US Lawmakers, Fearing CO2 [Scam] Market Crisis, Drafting Tough Rules

"This is a disaster in the making," warned Rep. Greg Walden, R-Ore., ranking member of the House energy subcommittee on oversight and investigations. "If you like the bubbles of the technology market and the housing market, I predict you'll love the bubble that will come from the cap-and-trade market."
...
"I attended a recent meeting of an organization interested in [climate change legislation], and guess who it was," Rep. John Dingell, D-Mich., said at an energy forum last week. "It was a bunch of good-hearted Wall-Streeters ... getting ready to cut a fat hog."

Many of the most exuberant, enthusiastic advocates of cap-and-trade are some of the same major institutional investors that were involved in the housing and commodity markets, said Walden, the congressman from Oregon.

Take, for example, the Regional Greenhouse Gas Initiative, or RGGI, a cap-and- trade system in the northeastern states. According to the list of qualified bidders, among those who wanted to buy credits were a raft of investors that aren't major emitters - trading units of Barclay's Plc (BCS), Goldman Sachs (GS) , JP Morgan Chase & Co (JPM), Merrill Lynch, now a unit of Bank of America (BAC) , and Morgan Stanley (MS).

One of the biggest advocates in the U.S. Climate Action Partnership, a group that lobbies Congress for cap-and-trade legislation, had been American International Group (AIG), whose controversial financial products unit precipitated the near-demise of the insurance giant.

Carbon [scam] plan faces Senate hurdle - Lisa Lerer - POLITICO.com

The budget debate on Capitol Hill has exposed deep splits among Democrats over combating climate change, a major priority of President Barack Obama, with moderate lawmakers opposing a bold legislative gambit to pass the administration’s cap-and-trade proposal through the budget reconciliation process.
...
Sens. Arlen Specter (R-Pa.) and Judd Gregg (R-N.H.), who last year supported climate change legislation sponsored by Sen. Joseph I. Lieberman (I-Conn.) and former Sen. John Warner (R-Va.), voiced concerns about Obama’s proposal.

“President Obama promised a middle-class tax cut, but what he didn’t tell us was that he would pay for it with a climate tax,” Sen. Bob Corker (R-Tenn.) said in a statement. “This is a major sleight of hand.”

Cap-and-Trade [Scam] Could Cost Washington as Many as 18,292 Net Jobs, $5.7 Billion in Personal Income - Press Releases

Seattle — Specific proposals that several Western states would implement to comply with a proposed cap-and-trade carbon emissions control pact would destroy jobs and erode income, according to a report co-released by a national economics institute and the Washington Policy Center.

In a thorough review of the claims made by the Western Climate Initiative (WCI), the Beacon Hill Institute (BHI) at Suffolk University identified several flaws made by the seven state consortium, calling into question so-called cost savings ranging between $11.4 billion and $23.5 billion. These flaws render WCI’s projections useless in determining the WCI’s cost to state economies.

Obama Says ‘Cap and Trade’ [Swindle] Must Protect Against Cost Spikes - Bloomberg.com

March 24 (Bloomberg) -- President Barack Obama said a proposed emissions-trading plan aimed at tackling climate change and moving the U.S. toward a new energy economy must take into account regional differences and “huge spikes” in costs.