In the last few years, the fracking industry has boomed, leading many—including the President—to declare that soon America will be energy-independent, and free of the influence of foreign oil and gas suppliers such as Saudi Arabia and Russia.
Not so fast, writes business journalist Bethany McLean. The bestselling author digs deep into the cycles of boom and bust that has plagued the American oil industry for the past decade, from the financial wizardry and mysterious death of fracking pioneer Aubrey McClendon, to the investors who are questioning the very economics of shale itself. McLean finds that fracking is a business built on attracting ever-more gigantic amounts of capital investment, while promises of huge returns have yet to bear out. Saudi America tells a remarkable story that will persuade you to think about the power of oil in a new way.
In 2008, the U.S. Treasury put Fannie and Freddie into a life-support state known as “conservatorship” to prevent their failure—and worldwide economic chaos. The two companies, which were always controversial, have become a battleground. Today, Fannie and Freddie are profitable again but still in conservatorship. Their profits are being redirected toward reducing the federal deficit,… more