is pretty well-constructed. Maybe we should decrease the amount of appointed positions after this.

/Worked at the OCC for 5 and a half years.
 
2020-11-21 6:17:51 PM  
As I have said in another thread, investing in oil extraction and production is a losing proposition. Oil prices are at historical lows. Drilling and extracting will never make back the money put in. Only existing wells can make any profit for investors, and those are getting fewer and fewer.

Drilling and extracting is capital intensive. Needs huge upfront money to set up an area to drill. And being able to hit the right spot is not easy at all. Then, all the other infrastructure has to be created to extract, pipe, and ship the oil to market. All the while, there's a glut of oil as it is. And when EVs pick up more market share, that glut of oil is make extracting the next barrel more expensive than keeping the well shut.

Any drilling in ANWR will require at least 5 years before the wells will produce oil. How is the oil market in 5 years from now? It's going to be a blood bath with the price of oil probably no more than $25/bbl.

It would be forcing banks to fund losing businesses. I don't think there's any fiscally sound rationale to make the funding.
 
2020-11-21 6:19:44 PM  
"However, some experts and activists said the rule's impact, if it is finalized, could be muted if banks can show that opting to not finance Arctic oil projects is a financial decision, not a political one."

Who knew republicans loved big government socialist policies that took away freedoms?
 
2020-11-21 6:20:32 PM  
Block from not financing?

Fark user imageView Full Size
 
2020-11-21 6:21:51 PM  

dkulprit: WTFDYW: Marcus Aurelius: What.  The.  Actual.

They don't have enough time left to do anything.

Their plan is to auction off the refuge.  Obviously the companies know they won't get drilling done.  But I'm certain you'll find oil companies with certain political figures tied to them as investors buy up the land....

Guess who gets to turn a profit after the inevitable purchasing of the land back by the government?

It's another grift.  Its a way to make a quick buck by friends of the administration.

Buy land cheap from their friend Trump, then sell it back to next administration at a profit.

The infrastructure at the ANWR is terrible.  No company wants to actually drill there until major investments into infrastructure on someone else's dime.  This is/was never about oil, but is still about profits.

These people need to be drawn and quartered.  Any republican voter that really thinks that Trump gives a shiat about them is dumb as fark.


That's what I was thinking this whole ANWR up for sale was for. As well as for parts of Southern Utah/northern Arizona near the Grand Escalante/Vermillion Steps. Allow some friends to buy public land for cheap, and resell back to US government at retail. The government should pay them what they paid for the land, less grifting fees.
 
2020-11-21 6:22:38 PM  
Private banks. Directed to finance drilling. For oil in a protected wildlife rese... How does any of this make a lick of sense?
 
2020-11-21 6:23:25 PM  
Also, dodd-frank, the rule the Republicans have been trying to overturn since inception and have gutted a majority of it.... is being used by them to try to strong-arm banks into giving loans.

Anyone see the hypocrisy?  So much for small government.  So much for no government interference.  So much for those free-market values they love.

"We hate government intervention unless we do it, and when we do it, it is to make us money at the expense of the taxpayers!"
 
2020-11-21 6:24:58 PM  

NephilimNexus: Since late last year, five of the nation's largest banks - Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo - have announced that they will pull back from supporting Arctic oil and gas projects.

Christ... Trump has even managed to get the League of Supervillains itself to turn against him.


And the only thing any of those entities care about is money. Renewables keep falling in price and it's clear they are the energy sources of the future with or without government investment. If they aren't willing to invest in drilling for Arctic oil, it's probably because they think it will soon be unprofitable.
 
2020-11-21 6:32:49 PM  

quatchi: So the banks announce new policies that they wont finance oil exploration in ANWR and other similar sites likely in an effort to look like good corporate citizens but equally likely based on numbers cos they're banks.

And now with the countdown clock ticking down Trump decides to try to pressure them by proposing a new rule rhat woyld punish them for pulling out of such financing deals?

Did I read that right?

He is trying to scorch the earth even in the arctic now, FFS.

A dying bull in a china shop on steroids.

He can't be gone soon enough.


Or a horse in a hospital. This guy nails it.

There's a Horse In The Hospital | John Mulaney | Netflix Is A Joke
Youtube JhkZMxgPxXU
 
2020-11-21 6:32:56 PM  

Night Train to Wakanda: Who knew republicans loved big government socialist policies that took away freedoms?


I've said this before but I'll say it again: Trump has proven that the things Republicans have been shouting about for decades are complete bullshiat. I used to think there was at least a little bit of truth to their stances on family values, law and order, support the troops, etc. But it turns out it's just total farking bullshiat. It's all about spite and partisanship.
 
2020-11-21 6:35:39 PM  
media3.giphy.comView Full Size
 
2020-11-21 6:35:53 PM  

Dusk-You-n-Me: Here to witness those folks who got the vapors and decried the government "picking winners and losers" during the Obama era forcefully denouncing this in this thread.


Free markets are for chumps.
 
2020-11-21 6:36:59 PM  

Marcus Aurelius: What.  The.  Actual.


Republicans. Always evil, always corrupt, always dishonest.
 
2020-11-21 6:38:54 PM  

quatchi: So the banks announce new policies that they wont finance oil exploration in ANWR and other similar sites likely in an effort to look like good corporate citizens but equally likely based on numbers cos they're banks.

And now with the countdown clock ticking down Trump decides to try to pressure them by proposing a new rule rhat woyld punish them for pulling out of such financing deals?

Did I read that right?

He is trying to scorch the earth even in the arctic now, FFS.

A dying bull in a china shop on steroids.

He can't be gone soon enough.


It is a toddler's temper tantrum at Chuck E Cheese.  He's trying to get Biden to make a deal to quit farking things up in return for dropping any prosecution.

He's transactional.  He wants something out of this besides the thrill of leaving the country and our allies even more farked up.  He'll keep breaking things until we give him what he wants.  Joe is not playing along and it is getting Donny even more upset.  He needs a nap.
 
2020-11-21 6:40:11 PM  
Um. Is that how it works?
 
2020-11-21 6:40:57 PM  
Sure, the application will take 60 days.
 
2020-11-21 6:42:52 PM  
It's over.  We, the banks, other countries, courts, etc etc can just ignore him.  This is not some great and wise leader of men.  It's a petty, ignorant, desperate wretch.  Nobody should pay any attention to what he or his minions say anymore.
 
2020-11-21 6:52:38 PM  
Say, any conservatives here to explain why government controlling the means of production is socialism which is inherently bad?
 
2020-11-21 6:59:07 PM  

edmo: Say, any conservatives here to explain why government controlling the means of production is socialism which is inherently bad?


You forgot the IOKIYAR rule.
 
2020-11-21 7:01:00 PM  

wejash: The OCC is trying force banks to finance failing industries that their shareholders don't want them in.

They want to bring back redlining and socialize banking for guns and oil.


They actually sued automakers to pollute more. That didn't get very far. Corporations suck, but even some of them realize it is bad business to pollute.
 
2020-11-21 7:01:44 PM  

NephilimNexus: Since late last year, five of the nation's largest banks - Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo - have announced that they will pull back from supporting Arctic oil and gas projects.

Christ... Trump has even managed to get the League of Supervillains itself to turn against him.



Trump is the kind of asshole that assholes look at and say "wow, what an asshole"
 
2020-11-21 7:04:28 PM  

Tor_Eckman: It's over.  We, the banks, other countries, courts, etc etc can just ignore him.  This is not some great and wise leader of men.  It's a petty, ignorant, desperate wretch.  Nobody should pay any attention to what he or his minions say anymore.


Nobody paying attention is how more dangerous things slip through.  We should not let our guard down for anything.  Call them out to let them know we're watching.
 
2020-11-21 7:06:15 PM  
Free* Market**

*We're free to do whatever we want and the taxpayer has to give us subsidies and bailouts.
**Market not guaranteed to function.
 
2020-11-21 7:15:13 PM  
>if banks can show that opting to not finance Arctic oil projects is a financial decision, not a political one.

So, "how much to clean up enviromental damages?" , should be s good enough financial decision.
 
2020-11-21 7:23:39 PM  
I remember when Republicans used to decry government interference in the private sector.
 
2020-11-21 7:30:18 PM  
Didn't most of those super-large banks get hundreds of billions of dollars in Trump's tax scam?  What do they need financing for?  They should be able to finance it themselves.

Meanwhile, there are people who need financing to buy a pound of hamburger for the family.
 
2020-11-21 7:33:17 PM  

Aquapope: Didn't most of those super-large banks get hundreds of billions of dollars in Trump's tax scam?  What do they need financing for?  They should be able to finance it themselves.

Meanwhile, there are people who need financing to buy a pound of hamburger for the family.


The banks don't need, nor want, to do the financing, and the oil companies don't do jack shiat if they can't use Other People's Money, so here we are.
 
2020-11-21 7:35:38 PM  

Ragin' Asian: Private banks. Directed to finance drilling. For oil in a protected wildlife rese... How does any of this make a lick of sense?


Basically, as long as it sticks it to the libs it's worth pursuing, that's the only thing that makes sense to these people. Willfully self-destructive to keep on the stigginit train.

/Never vote Republican again, please.
 
2020-11-21 7:35:44 PM  

Dewey Fidalgo: 59 days, 21 hours, 33 minutes...


Trump is going to set as many fires as he can and break as much as he can out of pure Spite and sociopathic need in hopes that it is going to slow Biden down from enacting his own policies.

Trump is the perfect Avatar for what we should never ever ever elect again.
 
2020-11-21 7:37:38 PM  
BUT THATS SOCIALISM!!!
 
2020-11-21 7:38:20 PM  
external-content.duckduckgo.comView Full Size
 
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