CBO estimate of cap and trade costs: $175 per year, per person

[Marcus Bryant]

The end of business as usual?

[Winehole23]

The PPIP's were designed to fail, i.e., to transfer failure from the banks to the public and unwary investors.

Either:

Even with the FDIC no-contract (i.e., free leverage) guarantees, the hedge funds refused to touch the financial dreck at the center of it all, realizing they'd never recoup at a price acceptable to the banks.

Or:

When the banks figured out the hedge funds would never give them their price, they refused to participate.

[boutons_deux]

Taibbi strikes (Goldman) again.


NYSE ends transparency to protect Goldman Sachs

"The New York Stock Exchange quietly announced last week that it would end its practice of requiring companies to report all their program trading — a move that helps shield large investment banks, particularly Goldman Sachs, from public scrutiny.

The new rule means the public will no longer be able to tell if large investment banks are manipulating the stock market for their own gain, "

"Taibbi argues that the move is designed to protect investment banks from bloggers who are exposing the companies’ stock market manipulations. Goldman Sachs is singled out because the investment bank’s share of principal NYSE trading has gone from 27 percent at the end of 2008 to fully 50 percent of trades in recent months."

http://rawstory.com/08/news/2009/07/...goldman-sachs/

[Winehole23]

Wow. That's deserving of its own thread IMO.

[Wild Cobra]

Taibbi strikes (Goldman) again.


NYSE ends transparency to protect Goldman Sachs

"The New York Stock Exchange quietly announced last week that it would end its practice of requiring companies to report all their program trading — a move that helps shield large investment banks, particularly Goldman Sachs, from public scrutiny.

The new rule means the public will no longer be able to tell if large investment banks are manipulating the stock market for their own gain, "

"Taibbi argues that the move is designed to protect investment banks from bloggers who are exposing the companies’ stock market manipulations. Goldman Sachs is singled out because the investment bank’s share of principal NYSE trading has gone from 27 percent at the end of 2008 to fully 50 percent of trades in recent months."

http://rawstory.com/08/news/2009/07/...goldman-sachs/

Why don't you verify anything before posting what is misinformation? If I red the memo correctly, they are stopping a requirement that has the same information reported twice.

DECOMMISSIONING OF THE DPTR

In the 2007 rule filing, the Exchange proposed to eliminate DPTR. The 2007 filing noted that there was some duplication between the DPTR data and the audit trail information that member organizations provide to the Exchange via account-type indicators at the time that they submit program trades to the Exchange.

The source article is from a leftist writer for "The Rolling Stone."

wiki: Matt Taibbi

[boutons_deux]

"If I red the memo correctly"

you didn't.

They're dropping the Daily PTR while retaining the weekly J and K audit trails.

A week is a long time on the often-very-volatile NYSE. Less frequent reporting means less transparency, behind which market gamers like Goldman can have their merry ways.

[Extra Stout]

After perusing details of the cap-and-trade bill, it looks like a giant sop to Big Oil, Big Coal, and Big Agriculture, with a hearty dollop of Social Engineering mixed in.

The vaunted carbon reductions are smoke-and-mirrors. The bill creates a whole bunch of offsets, then hands them to businesses that donate generously to Congress so they can sell them. Free money! At your expense! By the time the bill is supposed to "reduce carbon emissions by 85%," in 2050, it will not actually have reduced the amount of carbon atoms that get emitted to the atmosphere one smidgen, but simply will have massaged the "offsets" so on some accounting sheet of paper, which will impress RandomGuy to no end, a number untethered from concrete reality will get smaller.

This has absolutely nothing to do with curtailing global warming.

Nothing.

It is all a scam to steal from individuals and give to corporate interests. The only difference between this and what the Republicans did for six years is that instead of putting a "free markets" veneer on their brazen larceny, they're putting on a "green" veneer instead.

I feel like rejecting the social contract with the government.

[RandomGuy]

Hmmm.

Link to the particulars of the bill anyone?

[101A]

After perusing details of the cap-and-trade bill, it looks like a giant sop to Big Oil, Big Coal, and Big Agriculture, with a hearty dollop of Social Engineering mixed in.

The vaunted carbon reductions are smoke-and-mirrors. The bill creates a whole bunch of offsets, then hands them to businesses that donate generously to Congress so they can sell them. Free money! At your expense! By the time the bill is supposed to "reduce carbon emissions by 85%," in 2050, it will not actually have reduced the amount of carbon atoms that get emitted to the atmosphere one smidgen, but simply will have massaged the "offsets" so on some accounting sheet of paper, which will impress RandomGuy to no end, a number untethered from concrete reality will get smaller.

This has absolutely nothing to do with curtailing global warming.

Nothing.

It is all a scam to steal from individuals and give to corporate interests. The only difference between this and what the Republicans did for six years is that instead of putting a "free markets" veneer on their brazen larceny, they're putting on a "green" veneer instead.

I feel like rejecting the social contract with the government.

I knew it had to be something similar; thanks for the macro review.

Anybody gonna turn on Obama on this?

Bueller?

[DarrinS]

After perusing details of the cap-and-trade bill, it looks like a giant sop to Big Oil, Big Coal, and Big Agriculture, with a hearty dollop of Social Engineering mixed in.

The vaunted carbon reductions are smoke-and-mirrors. The bill creates a whole bunch of offsets, then hands them to businesses that donate generously to Congress so they can sell them. Free money! At your expense! By the time the bill is supposed to "reduce carbon emissions by 85%," in 2050, it will not actually have reduced the amount of carbon atoms that get emitted to the atmosphere one smidgen, but simply will have massaged the "offsets" so on some accounting sheet of paper, which will impress RandomGuy to no end, a number untethered from concrete reality will get smaller.

This has absolutely nothing to do with curtailing global warming.

Nothing.

It is all a scam to steal from individuals and give to corporate interests. The only difference between this and what the Republicans did for six years is that instead of putting a "free markets" veneer on their brazen larceny, they're putting on a "green" veneer instead.

I feel like rejecting the social contract with the government.

Yep. But at least guilt-ridden, hand-wringing greenies will be able to sleep at night.

Even if it really DID reduce carbon emmisions, I doubt it would have any significant effect on the climate.

[coyotes_geek]

Hmmm.

Link to the particulars of the bill anyone?

Whole text here: http://thomas.loc.gov/cgi-bin/query/.../~c111jhKFJS::

Here's the section that shows how the actual carbon allowances will increase until 2016, and the actual reductions of carbon emissions don't start taking place until Obama is out of office. I guess cutting carbon emissions isn't Obama's problem after all.

http://thomas.loc.gov/cgi-bin/query/...hKFJS:e878822:

[DarrinS]

Whole text here: http://thomas.loc.gov/cgi-bin/query/.../~c111jhKFJS::

Here's the section that shows how the actual carbon allowances will increase until 2016, and the actual reductions of carbon emissions don't start taking place until Obama is out of office. I guess cutting carbon emissions isn't Obama's problem after all.

http://thomas.loc.gov/cgi-bin/query/...hKFJS:e878822:

Those links aren't working for me.

[coyotes_geek]

Interesting. I'll try again.

The text of the bill is huge and all the other sites are gumming up my browser. It's HR 2454. The section showing the year by year carbon allowances is Section 721.

[coyotes_geek]

Though not the text of the bill itself, here's a do ent showing where all the allowances go.

http://graphics.thomsonreuters.com/c...ILL-HR2454.pdf

And where you see the word "auction" you can replace that with "to be sold by the government to the highest bidder".

[Extra Stout]

No!!!!! It can't be!!!!

[RandomGuy]

[makes fun of Random Guy's support of Obama]

You wound me.

If the bill is a watered down piece of crap, I will readily admit it. I trust your assessment actually, but would like to read it for myself to be able to inform myself personally about it.

Personally, I doubt that anything meaningful can get past the moneyed special interests that have bought and paid for the Congress these days.

[RandomGuy]

Whole text here: http://thomas.loc.gov/cgi-bin/query/.../~c111jhKFJS::

Here's the section that shows how the actual carbon allowances will increase until 2016, and the actual reductions of carbon emissions don't start taking place until Obama is out of office. I guess cutting carbon emissions isn't Obama's problem after all.

http://thomas.loc.gov/cgi-bin/query/...hKFJS:e878822:

The website says it only retains searches for a limited time, so the links don't work.

What is the exact name of the cap and trade bill?

[coyotes_geek]

It's something like American Clean Energy Security Bill. I know it's HR 2454.

[RandomGuy]

NM I found the thing.

H.R.2454
American Clean Energy and Security Act of 2009 (Engrossed as Agreed to or Passed by House)

Looks like a back-breaker. It has waaaaay more than the cap and trade stuff in it.

Here is the summary index:
SECTION 1. SHORT LE; TABLE OF CONTENTS.
(a) Short le- This Act may be cited as the `American Clean Energy and Security Act of 2009'.
(b) Table of Contents- The table of contents for this Act is as follows:

Sec. 1. Short le; table of contents.
Sec. 2. Definitions.
Sec. 3. International participation.
LE I--CLEAN ENERGY
Sub le A--Combined Efficiency and Renewable Electricity Standard
Sec. 101. Combined efficiency and renewable electricity standard.
Sec. 610. Combined efficiency and renewable electricity standard.
Sec. 102. Clarifying State authority to adopt renewable energy incentives.
Sec. 103. Federal renewable energy purchases.

Sub le B--Carbon Capture and Sequestration
Sec. 111. National strategy.
Sec. 112. Regulations for geologic sequestration sites.
Sec. 813. Geologic sequestration sites.
Sec. 113. Studies and reports.
Sec. 114. Carbon capture and sequestration demonstration and early deployment program.
Sec. 115. Commercial deployment of carbon capture and sequestration technologies.
Sec. 786. Commercial deployment of carbon capture and sequestration technologies.
Sec. 116. Performance standards for coal-fueled power plants.
Sec. 812. Performance standards for new coal-fired power plants.

Sub le C--Clean Transportation
Sec. 121. Electric vehicle infrastructure.
Sec. 122. Large-scale vehicle electrification program.
Sec. 123. Plug-in electric drive vehicle manufacturing.
Sec. 124. Investment in clean vehicles.
Sec. 125. Advanced technology vehicle manufacturing incentive loans.
Sec. 126. Definition of renewable biomass.
Sec. 127. Open fuel standard.
Sec. 32920. Open fuel standard for transportation.
Sec. 128. Diesel emissions reduction.
Sec. 129. Loan guarantees for projects to construct renewable fuel pipelines.
Sec. 130. Fleet vehicles.
Sec. 130A. Report on natural gas vehicle emissions reductions.

Sub le D--State Energy and Environment Development Accounts
Sec. 131. Establishment of SEED Accounts.
Sec. 132. Support of State renewable energy and energy efficiency programs.
Sec. 133. Support of Indian renewable energy and energy efficiency programs.

Sub le E--Smart Grid Advancement
Sec. 141. Definitions.
Sec. 142. Assessment of Smart Grid cost effectiveness in products.
Sec. 143. Inclusions of Smart Grid capability on appliance ENERGY GUIDE labels.
Sec. 144. Smart Grid peak demand reduction goals.
Sec. 145. Reauthorization of energy efficiency public information program to include Smart Grid information.
Sec. 146. Inclusion of Smart Grid features in appliance rebate program.

Sub le F--Transmission Planning
Sec. 151. Transmission planning and siting.
Sec. 216A Transmission planning.
Sec. 216B. Siting and construction in the Western Interconnection.
Sec. 152. Net metering for Federal agencies.
Sec. 153. Support for qualified advanced electric transmission manufacturing plants, qualified high efficiency transmission property, and qualified advanced electric transmission property.

Sub le G--Technical Corrections to Energy Laws
Sec. 161. Technical corrections to Energy Independence and Security Act of 2007.
Sec. 162. Technical corrections to Energy Policy Act of 2005.

Sub le H--Energy and Efficiency Centers and Research
Sec. 171. Energy Innovation Hubs.
Sec. 172. Advanced energy research.
Sec. 173. Building Assessment Centers.
Sec. 174. Centers for Energy and Environmental Knowledge and Outreach.
Sec. 175. High efficiency gas turbine research, development, and demonstration.

Sub le I--Nuclear and Advanced Technologies
Sec. 181. Revisions to loan guarantee program authority.
Sec. 182. Purpose.
Sec. 183. Definitions.
Sec. 184. Clean energy investment fund.
Sec. 185. Energy technology deployment goals.
Sec. 186. Clean energy deployment administration.
Sec. 187. Direct support.
Sec. 188. Indirect support.
Sec. 189. Federal credit authority.
Sec. 190. General provisions.
Sec. 191. Conforming amendments.

Sub le J--Miscellaneous
Sec. 195. Increased hydroelectric generation at existing Federal facilities.
Sec. 196. Clean technology business compe ion grant program.
Sec. 197. National Bioenergy Partnership.
Sec. 198. Office of Consumer Advocacy.
Sec. 319. Office of Consumer Advocacy.
Sec. 199. Development corporation for renewable power borrowing authority.
Sec. 199A. Study.

LE II--ENERGY EFFICIENCY

Sub le A--Building Energy Efficiency Programs
Sec. 201. Greater energy efficiency in building codes.
Sec. 304. Greater energy efficiency in building codes.
Sec. 202. Building retrofit program.
Sec. 203. Energy efficient manufactured homes.
Sec. 204. Building energy performance labeling program.
Sec. 205. Tree planting programs.
Sec. 206. Energy efficiency for data center buildings.
Sec. 207. Community building code administration grants.
Sec. 208. Solar energy systems building permit requirements for receipt of community development block grant funds.
Sec. 209. Prohibition of restrictions on residential installation of solar energy system.

Sub le B--Lighting and Appliance Energy Efficiency Programs

Sec. 211. Lighting efficiency standards.
Sec. 212. Other appliance efficiency standards.
Sec. 213. Appliance efficiency determinations and procedures.
Sec. 334. Jurisdiction and venue.
Sec. 214. Best-in-Class Appliances Deployment Program.
Sec. 215. WaterSense.
Sec. 216. Federal procurement of water efficient products.
Sec. 217. Early adopter water efficient product incentive programs.
Sec. 218. Certified stoves program.
Sec. 219. Energy Star standards.

Sub le C--Transportation Efficiency
Sec. 221. Emissions standards.
Part B--Mobile Sources
Sec. 821. Greenhouse gas emission standards for mobile sources.
Sec. 222. Greenhouse gas emissions reductions through transportation efficiency.

Part D--Transportation Emissions
Sec. 841. Greenhouse gas emissions reductions through transportation efficiency.
Sec. 223. SmartWay transportation efficiency program.
Sec. 822. SmartWay transportation efficiency program.
Sec. 224. State vehicle fleets.

Sub le D--Industrial Energy Efficiency Programs
Sec. 241. Industrial plant energy efficiency standards.
Sec. 242. Electric and thermal waste energy recovery award program.
Sec. 243. Clarifying election of waste heat recovery financial incentives.
Sec. 244. Motor market assessment and commercial awareness program.
Sec. 245. Motor efficiency rebate program.
Sec. 347. Motor efficiency rebate program.
Sec. 246. Clean energy manufacturing revolving loan fund program.
Sec. 27. Clean energy manufacturing revolving loan fund program.
Sec. 247. Clean energy and efficiency manufacturing partnerships.
Sec. 248. Technical amendments.

Sub le E--Improvements in Energy Savings Performance Contracting
Sec. 251. Energy savings performance contracts.

Sub le F--Public Ins utions
Sec. 261. Public ins utions.
Sec. 262. Community energy efficiency flexibility.
Sec. 263. Small community joint participation.
Sec. 264. Low income community energy efficiency program.
Sec. 265. Consumer behavior research.

Sub le G--Miscellaneous
Sec. 271. Energy efficient information and communications technologies.
Sec. 543. Energy efficient information and communications technologies.
Sec. 272. National energy efficiency goals.
Sec. 273. Affiliated island energy independence team.
Sec. 274. Product carbon disclosure program.
Sec. 275. Industrial energy efficiency education and training initiative.
Sec. 276. Sense of Congress.

Sub le H--Green Resources for Energy Efficient Neighborhoods
Sec. 281. Short le.
Sec. 282. Definitions.
Sec. 283. Implementation of energy efficiency participation incentives for HUD programs.
Sec. 284. Basic HUD energy efficiency standards and standards for additional credit.
Sec. 285. Energy efficiency and conservation demonstration program for multifamily housing projects assisted with project-based rental assistance.
Sec. 286. Additional credit for Fannie Mae and Freddie Mac housing goals for energy-efficient and location-efficient mortgages.
Sec. 287. Duty to serve underserved markets for energy-efficient and location-efficient mortgages.
Sec. 288. Consideration of energy efficiency under FHA mortgage insurance programs and Native American and Native Hawaiian loan guarantee programs.
Sec. 543. Consideration of energy efficiency.
Sec. 289. Energy-efficient mortgages and location-efficient mortgages education and outreach campaign.
Sec. 290. Collection of information on energy-efficient and location-efficient mortgages through Home Mortgage Disclosure Act.
Sec. 291. Ensuring availability of homeowners insurance for homes not connected to electricity grid.
Sec. 292. Mortgage incentives for energy-efficient multifamily housing.
Sec. 293. Energy-efficient certifications for manufactured housing with mortgages.
Sec. 294. Assisted housing energy loan pilot program.
Sec. 295. Making it green.
Sec. 296. Residential energy efficiency block grant program.
Sec. 123. Residential energy efficiency block grant program.
Sec. 297. Including sustainable development and transportation strategies in comprehensive housing affordability strategies.
Sec. 298. Grant program to increase sustainable low-income community development capacity.
Sec. 299. HOPE VI green developments requirement.
Sec. 299A. Consideration of energy efficiency improvements in appraisals.
Sec. 299B. Housing Assistance Council.
Sec. 299C. Rural housing and economic development assistance.
Sec. 299D. Loans to States and Indian tribes to carry out renewable energy sources activities.
Sec. 299E. Green banking centers.
Sec. 299F. GAO reports on availability of affordable mortgages.
Sec. 299G. Public housing energy cost report.
Sec. 299H. Secondary market for residential renewable energy lease instruments.
Sec. 299I. Green guarantees.

LE III--REDUCING GLOBAL WARMING POLLUTION
Sec. 301. Short le.

Sub le A--Reducing Global Warming Pollution
Sec. 311. Reducing global warming pollution.

LE VII--GLOBAL WARMING POLLUTION REDUCTION PROGRAM

Part A--Global Warming Pollution Reduction Goals and Targets
Sec. 701. Findings and purpose.
Sec. 702. Economy-wide reduction goals.
Sec. 703. Reduction targets for specified sources.
Sec. 704. Supplemental pollution reductions.
Sec. 705. Review and program recommendations.
Sec. 706. National Academy review.
Sec. 707. Presidential response and recommendations.

Part B--Designation and Registration of Greenhouse Gases
Sec. 711. Designation of greenhouse gases.
Sec. 712. Carbon dioxide equivalent value of greenhouse gases.
Sec. 713. Greenhouse gas registry.

Part C--Program Rules
Sec. 721. Emission allowances.
Sec. 722. Prohibition of excess emissions.
Sec. 723. Penalty for noncompliance.
Sec. 724. Trading.
Sec. 725. Banking and borrowing.
Sec. 726. Strategic reserve.
Sec. 727. Permits.
Sec. 728. International emission allowances.

Part D--Offsets
Sec. 731. Offsets Integrity Advisory Board.
Sec. 732. Establishment of offsets program.
Sec. 733. Eligible project types.
Sec. 734. Requirements for offset projects.
Sec. 735. Approval of offset projects.
Sec. 736. Verification of offset projects.
Sec. 737. Issuance of offset credits.
Sec. 738. Audits.
Sec. 739. Program review and revision.
Sec. 740. Early offset supply.
Sec. 741. Environmental considerations.
Sec. 742. Trading.
Sec. 743. International offset credits.

Part E--Supplemental Emissions Reductions From Reduced Deforestation
Sec. 751. Definitions.
Sec. 752. Findings.
Sec. 753. Supplemental emissions reductions through reduced deforestation.
Sec. 754. Requirements for international deforestation reduction program.
Sec. 755. Reports and reviews.
Sec. 756. Legal effect of part.
Sec. 312. Definitions.
Sec. 700. Definitions.

Sub le B--Disposition of Allowances
Sec. 321. Disposition of allowances for global warming pollution reduction program.

Part H--Disposition of Allowances
Sec. 781. Allocation of allowances for supplemental reductions.
Sec. 782. Allocation of emission allowances.
Sec. 783. Electricity consumers.
Sec. 784. Natural gas consumers.
Sec. 785. Home heating oil, propane, and kerosene consumers.
Sec. 787. Allocations to refineries.
Sec. 788. Supplemental agriculture and renewable energy incentives programs.
Sec. 789. Climate change consumer refunds.
Sec. 790. Exchange for State-issued allowances.
Sec. 791. Auction procedures.
Sec. 792. Auctioning allowances for other en ies.
Sec. 793. Establishment of funds.
Sec. 794. Oversight of allocations.
Sec. 795. Exchange for early action offset credits.

Sub le C--Additional Greenhouse Gas Standards
Sec. 331. Greenhouse gas standards.

LE VIII--ADDITIONAL GREENHOUSE GAS STANDARDS
Sec. 801. Definitions.
Part A--Stationary Source Standards
Sec. 811. Standards of performance.

Part C--Exemptions From Other Programs
Sec. 831. Criteria pollutants.
Sec. 832. International air pollution.
Sec. 833. Hazardous air pollutants.
Sec. 834. New source review.
Sec. 835. le V permits.
Sec. 332. HFC Regulation.
Sec. 619. Hydrofluorocarbons (HFCs).
Sec. 333. Black carbon.

Part E--Black Carbon
Sec. 851. Black carbon.
Sec. 334. States.
Sec. 335. State programs.

Part F--Miscellaneous
Sec. 861. State programs.
Sec. 862. Grants for support of air pollution control programs.
Sec. 336. Enforcement.
Sec. 337. Conforming amendments.
Sec. 338. Davis-Bacon compliance.
Sec. 339. National strategy for domestic biological carbon sequestration.
Sec. 340. Reducing acid rain and mercury pollution.

Sub le D--Carbon Market Assurance
Sec. 341. Carbon market assurance.

Part IV--Carbon Market Assurance
Sec. 401. Oversight and assurance of carbon markets.
Sec. 402. Applicability of Part III provisions.
Sec. 1041. Fraud and false statements in connection with regulated allowances.
Sec. 342. Carbon derivative markets.

Sub le E--Additional Market Assurance
Sec. 351. Regulation of certain transactions in derivatives involving energy commodities.
Sec. 352. No effect on authority of the Federal Energy Regulatory Commission.
Sec. 353. Inspector General of the Commodity Futures Trading Commission.
Sec. 354. Settlement and clearing through registered derivatives clearing organizations.
Sec. 355. Limitation on eligibility to purchase a credit default swap.
Sec. 356. Transaction fees.
Sec. 357. No effect on an rust law or authority of the Federal Trade Commission.
Sec. 358. Effect of derivatives regulatory reform legislation.
Sec. 359. Cease-and-desist authority.
Sec. 360. Presidential review of regulations.

LE IV--TRANSITIONING TO A CLEAN ENERGY ECONOMY

Sub le A--Ensuring Real Reductions in Industrial Emissions

Sec. 401. Ensuring real reductions in industrial emissions.

Part F--Ensuring Real Reductions in Industrial Emissions
Sec. 761. Purposes.
Sec. 762. Definitions.
subpart 1--emission allowance rebate program
Sec. 763. Eligible industrial sectors.
Sec. 764. Distribution of emission allowance rebates.
subpart 2--promoting international reductions in industrial emissions
Sec. 765. International negotiations.
Sec. 766. United States negotiating objectives with respect to multilateral environmental negotiations.
Sec. 767. Presidential reports and determinations.
Sec. 768. International reserve allowance program.
Sec. 769. Iron and steel sector.

Sub le B--Green Jobs and Worker Transition

Part 1--Green Jobs
Sec. 421. Clean energy curriculum development grants.
Sec. 422. Increased funding for energy worker training program.
Sec. 423. Development of Information and Resources clearinghouse for vocational education and job training in renewable energy sectors.
Sec. 424. Monitoring program effectiveness.
Sec. 424A. Green construction careers demonstration project.

Part 2--Climate Change Worker Adjustment Assistance
Sec. 425. Pe ions, eligibility requirements, and determinations.
Sec. 426. Program benefits.
Sec. 427. General provisions.

Sub le C--Consumer Assistance
Sec. 431. Energy refund program.

LE XXII--ENERGY REFUND PROGRAM
Sec. 2201. Energy refund program.
Sec. 432. Modification of earned income credit amount for individuals with no qualifying children.
Sec. 433. Protection of Social Security and Medicare trust funds.

Sub le D--Exporting Clean Technology
Sec. 441. Findings and purposes.
Sec. 442. Definitions.
Sec. 443. Governance.
Sec. 444. Determination of eligible countries.
Sec. 445. Qualifying activities.
Sec. 446. Assistance.

Sub le E--Adapting to Climate Change
Part 1--Domestic Adaptation

subpart a--national climate change adaptation program

Sec. 451. Global change research and data management.
Sec. 452. National Climate Service.
Sec. 453. State programs to build resilience to climate change impacts.

subpart b--public health and climate change

Sec. 461. Sense of Congress on public health and climate change.
Sec. 462. Relationship to other laws.
Sec. 463. National strategic action plan.
Sec. 464. Advisory board.
Sec. 465. Reports.
Sec. 466. Definitions.
Sec. 467. Climate Change Health Protection and Promotion Fund.

subpart c--natural resource adaptation

Sec. 471. Purposes.
Sec. 472. Natural resources climate change adaptation policy.
Sec. 473. Definitions.
Sec. 474. Council on Environmental Quality.
Sec. 475. Natural Resources Climate Change Adaptation Panel.
Sec. 476. Natural Resources Climate Change Adaptation Strategy.
Sec. 477. Natural resources adaptation science and information.
Sec. 478. Federal natural resource agency adaptation plans.
Sec. 479. State natural resources adaptation plans.
Sec. 480. Natural Resources Climate Change Adaptation Fund.
Sec. 481. National Wildlife Habitat and Corridors Information Program.
Sec. 482. Additional provisions regarding Indian tribes.

Part 2--International Climate Change Adaptation Program
Sec. 491. Findings and purposes.
Sec. 492. Definitions.
Sec. 493. International Climate Change Adaptation Program.
Sec. 494. Distribution of allowances.
Sec. 495. Bilateral assistance.

LE V--AGRICULTURAL AND FORESTRY RELATED OFFSETS

Sub le A--Offset Credit Program From Domestic Agricultural and Forestry Sources

Sec. 501. Definitions.
Sec. 502. Establishment of offset credit program from domestic agricultural and forestry sources.
Sec. 503. List of eligible domestic agricultural and forestry offset practice types.
Sec. 504. Requirements for domestic agricultural and forestry practices.
Sec. 505. Project plan submission and approval.
Sec. 506. Verification of offset practices.
Sec. 507. Certification of offset credits.
Sec. 508. Ownership and transfer of offset credits.
Sec. 509. Program review and revision.
Sec. 510. Environmental considerations.
Sec. 511. Audits.

Sub le B--USDA Greenhouse Gas Emission Reduction and Sequestration Advisory Committee
Sec. 531. Establishment of USDA Greenhouse Gas Emission Reduction and Sequestration Advisory Committee.
Sub le C--Miscellaneous
Sec. 551. International indirect land use changes.
Sec. 552. Biomass-based diesel.
Sec. 553. Modification of definition of renewable biomass.

SEC. 2. DEFINITIONS.

For purposes of this Act:

(1) ADMINISTRATOR- The term `Administrator' means the Administrator of the Environmental Protection Agency.

(2) STATE- The term `State' has the meaning given that term in section 302 of the Clean Air Act.


--------------------------

Take a bit of time to read through, more than my shortened lunch hour will bear.

At first glance it seems to have a lot of stuff on encouraging efficiency.

Anyhoo, onwards and upwards.

[Extra Stout]

Though not the text of the bill itself, here's a do ent showing where all the allowances go.

http://graphics.thomsonreuters.com/c...ILL-HR2454.pdf

And where you see the word "auction" you can replace that "to be sold by the government to the highest bidder".

Now go find all the offsets! See, with offsets, you don't actually have to reduce emissions. You can subs ute doing something that earns you an "offset" instead!

For example, rather than cutting emissions, go buy some cheap land, plant some trees on it, and call it "forest." Offset!

Or, you can pay a fee to a landfill that is already recovering methane to keep doing what it is already doing. Offset!

Or, you can pay big agricultural companies twice -- once to switch their fields to no-till farming methods that they want to switch to anyway because of their effects on soil nitrogen and erosion, but that don't actually sequester carbon (as research since the 1980's has shown), and then again for heavy use of their own herbicides that make no-till possible in the first place. Offset!

What we're going to do is the same thing Europe did -- define every pork project that comes down the line from now until kingdom come as an "offset" and just lie about how much carbon it will sequester or reduce. Then, thirty years down the road when carbon emissions are the same or higher, we'll shrug our shoulders.

Offsets have been around for a while -- "green-conscious" people buy them to "offset" their own personal carbon usage. These same folks always said that when it came down to real, appreciable carbon reduction, tough, unpopular choices in reducing consumption would have to be made.

But, see, we're not going to make those choices. Instead, we're going to set up a nice little market where the pork project du jour reduces imaginary carbon on an accounting sheet, so the people getting the pork make tons of money at the expense of everybody else.

For adherents of the environmental religion, perhaps this external show of green piety will convince the earth to relent from its wrathful warming, without their having to make real sacrifices. You know, maybe ins uting a scheme of human sacrifice to reduce energy consumption could help atone for our sins. Hey, let's get tax money to build a temple. Offset!

Sure, the purchasing power of everybody will go down, but wait, there's less! The bill calls for "energy refund credits" to be disbursed in the form of checks to low-income consumers! More free money for votes! Yay!

The United States of America can go to .

[Extra Stout]

Big Huge Oil Refining Company can make a killing on this.

"See, we were planning to cut down this greenbelt here to make room for an expansion in the year 3000, but now we're going to make it a permanent employee park."

"Let's plant some maple seedlings."

Offset!

[coyotes_geek]

^^^ exactly what's going to happen. You'll also see Goldman Sachs and all the other wall street crooks buying up carbon permits and holding utility companies hostage.

[Wild Cobra]

Whole text here: http://thomas.loc.gov/cgi-bin/query/.../~c111jhKFJS::

Here's the section that shows how the actual carbon allowances will increase until 2016, and the actual reductions of carbon emissions don't start taking place until Obama is out of office. I guess cutting carbon emissions isn't Obama's problem after all.

http://thomas.loc.gov/cgi-bin/query/...hKFJS:e878822:

Those links aren't working for me.

Those links are temporary links that expire. You have to be careful with Thomas searches, and find one that isn't temporary before linking it. You can tell by the web address. Notice the "/temp/" in the link...

Here is a working link to the version sent to the senate:

H. R. 2454