My, my . . . even HuffPo notices some of the slime involved in the Dems’ machinations to buy political cover for their biggest tax increase in history — Waxman-Markey’s cap-and-trade energy-rationing legislation, which is set to hit the House floor on Friday and will likely be up for vote on Saturday. (What’s it feel like to live in such historic times?)
It seems that the utility Exelon is boasting of a billion dollars or more in increased energy costs that they will pocket as a result of the bill. This comes on top of AEP CEO Mike Morris bragging that while on its face the scheme looks like it would cost utilities, in truth, they get to mark up the billions in added costs they pass on to the ratepayer with a little sweetener for their troubles. They’ll be rich rich rich! But, er, no, emissions will not go down. That’s ok. This isn’t really about that.
In a remarkably candid item, HuffPo picks up on then-candidate Hillary Clinton’s complaint about Barack Obama’s close ties to Exelon. U.S. utilities wrote Waxman-Markey, along with green pressure groups and a few other rent-seekers — as Henry Waxman clumsily admitted in the first draft of his bill. And to buy votes recently, even more sops were handed out to the utilities in the form of free ration coupons, which they have set up schemes to profit from. That of course leaves the government fewer to sell to U.S. businesses to pay for a direct wealth transfer to India, China, Mexico, et al. (not kidding) of about $2 billion per year and rising.
Imagine that for a moment. Most of these developing countries don’t have oil to sell us so, to remedy that injustice, we sell U.S. businesses “energy stamps” and ship the money over to the lovely gentlemen running China, among others. What a country!
Now, this is surely not why former Weather Underground terrorist William Ayers — son of former Commonwealth Edison (now Exelon) CEO Thomas Ayers and beneficiary of Exelon holdings, I’m willing to bet) — kicked off Obama’s political career in his living room. But it sure makes the struggle worthwhile.