I was living in Houston Texas in 1986 right after the bust. It was like a Neutron Bomb had gone off and destroyed all the jobs.
None of them read it. It was put on them at 3 am. Another disaster waiting to happen. This is how the democrats pass legislation.
What don't you understand about Obama? No one will be rich beyond their wildest dreams. He will simply tax it all away. That is his goal and he has been pretty open about it.
The bill empowers Government to pick winners and losers via carbon handouts. 85% of carbon allowances will be granted by Political Committees. Just like Bankers regulating themselves and their competition via the FED. This is hardcore Socialism. And in the case of the Banking Legislation, Corporate Fascism. See whats happening here? Government legislating itself authority to pick winners and losers. Death of Free Markets. Consolidation amongst top Corporations. Bankers "regulating" themselves, their competition, and the entire Economy, for their benefit. Government is handing the keys over to Big Business. The Country is almost gone.
Oh yea, and "clean energy" translates to higher energy costs = economic contraction. When energy costs more, everyone suffers. This bill will hamstring growth at the worst possible time.
Too funny! You obviously have a VERY short-term memory. The Prescription Drug and Medicare "Improvement" Act of 2003 which was supported by Bush and spearheaded through Congress by House of Representative and big pharma lobbyist Billy Tauzin of Louisiana . . .was voted on at 3AM too . . . because it stunk so bad and no one wanted to be seen voting for this piece of crap on CSPAN.
That is why Bernanke is not yet ready to pull the liquidity "punch-bowl" away . . . Should be interesting to see how "watered-down" this Bill gets.
I think the whole concept of cap and trade is insane, but if it is to be applied, there is merit to your suggestion. However, it would no doubt be ruled illegal by the WTO as an unfair trade barrier.
June 26 (Bloomberg) -- Americaâs biggest oil companies will probably cope with U.S. carbon legislation by closing fuel plants, cutting capital spending and increasing imports. âIt will lead to the opportunity for foreign sources to bring in transportation fuels at a lower cost, which will have an adverse impact to our industry, potential shutdown of refineries and investment and, ultimately, employment. Closing refineries is a national security issue.