Posted on 01/10/2018 7:07:42 AM PST by Kaslin
Perceptive conservatives will have noticed by now that the self-righteousness of the left increasingly knows no bounds. To put it another way, there are very few people, companies, institutions, bureaucracies, or governments left that liberals have not excoriated, picketed, boycotted, or sued, all in an effort to extirpate from this planet whomever and whatever has the audacity to contradict them. Amusingly, this tendency towards perfectionism/sanctimony often pits leftists against one another. In the end, though, the damage that this epidemic of intolerance does to the fabric of American society is serious and lasting.
Recently, New York Governor Andrew Cuomo unveiled a proposal that would take his fellow New Yorkers, i.e. his dutiful subjects, as he seems to think of us, deeper down the rabbit hole of leftist self-congratulation. He has voiced support for divesting the New York State Common Retirement Fund, directly affecting more than one million New Yorkers, from companies “with significant fossil fuel-related activities.” Presumably this means energy companies, although no one knows for sure how extensive the governor's environmentalist dragnet might prove to be.
The putative goal of such a divestment strategy would be to undercut the operations of some of the primary contributors to climate change. The truth, however, is that Gov. Cuomo is positioning himself for a run for president in 2020, and to that end he must appear to be the purest of the pure in terms of his commitment to leftist ideals. He must therefore demonstrate a level of scorn for non-leftists that exceeds anything else that a Democratic politician has ever conceived. He is well on his way to achieving that objective, since even commonsense Democrats regard his recent proposal as half-baked extremism.
First, there is the obvious problem that the purpose of New York's pension system is not to trumpet the political virtuosity of the state's governor. It is rather to support New York's retired civil servants, police officers, and firefighters in their retirement years by investing the state's pension funds in a way that achieves diversification and a high rate of return. This maintains the solvency of the system, and it eliminates the need for the state to step in and spend taxpayer dollars to make up any shortfall.
Studies have shown that Governor Cuomo's proposed divestment from fossil fuel producers would harm New York's pension system by depriving it of access to the high returns that such companies commonly yield. For example, New York’s Suffolk County Association of Municipal Employees commissioned a report that found that the Common Retirement Fund would lose $2.8 billion over 20 years if it pursued divestment. Cuomo is thus endangering not only the financial futures of New York retirees, and prospective retirees, but also the fiscal health of New York State and numerous local governments, which are ultimately responsible for meeting all pension obligations.
Second, there is no reason to suspect that a divestment of New York's pension fund from major energy companies would have the slightest impact on their operations or on the pace of climate change. Divestment may give leftists a warm glow of self-satisfaction, but it would not obviate the reliance of the American economy on fossil fuels. On the contrary, it is much more likely that such an action would be counterproductive, insofar as the involvement of state pension funds in the energy sector as major stockholders puts pressure on the industry to pursue a gradual transition to renewable energy sources. Indeed, the managers of the New York State Common Retirement Fund have notched notable successes in encouraging energy companies to prioritize countermeasures to the threat posed by climate change. According to New York Comptroller Thomas DiNapoli, who has authority over the Common Retirement Fund, “We believe that we can actively engage with companies in building a cleaner, sustainable global economy.” Cuomo would thoughtlessly throw away this leverage in order to pontificate and grandstand.
Third, Cuomo's proposal suffers from the same logical flaw as every other assault on energy companies: it makes no sense to persecute energy producers, but to ignore energy consumers. To put it another way, if using fossil fuels is a crime against nature, as leftists seem to believe, then the simple truth is that it is a crime of which all of us are guilty, including liberal politicians. Thus, until Cuomo ends his own personal use of electrical power, automobiles, jet aircraft, and all the other accoutrements of modern civilization, he has no right to condemn the energy companies that supply the lifeblood on which these technologies run. Indeed, he is a hypocrite for doing so.
Make no mistake: the career politician Andrew Cuomo wouldn't know a sound investment strategy from a hole in the wall, but he can spot an opportunity for self-aggrandizement a mile away. His latest flight of fancy should be seen for what it is: 100 percent political bunkum, which in the end could do serious harm to the people of New York.
New Yorkers should reject Gov. Cuomo's divestment scheme, which will profit Planet Earth not one iota, but which will surely threaten the profits from investments on which New York's retirees and ultimately its taxpayers depend.
On the other hand, such divestment provides higher profits for those who do invest in these companies.
Cuomo exudes “Mafioso”.
The underlying premise of all this...global warming....is 100% bull shit. Don’t ever let these bastards get away with “climate change” either...same thing.
Simple enough...vote him out.
the answer is and always has been Thorium energy. Safe, abundant, extremely inexpensive, but...it will not produce weapons grade plutonium 9a big negative for the NeoCon nutjobs).
But Status Cuomo is too arrogant and disingenuous to consider something good for NYS.
Thorium should even satisfy the Enviro-weenies as well.
Have companies begun to built Thorium powered power plants anywhere in the world? Are there any operational.
I love it every time Rush talks about Cuomo and uses the name “Fredo” when referring to Cuomo. The “Godfather” music just starts a crescendo in my head along with a playback of Michael’s kiss-off of Fredo.
This idiotic proposal by Cuomo is going nowhere.
Do you mean American companies? Not sure.
But I know other countries are realizing the potential such as China and other countries. even if you don’t buy into the global warming hoax (I do not), it makes a lot of sense and solves a lot of problems.
The Thorium Energy Alliance is a good place to research the latest if you are so inclined.
The Pentagon is dead set against it owing to the manufacture of plutonium. A compromise can be worked out, but the political headwinds from DOD, big oil, big natgas are so far very strong.
That’s a good way to put it. Yes, he’s a corrupt thug.
Have companies begun to built Thorium powered power plants anywhere in the world? Are there any operational.
...
Good question. The thorium idea has been around for decades, but it doesn’t seem to be going anywhere. I also doubt that’s due to conspiracy.
“New Yorkers should reject Gov. Cuomo’s divestment scheme, which will profit Planet Earth not one iota, but which will surely threaten the profits from investments on which New York’s retirees and ultimately its taxpayers depend.”
Ummm How? As if we would be given a say in matters.
I believe the author lost 90% of the dhimmicrats w/ the words “divestment of pension funds”.
This guy Cuomo is a coniving evil being. Don’t worry the teachers unions will prevent this. No way would our darling progressives allow their pensions to be diminished.
“The underlying premise of all this...global warming....is 100% bull shit.”
The underlying premise of all....is 100% bull shit.
BUT ! Don’t worry,the PBGC will save all pensions !
Whoops, I forgot. It’s broke already....
He’s a demonrat, nuff said
Andrew Cuomo stole $600 million from HUD so whats a few billion to him? His pension is safe.
Cuomo is to the Left of Warren and Sanders, that’s scary.
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