Archive for the ‘greenhouse gases’ Category

Repudiate Obama’s Carbon Regulation Plans to Start Economic Recovery

March 4, 2009

Banking problems and “toxic assets” are major contributors to the ongoing decline in the stock market, but it is quite likely that investors took them into account last year. The 800 pound gorilla in the living room that nobody seems to want to talk about consists of Barack Obama’s agenda (per his State of the Union Address) to impose taxes on all fossil fuels, or require users of fossil fuels to buy carbon offset credits from the modern counterparts of medieval indulgence peddlers.

As long as this agenda continues to menace the United States, investors are rightly reluctant to invest in American manufacturing, transportation, and other energy-intensive sectors. If, however, enough Senators (including Democrats from coal-producing and manufacturing states) pledged to vote against and filibuster Obama’s cap-and-trade agenda, it would restore investor confidence, break the downward momentum of the stock market, and set the stage for an economic recovery. (more…)

Why General Electric is Heading South: Climate Action Partnership says it all

September 25, 2008

“GE slashes earnings view for 2008, but shares gain” by Marketwatch shows that General Electric is off about 38% from its high of about 42 only a year ago. Furthermore, “GE currently makes about 45% of its earnings from the financial unit, called GE Capital.”

From where we sit, General Electric’s problems are the direct result of a management belief, as exemplified by the company’s membership in the Climate Action Partnership, that the company does not have to create genuine value to earn a profit. As described by Kimberly Strassel’s “If the Cap Fits: Why our CEOs are warming to Kyoto,”

    Finally, there’s General Electric, whose CEO Jeffrey Immelt these days spends as much time in Washington as Connecticut. GE makes all the solar equipment and wind turbines (at $2 million a pop) that utilities would have to buy under a climate regime. GE’s revenue from environmental products long ago passed the $10 billion mark, and it doesn’t take much “ecomagination” to see why Mr. Immelt is leading the pack of climate profiteers.

In other words, instead of looking for ways to get the cost of solar panels and wind turbines down to where utilities and even homeowners will prefer them over traditional electricity sources (also known as “making money the old fashioned way, by earning it”), GE apparently wants the government to pass laws to compel utilities to buy his company’s products. This attitude, as well as a shift in resources from GE’s traditional manufacturing strategy to financial services, probably explains a good part of the company’s troubles.

On another note, another Climate Action Partnership member wanted the government to impose carbon emission caps, and a cap and trade regime, so it could make money by taking commissions on carbon credit trades. Its name was Lehman Brothers.

“Carbon Credit Bookmakers” and “Corporate Welfare Seekers”

December 12, 2007

Physicians for Civil Defense’s “Money and Power” (November 2007) has an outstanding perspective on cap-and-trade proposals for carbon emissions, and other greenhouse gas regulations.

Under a cap and trade scheme, success will depend on skill in predicting or manipulating government policy. Bookmakers such as Morgan Stanley and Goldman Sachs would broker the carbon credit trading they support, making money from the forced purchases and sales, whatever the market did. Placing big bets are the 10 corporate welfare seekers that formed the Climate Action Partnership (USCAP). These include Duke Energy, PG&E, FPL, PNM Resources, Alcoa, BP, Caterpillar, Dupont, General Electric, PepsiCo, and others (see, hoping for $1.3 trillion in free money.

We encourage anyone who owns stock in any of these companies to introduce a stockholder resolution, in accordance with SEC requirements, that denounces carbon emission trading and emission caps as a scam from which the company should disassociate itself (while encouraging energy efficiencies that reduce costs for consumers while increasing company profits).

Royal Philips Electric, which is seeking legislation to force people to buy its compact fluorescent lights (we buy CFLs, but not from Philips) is yet another problem, and it was a sponsor of the Live Earth Concert.

Al Gore’s Message to Live Earth Suckers Audience

July 8, 2007

He doesn’t even sound sincere.

Please tell us what you think. Which of these does Al Gore remind you most?

(1) A medieval indulgence seller (like Geoffrey Chaucer’s Pardoner)
(2) A 19th century snake oil salesman
(3) P.T. Barnum with his “To the Egress” sign
(4) A Nigerian who needs your help to get $5 million worth of carbon emission credits out of the country, which he will happily divide with you after you cover all the expenses involved
(5) A carnival barker selling tickets to the sideshow
(6) One of the exhibits in the sideshow

Remember, Al Gore buys carbon emission credits from his own company (like an indulgence seller pardoning his own sins) so he can tell you how he is saving the planet, while his house uses more energy in a month than most people’s homes do in a year.

Live Earth = Front for Royal Philips Electronics climate profiteering

July 2, 2007

Live Earth is backed by Royal Philips Electronics, which wants legislation to ban incandescent light bulbs. This is simply corporate profiteering at its worst.

While Philips says the purpose of this legislation is to “increase energy efficiency,” its real purpose is to force people to buy Royal Philips Electronics products that they would not buy unless laws forced them to do so. If this legislation ever passes, we will stock up on a lifetime supply of full-spectrum incandescent bulbs. If the bulbs were really eye-friendly and cost-efficient, the marketplace would drive their purchase. No legislation was needed to make people trade in their horses and carts for automobiles, or slide rules for electronic calculators and coimputers. The fact that Philips is pushing for self-serving legislation to force people to buy its products (along with our own experience with Philips’ products) tells us everything we need to know. (more…)

Al Gore’s Tale

June 8, 2007

with due credit to Geoffrey Chaucer for the original

In medieval times, a pardoner was a charlatan who sold people indulgences, or pardons for their sins. You could even buy pardons for the souls of deceased relatives, so as to reduce their time in Purgatory. Al Gore and his friends have come up with a modern equivalent: the “carbon offset” to make up for your greenhouse gas emissions. Note also the money Al Gore is making from Earth in the Balance and An Inconvenient Truth. Like P.T. Barnum said, there is a sucker born every minute…