Political Quotes

“Here in this Temple of Mammon, we only seem to care about what we can monetize. So as Budget chair, I drilled hard into how climate change is coming at American family finances. Some of it comes at families through grocery costs as climate disruptions disrupt agriculture. Some of it comes through construction costs as climate disruptions disrupt lumber markets and supply chains. Some of it comes through outdoor sports industries--hunting, fishing and scuba and skiing--as climate disruptions disrupt the natural environments that they need. The first biggest shock will come through insurance markets as climate risks make real estate uninsurable. This disruption kicks off a cascade: Climate risk collapses insurance markets; insurance collapse cascades into mortgage markets; mortgage collapse cascades into property value losses; and the combination of insurance cost, mortgage collapse, and home value losses thrashes the entire economy. Don't believe me. Believe the chief economist of the mortgage giant Freddie Mac who said exactly this. He said it would be as bad as the 2008 recession based only on coastal flood risk. And, of course, now we have wildfire risk as well. And by the way, investor David Burt, who predicted that 2008 recession, is now making bets predicting this one. In a joint editorial, Senator Sheehy and I warned of a 'torpedo to the hull' of our economy from extreme weather, whether floods or wildfires, triggering exactly this cascade.”