Not just JP Morgan, but plenty of economists and even fund managers and traders know of this threat. Here's another example: <a href="https://www.barrons.com/articles/jeremy-grantham-called-the-financial-crisis-he-has-another-warning-for-investors-51581532462" rel="nofollow">https://www.barrons.com/articles/jeremy-grantham-called-the-...</a><p>The problem has never been whether most people believe in climate change and its damaging effects. The problem has always been politics.
A few weeks ago I read Naomi Klein's "This Changes Everything." She specifically mentions how the bailout - after the 2008 crash - was a missed opportunity; that WS' behavior could been nudged or more. Given what was at risk, it's difficult to disagree.<p><a href="https://www.theguardian.com/books/2014/sep/22/this-changes-everything-review-naomi-klein-john-gray" rel="nofollow">https://www.theguardian.com/books/2014/sep/22/this-changes-e...</a>
"FIRM ACTS AS A PLACEMENT AGENT IN THE IFC’S $152 MILLION BOND
TO PROTECT FORESTS AND DEEPEN CARBON-CREDIT MARKETS"<p><a href="https://www.jpmorgan.com/country/US/en/detail/1320553563765" rel="nofollow">https://www.jpmorgan.com/country/US/en/detail/1320553563765</a>
In all the distrust and misinformation out there around this subject, it's refreshing whenever I see finance people talk in these terms. They are pragmatic to a fault, and wouldn't make statements like these lightly.
Those things from big banks always remind me of the quote from Big Short: "Yeah, I think you mean that you've secured a net short position yourselves. So you're free to mark my swaps accurately for once because it's now in your interest to do so."