warning people about this but some of fracking is biggest skeptics are actually on wall street bethany mclean points out the sixty biggest exploration and production firms are not generating enough cash from their operations to cover their operating capital expenses in aggregate from mid two thousand and twelve to mid two thousand and seventeen they had negative free cash flow of nine billion dollars per quarter a key reason for the terrible financial results is that fact oil wells show a steep decline rate this is something that you and i have pointed out the red queen syndrome that is a huge steep decline rate and you have to keep on track in fact in fracking many people in the comments would say oh you know this is just propaganda and i report did also say that as well but here i'm going to read you some actual data from the kansas city federal reserve as part of the u.s. federal reserve system and they say the amount of oil they produce in the second year of a fact well is drastically smaller than the amount produced in the first according to an economist at the kansas city federal reserv

america's energy boom is on shaky footing this is a headline actually from the new york times bethany mclean the one who outed enron a warrant before they collapse but this chart is quite interesting because here is when you and i began warning about fracking and this is u.s. oil production so this is about when fracking really started to take off at when interest rates were taken to zero so the green line is the u.s. oil production yellow line is russia oil production. masry of the phrase peak everything peak gas through fracking peak credit fear the central bank system peak everything now the remarkable thing that you and i have we have said this for years so. the first episode i could find was back in two thousand and nine or ten that we covered fracking and how that that it cost more than they extracted in value and we got reported by the d.n.i. reports in front of congress as this is somehow anti-american that this the fact that we've pointed this out but now this is the new york times is and read tweeted and pushed also by paul krugman so we're going to go into some of the details that

for will be ushered in with this bailout this will be the reason for that for that bethany mclean now in the new york times seven years after you and i pointed this out is now saying that the federal reserve is responsible for the fracking boom this is her exact quote because the industry has such a voracious need for capital and capital cost money fracking could not have taken off so dramatically were it not for record low interest rates after the two thousand and eight financial crisis and other words the federal reserve is responsible for the fracking boom so they drove interest rates down to zero percent to bail out the creditors of the whole subprime financial system and all the fraud to cover up all that fraud that went global and was in pension funds and municipal funds all over the world so they drove rates to zero to drive to bail out the creditors and now what that did. zero percent interest rates we have a baby boomer population that was also beginning to retire soon after the two thousand and eight financial crisis and their pensions were being paid out and pension funds n

all right dr klein and we thank you for your time on this that dr bethany mclean joining us live from port moresby. still ahead on the news hour and sport the man who saved the best of last to become the most successful fast bowler and test cricket has tried. to. stop the sport now his peter. thank you very much croatia have been brought back down to earth less than two months after appearing in the world cup final they lost six nil to spain in the u.a.e. for nations league on tuesday there were six different scorers for spain among them seoul and surgery ramos the result put spain firmly in control of group four after their defeat of england last week this was croatia's first competitive match since they lost the world cup final to france in july. well iceland are in something of a crisis after the stylish ing rise to the top ranks of world football in the last few years they have a goal difference of minus nine in the group after losing three nil to belgium in reykjavik in the lower ranks hungary be greece and finland down there bolted rivals estonia football legend the argument on

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. >> please, a round of applause for bethany mclean. [applause] thank you all so much for coming out this evening. have a good night. >> thank you all very much. >> thank you. [inaudible conversations] >> you're watching booktv on c-span2, television for serious readers. here's tonight the's prime time lineup. at 6:15 p.m. each, the wall street journal's matthew hennessey examines the role generation x will play in america's future. at seven, eli saslow profiles a former white supremacist who disavowed his upbringing. and at 8:30, seminary professor bruce ashard examines the relationship between christianity and poll tibs. then on "after words" at 10, democratic representative jakemy raskin interviews african-american studies professor carol anderson about changes to voting requirements following the 2013 supreme court ruling, shelby v. holder. and we wrap up our prime time programming at 11 eastern with francis fukuyama's thoughts on how to move past identity politics and return to civil discourse. that all happens tonight on c-span2's