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Senate Democrats Pass Carbon Plan Over GOP Boycott (Update1) 56 comments
By Simon Lomax
Nov. 5 (Bloomberg) -- Senate Democrats won committee approval today of a “cap-and-trade” bill to reduce U.S. greenhouse gases over the objection of Republicans who say the legislation is being rushed.
Ten of the 12 Democrats on the Senate Environment and Public Works Committee supported the measure. Senator Max Baucus, a Montana Democrat, voted against the bill. Senator Tom Carper, a Delaware Democrat who wasn’t present for the vote, later said he would have voted in favor.
“We’re hearing the call to get moving on this,” said Chairwoman Barbara Boxer, a California Democrat and cosponsor of the bill.
The legislation had been tied up in the committee for two days by the Republicans, led by Senator James Inhofe of Oklahoma, who said the bill’s impact on the economy hadn’t been adequately studied. They boycotted most of the panel’s meetings this week to try to prevent a vote until the Environmental Protection Agency reviews the bill further.
Boxer said the Republican call for further study was a stalling tactic. The Senate cap-and-trade proposal draws heavily from legislation that passed the House in June, and the EPA’s studies of that measure were good enough for the committee to vote, she said.
While the House bill aims to cut emissions 17 percent below 2005 levels by 2020, the Senate measure calls for a deeper cut of 20 percent. The panel’s Democrats, who outnumber the Republicans 12-7, said voting without any Republican present is allowed under the environment committee’s rules.
Cap and Trade
Under cap and trade, the federal government would issue a limited number of pollution permits, each carrying the right to emit one metric ton of carbon dioxide.
Power plants, refineries and other regulated industrial companies would have to acquire enough permits to cover their emissions. Firms could buy and sell the permits before they are surrendered to the EPA to enforce emission targets.
Inhofe said Boxer’s decision to move ahead over Republican objections was a “nuclear option.” His spokesman, Matt Dempsey, said before the committee met today that the vote would have “long-standing implications” for the panel’s ability to work on other issues.
Baucus said the Republican boycott had prevented the cap- and-trade bill from being amended and he couldn’t support a plan to cut greenhouse gases 20 percent by 2020. The 2020 target should be changed to a 17 percent cut with a “trigger” to toughen the target to 20 percent “if other countries play by the same rules.”
Baucus said he will work outside the committee to develop “meaningful, balanced climate change legislation” that can win the 60 votes that are typically required in the Senate to pass major legislation.
For Related News and Information:
To contact the reporter on this story: Simon Lomax in Washington at slomax@bloomberg.net.
Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.
This post has 56 comments:
Probably going to have to bail on (PCX) now.
Nasty tax increase too.
They may not put a bullet in the economy's brain with this nonsense, but it will for certain blow off an ear or two.
Sigh, I guess it was too much to hope that delaying tactics would kick this can into the 2010 elections! OTOH, the silver lining is that this is another straw on many Democrat pol's camel's backs. This will cost them come the election.
On Nov 05 12:19 PM Mayascribe wrote:
> I sold my (PCX) I bought this morning for about a $5.00 profit. Amazed
> this news has yet to hit the stock. Or, for that matter the markets
> as a whole.
What other companies are in the carbon control business?
This would be the Roach Motel of all treaties because, in order to back out in the future, we would need the consent of a majority of the other signers of the treaty.
Since we would be the cash cow of the whole scam, no other country would vote to let us out.
On Nov 05 12:14 PM doubleguns wrote:
> 60 votes, that's the line in the sand. BO needs something to take
> to Copenhagen even if it is a sinking ship.
Another company I need to refresh myself with is (Ftek) I will take a look at it right after lunch
Then, they'd be forced to sit through endless Al Gore slide shows, a la Clockwork Orange.
The end result would mass suicides and dead polar bears.
On Nov 05 01:09 PM optionsgirl wrote:
> Just curious, what would happen if a country backed out of a treaty
> without approval of the other signatories?
On Nov 05 12:14 PM doubleguns wrote:
> 60 votes, that's the line in the sand. BO needs something to take
> to Copenhagen even if it is a sinking ship.
Just as with evil tobacco, the goal is to suck huge tax revenues from the users, not to get them off the addiction.
In the end, its all about power. The thin do-gooder facade is just a minor part of the strategic camouflage.
In the case of Cap and Trade, they are subverting the Environmental Movement for their own ends. ACTUAL, real environmental will be bulldozed in a heartbeat to further their plan.
On Nov 05 12:22 PM optionsgirl wrote:
> It's not a done deal. It's "committee approval". The bill has a long
> way to go before it is enacted. I think that Bloomberg's title for
> this article is a bit misleading. There is going to be a heck of
> a battle on this. The democrats are certainly emboldened. As a practical
> matter, we can't exist without coal and nat gas.
You are correct, however, GoldHoard about the 2/3 majority needed in the U.S. Senate to ratify an international treaty.
On Nov 05 01:05 PM yellowhoard wrote:
> Actually, I think that if BO signs a treaty in Copenhagen, he needs
> 66 votes to ratify.
>
> This would be the Roach Motel of all treaties because, in order to
> back out in the future, we would need the consent of a majority of
> the other signers of the treaty.
>
> Since we would be the cash cow of the whole scam, no other country
> would vote to let us out.
South Vietnam protested, but could do nothing of course.
The only sort of punitive measure the United States would likely face in such a case would be words or perhaps trade measures, which of course usually cost the country installing them about the same as the targeted nation, if not more.
On Nov 05 01:09 PM optionsgirl wrote:
> Just curious, what would happen if a country backed out of a treaty
> without approval of the other signatories?
Especially the polar bears.
Evil capitalists want the poor polar bears to all die so we can harvest their warm coats, y'know.
On Nov 05 01:19 PM yellowhoard wrote:
> They'd probably get a really stern certified letter from the UN.
>
>
> Then, they'd be forced to sit through endless Al Gore slide shows,
> a la Clockwork Orange.
>
> The end result would mass suicides and dead polar bears.
On Nov 05 01:09 PM User 283977 wrote:
> Yes Fuel Systems Solutions bought the Fuel maker and its "Phill"
> home garage natural gas refuelling system…. but I believe their primary
> business involves improving combustion systems to reduce carbon emissions.
> I think they are quite involved in coal to gas conversions….
>
> Another company I need to refresh myself with is (Ftek) I will take
> a look at it right after lunch
On Nov 05 01:43 PM yellowhoard wrote:
> Still holding SLW, GDX, NAK.
Then I'd be living the dream.
Nice to know that 66 is the line in the sand. I doubt that is doable.
On Nov 05 01:54 PM yellowhoard wrote:
> One day, before I die, I'd like to wear a polar bear fur coat as
> I club snow white baby seals to death for their lovely pelts.
>
> Then I'd be living the dream.
On Nov 05 01:54 PM yellowhoard wrote:
> One day, before I die, I'd like to wear a polar bear fur coat as
> I club snow white baby seals to death for their lovely pelts.
>
> Then I'd be living the dream.
It would be wise to remember, however, that there are a number of RINOs in the Senate likely to vote for it, including folks like McCain, Snow, etc.
Bush was even a Global Warming believer. This particular virus seems to have swept through the liberal Republican ranks several years ago.
On Nov 05 01:58 PM doubleguns wrote:
> Stopped out of double silver, tight stop on double gold and sold
> all monex silver.
>
> Nice to know that 66 is the line in the sand. I doubt that is doable.
Democrats rushing their "no government left behind" agenda can mean, the false green shoots are wilting fast and their window of opportunity will close.
Of course, these programs are what they live for; we're between elections again, might as well get their most damaging work done so headlines can fade next year.
Big, unaffordable programs always become an unalterable fact of life no matter how wretchedly they fail; a one-way ratchet. That roach motel.
Corning cellular ceramic substrates are used in stationary catalytic systems to help curb air pollution from power plants, refineries, chemical processing plants, and in many other industrial applications. These cellular ceramic substrates can also be used in systems designed to reduce volatile organic compound (VOC) emissions from operations such as printers, dry cleaners, paint shops and plastic-mold shops.
Let it not be said that I'm not prepared for the possibility of CNG cars:
KMP for pipeline distribution of Ethanol, BioDiesel, NG and oil.
MWE for Gas gathering.
Both have decent dividends, MWE has a better one.
On Nov 05 02:14 PM User 283977 wrote:
> That's great OG… I did not know Corning (GLW) was an environmental
> play - I thought they were mostly a PC play. This is from their
> web site:
>
> Corning cellular ceramic substrates are used in stationary catalytic
> systems to help curb air pollution from power plants, refineries,
> chemical processing plants, and in many other industrial applications.
> These cellular ceramic substrates can also be used in systems designed
> to reduce volatile organic compound (VOC) emissions from operations
> such as printers, dry cleaners, paint shops and plastic-mold shops.
I believe someone has already mentioned the other NG play, based on using CNG in cars (like the Hondas, which fact has actually had me looking at them recently) - FSYS, which is however not anything like a pure CNG/home station play.
KMP, much beloved-of-Cramerica, I owned it for a while since March, made poor returns, dumped it months ago. Solid balance sheet, as I recall. Not a bad yield, but lower than some of its peers in the same sector.
On Nov 05 02:14 PM User 283977 wrote:
> That's great OG… I did not know Corning (GLW) was an environmental
> play - I thought they were mostly a PC play. This is from their
> web site:
>
> Corning cellular ceramic substrates are used in stationary catalytic
> systems to help curb air pollution from power plants, refineries,
> chemical processing plants, and in many other industrial applications.
> These cellular ceramic substrates can also be used in systems designed
> to reduce volatile organic compound (VOC) emissions from operations
> such as printers, dry cleaners, paint shops and plastic-mold shops.
Your tale resembles mine to a great degree, It took me two months to shake something, don't really know what, 2 types of prescription antibiotics, prescription cough medicines, everything I could think of Over-the-counter that did not conflct. It "went" away. My spouse didn't catch it.
About 5 months later, I was in the emergency room, high fever, shakes multiple tests until finally being diagnosed with a Urinary infection. Specific drugs later, I was cured.
On Nov 05 02:11 PM Leftfield wrote:
> Hopefully, Buffet knows something we don't about the real prospects
> of this idiocy.
> Democrats rushing their "no government left behind" agenda can mean,
> the false green shoots are wilting fast and their window of opportunity
> will close.
> Of course, these programs are what they live for; we're between elections
> again, might as well get their most damaging work done so headlines
> can fade next year.
> Big, unaffordable programs always become an unalterable fact of life
> no matter how wretchedly they fail; a one-way ratchet. That roach
> motel.
MWE is a future play. You lock in the dividend now Its not a trading vehicle for me.
You do know about CQP and PSEC, PSEC is my biggest holding, 9600 shares.
Now I climb stairs with ease, and feel like I did last year. After taking a bunch of pills for the past 5 months.
I still have a damaged heart, though, they just did an ecg and echo and its improved, but not enough. I am pushing off getting a defibrilator (I used to call these a pacemaker, but they are a lot more nowadays) because they frankly scare me, they really do NOT like to be around powerfule electrical fields, or even electric motors, and those things are EVERYWHERE nowadays.
I was checked for tetanus and urinary, and for cardio-pulmonary blockage, blood clots in the lungs, liver ailments, etc. When I first complained, my GP was really confused. She had just given me a complete workup the month before, but now I looked like a different person on all her tests. One day I had excellent blood pressure, the next high, etc. They were watching the effects of my immune system fighting the infection (whatever it was, I'm told we will never know precisely, just something that took advantage of the severe Flu I caught twice in close succession.
I will look into tetanus and urinary issues again, though.
In my case my wife and daughter DID catch it (first my daughter, then my wife, and finally me), it felt like and acted like the flu, though I had a harder time with it than they did.
A month later I caught the flu AGAIN, and I was still weak from the last time, and this time I recovered quicker from the fever and congestion, but had no energy - suffered from shortness of breath - and lost the ability to sleep.
They have been testing my blood every few weeks, monitoring things, and my chloresterol is good, but my heart rhythm is NOT.
On Nov 05 02:40 PM Freya wrote:
> triple: have you had a check for Urinary/tetnus problems.
>
> Your tale resembles mine to a great degree, It took me two months
> to shake something, don't really know what, 2 types of prescription
> antibiotics, prescription cough medicines, everything I could think
> of Over-the-counter that did not conflct. It "went" away. My spouse
> didn't catch it.
>
> About 5 months later, I was in the emergency room, high fever, shakes
> multiple tests until finally being diagnosed with a Urinary infection.
> Specific drugs later, I was cured.
On Nov 05 02:08 PM tripleblack wrote:
> 66 would be possible ONLY if the Democrats turn things around before
> Nov 2010, and add to their lead in the Senate.
>
> It would be wise to remember, however, that there are a number of
> RINOs in the Senate likely to vote for it, including folks like McCain,
> Snow, etc.
>
> Bush was even a Global Warming believer. This particular virus seems
> to have swept through the liberal Republican ranks several years
> ago.
With the markets now in a holding pattern, perhaps a flight to quality will yield advantages for companies like KMP, which may be the class of the class.
I'm long NG, philosophically, and I owned MWE until they paid their last quarterly dividend, then I sold them because I had too many different NG stocks at the time. I still like the company overall. I was just freeing up funds (at that time I was virtually 100% invested) to have some cash for new projects.
I also sold CQP at about the same time, for the same reasons as MWE.
PSEC is a company I have been watching for a while, though I have never owned it. It is #14 on my list of investments for when I dive back in (wow, just noticed, 16.3% yield right now), but since you like it, Freya, it gets a star (I was planning to buy about 15-20 different stocks).
When is the x date? Looks like around January 6, so still plenty of time...
On Nov 05 02:47 PM Freya wrote:
> On KMP: they have recently added Pipleline exposure by purchasing
> small operators. They now have a coast to coast capability. The latest
> is supposed to be accretive.
>
> MWE is a future play. You lock in the dividend now Its not a trading
> vehicle for me.
>
> You do know about CQP and PSEC, PSEC is my biggest holding, 9600
> shares.
On Nov 05 03:02 PM doubleguns wrote:
> Maybe NVAX can develop a vaccine for that.
All powerful electrical fields can be trouble, microwave towers, car alternators, elevator motors, etc, etc.
We ever get hit with nuclear weapons, zap, emp, dead.
On Nov 05 02:56 PM optionsgirl wrote:
> Defibrillators work great, gotta stay away from the microwave. They
> are so sophisticated they let you know when they fire.
On Nov 05 03:00 PM doubleguns wrote:
> You could get an AED for the house and take it with you when you
> travel.
Hubby wanders in every once in a while if he doesn't hear me snoring.
And yet we keep on going, makes you wonder sometimes.
This is one of those times.
Why is everyone so shook about Silver? It looks like a little H&S you say.
MACD is already slightly oversold, if it were going to tank, the Silver stocks would already be reacting. They are not, the other side of the coin says a bunch of shorts are about to be shot.
On Nov 05 03:24 PM User 283977 wrote:
> triple - did you have a high fever?
I am sleeping great now, back to normal or better.
I have also lost some weight, about 20 pounds, even though my doc says my weight was not part of the problem, so I should be careful shedding too much weight too fast. I weigh about 240 now. I want to get back to 200, but am in no hurry to get there.
Doc doesn't want me working out, lifting anything heavier than 15 pounds, etc, so I just walk and go about my normal day, though now I no longer do stuff around the house like I always used to.
On Nov 05 03:43 PM Freya wrote:
> I have apnea, even during the day, I have to sometimes remember to
> breathe.
>
> Hubby wanders in every once in a while if he doesn't hear me snoring.
>
>
> And yet we keep on going, makes you wonder sometimes.
>
> This is one of those times.
>
> Why is everyone so shook about Silver? It looks like a little H&S
> you say.
> MACD is already slightly oversold, if it were going to tank, the
> Silver stocks would already be reacting. They are not, the other
> side of the coin says a bunch of shorts are about to be shot.
I thought that her hubris stemmed from having been re-elected last year, with five years to go until 2014. Not so.
But if she runs, she will be caught in a cross-fire. From the "true" environmentalists on the left. And from business leaders on the right.
On Nov 05 02:11 PM Leftfield wrote:
> Hopefully, Buffet knows something we don't about the real prospects
> of this idiocy.
> Democrats rushing their "no government left behind" agenda can mean,
> the false green shoots are wilting fast and their window of opportunity
> will close.
> Of course, these programs are what they live for; we're between elections
> again, might as well get their most damaging work done so headlines
> can fade next year.
> Big, unaffordable programs always become an unalterable fact of life
> no matter how wretchedly they fail; a one-way ratchet. That roach
> motel.
coat post haste."
So might Sarah Palin. After all, she "does" moose.
On Nov 05 02:02 PM doubleguns wrote:
> Could be the next hunting trip. Polar bears first, seals second.
> Inuit guides should be able to skin and put togeather a polar bear
> coat post haste.
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