Although Moynihan claims this would be an
improvement over the current earmark system, the bank seems to be
little more than a permanent Green earmark.
activist group Friends of the Earth (FoE) is lobbying for the Treasury
Department to conduct global-warming impact reviews under the National
Environmental Policy Act (NEPA) — the federal law requiring federal
agencies to conduct environmental-impact studies of their actions.
its citizen-lawsuit provisions, the Greens often use NEPA to block
energy, highway and logging projects that involve federal agencies and
FoE claims that as the Treasury
Department becomes a significant shareholder in financial institutions
that it bails out, it would be obligated to carry out environmental
impact studies since, to some extent, the activities of those financial
institutions would also be activities of the Treasury Department.
entities that receive financial backing from taxpayers to NEPA could
provide a hook for environmentalists to force greater scrutiny of
actions by those entities that increase greenhouse gas emissions,
including the underwriting of fossil fuel projects," reported Carbon
Control News (Sep. 26)
Anti-nuclear Greens are
trying to use the recent bankruptcy of Lehman Brothers to block the
construction of the first nuclear reactor built in the U.S. in 30 years.
This column previously reported
on how the Greens are trying to stop Maryland from permitting the
construction of a third reactor at Constellation Energy's Calvert
Cliffs power plant by arguing that emission-less nuclear power actually
worsens global warming.
raised concerns about the financial health of Constellation, leading to
a buy-out offer from the Warren Buffet-led Mid-American Energy Holdings
The Greens called for the project to
be halted "in light of the nation's worsening financial crisis and
serious concerns about the stability of the company building the
project," according to Carbon Control News (Sep. 26).
rejection of the Wall Street bailout bill by the House has opened the
door for the alternative-energy industry to again try to renew the tax
credits about to expire for wind power projects such as the Pickens Plan.
The Senate bill passed Wednesday night extends the much-lobbied-for tax credit.
New York Times columnist Thomas Friedman called on Congress to "Green the Bailout" (Sep. 28).
quoted a green-collar jobs proponent who said, "You can't base a
national economy on credit cards. But you can base it on solar panels,
wind turbines, smart biofuels and a massive program to weatherize every
building and home in America."
Finally, even if
none of these provisions make it into the bailout bill, the Greens will
likely be able to count on Treasury Secretary Hank Paulson to implement
their agenda for them.
The former head of Goldman Sachs — who simultaneously headed up the Nature Conservancy and recently told Fortune magazine that action on global warming is crucial to the U.S. — is no stranger to using "other people's money" to implement the Green agenda on land secured by distressed debt.
could use bailout money to purchase debt securities that are secured by
property either coveted by Greens or targeted for energy or natural
resource development projects that the Greens oppose.
the U.S. Government owns the securities (and, thereby, the property) an
omnipotent Paulson could essentially take the land out of circulation
by "preserving" it as public land.
even claim — through the economic device of "contingent valuation" —
that the acquired land has more value as pristine public land than as,
say, an energy or logging project.
valuation uses opinion surveys to value intangible assets for which
there is no market, such as scenic views and crystal-clear air.
are asked hypothetical questions like, "How much would you pay to
preserve a seashore view from oil drilling?" or "How much is it worth
to keep a forest pristine and un-logged?"
the whole process is pretend — the respondents know they won't actually
spend any of their own money for this preservation — the government
uses the method to establish monetary values of preserved lands.
doesn't take too much imagination to see how contingent valuation could
be used to gin up phony bailout profits through land preservation.
has already said that he would bequeath the bulk of his fortune — in
the neighborhood of $500 to $800 million — to Green causes.
Imagine what he would be willing to do with your money.