After the 2008 Financial Crisis, the Economy Was Fracked Up

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The American Recovery and Reinvestment Act injected almost nine hundred billion dollars into the U.S. economy to help the nation recover from the 2008 financial crisis. Ninety billion dollars went to clean energy, with the intention of jump-starting a new “green economy” to replace aging fossil-fuel technologies. Instead, the bill may have done the opposite. Low interest rates, which made borrowing easier, encouraged a flood of financing for the young fracking industry, which used novel chemical techniques to extract gas and oil. Fracking boomed, and made the U.S. the leading producer of oil and gas by some estimates. The financial journalist Bethany McLean and the investor and hedge-fund…