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View Diary: Should New York State Require Frackers to Buy Watershed Insurance? (78 comments)

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  •  Free market Republicans, no (1+ / 0-)
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    tommymet

    People with a reasonable grasp of the problem, yes.

    As per above, Even if the the net effect is positive, it is easily conceivable to realize that risk/reward amounts are simply too large for individual private entities to handle efficiently.

    •  If the enterprise and its subsequent risks are (0+ / 0-)

      too large for private entities to handle perhaps we should think about nationalizing the whole thing.

      This might also be a good idea in the gulf where the BP/Horizon disaster showed that there is a risk of environmental catastrophe so massive that restitution is beyond the capacity of the responsible private party.

      We were lucky that with BP/Horizon the liability fell on a huge multinational corporation that was able to provide at least partial restitution. The next time it might be a much smaller entity without nearly the resources to pay for the damage. In that case the corporation merely folds, the owner lose only the amount of their investment and the taxpayers are left to deal with the mess. This is the classic socialized risk/privatized profits brought about by the way corporate charters shield investors from the liabilities of the organization but allow them to reap all the profits.

      The world is a den of thieves and night is falling. -Ingmar Bergman

      by Pirogue on Fri Aug 23, 2013 at 12:29:56 AM PDT

      [ Parent ]

      •  Yes we should consider it (0+ / 0-)

        I am actually a big fan of nationalizing various parts of the energy industry.

        However conceptually there could still be parts which are more efficient for the private economy to handle.

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