Between 1911 and 1931, 47 of the 48 states adopted state securities, or “blue sky” laws, so-named after a statement rendered by U.S. Supreme Court Justice Joseph McKenna in Hall v. Geiger-Jones Co.
These laws were enacted to provide some protection to consumers from the sale of worthless or dubious investments, not unlike today’s derivative markets.
McKenna described suspect investments as “speculative schemes which have no more basis than so many feet of ‘blue sky’ ... .” Little did he realize that 80 years later, selling pieces of the sky would be just fine and even advocated by the Congress of the United States.
That is precisely what Cap and Trade is really about; a $1 trillion global business. Chicago Climate Exchange (CCX) operates North America’s only cap and trade system for all six greenhouse gases, with global affiliates worldwide.
It needs customers. No problem, we can create customers by enacting laws! It’s just a coincidence that it is headquartered in Mr. Obama’s home town.
It is ironic and hypocritical that Congress is offering financial regulatory reform while attempting to use climate change fears to create a whole new group of derivatives “which have no more basis than so many feet of “blue sky.” Selling blue sky once was the “height” of chicanery. Now, we are saving the planet by doing so.
In reality, this is Andrew Carnegie’s famous “second reason,” in other words, the real reason for global warming. Money, money, money. It is making money “out of thin air.” A corrupt government is facilitating a whole new class of fraud at the taxpayer’s expense.
Goldman Sachs has long lobbied for climate legislation because it stands to reap huge fees in brokering the trade of energy rationing coupons (a.k.a.carbon credits) under a cap-and-trade scheme.
By 2020, the global carbon market could be worth $3 trillion, according to London-based New Energy Finance. General Electric helped write portions of the bill to tilt the market in its favor.
If Congress puts a price on carbon, coal will lose market share to nuclear power and natural gas. GE is a global leader in these two industries. This is par for the course for GE. In 2007, it spent millions lobbying for an energy bill that bans incandescent light bulbs. The company just happens to be a world leader in the production of compact fluorescent bulbs.
Exelon, America’s most valuable utility, estimates that climate legislation would add $700 to $750 million to the company’s annual revenues for every $10 per metric ton increase in the price of C02 allowances. You will pay these giants!
Who owns and benefits from the climate exchange? “Government” Sachs owns 10 per cent of the business. How about former vice president At Gore, AKA Generation Investment Management LLP? Maurice Strong, a former Secretary General of the 1992 United Nations Conference on Environment and Development. Wonder why the UN numbers get skewed? That’s why!
Ice, snow, and temperature have little to do with it. Folks, the reason it doesn’t make sense is ... that it doesn’t yet make cents! (For the right people)
Justice McKenna now needs Ambien to stay dead. Goldman Sachs has been Congress’ point men all the way on this project. You can trust them. They are responsible for $900,000 in campaign contributions to President Obama, and, in part the sub prime mortgage crash.
How far out can you get than putting a price on “thin air” The next financial disaster could be our last. Chicken Little could be right this time! The sky is falling!
Col. Charles Kerning, Ret.
Springfield, W.Va.
Opinion
It’s about making money ‘out of thin air’
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Reward each according to production, investments
The reader’s commentary dated May 18 (“It may be that God would prefer Communism”) is absolutely absurd.
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Besides, they’re not interested in dental health
Dear Governor:
I am writing to thank you for your leadership in the recently called special legislative session to avoid the Doomsday budget. -
Here’s why he prefers the school he’s now attending
School is boring but we all have to go, so choose your school carefully. I attend a Christian school because I don’t have to listen to people cussing, teachers and some class mates are caring, and I’m learning about Christ.
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Friends Aware grateful for support of public, legislators
Friends Aware Inc. would like to take this opportunity to publicly thank Sen. George Edwards, Delegates Wendell Beitzel, Kevin Kelly and LeRoy Myers and the members of the Allegany County Commissioners for their support of our organization in the awarding of $250,000 through a state bond bill.
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How it works
Anything that can be done to foster transparency in government is a good thing. The latest effort in that direction is an online class explaining how Maryland’s Open Meetings Act works.
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They’re not bad; they just want the same rights
Quite frankly I’m sick of the constant bashing of same sex marriage, I’m a heterosexual with enough morals and common sense to see that what the gay community’s asking for isn’t anymore then basic equal rights.
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Sounds like communism didn’t work out too well for them
I read with interest R. Steele Selby’s letter of May 18 (”It may be that God would prefer communism”). I will limit myself to commenting on just one of his arguments.
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Day of Caring, Sharing proves he was right to move here
Being part of 2012 Caring and Sharing (I painted the entrance area at the Gilchrest Center) was yet another example of why Cumberland was the right place to relocate when I retired last summer.
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Will having a casino really be of benefit to Allegany County?
The idea of the county to have a casino may sound glamorous and exciting, but will it really help the economy of the area?
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Their goal is common good, not personal gain
At his request, I am responding to Arthur Squires’ commentary, “She believes despite evidence to the contrary” (May 17 Times-News).
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Reward each according to production, investments
