{"id":33844,"date":"2009-10-30T01:01:01","date_gmt":"2011-05-19T01:45:20","guid":{"rendered":""},"modified":"2011-05-19T01:45:20","modified_gmt":"2011-05-19T01:45:20","slug":"a_caller_explains_cap_and_trade","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2009\/10\/30\/a_caller_explains_cap_and_trade\/","title":{"rendered":"A Caller Explains Cap and Trade"},"content":{"rendered":"<section>\n<p><BR\/>RUSH: Naugatuck, Connecticut. This is Patty. Nice to have you on the program. Hello.<\/line><BR\/> <\/line><BR\/>CALLER: Good afternoon, Rush. Thank you for taking my call.<\/line><BR\/> <\/line><BR\/>RUSH: You bet.<\/line><BR\/> <\/line><BR\/>CALLER: I wanted to just talk about one thing, and I\u2019m going to try to talk about it as fast as I can because there\u2019s so much to it, but it\u2019s the cap trade one segment about carbon being the new derivative for Wall Street. It\u2019s my understanding in reading some of the things that I have that Wall Street is pushing this cap-and-trade bill, and they\u2019re looking to set up a new system, now, for carbon derivatives. The cap and trade will actually make atmospheric carbon a market value commodity, and the cap and trade will allow them to make this a derivative once this is into law. They also predict that the cap and trade will be the biggest of any commodities derivatives within the next five years, estimated at approximately $2 trillion.<\/line><BR\/> <\/line><BR\/>RUSH: Now, wait a second here. I thought Geithner and Barney Frank and all these other watchdogs had eliminated derivatives because they\u2019re too (doing Barney Frank imitation) &#8216;wrisky\u2019.<\/line><BR\/> <\/line><BR\/>CALLER: Yes. But they\u2019re not. &#8216;Cause I understand the derivatives in 2007 had a market value of $681 trillion, and that would be ten times the gross domestic product of the entire economy, and the derivatives, 90% of the time, I understand they\u2019re not regulated, there\u2019s no paper trail, and they don\u2019t even know exactly how much the derivative market is. They\u2019re estimating a worldwide derivative market to 300 to $400 trillion. And it\u2019s my understanding that the cap and trade will allow two things to happen. The derivatives markets will be based on two instruments. The first instruments will be allowing the carbon &#8212; will permit &#8212; it will be sort of like the nuts-and-bolts of the cap-and-trade scheme. The cap and trade government would issue permits that would allow a company to emit a certain amount of greenhouse gases. Companies that emit can buy from another company that didn\u2019t emit as much, and then there are also be the carbon offsets, which will allow companies to emit greenhouse gases in excess of federally mandated cap if they invest in projects that cut emissions somewhere else in the world.<\/line><BR\/> <\/line><BR\/><img loading=\"lazy\" src=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125116.Par.89380.ImageFile.jpg\" width=\"300\" height=\"250\" class=\"alignright\"\/>RUSH: That is exactly right. That\u2019s exactly how cap and trade works. It\u2019s an expansion of the old pollution credits that have been around for a long time, but the government will arbitrarily establish the carbon emissions level for every business. And then they\u2019ll start trading these emissions as they\u2019re either going to go above the limit, or beneath it. And you\u2019re right: Wall Street, predominantly, I think, Goldman Sachs, will be right in there mediating and profiting on both sides of these trades.<\/line><BR\/> <\/line><BR\/>CALLER: And I understand it will be international.<\/line><BR\/> <\/line><BR\/>RUSH: Well, yeah, but there was a warning from somebody, a guy at the University of Montana who is a Nobel prize winner, and he\u2019s a climatologist. I\u2019m having a mental block on his name, but he said cap and trade will destroy the US economy. It will destroy it regardless. But especially if the rest of the world doesn\u2019t join us, because all we\u2019re going to be doing is penalizing ourselves, and essentially putting a cap on our own growth. And if the rest of the world doesn\u2019t do that, then we are cooked. And this is what the climate conference in Copenhagen in December is largely &#8212; not totally &#8212; but largely about this. The cap-and-trade program, and Obama&amp;hellip; they\u2019re probably not going to have cap and trade by the time he goes over there, so they\u2019re lowering expectations. But, no, it\u2019s every bit as bad as you describe. It\u2019s every bit as damaging to this economy as Obama\u2019s health care plan is. Pelosi\u2019s. Whatever. <\/line><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RUSH: Naugatuck, Connecticut. This is Patty. Nice to have you on the program. Hello. CALLER: Good afternoon, Rush. Thank you for taking my call. RUSH: You bet. CALLER: I wanted to just talk about one thing, and I\u2019m going to try to talk about it as fast as I can because there\u2019s so much to [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Caller Explains Cap and Trade - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/admin.rushlimbaugh.com\/daily\/2009\/10\/30\/a_caller_explains_cap_and_trade\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"A Caller Explains Cap and Trade - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Naugatuck, Connecticut. This is Patty. Nice to have you on the program. Hello. CALLER: Good afternoon, Rush. Thank you for taking my call. RUSH: You bet. 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This is Patty. Nice to have you on the program. Hello. CALLER: Good afternoon, Rush. Thank you for taking my call. RUSH: You bet. 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