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Chicago Climate Exchange bites the dust!!

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posted on Nov, 15 2010 @ 06:49 PM
This is one victim of the financial collapse I won't cry for; It looks like the big cap and theft scheme pushed by all those green loonies is dying a slow quiet death. I guess the big lie couldn't stand up to the climate-gate exposure, not to mention the average Joe in the street wasn't looking forward to paying skyrocketing rates to keep their homes warm this winter.

Chicago Climate Exchange Closes in Silence

On Election Day 2010, Reuters noted briefly that Intercontinental Exchange Inc. (ICE) was “shedding some 40 employees from its … Chicago Climate Exchange (CCX) by the end of the year, with further cuts [expected] in 2011.” In its curt announcement, Reuters said that all trading on that exchange had virtually stopped in July “due to the lack of U.S. action on climate change.”

Steve Milloy expected much more fanfare from the media. Commenting on the news, Milloy said that over the last 15 years, “cap and trade has been one of the most stridently debated public policy controversies … but it is dying a quiet death.”
Incredibly (but not surprisingly), although thousands of news articles have been published about CCX by the lamestream media over the years, a Nexis search conducted a week after CCX’s announcement revealed no news articles published about its demise. [Emphasis added.]

Outside of a report in Crain’s Chicago Business and a soft-pedaled article in a small trade publication, the media has entirely ignored the demise of the … effort at carbon trading. Even Glenn Beck, who has dedicated quite a bit of Fox News airtime to exposing CCX, has yet to mention the news.

As Raven Clabough wrote, cap and trade “is a system that redistributes wealth from successful companies to less successful companies … by forcing companies that emit more gas [than allowed by the government] to give money to companies that emit less gas. It is Marxism at its best (sic).” The market has been estimated at between $500 billion and $10 trillion and the consequent profit potential is gigantic.

Congress was on a roll. When the Waxman-Markey bill (aka, the Owellian-named American Clean Energy and Security Act) passed the House in June, 2009, it was touted as a system “under which the [federal] government sets a limit (cap) on the total amount of greenhouse gases that can be emitted nationally. The cap is [then] reduced over time [in order] to reduce total carbon emissions.” Producers of those greenhouse gases would be issued “allowances” that they could then sell to others, using the CCX to facilitate those trades. Those producing more than allowed would be required to purchase allowances from those under producing, thus the moniker “cap and trade.”

Critics included the Heritage Foundation, which concluded that such caps would

- reduce GDP by $7.4 trillion by the year 2035
- destroy 844,000 jobs
- raise electricity rates by 90 percent, and
- increase the federal debt by nearly 30 percent

The Competitive Enterprise Institute declared that the bill would be “the largest tax hike in world history.”

But momentum for the Waxman-Markey bill began to fade as the Great Recession continued, Climategate exposed the truth behind global-warming claims, and the Tea Party began to push back against big government. Investors in CCX began to bail out, leaving the founder, Professor Sandor with a nice $100 million profit, and the ICE holding the bag.

The New American

I can understand all those MSM outlets ignoring this story; it probably makes them all want to go out and jump off a bridge together but, I'm surprised that Glenn Beck isn't gloating over this one. He could be mad that he won't have this threat to use to get his listeners all fired up over anymore.

Now what's he gonna do to drum up those ratings?

posted on Nov, 15 2010 @ 08:27 PM
Now I see why the MSM didn't pick up on this story;


Silly me thinking anybody would care that cap & trade is failing and hopefully going the way of the dinosaur.

posted on Nov, 16 2010 @ 12:44 AM
i have had to listen to our prime minister julia gillard argueing in parliment today how we cant survive without a climate change tax. i think you just get to the point where you think people power will rise up and stop all this financial nonsense, then you realise, its not going to happen. unfortunately, you are then aware of whats happening, whos doing it and you are powerless. they are going to bankrupt us all, greed has taken over and there is not diddly squat you can do about it. we are at least two years behind you, your bloke has pooed his pants cause he realises the u.s is starting to wake up, we are only at the begining.

posted on Nov, 16 2010 @ 05:32 AM

Now find a way to reduce emissions that actually works and doesn't favour the banks and fossil fuel industry.

posted on Nov, 21 2010 @ 04:22 PM
Guess this means Little Al won't be able to buy that new private jet to take to his speeches worldwide. Ahhh.

posted on Nov, 21 2010 @ 04:32 PM
While argueing that glo ball warming is a fraud on other threads, today this is a welcome relief
Star and Flag!

Al cia duh, ooops, I mean Gore, may have to sell some of his sea side mansions now...
but not because the water is rising but because his bank account is sinking...
well not likely mr global warming occidental petroleum...
I know I know big oil funds the ANTI global warming crew...

edit on 21-11-2010 by Danbones because: (no reason given)

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