Thursday, October 16, 2008

Welcome to Barak's Brave New Energyless World

Oct. 16 (Bloomberg) -- Barack Obama will classify carbon dioxide as a dangerous pollutant that can be regulated should he win the presidential election on Nov. 4, opening the way for new rules on greenhouse gas emissions. _Bloomberg_via_Wattsupwiththat
Obama in his wisdom is preparing to put the finishing touches to the demise of the US (and thus the world) economy. The implications of this incredibly foolish proposal go to the heart of Obama's judgment and personal competence.
In my opinion, this is lunacy - Obama’s thinking is completely off the rails now. He cites a new energy plan in August, then cripples it from the start with this sort of thinking. _WattsUpWithThat
Lunacy is proposing to give every citizen $50,000 a year just for existing. Lunacy is being willing to sit down with enemies of your country without preconditions. Lunacy is destroying the educational system of Chicago and planning to do the same to the entire US. But this????!! This goes far beyond lunacy into the criminally insane category.

Already, much needed power plants are being cancelled due to misplaced concerns over CO2 emissions. Under Obama's grand regime, plans for new uses of coal, oil sands, heavy oils, shale oil, and other carbon producing energy methods would be placed in suspension indefinitely, as existing plants are shut down, and the already dangerous energy and electrical generation reserves will be reduced below critical levels.

Want to know a secret that only you and a few other people will know? The current worldwide market fiasco and credit crunch happened not just because of Carter and Clinton's misguided forays into "home mortgages for all" using the CRA and Fannie Mae/Freddie Mac. The crash is not just because the federal government pushed banks into dangerous loans, and provided incentives for the wild trading in credit default swaps in national and international markets. It was not just that ACORN, Maxine Waters, Barney Franks, Chris Dodd, and the other usual suspects prevented Bush and McCain from reforming Fannie Mae, Freddie Mac, and the growing mortgage dysfunction. Not even a growing dread among investors over a possible Obama presidency fully explains the sinking financials.

The tipping of the edifice occurred when the headlong flight into commodities (including oil) by hedge funds, pension funds, long-only funds of investment banks, etc. ran into a brick wall. The funds, banks, and investment houses were already up to their necks in unsound derivatives. But when the commodity markets took a dive--which anyone with a brain knew they would--the camel's back was broken. Now you know. A delusional belief in "Peak Oil" was one of the fibres in the straw that broke the financial camel's back.

Now, Obama wishes to use another popular delusion--climate catastrophe or CAGW--to finish the job. Is he that stupid? Does he believe the American people are stupid enough not to connect the dots? Or are both questions to be answered in the affirmative?

Previously published at Al Fin

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