The Bailout and Support for Renewable Energy

It was stagnant wages and falling living standards for the middle class over the last eight years, as much as anything else, that drove Americans to try to compensate with their own version of structured finance in the form of questionable mortgages and home equity loans on their homes. And more generally, it was a preoccupation with financial engineering over real engineering that drove our society, especially our financial sector, to mortgage itself to the hilt. Going forward, America must first stimulate the economy by investing in clean infrastructure.