- Consistent with AB 32, ARB must adopt the cap-and-trade regulation by January 1, 2011, and the program itself must begin in 2012.
- Instead of calling it "Global Warming" it is now being referred to as "Climate Change" - I assume to avoid embarrassment when the planet starts to get colder.
- Just read through a 5 page regulation on checking one's tire pressure.
- Cap-and-Trade regulation alone is 132 pages long.
- At least they gave some thought to how bankruptcies of covered entities would affect...the goals of the ARB:
Discussion of Concept – Addressing Bankruptcy of Covered Entities
Compliance entities could emit GHGs and then declare bankruptcy or otherwise cease operation before fulfilling their surrender obligations at the end of the compliance period. Any compliance instrument that an entity owns at the time of bankruptcy could be included in their collection of assets for bankruptcy proceedings, thereby prohibiting claims by ARB. Under this scenario, this form of default would threaten ARB’s ability to meet the cap.
To address this, ARB is evaluating two policy options which involve modifying the timing of surrender calculations contained in Section 95960. Neither option reduces the probability of bankruptcy occurring, but instead serves to reduce the magnitude of any potential default.
Option 1: Require covered entities to cover a portion of their annually-reported emissions by retiring compliance instruments at specific periodic intervals.
ARB could hedge against possible bankruptcies while minimizing the loss of flexibility to covered entities by requiring them to cover a percentage of their reported emissions at intervals during the compliance period. This “partial true-up” reduces the magnitude of any default of the surrender obligation.
If there are any businesses left in California a year or two after this gets implemented, we should all get down on our knees and pray, because we will have witnessed a miracle. It seems to me that this is the stupidest, most self-destructive fiasco I have ever seen. The whole theory of human caused global warming will turn out to be false, of that I am pretty much certain.
If you think that all scientists are in agreement on this, you are mistaken. You only hear about the ones who are towing the party line. Just a week ago, a UCSB professor publicly resigned from the American Physical Society out of disgust at their role in perpetrating the "biggest scam in the history of mankind". I read about this in foreign newspapers from Norway, the UK, Australia and India. Not one US newspaper reported this story.
I have read and heard reports of scientists essentially being coerced or bribed into supporting the Global Warming scam. If they do not, they watch their grant money dry up and their careers start to stagnate. On the other hand, grant money seems to be readily available to do "research" on global warming.
Think about your dealings with the DMV. Ever had an experience that took 5 times longer than it should have? Now imagine that sort of inefficiency and indifference applied to every area of the California economy, and ultimately your daily life.
This would be really funny to watch if I didn't live here.
They say that Disney fabricated the notion that lemmings willingly throw themselves off cliffs. I have another interpretation of the lemming suicides - it was metaphorical and prophetic of our current insistence to do absolutely everything under the sun to catapult our society back to the stone age.
If you have an ounce of sense in your head, you will vote yes on Prop 23.
Going to bed now. Nite Nite.
Update February 27, 2011: California's Cap and Trade Slush Fund (California State Assemblyman Dan Logue)
Dear Friends and Colleagues,
Those that know me, know that I have long been an outspoken opponent of Assembly Bill 32 (AB 32), California's so-called "Global Warming Solutions Act of 2006." Of course, the folks that originally forced this broad-sweeping policy upon us have, by and large, abandoned the "Global Warming" scare tactics and have settled on "Global Climate Change" as their new scare buzzword.
Out of concern for the destruction that I knew AB 32 would have on our economy, in 2010 I authored Proposition 23 to suspend the implementation of AB 32 and index it to California's unemployment rate. Unfortunately, Prop. 23 did not pass. Now as we begin to see the provisions of AB 32 implemented, the California Air Resources Board has established the nation's first and only Cap and Trade system, whereby billions of dollars will be extracted from the private sector.
The first response of Sacramento liberals has been to seek to tap those resources, but not for environmental clean-up, mitigation or compliance, as promised. Rather, they are seeking to hijack the Cap and Trade funds in order to back-fill a $500 Million hole in the State General Fund. They have also floated the idea of raiding about $1 Billion from it to bail out California's boondoggle high-speed rail project, which you may recall has an estimated price tag of $100 Billion. This confirmed our worst fears - that AB 32 and Cap and Trade will be used as a Slush Fund for Sacramento's pet projects.
Fortunately, this past week California's independent non-partisan Legislative Analyst notified the big spenders that use of Cap and Trade funds will be very limited without a two-thirds vote of the Legislature. However, the big spenders have not given up and won't - not when there's tax dollars available for the taking.