Posts Tagged ‘Environmental Defense Fund’

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…)

No Tears for Lehman Brothers

September 14, 2008

We literally feel our readers’ pain for today’s 504 point drop in the DJIA because of Lehman Brothers’ impending collapse on the stock market, because it impacts our own investments. However, we will shed no tears for Lehman Brothers itself, and we are not particularly surprised that it is going south. Furthermore, even if Lehman Brothers disappears tomorrow, it will in no way affect the United States’ remaining ability to create genuine wealth.

Henry Ford told us long ago that there are exactly three ways to create wealth: mine it, grow it, or make it, but Lehman Brothers apparently had the idea that it could create wealth (or at least enrich itself) by trading in carbon credits–an activity about as meritorious as speculation in baseball cards, coins, comic books, or tulip bulbs (ask the Dutch about the latter). The bubble eventually bursts (as it did with the dot-com stocks), and the chickens come home to roost. Lehman Brothers is a member of the Climate Action Partnership (CAP), whose agenda is to promote legislation to cap carbon dioxide emissions and then make money by trading in “carbon credits.” (more…)