Young Sexy Politics

Over the past few weeks, I’ve updated readers on the progress of the Waxman-Markey bill. The bill already passed the House, now the Senate is drafting their version. While the bills will be different, Sen. Barbara Boxer, chairman of the Environmental and Public Works committee, said she views the House version as a strong foundation for the Senate to build upon. In a previous post, I detailed the effects of “cap and trade” legislation. None of them are good. So why would anyone support these bills? What’s the incentive? The purpose of this post is to expose the ulterior motive behind climate legislation, and give my readers a reason to call their Senators. I’ve always been a big believer in “following the money,” so that’s exactly what I did. What I found is quite interesting.

Goldman Sachs is one of the largest financial institutions in the world and is the “gold standard,” within the investment banking community. They are also a huge supporter of Democrats. They are notorious for their contributions to liberal candidates. Goldman Sachs employees contributed over $1 million to President Obama’s campaign. Since Goldman Sachs is a large corporation, and the Democratic Party is synonymous with corporate tax increases, you’re probably scratching your head too. Why would Goldman Sachs knowingly support candidates who raise their taxes? What is their incentive?

 In the midst of a fairly deep recession, Goldman Sachs managed to turn a profit of over $2 billion in 2008. Goldman Sachs is also notorious for rewarding its employees with enormous bonuses. Lucky for them, they are once again free to do so. They have returned the $10 billion loaned to them by the government, through the Troubled Asset Relief Program (TARP).  As you may remember, banks that received bailout money had imposed salary restrictions. Well, that’s no longer the case for Goldman Sachs. But I’m sure they didn’t mind the temporary restriction, which only lasted a few months. In return, they got to bet with the American People’s chips! We are the ones who ultimately funded TARP. Basically, the bailout provided Goldman Sachs with $10 billion of investment capital. They then used that money to turn a profit and returned it. Had they lost it… oh well, it wasn’t theirs to begin with.

The Troubled Asset Relief Program was the product of a Democratic majority in Congress, poor judgment on the part of George W. Bush, and the insistence of former Treasury Secretary, Henry Paulson. Remember him? The bald guy before Geithner? He played an integral roll in the Troubled Asset Relief Program, and just so happens to be the former CEO of Goldman Sachs. Hmm, I wonder if he’s still got a few buddies over there. Moreover, I wonder if his benefits package is still vested in the company. In Paulson’s absence, TARP funds are now overseen and allocated by Timothy Geithner and the Obama administration. Goldman Sachs made-out like a bandit as a result of the TARP, but they stand to profit even more from climate legislation.

The Chicago Climate Exchange (CCX) is North America’s only legally binding marketplace, where investors can buy, sell, and trade carbon credits. It’s sort of a NASDAQ or NYSE for pollution and at this point, participation in the exchange is completely voluntary. Should the Senate pass a “cap and trade” bill, Goldman Sachs would rake-in enormous profits from the CCX. How? They own 10% of the entire exchange! Every time carbon credits are bought and sold, a commission is paid to the exchange, for facilitating the transaction. If “cap and trade” becomes law, every company in America will be required to take part. The CCX will no longer be voluntary and Goldman Sachs will reap the benefits. Are you still puzzled as to why they support Democrats?

I’m sure you’re wondering who else owns the CCX. If Goldman Sachs only owns 10%, who owns the other 90%? Well, a lot of people. Another investment firm that owns a large portion of the CCX is Generation Investment Management (GIM). GIM was founded by another former Goldman Sachs CEO, David Blood and none other than former Vice President, Al Gore. “Blood and Gore” also stand to rake-in enormous profits, should “cap and trade” go into effect. Al Gore’s net worth has already increased significantly, as a result of his fear mongering. Remember his 2006 “shockumentary?” “An Inconvenient Truth?” Well, the inconvenient truth about Mr. Gore is, between 2000 and 2008, his net worth increased from $2 million to over $100 million, as a result of GIM and his movie. That’s an increase of 5,000%! I wonder if he’s more worried about the polar bears, or his bank account.

Ok, ok. Maybe I’m being a little too cynical. Maybe Al Gore and all the other supporters of climate legislation are trying to do a good thing. Maybe they actually mean well and are led by conviction, not money. Despite all the evidence, I guess I’m willing to give them the benefit of the doubt. After all, I’m a reasonable guy. There’s just one thing I can’t figure out. Al Gore and Nancy Pelosi were the ones who championed the Waxman-Markey bill last month, and helped get it passed in the House. My question is: If they’re so concerned about Global Warming, why do they fly exclusively on private jets? After all, it’s much more environmentally friendly to fly on a commercial jet, with several other passengers. It’s like a car pool. That way, all the pollution from that nasty jet fuel, isn’t wasted on transporting just one person.

Then there’s the issue of Al Gore’s 10,000 square foot, Belle Meade mansion. According to the Associated Press, Gore’s house consumes 15 times more energy than the average Tennessee home. Again, seems like a waste to me. Especially for a guy who’s clamoring for a solution to Global Warming. Here’s an idea Al: Fly on Southwest and move into a condo. Don’t raise taxes to alleviate your greed-filled, bleeding heart!

So, let’s pretend for a moment that “cap and trade” isn’t about money. Let’s pretend it’s truly about saving the world from a hot and fiery death. Even if this was the case and the proponents’ intentions were pure, it still won’t work. It will do nothing to halt Global Warming. Why? Because two of the world’s largest polluters, China and India, don’t give a shit about carbon emissions. They have no desire to hamper their economy, in an attempt to “improve their standing with the global community,” as Barry would say. Speaking of President Obama, he just met with other industrialized nations at the G8 Summit. A central topic of conversation was climate change. Ol’ Barry settled for a verbal commitment from the rest of the G8, that they will make an effort to reduce carbon emissions. Let me get this straight… we’re supposed to pass a very expensive bill into law, and paint ourselves into a corner, while the rest of the world is on the “honor system?!”

People, “cap and trade” is a retarded idea and a complete con. Kermit was right; it’s not easy being green… well, for the American People anyway. Al Gore, GIM, and Goldman Sachs on the other hand, will absolutely love it. Standby YSP readers, I’ll tell you when it’s time to send orders to your slaves…Oops, I meant Senators. My bad.