Read Matt Taibbi's article in Rolling Stone Magazine:
The Great American Bubble Machinehttp://sites.google.com/site/disclosuredelta/ **see note below
"BUBBLE #6
GLOBAL WARMING
Fast-forward to today. it's early June in Washington, D.C. Barack Obama, a popular young politician whose leading private campaign donor was an investment bank called Goldman Sachs - its employees paid some $981,000 to his campaign - sits in the White House. Having seamlessly navigated the political minefield of the bailout era, Goldman is once again back to its old business, scouting out loopholes in a new government-created market with the aid of a new set of alumni occupying key government jobs.
Gone are HankPaulson and Neel Kashkari; in their place are Treasury chief of staff Mark Patterson and CFTC chief Gary Gensler, both former Goldmanites. (Gensler was the firm's co-head of finance.) And instead of credit derivatives or oil futures or mortgage-backed CDOs, the new game in town, the next bubble, is in carbon credits - a booming trillion dollar market that barely even exists yet, but will if the Democratic Party that it gave $4,452,585 to in the last election manages to push into existence
a groundbreaking new commodities bubble, disguised as an "environmental plan," called cap-and-trade." (emphasis added)
>snip
"Well, you might say, who cares? If cap-and-trade succeeds, won't we all be saved from the catastrophe of global warming?Maybe - but cap-and-trade, as envisioned by Goldman, is really just a carbon tax structured so that private interests collect the revenues. Instead of simply imposing a fixed government levy on carbon pollution and forcing unclean energy producers to pay for the mess they make, cap-and-trade will allow a small tribe of greedy-as-hell Wall Street swine to turn yet another commodities market into a private tax-collection scheme. This is worse than the bailout: It allows the bank to seize taxpayer money before it's even collected."
**Note: For some reason the Rolling Stone site doesn't have the
entire article by Taibbi, as far as I can tell. Thus the link, above.