Bloomberg Businessweek

Wall Street Has Plenty of Green for The New Deal

Environmental legislation has a willing backer in the financial industry

Even before Representative Alexandria Ocasio-Cortez of New York and Senator Ed Markey of Massachusetts, both Democrats, introduced their Feb. 7 resolution outlining a “Green New Deal,” members of both parties were calling the idea unrealistic or worse. Republican Mike Simpson of Idaho, who sits on the House Appropriations Committee, said it was “loony” without specifying why, and John Barrasso, Republican chairman of the Senate Committee on Environment and Public Works, labeled it an “absurd socialist manifesto.” Even House Speaker Nancy Pelosi, who’s been fearless in the face of Republican opposition on other issues, failed to bless it.

The plan’s greatest flaw, critics say, is that it would be too costly. Ocasio-Cortez advocates deficit spending, and she’s floated

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