Links tagged “economics”

White House Is Eyeing Infrastructure Needs, ‘Broadly Defined’:  The next proposal will include infrastructure, “broadly defined,” Heather Boushey, a member of President Joe Biden’s Council of Economic Advisers, said Monday in an interview with Bloomberg Television. “There is a long list of things that we need to invest in,” including the power grid and a plan to bolster child and elder care, she said.

Beck: "I want to invest in this company, it's a gun company oh they've got an ESG score of two. Well I don't care because I believe that's going to go up. But it doesn't matter. You're not doing it for that anymore you're not doing it to make money, you're doing it for the overall good of society this is the end of capitalism." ... "It doesn't matter that these companies might be worth more we think the investment should go to these companies because they're socially woke. When that happens, the stock market means nothing,  nothing because it is basically at the barrel of a gun the government and the big businesses have decided who's going to get the money."

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Also see: Benjamin Zycher on ESG (Environmental, Social, & Governance Responsibility): ‘A blatant effort to use private-sector resources for ideological purposes’

Read the fabulous Ben Zycher‘s even more fabulous House testimony on the ongoing climate communist bid to convert corporate America into useful idiots via ESG (Environmental Social and Governance), which used to be called CSR (Corporate Social Responsibility).

Zycher to Congress: "The campaign for ESG (Environmental, Social, & Governance Responsibility) investment and disclosure is a blatant effort to use private-sector resources for ideological purposes, in the context of the unwillingness of the Congress to enact such policies as an outcome of the legislative bargaining process."  ...

“Sustainability” is poorly defined, so that its objectives are limitless, and the Memorandum fails to tell us how to evaluate the inexorable tradeoffs among them and with the traditional business objective of value maximization."  ...

"One could easily imagine that such self-protective “disclosures” might run thousands of pages, with references to thousands more, and the idea that this “disclosure” requirement would facilitate improved decision making by investors is difficult to take seriously."

The Securities and Exchange Commission today announced the creation of a Climate and ESG Task Force (Environmental, Social, & Governance Responsibility) in the Division of Enforcement. ... Consistent with increasing investor focus and reliance on climate and ESG-related disclosure and investment, the Climate and ESG Task Force will develop initiatives to proactively identify ESG-related misconduct. The task force will also coordinate the effective use of Division resources, including through the use of sophisticated data analysis to mine and assess information across registrants, to identify potential violations. The initial focus will be to identify any material gaps or misstatements in issuers’ disclosure of climate risks under existing rules. The task force will also analyze disclosure and compliance issues relating to investment advisers’ and funds’ ESG strategies.