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All too often, as with the failed energy giant, Enron, the short-sellers were the only ones brave enough to be sceptical of market favourites.At the overall market level, momentum effects help to explain why bubbles develop.
Ken Lay, boss of Enron, the failed energy giant, was convicted in part because of upbeat public statements he made even as he knew the firm was in trouble.
Access denied, for nowA congressional investigation into the collapse of Enron was refused access to records of meetings last year between the failed energy trader and a taskforce charged with formulating America's energy policy, headed by Dick Cheney.
Though Enron failed, energy executives argue that the fault lies with a handful of senior executives who apparently manipulated Enron's financial accounts, not with the concept of deregulated energy markets.
In "Power Authority Unveils Pair of 100-Foot Wind Turbines" (In Brief, Jan . 30, Richard M. Kessel, chairman of the Long Island Power Authority, called the defunct Shoreham nuclear power plant "a modern-day Stonehenge, a multibillion-dollar monument to a failed energy policy".
Where were the impacts of Obama's failed energy policies?
Similar(21)
An American attempt to beat the French at this game failed when Azurix, part of the failed energy-trading giant Enron, went into oblivion.
It was bears who asked awkward questions of Enron, a failed energy-trading company, and who were most sceptical about the structured-credit products that now clog up banks' balance-sheets.
The Williams Companies, a pipeline owner that is selling assets to stay solvent, said yesterday that it had its first profit in five quarters as higher natural-gas prices increased the value of contracts left over from a failed energy-trading business.
If health reform fails, energy legislation will falter too.These are not circumstances in which Mr Obama will rush to heed the advice of those who want the Democrats to go it alone.
Some early efforts to exploit the region's resources failed, and energy companies have only recently re-evaluated the area.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com