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Congressman Upton Demands Declassification Of Censured Cap-And-Trade Cost Estimates
One of the most ambitious projects undertaken by the Administration and Goldman Sachs, that seeks to entrench the Wall Street oligarchy, is cap-and-trade. Yet, just like all the other initiatives percolating in Obama's docket, there are still many open question marks surrounding this mega-project. And specifically its costs.
Recently congressman Fred Upton, a vocal opponent of cap-and-trade, submitted the following letter to Tim Geithner demanding increasing disclosure in a FOIA response, which had had key figures censored, whose disclosure would have provided much needed cost-side information.
In response to a FOIA request, Administration officials deliberately censored figures that specify the annual costs cap-and-tax will impose. The Treasury documents appear to confirm what Upton has been saying all along, that cap-and-trade is a national energy tax that will devastate American families.
As Upton points out, the Treasury blatantly removed the one most critical figure:
I am particularly interested in the one-page document entitled Domestic Climate Policy that was prepared by Judson Jaffe. The Jaffe document omits important figures, most glaringly, on the annual costs under a cap-and-trade regime, stating, “It will raise energy prices and impose annual costs on the order of XXXXXXXX dollars.”
And the Congressman further goes to point out just what the incremental tax to fund a program that will asymmetrically benefit certain Wall Street enterprises:
Study after study has predicted cap-and-trade will result in skyrocketing energy bills and massive job losses. The Congressional Budget Office conservatively estimated that meeting the mandated reductions would cost $864 billion, while some anticipate closer to $1.5 trillion. CBO also predicted gasoline costs would increase by 77 cents per gallon and diesel by 88 cents. And now Treasury documents suggest families will see an annual increase of $1,700, at a minimum.
But when it comes to the squid, you have to pay in order to play. And as for the fabled transparency that Obama promised, which alas ends up with white out (or in this case black out) being generously applied to critical items that should be made known to the entire US population:
The censorship of these documents does not correlate with the Administration’s efforts for greater transparency, and raises many serious questions regarding one of the Administration’s leading initiatives that stands to eliminate millions of jobs and affect every single American citizen at a time when the national unemployment rate hovers just below ten percent.
One could go further and say that the cloud of opacity under which not just this but all administrations have been operating for decades, in direct complicity with such institutions as the Fed, the Treasury, and various regulators, also has to be done away with. Yet that would mean a complete change of a multi century status quo, and a direct threat to the ruling financial-political-kleptocratic oligarchy. And the last thing that anyone in control (of either power or money, or both) would like the average American to know is how deep the stream of prevarication flows. In retrospect, if last year's near-catastrophic events did not cause anything to change, now that the Lehamn and AIG implosion are merely a repressed memory, one can be sure that absent another systemic collapse, it will be more and more difficult to get the well-entrenched organizations to open up. Alas, by the time the next bubble pops, it will be too late as there will be nothing left to salvage.
h/t Richard
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AMEN BROTHER, accountability, transparency and disclosure are just BIG WORDS in the dictionary that apply to everyone except the corrupt oligarchs.
One could go further and say that the cloud of opacity under which not just this but all administrations have been operating for decades, in direct complicity with such institutions as the Fed, the Treasury, and various regulators, also has to be done away with. Yet that would mean a complete change of a multi century status quo, and a direct threat to the ruling financial-political-kleptocratic oligarchy. And the last thing that anyone in control (of either power or money, or both) would like the average American to know is how deep the stream of prevarication flows.
"One of the most ambitious projects undertaken by the Administration and Goldman Sachs, that seeks to entrench the Wall Street oligarchy, is cap-and-trade."
How does this further entrench Wall Street in the national anus? I thought this was a tax on utility companies.
It's simple, the Squid is involved because there "needs" to be a mechanism/platform/broker by which to trade carbon credits. People have been warning of it for awhile:
http://www.thestalwart.com/the_stalwart/2006/10/carbon_trading_.html
The SV nails it! But to expand upon genius: carbon derivatives and carbon offset trading allows for another round of multiple levels of securitization and derivatives.
And what entities happen to own (control) the ICE US Trust, Climate Exchange PLC (holding company which owns all those climate exchanges involved - in Chicago and all over the planet), DTCC, makitSERVE, InterContinental Exchange, Markit Group, et al.?
Why none other than Goldman Sachs, Morgan Stanley and those nifty oil cartel folks (plus some financing from JPM and Credit Suisse).
Hmmmmmmm...........
Cap and trade is financial facism. To declare CO2 a pollutant (EPA did) then state that you are going to regulate it (Cap and Trade) is saying that you are going to control every aspect of human activity and life on this planet.
Yep, this is a tax on living. You inhale oxygen, and exhale CO2.
Yeah, and if you breathe too much, we'll tax your @$$.
And I've got the IRS at my disposal.
But given that the rate of O2 is dropping faster than CO2 is rising, don't hold your breath......
You'll never beat us. Life is short and frustration is expensive. Join the fun, come join us Joe.
lol
VD Net provides continuing coverage of Financial Systemic Disorder (FSD)
Widespread buggery between United States Players In Government Service (US PIGS) and Financial Over Seers (FOS) has gone viral.
As previously reported, these behaviors are not novel to our day, butt in place for a long time.
What is novel is that this buggery has transmogrified into Cadres of Zoophiles (COZ) fucking anybody or anything for a buck. The most vicious Zoophiles have been characterized as voracious schools of Vampire Squid who will annihilate unsuspecting prey by fucking them to death. Death may be sudden, or may come later as the result of slow bleed.
VD Net encourages the utmost caution until the Financial Over Seers (FOS) are in quarantine.
Godspeed.
I've tried to type several responses, but they keep ending in a string of expletives...... What planet are these politicians living on? Is it possible that they actually believe their own lies?
This country is broken in just about every way possible. I've lost all faith.
Our government has been captured, and no solutions will come with liars, thieves, spin artists, and corrupt bastards at the helm. (I'm talking about both parties here, if there is any confusion.)
WTF?!!
Two sides of the same iridium coin no doubt.
I hope you haven't lost faith in the people. Most of them don't care about power, and some may even have an inclination towards justice.
In terms of government, there are still a few good people out there. Dr. Paul and Dennis Kucinich are a few that come to mind. The system itself isn't even broken, the problem is that the rules have been disregarded. If the government doesn't have to follow rules then corruption inevitably takes hold.
Electing Dr. Paul as President should solve a lot of problems. Cleaning the system looks like an impossible task, but there are things that can be done. Each person can mend and transform their own world, not just the turds in DC and NYC.
"This country is broken in just about every way possible. I've lost all faith."
I concur, once Texas seceds from the Union I am relocating to Texas to get out of this Fucked up Country.
WTF x 10
Great heaps of kudos to you for this piece, and especially for your final paragraph, in which you clearly state exactly what the issue is and always has been.
Another member of congress responds with one more sternly worded letter. More fluff in the pursuit of demonstrating that someone is attempting to do something. This is all the aforementioned kleptocratic oligarchs and government know to do. The system as now structured is incapable of functioning in a manner that can or will in any way act to constrain the kleptocrats.
Hence terrorism . . .
Layne hasn't made any mention of the absence of alcohol.
Cheers
EXACTOMUNDO!!!
What we need is another Warren/Peterson/Greenspan/9-11 Commission (just joshing).
Thanks TDs et al.
Every step in the right direction, no matter how feeble and ineffectual, must be supported and encouraged.
Keep up the good work.
I've been a fan and reader of this site for a while now, and while a lot of whats said was already known to me, I'm still learning new things from this site. I thank you.
But I'm tired of all this, I want change. Real change. Can we put a hold on all the ways the US Citizens are being screwed, and come up with someway to actually change all this!!!
Exactly when do we return to a government for the people, by the people?
~at the least, give me a date so I can enter a deep slumber and wake up when that day is finally here.
There is no waiting for it. Get up and do it. Want change? Make change.
Yes, there is ONE way, Anon, and it's called "The Putin Way."
What Putin did to consolidate his control, as brutal as it was, is the only way to kill off those "free marketeers" (a k a, death profiteers, war profiteers, evil profiteers) and return to a more normal existence.
Plus, no more monopoly on land and capital -- by either the State nor the Corporation!
Cap and Trade is dead. The Senate won't get around to voting on it this year and certainly won't touch it next year given the election in Nov. If the dems lose seats in the house and senate, it's done for good. A lot of Dem members of the house took heat for voting yes on that bill when they went home in August.
Anyone hedging bean futures and carbon credits? This country's final capitulation from greatness to idiocracy came when it celebrated one of its biggest clown's, Al Gore, achievements - a Nobel Prize and Academy Award for the biggest scientific farce ever perptuated on mankind. BWAHAHAHAHAHAHAHAH....freakin' bread and circus folks!!
Vampire squid clone suicided while inking deal with drug cartels in Mexico, found floating tenticles down off Louisiana coast.
http://news.yahoo.com/s/nm/20090921/sc_nm/us_usa_giantsquid
Viewing hours will be held Wednesday 5PM - 8PM.
Cremation to follow to cover up all evidence.
Salvation is to remove all these fucks from office and clean it up. Everybody should run for office, millions of ordinary good citizens should just run...
that's a really great idea.
either that or everyone should write in monty burns:
http://www.burnsformayor.com/index.html
I've thought that compulsory service and a random lottery like the selective service system would work. Even if completely "unqualified" people were put into every government position I suspect that we would be better off than with the current collection of corrupt officeholders in place now. At my age I have learned to take integrity with modest talent over amoral brilliance everytime. I've noticed many references to "Joe Sixpack" or "the sheeple" and of course in those cases it's always the other guy who's the rube but my experience is that it's usually the smart and educated people who are trying to screw me.
Goldman's cousin captured in net:
http://news.yahoo.com/s/nm/20090921/sc_nm/us_usa_giantsquid
Total additional payments from citizens from Cap and Trade and Health bills will be on the order of $10,000. If the average American Houshold makes $50,000. That's a 20% tax increase without calling it a Tax, it will be a Life Fee. I hear talk of secession brewing around two of the more self-sufficient and rather large states. Texas or Alaska bowing out of the Union might just be the wake up call the Cock-knockers in Washington need.
Hey, Chumly...if I had a Nobel Prize; I would throw it in the garbage, because that is all it's worth after being awarded not only to a charlatan, but a psychopath to boot.
OT: Just watched a couple hours of MSNBC and Fox News. It's been a long time since I've done that. We are so fucked.
VOTE OUT EVERY ENCUMBENT.
NO ONE STAYS.
BETTER YET: VOTE IN ****ONLY**** INDEPENDENTS. NO DEMOCRATS OR REPUBLICANS STAY.
calling up ZH, my browser delivered this archive (quite accidentally) from late March - worth reviewing this missive from some 400 SPX points ago
http://zerohedge.blogspot.com/2009/03/week-that-was-not-as-market-and-me...
Pretty unnecessary outrage here people: there's only eight X's where the dollar figure would be. That's potentially less than what Goldman Sachs makes with their witty and fair trades every day. </s>
And what does the number have to do with transparency? It pretty transparent that all this money is going to come out of the very same thin air that it will be used to tax. And it will keep doing so. Numbers phlumbers.
At least this is a laughter in terms of the demonstration of a complete lack of decency by the parties involved. Nothing can be done about his one. We can send letters to Obama and hope that it will be one of the three he decides to read any given morning but thats about it. The rest is left to the technocrats. And even if they do comply its not like they would be obliged to give the original number; and even if they did give the original number they have no obligation to keep under that budget. In fact they most likely have an obligation to exceed this number in order to keep the whole debt rollover game going.
This request will most likely be answered, but it will mean nothing.
It is worth checking out the fast money show tonight - cnbc had their newest anchor on from across the pond. The guy started ripping the fed and the loose money policy while the traders sat mesmorized. He goes on to ask the footballer how he can reccomend buying JPM to the masses and his response was it doesn;t matter if becuase you can by put protection so cheap its basically a free call option on gains. Not sure this guy will ever make it on the air. Regardless it is worth watching just to see the look on the retard Terenova and Tim I lived in Russia therefore I am
SD dude, you need to stop watching that horsehshit.....it has warped your fragile mind....
Tyler posted a clip of exactly this episode a few minutes ago!!!!
http://www.zerohedge.com/article/simon-hobbes-destroys-ges-fast-money-pu...
Just like health care reform, the legislation has no details, and even for members of Congress it provides little vital information. Just another in a long line of atrocities against the American people.
I'd better get out my pitchfork!
http://www.cnbc.com/id/15840232?video=1273696446&play=1
Worth watching...
like watching a whole bunch of slimy used car salesmen.......another reason to be ashamed of my country these days.
the Brit was telling the truth........
Kinda makes you wonder why every single rep in Washington is not supporting this action. Obama is so full of it. If he had not laid it on so thick while running for office it would not be so bad. The O loses credibility by the minute these days. He's still got some work to do to catch up with Ben and Timmay though.
Hold on, now! Just 'cause Obama hired all these Wall Street lobbyists for the Treasury and advisory positions, and these biopharmaceutical lobbyists for Homeland Security and CDC.....
No, wait, you're right......
the GS site has recently been awash with climate change information, just a week or two ago a large photo of a melting iceberg as the backdrop to its homepage.
"the stream of prevarication flows"
Absolutely poetic TD!! The law of unintended consequences rules here. And so does the law of good intentions. Both lead to the lowest ring of hell in the inferno.
What is so deep today as compared to past issues is the depth of doublespeak flowing as if it were truth. In the land of the blind, the one eyed are geniuses.
Again, thanks.
Last week JPM bought a european carbon trading firm for a few hundred million as I recall..
I really hope ZH stays on top of this because I rarely see any updates on the details of CapNTrade. By the way, isn't this already in effect in California or am I mistaken?
I've been at work all day on climate blogs posting things like this;
They warned us about the global warming scam 20 years ago!
I have to laugh my ass off at the global warming conspiracy deniers when I see what the Sun is denying them of every day. No sunspots for them for a very long time till they learn a lesson they will never forget, HAHA. The lesson includes, you can’t trick the world into accepting global energy rations and Rothschild style control of the energy markets through junk climate science.
Watch this 1990 documentary, it proves the on-going conspiracy to control the entire world through global taxation of the energy markets.
The Greenhouse Conspiracy
http://video.google.com/videoplay?docid=-5949034802461518010#NO sunspots for Obama till he learns a lesson he will never forget!
Global warming = 100% exposed FRAUD!! Must see!! http://www.youtube.com/watch?v=JrRusZOx3l4
We are going to win this war through real science,
just to let ya know, 2 possible sunspots spotted today:
www.spaceweather.com
of course, the sun's got absolutely nothin to do with it, considering that it's humans pulling all the strings...
You can't decouple matter that much even with 93 million miles between them. This is what the sun did after haarp charged up ionosphere for the sechuan attack.
http://www.youtube.com/watch?v=hzVamNQzfYA
And this is what sun did in response.
http://www.youtube.com/watch?v=ZYQA4ivQcNw&feature=related
more complete version of the second link
http://www.popmodal.com/video/3002/The-Great-Global-Warming-Swindle
I am amazed at the brilliance of some amateurs everyday.
Total Economic and Societal Collapse: Swine Flu
http://www.youtube.com/watch?v=mMcefPjUqsw
Vaccine Checkpoint Evasion: Swine Fluhttp://www.youtube.com/watch?v=3QtM04SMU7w
"http://www.youtube.com/watch?v=mMcefPjUqsw"
Looks like a Mushroom Cloud in the background.
Forget it. You cannot have accountability at the federal level
Let's reorganize the government and move accountability back to the states. Not that they are great at it. They just can't print their way out of overspending, or create taxes that no one understands, not even the treasury secretary.
another brilliant amateur...Cramer comes through with the winners yet again!
http://www.thestreet.com/story/891820/the-winners-of-the-new-world.html
Completely unrelated, but did anyone see this guy handing the Fast Money folks their ass on a platter?
http://www.cnbc.com/id/15840232?video=1273696446&play=1
JPMorgan threatens to ruin the Planet if denied participation in cap-and-trade:
Markets will have inadequate liquidity without bank participation, Bill Winters, co-chief executive officer of JPMorgan’s investment bank, said at a July 23 press conference in New York.
Carbon markets “will die, and the temperature on the planet will go up by a couple of degrees, more than it would have otherwise, and we’ll be really sorry about it,” Winters said.
http://www.bloomberg.com/apps/news?pid=20601109&sid=a9qWGysLQ.Cg
"But when it comes to the squid, you have to pay in order to play."
I know I'm a grammar Nazi, but shouldn't "squid" be capitalized.........?
Banana president ---> Banana republic
Not Censured but Censored. Eh?
The "cloud of opacity" being thrown up by the Obama administration is just a desperate attempt to save the planet. The cloud will reflect more of the sun's energy, thus sparing us from runaway warming.
Obama is a genius.
Let's not forget the famous Obama quip, "Cap and trade will necessarily make energy costs skyrocket in the US." Need we know any more? Of course, Al Gore made a movie and started a company to exclusively control the market with JPM and GovSachs. Big surprise there, too.
OMFG. These assholes are pure evil. There will be revolution and, given the demonstrated determined evil from the globalist kleptocracy fuckheads, it will be bloody...probably. They care not about our blood, so they will spill it. These people are so horrible.
Media Matters debunked Upton a few weeks ago. Gotta keep up folks.
http://mediamattersaction.org/factcheck/200907130009
On July 13, 2009, Rep. Fred Upton (R-MI) wrote an "ideas piece" on Politico in which he falsely claimed cap-and-trade would increase energy bills "by thousands" and cause job losses. In reality, the American Clean Energy and Security Act would create jobs in every state and help America become more energy independent, all for the price of a postage stamp per day.
Media Matters? Now there's an objective outfit, if you like left wing Kool Aid. Drink up boys! Cost of a Postage stamp my A#$.
Your mediamatters link does quote CBO estimates. Too bad they are for the year 2020.
"Congressional Budget Office (CBO) estimates that the net annual economy wide cost of the cap-and-trade program in 2020 would be $22 billion-or about $175 per household."
"households in the lowest income quintile would see an average net benefit of about $40 in 2020."
this is called cherry picking