Location: Pantego, Texas, United States

Thursday, April 23, 2009

Bill O'Reilly has figured out that GE is counting on making billions of dollars from carbon cap and trade, and has set up a separate division to deal with carbon trading. O'Reilly must not be up on things because this has been obvious for two years or so. The Chairman of GE supported Obama, and now expects a payoff. (Actually he has already gotten one since the government bailed out his consumer credit division with billions of dollars, something never mentioned by the MSM. And, what was GE doing in the sub-prime loan business anyway, but that is another issue.) The carbon cap and trade scheme has been around for years. Ken Lay tried to get George Bush to support it in 2000 in the hope that the revenue generated from the carbon trading would stave off the collapse of Enron. Jim Rogers of Duke Power is another CEO who supported Obama in the hope that his company would benefit from carbon cap and trade. These rent seekers do not care about the validity of the CO2 induced global warming hypothesis, which is not looking good at the moment as temperatures are falling and Arctic sea ice has reformed. They merely see the opportunity for government guaranteed profits. This sort of thing has always happened in our country on a small scale. But Obama is putting it on a major scale. This sort of corporatism is also known as fascism. Another example of the fascism of the current government has to do with the Detroit auto makers. Obama is telling the bond and debt holders in GM and Chrysler how much they will get for their investments. Chrysler debt holders figure they would get 65 cents on the dollar if Chrysler went into bankruptcy: Obama is telling them to take 15 cents on the dollar "for the good of the country," which actually means for the good of one of his major supporters, the UAW. The UAW workers contract would be voided in bankruptcy. Most of the major Chrysler debt holders happen to be banks that the government has also provided funding to. Thus the government has a lever over both sides, and is in the position of deciding who wins and who loses. This is classical fascism. Obama is now threatening to convert the government money pumped into banks (some of whom claim the were coerced) into common stock. Giving him legitimate control of the largest banks as opposed to control by intimidation that he now has. Thus is is also trying to move on into outright socialism.


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