Informed sources are predicting that if the Democrat party loses the House of Representatives in the November election, there will be lame-duck session of Congress after the election to pass some of the legislation that the Democrats can’t seem to get passed now. The logic is that since many members will have been voted out and thus not have to worry about being re-elected, they will be willing to vote for some of the more unpopular bills–Cap and Trade, Card Check, and tax increases. I suppose that is possible, but it really would be political suicide for the Democrat party. When I thought about that, I wondered why, even after the global warming scandals, the Democrats would still be pushing Cap and Trade. Well, I think I have my answer–follow the money!
There was a very interesting article at the American Thinker yesterday. The article reported that the Chicago Climate Exchange is running out of money and laying off employees. What is the Chicago Climate Exchange? It is a company that trades ‘carbon credits.’
The article points out:
“The only surprise is that Richard Sandor, who founded CCX in 2003 and was dubbed a Time Magazine “Hero of the Environment” in 2007, is being retained as an advisor. “Voluntary” trading of greenhouse gas emissions on CCX has all but dried up and prices have plunged from a high of over $7 per ton in 2008 to just 10 cents now, making recent stock market losses look rosy by comparison. Not exactly what Sandor, who once predicted a $10 trillion worldwide carbon market, expected would happen.”
Trading carbon credits is a very ethereal concept. In essence, you are paying a company to allow you to pollute, and theoretically they will use the money to pay someone to plant a tree somewhere. My husband keeps threatening to print up a business card saying that if someone will pay him $5, he will not take a shower for a day, thus saving the environment. We could debate what that would do to his immediate environment, but you get the picture. However, the interesting part of the article is at the end.
The article points out:
“The biggest losers have been CCX’s two biggest investors – Al Gore’s Generation Investment Management and Goldman Sachs – and President Obama, who helped launch CCX with funding from the Joyce Foundation, where he and presidential advisor Valerie Jarrett once sat on the board of directors.”
Now I understand why Cap and Trade is still being pushed, even though it may destroy the American economy and the Democrat party–look at who the investors are!