First we have to ask ourselves if we are truely living in a populist democracy/individualist republic or are we living in an oligarchy? This is a difficult question and a hard issue to face up to.. If we want to get technical about it; "an Oligarchy is a form of government in which power effectively rests with a small elite segment of society distinguished by royal, wealth, intellectual, family, military, or religious hegemony." (Wikipedia-Oligarchy)
In lieu of Obama's election, many were banking on the hopes that, because Obama's popularity is his strong arm...that he would play up the popular democracy in our favor. With the way our politics is set up, we do have a 4th branch of government, who are the lobbyists and special interests-which could be easily cited as a conflict of interest. Lobbyists bribe politicians for favors so their wishes override the wishes of the population. Which is disgusting since the American citizens paid nearly a trillion more in income taxes than Corporate America did. With their low approval ratings and the passing of TARP, which the majority cited that they were against, the polls showed that our elected Congress has shown no interest in what the people want.
"A new USA Today poll finds that 78 percent of Americans agree that Congress should pass a plan to rescue America’s financial markets, with 56 percent saying the plan should be different from the original one proposed by the Bush administration last week."
"Democrats Not Backing Congress
One reason Congress is doing so poorly in the court of public opinion is that rank-and-file Democrats are providing no support cushion for the Democratic-controlled institution. In fact, Democrats are about as likely to approve of Congress as are Republicans: 20% of Republicans approve, versus 16% of Democrats."
"There's good reason Obama's poll numbers have fallen, most notably his mishandling of the banks, as Henry and I discuss here and in the accompanying clip. Obama may talk tough about "fat-cat bankers" but the actions of his administration suggest policy is still being conducted at their behest."
Why is our government only willing to impose negative incentives to move people to clean the air? I personally drove a very gas efficient economy in the 90's and benefited by not being forced to pay $80 to fill up my tank. This is an INCENTIVE not just for me, but for business minded people to leave fewer carbon footprints and with efficient, affordable technology a perfect model to get people to conserve.
Everybody knows that Republicans respond very well to an incentive based model, especially one where tax breaks are involved. However our government wishes to impose not a rewards based incentive to move people to green energy, but one of punishment. We're in a bad economy.
And yes the economy is still weak, why are the banks even a part of the "solution"?
CapNTrade is going to benefit Goldman Sachs who already own 10% of the Chicago Climate Exchange.
Gensler of the CFTC used to work at Goldman Sachs.
Why is Gary Gensler relevant? He worked at the Commodities Futures Trading Commission which was set up by the Gramm Leach & Bliley Act which disallowed the SEC to regulate the trading of commodities, which subprime derivatives were classified as. When investors tried to report unsecured subprimes to the CFTC, the CFTC never picked up their phones to take the complaints.
Note: Carbon Credits are traded on the Chicago Climate Exchange as commodities and the CFTC wants to regulate them.
"Gensler: CFTC prepared for carbon trading
| Sourced From AGWeek.com |
WASHINGTON — Commodity Futures Trading Commission Chairman Gary Gensler told the Senate Agriculture Committee Sept. 9 the CFTC is prepared to oversee a market for trading carbon credits, but that carbon trading would require the cooperation of several agencies and for the CFTC, more staff and new technology."
Goldman Sachs and their friends have a large influence over the derivative and carbon market.
Therefore, the taxes and penalties imposed on Cap and Trade already benefit Goldman Sachs.
With Barney Frank's "financial reform", HR 4173, Goldman Sachs is entitled to another bailout once they screw up on the derivatives market. Remember, the polls showed that the majority felt strongly against the first bailouts in 2008. AGAINST THE WISHES OF THE PUBLIC, They're going to make TARP a permanent mandate available to the banks, solely at the President's discretion.
TARP will come from the FDIC, who gets their funds from the Treasury, aka. you, the taxpayers.
This will be the second set of welfare granted to, um...Goldman Sachs not just limited to the trade of carbon credit backed derivatives but everything else as well.
BARNEY FRANK IS TRYING TO PASS HR 4173 THIS MONTH!!
The media is not reporting on it. The 2010 elections are coming up. You might want to speak up if you oppose the permanency of TARP.
The derivatives dealers had 2/3rds of the influence aka. ISDA Governance Committee. Only the republicans have voted this down but that won't be enough to reject the powerful influence that the banks are using to legislate themselves- meaning the fox is guarding the henhouse.
At least get the taxpayers off the hook, we're not doing anything wrong here. Or do we not live in a democracy?
NONE OF THIS IS HELPING THE ENVIRONMENT. THIS IS CORPORATE WELFARE.