November 2, 2008

January 2008 Audio: Obama Promises Cap-And-Trade Will Bankrupt New Coal Plants (and SF Chron’s Coverup)

Here is a mini-slide show for the video-challenged (click here or on graphic for a larger pic in a separate window; moving left to right, the third, fourth, and sixth slides represent things Barack Obama actually said in January 17, 2008 interview with the San Francisco Chronicle):

ObamaCoalBankruptcyPlan0108

Here’s the YouTube from New Emperor:

Here’s a partial transcript compiled by PJ Gladnick at Newsbusters:

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.

(rest of transcript — added Nov. 4, obtained from Pittsburgh Post-Gazette)

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 (sic) ideological matter as opposed to saying if technology allows us to use coal in a clean way, we should pursue it.

Do I really need to elaborate on the mindlessness, the arrogance, and the whiff of authoritarianism that is present? The final excerpted sentence sounds on the audio like a barely concealed brag.

In connection with its interview (the one from which the audio almost certainly came), the Chronicle published almost 2,500 words on January 18 (link is to ProQuest Library file saved at my web host for fair use and discussion purposes). 1,300 went to its primary article, and roughly 1,200 went to an “In His Own Words” segment. None of the verbiage in the audio is in the Chronicle’s coverage. Lots of other verbiage that is much less newsworthy is.

What’s more, during the energy debates of July and August, when, among other things, Harry Reid was telling us that “coal is making us sick,” reporters Carla Marinucci and Joe Garofoli, who wrote the January 17 items, “somehow” forgot Obama’s aggressive anti-fossil fuels statements in the January interview. Real journalists would have remembered –and reported.

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9 Comments

  1. [...] Michelle Malkin, Right Wing Nut House, Wizbang, Wake up America, Shopfloor, Right Wing News, BizzyBlog, Moonbattery, A Blog For All, Scared Monkeys, 24Ahead, Dirty Harry’s Place and more via [...]

    Pingback by shocking audio: Obama said he will bankrupt the coal industry… – Political Byline — November 2, 2008 @ 4:24 pm

  2. People are getting wound up about these comments without understanding them. A cap and trade system would not close down existing power plants or bankrupt the entire coal industry.

    Cap and trade systems were devised by (mainstream and conservative) economists who think it would be better to use economic forces and markets to gradually bring about changes, rather than use command and control government regulations.

    In a coal cap and trade system, existing users (power plants and industry) would be given coal use credits based on how much they are using now. Those credits could be sold or transferred. If someone absolutely had to use coal for a new power use, they would have to go out and obtain credits from someone else that had them. If a coal plant somewhere converted to something that was carbon free (nuclear, wind, solar, geothermal, etc), then they would be in a position to sell the credits that they had been using for the coal plant. Selling them would help fund the conversion to less polluting sources of energy.

    These type of last minute alarmist warnings are rather boring – especially when they are based on distortions. Obama would cap coal use at current levels, not close down the entire industry.

    Comment by Jonathan Byron — November 2, 2008 @ 5:03 pm

  3. An Obama presidency would be a high inflation environment. To preserve any capital left by gold, commodities and health care stocks.

    http://www.usatoday.com/money/perfi/columnist/waggon/2007-09-20-rates-inflation_N.htm

    http://seekingalpha.com/article/79865-three-investment-opportunities-high-inflation-creates

    MZM: http://research.stlouisfed.org/publications/usfd/page5.pdf
    MZM refers to “money of zero maturity.” It’s essentially a composite of all the money in circulation, savings deposits, checking accounts, and money market accounts depicted in graph form.

    M1: http://research.stlouisfed.org/publications/usfd/page14.pdf

    M2: http://research.stlouisfed.org/publications/usfd/page6.pdf

    Total Borrowings from Federal Reserve Banks
    http://research.stlouisfed.org/publications/usfd/page15.pdf

    Now this one should scare the crap out of everyone: Reserve Bank Credit and Federal Reserve Holdings of U.S. Treasury Securities
    http://research.stlouisfed.org/publications/usfd/page16.pdf

    US Financial info: http://research.stlouisfed.org/publications/usfd/

    Comment by dscott — November 2, 2008 @ 5:37 pm

  4. People are getting wound up about these comments without understanding them. A cap and trade system would not close down existing power plants or bankrupt the entire coal industry.

    Then why did he say new plants would be bankrupted? If we never get to build another coal plant ever again, it will bankrupt the coal industry. Utilities MUST build new facilities to increase productivity and efficiency. The joke of this is that new plants are more energy-efficient and productive, and if built quickly enough and in high enough numbers, would take aging, inefficient onies offline.

    These type of last minute alarmist warnings are rather boring – especially when they are based on distortions. Obama would cap coal use at current levels, not close down the entire industry.

    Too bad that’s not what he said. He specifically referred to capturing EVERY unit of greenhouse gases (that technically includes your lawn mower, your hedge trimmer, and every electrical item in your house. Obama referred to “RATCHETED DOWN CAPS that are imposed every year.” That is NOT “capping coal at current levels.” You are lying, or can’t listen, either of which might explain why you’re “bored.” Which is it?

    What about Biden’s “no coal plants in America” don’t you understand?

    Comment by TBlumer — November 2, 2008 @ 7:53 pm

  5. [...] Bizzyblog: In connection with its interview (the one from which the audio almost certainly came), the Chronicle published almost 2,500 words on January 18 (link is to ProQuest Library file saved at my web host for fair use and discussion purposes). 1,300 went to its primary article, and roughly 1,200 went to an “In His Own Words” segment. None of the verbiage in the audio is in the Chronicle’s coverage. Lots of other verbiage that is much less newsworthy is. [...]

    Pingback by NixGuy.com | Palin: Obama Intends to Bankrupt Coal — November 2, 2008 @ 9:00 pm

  6. Jonathan Byron: And his statement that he will bankrupt coal fired power plants and cause power bills to skyrocket doesn’t bother you? You are in a class of the braindead all by yourself. My electric supplier just added a 17% increase to my monthly bill. Not being a millionaire, as all of the braindead democrats must be, that will put a pinch on my financial status this winter.

    You want to see an uncivil, civil war just step on a coal miners ability to feed his family. With nothing else to lose and being well armed + trained in the use of explosives they will take a lot of democrats with them. Welcome to the real world of hard working, family loving, Americans.

    Comment by Scrapiron — November 2, 2008 @ 10:29 pm

  7. #6, be prepared for a 5 fold increase in electric rates, so if you used to pay $200/month you will get to join Al Gore’s leaque and pay $1,000/month. Of course Al Gore is not going to pay anymore extra since he being in Tenn. is supplied by the TVA, a nuclear powered system. A system that gives volume discounts for the amount of electricity a customer uses, the more you use, the less per kwhr you pay. How much will taxes have to be raised on the rest of us in order to compensate the poor for an increase they can not afford? It’s called Sprinkle Down Economics, http://conservablogs.com/publiusforum/2008/10/29/sprinkle-down-economics/ robbing Peter and Paul, then coming back to Peter and telling him we need to cover Paul’s losses because you still have money that we couldn’t steal.

    The reasons it will be a 5 fold increase.
    http://conservablogs.com/publiusforum/2008/04/24/agw-insanity-has-reached-new-heights-of-absurdity/

    http://conservablogs.com/publiusforum/2008/07/23/the-panacea-of-the-oil-free-economy/

    Comment by dscott — November 3, 2008 @ 8:56 am

  8. [...] let the false equivalence comparison fool you.  Obama’s plan is, by his admission, much more aggressive than either of the other candidates: What I’ve said is that we would put a cap and trade system [...]

    Pingback by NixGuy.com | Coal-gate Update: Obama-Biden tickets Spells Disaster for Coal Industry — November 3, 2008 @ 12:06 pm

  9. Obama: A figment of every American socialist’s imagination…

    Fricking morons…

    Comment by Rose — November 3, 2008 @ 2:58 pm

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