The market also hate nukes


Yglesias points out that despite the fact that nuclear power has gotten a reputation for being cost-efficient, it just ain’t true.

As he points out, the libertarians will tell you the economic truth about nukes:

The reason we hear politicians like John McCain talk so much about the need for the federal government to promote nuclear power is because investors in the private sector take one look at the economics and run screaming for the hills. Investment banks tell utilities who want to borrow money to build these things that not one red cent will be coming their way unless and until the federal taxpayer guarrantees that the entire loan will be repaid in case of default. If nuclear power were such a good economic bet, those taxpayer guarantees would not be necessary.

What I’m wondering… if McCain is such a proponent of letting the market fix things like health care and education, why wouldn’t he listen that invisible hand when it’s slapping the beejesus out of nuclear power?


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