McCain v Obama on Energy Policy

A New Scientist special report comparing the energy policies of the Republican and Democrat presidential candidates, reveals significant differences.

Both candidates speak of a greater commitment to cleaner energy, which is not surprising given the Bush intransigence. But the McCain plans go for 45 new nuclear power stations by 2030 and a nuclear waste site in Nevada. His running mate Sarah Palin supports drilling for oil in the Arctic National Wildlife Refuge. Obama is promising a massive expansion of solar, wind and geothermal electricity.

I hope that the new administration will give an urgent, clear US lead and commitment on global emissions targets.

John McCain's U-Turn

The Financial Times (7 October 2008) this week carried a demolition of John McCain by columnist Gideon Rachman, in a peice about the financial crisis. Last Year McCain was heaping praise on Alan Greenspan, head of the US Federal Reserve from 1987 - 2006. Greenspan was the high priest of financial deregulation. McCain wanted him on an important tax reform committee: 'If he's alive or dead it doesn't matter. If he's dead, just prop him up and put some dark glasses on him.'

McCain has executed a swift u-turn. He now talks about 'the corruption and unbridled greed that has caused a crisis on Wall Street'.

This man hopes to be the next President of the United States.

Disbelief, Fear and Anger

Many people I talk to are still stunned by the torrent of events in the past week. The so-called 'credit crunch' and the Northern Rock rescue were alarming, but we were almost learning to live with the crisis. That is, until other financial institutions and banks around the world began to go down like skittles.

There is utter disbelief that our banks should have been caught playing fast and loose - gambling frankly, with our money, homes, pensions and security. How on earth could all the brilliant economists employed by the banks have failed to see it coming? The best brains in the Bank of England monetary policy committee have for over ten years been meeting every month, fiddling around with interest rates - moving them up a bit, down a bit, up a bit - as the storm was brewing, while the Government looked on. And not only failing even to meet the inflation target, but seeming oblivious to the impending disaster. Oh, sorry, I forgot, that wasn't their job, they were only asked to do inflation. Disbelief as President George W. Bush, John McCain and Sarah Palin appear to blame everyone except themselves, their policies, and their own administration.

There is fear, as no-one seems remotely in control of events, panic looms and politicians run around like headless chickens. There is anger that blind faith in market forces, with their 'lack of confidence', unaccountability, with their 'toxic assets' in black boxes and all the rest of the mumbo-jumbo, has led us to the brink.