If You Thought Your Assets Were Troubled Before ………..
……..You’d better hold on to your assets now, because Hank Paulson has a carbon tax he’d like to sell you.
Yes, and all along you have been smugly confident that it was Barack Obama who was trying to play havoc with the fundamentals of America. Actually, it is Hank Paulson who is ‘crying’ Havoc in the matter of the weather. He is joining with Michael Bloomberg and other assorted nut cases to declare that “climate change” is the greatest threat to the economy since, well, since the last threat he said was the greatest, which was back in ’08, and which was barely four months after he issued, as Secretary of the Treasury, glowing assessments of the nation’s financial system.
What is it with these people who are supposed to be capitalists, advocates of free enterprise, billionaires themselves, who sign on to cockamamie social or environmental “justice” movements? Well, they can afford to, we suppose. Unfortunately, we never recovered from Paulson’s gloom-and-doom ravings about the financial ‘bubble’ or ‘crisis’, and Obama’s subsequent “Stimulus” package which was sold in the same manner – “We have to do something immediately, because as we all know, letting the market dictate things never works.” Or something .
And the rhetoric Paulson is using today is the same that he used five and a half years ago when TARP was gobbled up by the gullible – We have to do something right now because we’re doomed if we don’t, and we don’t have time to talk about it because each second we waste solidifies our doom so just be good little soldiers.
Newsflash – We never recovered from the effects of TARP, and the equally criminal, terminally stupid ‘Stimulus’ that followed, no matter what Obama and Biden say, no matter what the economists say, and no matter whether the banks paid back 95% of what Paulson forced them to take or not. The US economy has not recovered and…..!!!THIS JUST IN!!!:
US ECONOMY SHRINKS BY 2.9% IN FIRST QUARTER OF 2014!!!
And Hank Paulson wants to impose a new tax?????? That is not the only nonsensical utterance from this whiz geezer. Read the entire Times piece and sample such delights as:
” They’re right to consider the economic implications. But we must not lose sight of the profound economic risks of doing nothing.” – ?? When in the course of freemarket economics has there been a consequence of the government not stepping in and doing something, except the consequence that the economy flowers and prospers of it’s own accord, free of government interference? The loon admits that whatever the “global consequences” of his climate change hell scenario are, they might not be felt for a century or centuries anyway, but “we have to act now!”
“It is true that there is uncertainty about the timing and magnitude of these risks and many others. But those who claim the science is unsettled or action is too costly are simply trying to ignore the problem.” – Excuse me, Hank, but if it is TRUE that there is uncertainty, is that not prima facie evidence that the science is indeed unsettled???
“I’m a businessman, not a climatologist. But I’ve spent a considerable amount of time with climate scientists and economists who have devoted their careers to this issue. There is virtually no debate among them that the planet is warming and that the burning of fossil fuels is largely responsible.” – Henry “Hank” Paulson has spent a considerable amount of time with economists who have devoted their careers to anthropogenic global warming? Really? And these economists
are adamant that the planet is warming? Well, we can take that to the bank then, can’t we Hank?
And here’s the thing about that last little tidbit – repeating the headline from above:
US ECONOMY SHRINKS BY 2.9% IN FIRST QUARTER OF 2014!!!
And here’s the ‘rest of the story’ about that: It was economists who had previously projected that the economy would grow by point one percent (.1%) in the first quarter. THEY MISSED THE ECONOMIC PERFORMANCE OF THE UNITED STATES ECONOMY BY A FACTOR OF 30 TIMES. It was 30 times worse than they said it would be. And what they said it would be – +.1% – was horrible.
Yes, indeed. These are the kind of people Hank Paulson hangs with – economists who have spent their careers musing about the climate. Now, he didn’t actually say that they agreed with him that the best policy when the economy shrinks 2.9% is to impose a tax, but it was implied that since the economists agreed with the climatologists that climate science is settled, they would be on board with the notion that to save the economy in a recession, taxation is necessary.
We are in a recession, people. If economists can bizarrely be held up as the poobahs of climatology, then I can declare that the science of recession, which the economists said five years ago was unsettled (That’s right, they said we were in a recession even though a recession is two consecutive quarters of negative GDP and the GDP was still positive six months after they said the recession started. You can look it up. They changed the rules.) then I, a non-economist, can weigh in and say that one freaking quarter of a GDP that negative is a freaking recession, thank you very much.
So yes, let’s just cavalierly discard not only economic and financial wisdom but common sense and implement a tax during a recession. The sooner the better, says Hank Paulson. Let’s call a special session and just get it done. It’s a crisis. Not a moment to spare. Oh, and since it’s a tax, the IRS will have to be involved. So let’s make the IRS the enforcement arm of the carbon tax just like they were made the enforcement arm of the Obamacare tax. So just as your health insurance information must be reported to the IRS, so must your carbon emissions, so you can be taxed accordingly.
Pretty sure that ought to work out well, since the science of calculating carbon emissions is probably just as settled as the science of measuring global temperatures. Oh, wait……THIS JUST IN!!!:
TEMPERATURE DATA FUDGED BY NASA AND NOAA!!!!!
That’s right, folks. It’s not just the Insane Clown Posse of environmental whackos led by Michael Mann playing hockey with their computer-generated temperature model “hockey sticks.” Your beloved official United States Government agencies are involved as well.
Have a nice, globally warm day. But carry an umbrella….to protect yourself from ….falling carbon emissions.
Crossposted at Grumpy Opinions