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’
- Opinion
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Get tough
Based on the number of drivers we see who are still talking on handheld cell phones, Maryland lawmakers are justified in making the state’s cell phone law tougher.
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Argument for same-sex marriage is superficial
I am writing in response to a letter by Ian Stafford entitled, “Equal standards on marriage should be applied to everyone” (Feb. 3 Times-News).
The first thing I noticed about the article is the title. It appeared to be a Gov. O’Malley talking point repeated by his supporter to reframe the issue and promote his radical agenda. -
Some of city’s rail crossings in need of repair or replacement
As I was crossing the rail crossing today at Valley Street and Henderson Avenue, I felt like I was riding a horse-drawn buckboard.
It took several minutes for my kidneys and stomach to right themselves back into a normal position. -
WMHS Home Hospice seeks to increase outreach to veterans
The Western Maryland Health System Home Hospice Services is seeking to increase the outreach to local veterans as part of the “We Honor Veterans” campaign.
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Other reports say to beware of fracking
Scott Cline writes that fears being voiced in the Times-News about hydraulic fracturing are long on fiction and short on facts, then proceeds to explain why fracking is so safe (“Unfounded fears about shale gas obscure facts,” Jan. 25 Times-News.
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You’ll have to be rich to breathe Md. air if they begin taxing it
Let me see Marylanders, can you think of any more ways our elected officials can raise taxes in Maryland?First there was the flush tax to save the Chesapeake. Then there was sales tax raised from 5 cents to 6 cents on the dollar. Then we had toll fees at the Bay Bridge go up. Then we had car registration fees increase, along with vehicle tag prices increase.
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Spending on non-academic projects causing the problem
Mr. Long’s poignant comments regarding school closings were good (“Is not a school more than just a school?,” Feb. 1 Times-News), however, he missed the sole reason for the closings — that the Garrett county Commissioners and their leader are too committed to adventure sports and relative extravagant non-academic ventures.
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No to repeal
Just as he did last year, Gov. Martin O’Malley is attempting to end a tax credit that benefits the local coal industry. If he succeeds, the incentive to purchase Maryland coal will be substantially diminished.
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Garrett has better uses for taxpayers’ money
At a time when Garrett County schools are threatened with closure, the Adventure Sports Center International’s (ASCI) executive director mounts a public relations campaign requesting $3 million more from the commissioners. (“On eliminating ASCI’s $3M debt: Exec. speaks out,” Jan. 20 times-News, Page 1A)
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Here’s what befell those who could have solved the problems
Something to consider:
Why are schools being closed?
Why has the housing market become so volatile?
Who is the person destined to cure cancer?
Why is Social Security on the brink of disaster?
Where is your doctor from? Don’t we have enough doctors graduating stateside?
And where is the cure for the common cold? Not enough tax revenue for fed and state and local governments is a real problem.
One very good answer is that these students, house buyers, medical researchers and inventors were never born. - More Opinion Headlines
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