Will global warming bubble tank the future middle class?

Progressive presidents favor bubbles when it comes to the economy. President Bill Clinton did that with dot coms, and he turned affordable housing into one of the most powerful political weapons a president could wield.

By the time the housing bubble exploded, Clinton was long gone. Most had forgotten his passion-filled speeches aiming at a mortgage for every American. Even now many Americans don’t realize the housing bubble was built on the backs of the most vulnerable in society and the cost was passed on to taxpayers.

The next bubble progressives are shaping is based on global warming. Better to ask now than later: Will this bubble tank the future middle class?

Taxpayer money drives government bubbles
President Barack Obama and his fellow progressives push theories of manmade global warming, and current energy policy is built on those theories. From the Chicago Climate Exchange to financial products based on the concept that Planet Earth will die if carbon emissions aren’t limited, progressive government policy dictates the market.

Rising utility bills, increases in food prices, sharp increases in home energy systems—the cost of everything has risen. This is a deliberate shaping of the marketplace much like Franklin Delano Roosevelt’s big government policy that would’ve been an even bigger disaster for low income families had World War II not been necessary. WWII was the savior of FDR’s legacy.

Science by consensus: ‘deniers’ not welcome
Global warmists have built science by consensus with a large infusion of taxpayer dollars, and warmists do not take kindly to any opposing theory.

For instance as the Heartland Institute begins the annual Conference on Climate Change in Washington, the Center for American Progress will hold a conference call to deal with the “deniers.” This tactic parallels progressives’ defense of the housing bubble—if you’re not with us, you’re against us and you are the rat in the cupboard.

Anyone who questioned the Clinton policy of  lax lending and relaxing regulations was labeled a racist. Anyone who attempted to put the brakes on the great enabler, the government sponsored enterprise known as Fannie Mae, was labeled a racist. How could any American deny the poor an opportunity to own their own homes?

The progressive housing bubble tanked the world economy. Main Street, USA, will feel the pain for years to come. Taxpayers bailed out the banks, Wall Street firms, large insurance companies, other countries’ investments in the bubble and pension plans vested heavily in the bubble products.

Main Street received no bailout.

The global warming bubble will do the same.

Global warming bubble: a change in labels
The bubble has been iffy from the start. Several decades ago, dire warnings came from big media and politicians—the Little Ice Age was coming. Then the government moved to warming theories, but facing more opposition than anticipated, switched the label to climate change.

There are numerous websites and books about carbon theories, climate change and global warming/cooling. One excellent site is WattsUpWithThat.

Another site, a news aggregator and content publisher, is Climate Depot. Still another is Climate Audit.

These sites have covered scandals like ClimateGate, doctored statistics, articles in the UN IPCC report that were not peer reviewed (or even published in a respectable scientific journal), and the recent Supreme Court decision that related to a legal technical issue but elicited this comment from arch liberal Justice Ruth Bader Ginsburg who said, “[W]e each emit carbon dioxide merely by breathing.”

Who will benefit from the global warming bubble? Who will pay?
Are progressives building a new bubble that will enrich hedge fund financiers and opportunists like Al Gore? I believe they are. As a free market capitalist, that would be fine by me if it weren’t for one problem. They’re building this bubble with taxpayer dollars and mandates.

In the future, if the bubble isn’t popped before it reaches the gigantic monstrosity the housing bubble reached, it will deliver the same economic woes to our children that my generation is dealing with now.

Most Americans, if asked, are just as clueless about this bubble as they have been about the others.

In a previous column, I pointed out the popular magazine Open, published in India, called global warming the ‘hottest hoax in the world.’ We could say the same about the housing bubble and the dot coms.

(Commentary by Kay B. Day/June 28, 2011)

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Comments

[Chris Carter]

Climate change is a naturally-occurring phenomenon; the question is how much impact does mankind have on our environment. When one or two significant volcano eruptions can reportedly surpass the entire footprint of humans throughout history, it becomes clear that this theory is simply a means to achieve wealth and power rather than good stewardship.

How global warming peddlers like Al Gore and scores of others still have any credibility is testament to the large-scale ignorance and disconnect of American society. Many people are far more concerned with iPhones and Facebook to be bothered with the future - no matter how much economic destruction these frauds are willing to subject us to in order to achieve their goals.

Only about 3% of Americans were actually involved in our war for independence against the British, so perhaps stories like these will be enough to inspire a far greater percentage of Americans who are aware of this massive fraud to halt what could be the largest scam in history.

[Kay B. Day]

Chris, as I was reading the book 'Reckless Endangerment,' it clicked. Progressives are building the same infrastructure--media, financial and academic--they used to create the housing bubble.

Academics cooperated--community organizations cooperated--politicians who got nice donations cooperated. And the government (via Fannie Mae) doled out cash to all who could help.

Who paid the greatest price? The poor. And the American taxpayer. Thanks for reading--I fully agree with your excellent comments too.
best,Kay