Economy Destroyer Obama Turns His Wrath On Energy Producers

Why are we heading for the next Great Depression in one word?  Obama.

As far as economic reaction to Obama is concerned – whether measured by the Dow or Nasdaq, the jobless rates, or any other indicator – nothing Obama has said or done have created anything other than panic and selling (and worse yet, selling short).

They nationalize Citigroup (expunging 75% of stockholders’ holdings by federal government fiat) while carefully avoiding the word ‘nationalizing.’  The result: you can buy a candy bar at the vending machine, or you can buy a share of Citigroup.  It’s trading at around a buck a share.  And Bank of America and other bank stock is similarly plunging on fears that they will be nationalized next.

And the economy plunges to a new 12-year low (Dow down 281 at 6594.44) because Obama is hosting a “health care summit” to devise a path to socializing medicine – the “down payment” alone of which will be $634 billion.  Investors are screaming, “Why don’t you at least wait until we have an economy before you start spending hundreds of billions more to finance your socialist agenda?

61% of Americans believe the US could go bankrupt.

And now -as if we don’t have enough problems already – we’ve got Obama declaring war on our energy producers.

The Gateway Pundit had this excellent, source-linked article:

Obama Administration Announces They Will Punish Oil Companies For Non-Existent Global Warming

Arctic sea ice growth finished the year in 2008 at the same level as 1979.
The oceans have been cooling since 2003.
Sea ice is growing at the fastest pace on record.
Greenland’s glaciers are stabilizing.
There are growing fears of a coming freeze worse than the ice age.
Alaskan Sea Glaciers are advancing for the first time in 250 years.
And, for the second straight year the Earth is, in fact, cooling… not warming.

This US Climate Map October 2007-November 2008 showed that temperatures were well below normal throughout the US in 2008.

It looks like Al Gore was a bit off in his prediction that North Pole will be completely gone in 5 years.

But, it doesn’t matter to the Obama Administration…
Today tax cheat Treasury Secretary Timothy Geithner announced the Obama Administration intends to punish oil companies for non-existent global warming.
Reuters reported:

U.S. oil and natural gas producing companies should not receive federal subsidies in the form of tax breaks because their businesses contribute to global warming, U.S. Treasury Secretary Timothy Geithner told Congress on Wednesday.

It was one of the sharpest attacks yet on the oil and gas industry by a top Obama administration official, reinforcing the White House stance that new U.S. energy policy will focus on promoting renewable energy sources like wind and solar power and rely less on traditional fossil fuels like oil as America tackles climate change.

We don’t believe it makes sense to significantly subsidize the production and use of sources of energy (like oil and gas) that are dramatically going to add to our climate change (problem). We don’t think that’s good economic policy and we think changing those incentives is good for the country,” Geithner told the Senate Finance Committee at a hearing on the White House’s proposed budget for the 2010 spending year.

But, don’t worry.
The Democratic Congress and Obama Administration are pushing billions upon billions of stimulus dollars on expensive and ineffective green energy and cap and trade programs that will cause millions of Americans to lose their jobs. Cap and trade will also cause electricity costs to skyrocket.

More… A news study on climate discovered that global warming is on hold:

Discovery News reports scientists are puzzled that temperatures have flat lined since 2001 despite rising greenhouse gas concentrations.

Scientist Kyle Swanson from University of Wisconsin-Milwaukee says, “This is nothing like anything we’ve seen since 1950. Cooling events since then had firm causes… This current cooling doesn’t have one.”

posted by Gateway Pundit at 3/04/2009 04:54:00 PM postCount(‘6971866199556346278’);

Obama’s policies are going to make US companies like Exxon cheaper for China to buy.  China is definitely in the market, and Obama’s driving down US energy companies’ stock prices is just making it all the easier for China to own more of America than it already does.

And this is just a continuation of the war on economic production Obama vowed to wage as a candidate.  In January 2008, Obama spoke about his approach to global warming and cap-and-trade systems, and he had a warning for anyone foolish enough to invest in coal:

“Let me sort of describe my overall policy.

What I’ve said is that we would put a cap and trade system in place that is as aggressive, if not more aggressive, than anybody else’s out there.

I was the first to call for a 100% auction on the cap and trade system, which means that every unit of carbon or greenhouse gases emitted would be charged to the polluter. That will create a market in which whatever technologies are out there that are being presented, whatever power plants that are being built, that they would have to meet the rigors of that market and the ratcheted down caps that are being placed, imposed every year.

So if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.

That will also generate billions of dollars that we can invest in solar, wind, biodiesel and other alternative energy approaches.

The only thing I’ve said with respect to coal, I haven’t been some coal booster. What I have said is that for us to take coal off the table as a ideological matter as opposed to saying if technology allows us to use coal in a clean way, we should pursue it.

So if somebody wants to build a coal-powered plant, they can.

It’s just that it will bankrupt them.”

The problem is that after we bankrupt coal (did you know that the US has more coal than any other nation on the planet?) and bankrupt our oil companies, the only energy we’ll be left with is unicorn droppings – and there just aint enough unicorns running around to get the job done.

Gutting your energy production during a time of economic catastrophe to solve a nonexistent problem is rather like slitting your throat and watching the blood gush out of your neck to purge your body of winged monkeys.  Both are crazy, and both are guaranteed 1oo% fatal.

Obama went on to tell his audience that electricity would necessarily skyrocket under his plan:

“The problem is not technical, uh, and the problem is not mastery of the legislative intricacies of Washington. The problem is, uh, can you get the American people to say, “This is really important,” and force their representatives to do the right thing? That requires mobilizing a citizenry. That requires them understanding what is at stake. Uh, and climate change is a great example.You know, when I was asked earlier about the issue of coal, uh, you know — Under my plan of a cap and trade system, electricity rates would necessarily skyrocket. Even regardless of what I say about whether coal is good or bad. Because I’m capping greenhouse gases, coal power plants, you know, natural gas, you name it — whatever the plants were, whatever the industry was, uh, they would have to retrofit their operations. That will cost money. They will pass that money on to consumers.”

So you’d better find yourself a man or woman (hopefully of the opposite sex, though Democrats are trying to “correct” that, too), to cuddle up to, because not only are you going to be out of a job, but you’ll soon be freezing in the dark.  Body heat may be your only chance at surviving the Obama administration.

Even if (and that’s a REALLY BIG “if”) – this economy is able to rebound despite Obama’s declaration of war on investors, entrepreneurs, and businesses – we’re still going to be crippled competing against countries such as China and India.  In addition to Obama’s venture to impose costly unions on businesses, we will be turning away from cheap, plentiful oil and coal even as China and India dive into these energy-rich resources.

Is it any wonder 55% of Americans now believe we’re in a Great Depression?  And they aint seen nothin’ yet!

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