Obama: Candidate of the 1 Percent
by Bill Levinson
Originally in the American Thinker
General Carl von Clausewitz warned that artillery is the one weapon that an enterprising adversary could turn against its former owners. Barack Obama’s support for cap and trade allows us to similarly turn his class warfare rhetoric against him.
Senator Kirsten Gillibrand (D-NY), a strong supporter of Obama’s cap-and-trade agenda, has provided us more than ample means to do so. Gillibrand argues in favor of the 21st-century counterpart of indulgence-peddling as follows:
- According to financial experts, carbon permits could quickly become the world’s largest commodities market, growing to as much as $3 trillion by 2020 from just over $100 billion today. With thousands of firms and energy producers buying and selling permits to emit carbon, transaction fees for exchanges and clearing alone could top nearly half a billion dollars.
… An infrastructure is already beginning to form, as entities like the New York Stock Exchange, J.P. Morgan Chase, Goldman Sachs, and the new Green Exchange are developing carbon trading platforms or expanding their environmental trading desks. There are nearly 100 funds already focused on green investments.