Tuesday, September 29, 2009

Quote of the day

AlphaNinja - Today's QOTD comes from Bart Chilton of the Commodities Futures Trading Commission (CFTC).

He is salivating at the possible $$$$ involved in maybe the world's greatest scam - the "cap & trade" system, where one company pukes up money to hand to another company (that lobbied for this legislation) to atone for the sin of pollution.

The environmental effect is tiny. The affect to American families, noted in a previously-secret Obama administration document, will be about $1761 annually. But it will be millions/billions in trading revenue for Wall Street.

“I’m estimating carbon markets could be worth $2 trillion in transaction value – money changing hands – within five years of trading (starting),” says Bart Chilton, a Commodity Futures Trading Commission (CFTC) commissioner, who's also chairman of its energy and environmental markets advisory committee. “That would make it the largest physically traded commodity in the US, surpassing even oil.”

“It’s very exciting, the opportunities are really unbounded,” he says. “We’re going to see innovation and really fast and furious growth. The potential for this market is truly impressive.”

FOIA Cap AndTrade 2009-09-11

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