Beam me to Planet Gore !
Posted on 10/22/2009 12:46:01 PM PDT by milwguy
Over the past year, the economic crisis has devastated the financial services industry that fueled New York's boom years. The ripple effect from Wall Street is still being felt, as unemployment has risen to 10.3% in New York City.
In this turmoil, it may seem hard to imagine a financial market poised to deliver significant growth. However, a rising number of investors and financiers see one in the trading and reduction of carbon. According to financial experts, carbon permits could quickly become the world's largest commodities market, growing to as much as $3 trillion by 2020 from just over $100 billion today. With thousands of firms and energy producers buying and selling permits to emit carbon, transaction fees for exchanges and clearing alone could top nearly half a billion dollars.
If Congress establishes proper oversight of a carbon market, New York's financial talent, expertise and institutions are uniquely suited to provide the tools and innovation for a new commodities market of this size. Firms wishing to invest over the long term will need to turn to our financial sector to create the emerging products and provide the capital that would allow them to make green energy investments.
An infrastructure is already beginning to form, as entities like the New York Stock Exchange, J.P. Morgan Chase, Goldman Sachs, and the new Green Exchange are developing carbon trading platforms or expanding their environmental trading desks. There are nearly 100 funds already focused on green investments.
(Excerpt) Read more at online.wsj.com ...
I wrote earlier today about just this subject, BEFORE I came across this article by Sen Gillibrand. Below is what I wrote, but this article confirms everything I have always known about AGW, that it has nothing to do with global 'climate change' a, and everything to do with money and control over the citizenry.........................................................................................................
The cap and trade market is the most pernicious scheme ever foisted upon a civilization The tulip bulb mania of the 1600’s has nothing on cap and trade. I posted on FR long ago that cap and trade was Wall St’s next big thing. In the 1990's Wall Streeters made fortunes under writing worthless internet companies. After the dot com bubble busted in 2000, it took Wall St a couple years to get gov’t to promote home ownership and get banks to lend to anyone with a pulse. Packaging the mortgages together and getting Moody's to rate the crap AAA made gobs more money for Wall St. When the housing bubble exploded, Wall St had to find another cash cow. That is cap and trade.
Cap and trade as a moneymaker was actually thought up by the ENRON boys, Jeff Skilling and Kenny Lay. They met with POTUS Bill Clinton in the White House to push cap and tax, er trade. They knew it would be the most profitable venture any business could have. Selling air for $ was too perfect to be true. No cost, 100% profit, and all in the name of saving the planet. Who could be against that?
Unfortunately for Kenny boy and Skilling, the Wall St fraudsters at Goldman Sachs, etc., did not like the idea of some interlopers from Texas controling such a profitable venture. Shortly after Bush took over, the Wall St boys used their friends in high places (ie gov’t) to take down Enron. With Enron out of the way, the path to profits was clear.
The only thing necessary to bilk the unsuspecting public was to convince them the earth was warming out of control. As a result of the evil energy companies (many from Texas again, hmmm, I sense a theme here) pumping noxious CO2 into our atmosphere, the polar ice caps were melting and civilization was doomed. How to get the public to go along with this, that was the question. Then the Wall St fraudsters hit upon the ultimate combination, one which would not be able to be stopped. Get the ‘one world gov’t’ UN, the liberal Democrat Party, the left wing enviromentalists, and Wall to dance to the same tune. Put a egotistic buffoon like Al Gore as the ‘face’ of the movement, and you have an unstoppable force.
In this collaboration everyone gets what they want. The UN gets control over and cash from the rich western nations, the enviromentalists get the ‘feel good’ notion that they were ‘saving’ the planet, the Democrats get power over the economy, and Wall St gets what they always get, mounds of cash.
The stage was set, and the only thing stopping this plan from working to perfection is one thing. The earth stopped warming. The hysteria you see on AGW goes up in proportion to the cooling of the earth’s atmosphere. The shift in the PDO, the deep solar minimum, and the record Antactic sea ice this summer as well as the recovering Arctic sea ice extent are conspiring to ruin the best laid plans of those who would steal our money, our economic freedom, and our liberty.
Who will win in this epic battle? My bets are on the sun and the earth. You can fool some of the people some of the time, but when it snows in October where I live, the people stop getting fooled.
Just imagine, a 3 TRILLION $ market trading a commodity (air) which costs nothing. Never in the history of humankind has such a perfect scam been conceived, let alone pulled off. Pure profit for the Wall St fraudsters, huge tax revenue for the gov’t, a big slice of the pie for the UN, and all the envirowackos can pat themselves on the back for saving the poor polar bears. Amazing.
BUMP!
The government telling us it can change the weather if only we go along with higher taxes.
Trading is just legalized gambling and the HOUSE always wins ... I’ll sit back and draw on a cold one in the wings watching as the next round of fools get suckered in.
It is amazing.....almost as amazing as the fact that people are falling for it.
NYMEX is already laying in the infrastructure for this...
Even if the most draconian version of a carbon-law goes through, the “benefits” of trading will NEVER happen.
Companies will relocate, close, or do whatever necessary to get around it. The idea that the Gov’t can create a $3 Trillion (or billion for that matter) market out of something people don’t want, just by force of law, is ridiculous.
I’m a technician at a large gas and oil burning power plant in NYC. Many months ago during our monthly plant wide meeting, one of the corporate guys told us that 11 states, mostly in the north east, instituted a cap and trade program starting in 2009.
I forget all the details about bidding, but apparently our plant would be charged a little over $3 per ton of CO2 produced. The corporate guy said that we produced 7 million tons in 2008. Therefore, if we were to produce the same amount of power in 2009, we would be looking at a $21 million dollar surcharge.
For perspective:
2008 annual unit overhaul budget: $16 million
2008 plant worker overtime costs: $25 million
2008 NYC plant profit: $30 million
2008 Boston plant loss: $28 million (bad mortgage rate)
2008 company profit: $2 million
Politicians, especially donkeys, have no shame these days. What the horrid Senator is saying is Cap and Trade represents a huge vacuum sucking money out of the US and putting into Wall Streeters.
This woman is so dumb she does not realize she is using the classic broken windows argument. Just have government agents come around the neighborhood and break all the windows. Lots of jobs for window makers and installers while the rest of us lose out.
You work for an evil capitalist company and need to be punished.
Notice this Democrat edict is devoid of numbers or logic.
Well done, milwguy. Thanks for the post.
But but but, where is the eco-justice in that? I thought the money was supposed to be redistributed to the poor around the planet!?! This scheme seems to direct all of the money to the big-money guys on Wall Street. /s
Yeah, because logic would state that the money for carbon credits will come from reducing the union worker's OT budget (and thus salary), skimping on maintenance (by making parts wear out instead of buying new ones when prudent & hiring fewer contractors), and from passing it on to the consumers. All three of which result in removing money from the economy.
At least when you bought a “medicinal” product from a snake-oil saleman, you got something in return.
Gillibrand, Former Tobacco Advocate, Wants FDA Oversight of Baby Products
Gillibrand is becoming as repulsive as Schumer. That's no small feat.
What an idiot. She contradicts herself in one sentence. You can't have both: Government regulation and innovation. It just can't happen.
Fannie Mae and Freedy Mac started during the Clinton years, not after the Dot com bubble burst.
It’s called http://www.rggi.org/home
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