Obama’s Cap and Trade: ‘Massive Transfer of Wealth’

Obama’s Cap and Trade Carbon Emissions Bill – A Stealth Scheme to License Pollution and Fraud

On May 15, HR 2454: American Clean Energy and Security Act of 2009 (ACESA) was introduced in the House purportedly “To create clean energy jobs, achieve energy independence, reduce global warming pollution and transition to a clean energy economy.”

In fact, it’s to let corporate polluters reap huge windfall profits by charging consumers more for energy and fuel as well as create a new bubble through carbon trading derivatives speculation. It does nothing to address environmental issues, yet on June 26 the House narrowly passed (229 – 212) and sent it to the Senate to be debated and voted on. More on that below.

On March 31, Energy and Commerce Committee Chairman Henry Waxman and Energy and Environment Subcommittee Chairman Edward Markey released a “discussion draft” of the proposed legislation and falsely claimed:

— it’s “a comprehensive approach to America’s energy policy that charts a new course towards a clean energy economy;” it will

— create millions of clean energy jobs….that can’t be shipped overseas;

— put America on the path to energy independence;

— reduce our dependence on foreign oil;

— save money by the billions;

— unleash energy investment by the trillions;

— cut global warming pollution;

— strengthen our economy;” and

— make “America the world leader in new clean energy and energy efficiency technologies.”

Strong-arm pressure, threats and bribes got the bill through the House. Forty-four Democrats opposed it. Eight Republicans backed it. Over 1200 pages long, few if any lawmakers read it.

Warning: Cap and Trade Bubble Ahead

On July 1, Catherine Austin Fitts’ Solari.com blog headlined “The Next Really Scary Bubble” in stating:

“If you think the housing and credit bubble diminished your financial security and your community, or the bailouts, or the rising gas prices did as well, hold on to your hat” for what’s coming. “Carbon trading is gearing up to make the housing and derivative bubbles look like target practice.”

She quoted Rep. Geoff Davis calling it “a scam,” Rep. Devin Nunes saying it’s a “massive transfer of wealth” from the public to polluters and Wall Street, Rep. James Sensenbrenner stating “Carbon markets can and will be manipulated using the same Wall Street sleights of hand that brought us the financial crisis,” and Dennis Kuchinich citing “The best description to date (to) be found in Matt Taibbi’s….’The Great American Bubble Machine: From tech stocks to high gas prices, Goldman Sachs (GS) has engineered every major market manipulation since the Great Depression – and they are about to do it again.’ “


Full Story

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Cap and Trade Bill

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2 responses to “Obama’s Cap and Trade: ‘Massive Transfer of Wealth’

  1. So you are saying new technologies like this
    are useless ?

    http://nlspropulsion.net/Documents/MPTS_June_2009_wdrawing.pdf

    • I do not know enough about the technology mentioned in your attached report, but agree that alternative sources of energy are needed so that we stop fighting wars to pilfer from resource rich regions.

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