Wednesday, December 10, 2008
Carbon trading is a scam.A big red flag is that our bailout buddies over at Goldman Sachs, JP Morgan, Morgan Stanley, Citigroup and the other Wall Street pirates are buying heavily into carbon trading.
Since these firms contributed so heavily to Obama's campaign, they will exert enormous pressure on Obama to push a huge carbon trading program. As University of Maryland professor economics professor and former Chief Economist at the U.S. International Trade Commission Peter Morici writes:
Obama must ensure that the banks use the trillions of dollars in federal bailout assistance to renegotiate mortgages and make new loans to worthy homebuyers and businesses. Obama must make certain that banks do not continue to squander federal largess by padding executive bonuses, acquiring other banks and pursuing new high-return, high-risk lines of businesses in merger activity, carbon trading and complex derivatives. Industry leaders like Citigroup have announced plans to move in those directions. Many of these bankers enjoyed influence in and contributed generously to the Obama campaign. Now it remains to be seen if a President Obama can stand up to these same bankers and persuade or compel them to act responsibly.
That's right. The same companies that made billions off of derivatives and other scams and are now getting bailed out on your dime are going to make billions from carbon trading.
Moreover, even based on its stated goal of reducing carbon emissions, carbon trading might not work.
Carbon trading is a scam.