First of all, check out this excerpt from this article by Matt Taibbi. The article is about how Goldman Sachs has engineered every major market manipulation since the Great Depression, if you didn’t read the article yet, then you really should. If you don’t want to read the whole thing, then read the last couple of pages, from Bubble#6:
Well, you might say, who cares? If cap-and-trade succeeds, won’t we all be saved from the catastrophe of global warming? Maybe but cap-and-trade, as envisioned by Goldman, is really just a carbon tax structured so that private interests collect the revenues. Instead of simply imposing a fixed government levy on carbon pollution and forcing unclean energy producers to pay for the mess they make, cap-and trade will allow a small tribe of greedy-as-hell Wall Street swine to turn yet another commodities market into a private tax-collection scheme. This is worse than the bailout: It allows the bank to seize taxpayer money before it is even collected.
Now, I was on the Reuters website on Friday evening and read that they just passed this bill on cap and trade
At the core of the bill, which is around 1,500 pages long, is a “cap and trade” program designed to achieve the emissions reductions by industry. Under the plan, the government would issue a declining number of pollution permits to companies, which could sell those permits to each other as needed.
C-R-A-Z-Y right?. Like knowing a murder is about to happen and then watching it in slow motion. Dam.