Carbon risk could melt markets

Remember the ownership society, fixture of major George W. Bush addresses for the first four years of his presidency? We're creating…an ownership society in this country, where more Americans than ever will be able to open up their door where they live and say, welcome to my house, welcome to my piece of property, Bush said in October 2004. Washington think-tanker Grover Norquist predicted that the ownership society would be Bush's greatest legacy, remembered long after people can no longer pronounce or spell Fallujah. Yet in Bush's final State of the Union address, the once-ubiquitous phrase was conspicuously absent. And little wonder: rather than its proud father, Bush has turned out to be the ownership society's undertaker.

Well before the ownership society had a neat label, its creation was central to the success of the right-wing economic revolution around the world. read more