At a Congressional hearing on Tuesday, Rep. Ocasio-Cortez grilled the CEO of Wells Fargo in a way that evokes the concept of 'negative externality.'
One of these people said the role of the government in tackling car pollution should be"to impose a tax on the amount of pollutants emitted by a car."At a Congressional hearing, US Rep. Alexandria Ocasio-Cortez asked,"Should Wells Fargo be held responsible for the damages incurred by climate change due to the financing of fossil fuels?"
Say what you want about US Rep. Alexandria Ocasio-Cortez, she certainly isn't afraid to talk about the fundamentals of economics.the democratic socialist congresswoman for New York confronted Wells Fargo CEO Timothy SloanShe drilled into Wells Fargo's relationship with the Keystone and Dakota Access Pipeline oil pipelines, which she said have leaked five times since they were built, spilling 210,000 gallons of oil across South Dakota.
She suggested that the damages could be tallied by adding up the costs of building new sea walls, infrastructure repair, coastal erosion prevention, oil-spill cleanups, and fighting wildfires.It wasn't a very satisfying exchange — unless you've read some of the work of Milton Friedman, the Nobel economist who died in 2006. His laissez-faire thinking still provides the modern underpinning for pro-free market conservative thought.
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