The oil company with the best strategic planning says the day of reckoning is nigh:
In case you missed it, the Dow Jones Industrial Average experienced a violent and exhausting 1,000-point swing the past week, down 450 points on Tuesday before trimming its losses and then tumbling 330 points on Wednesday before rebounding with a 299-point gain. It's not the only financial freefall of late. The housing market bubble was punctured last fall and has been leaking like the Hindenburg ever since. (And long before that, the economy experienced the dual dot-com and technology implosions in the spring of 2000.) Photo: iStockphoto All of which is to say, it's probably safe to assume most Americans are familiar with what a financial bubble looks like when it bursts. But how many of us could spot a bubble in the making? Eric Janszen believes he can. In fact, the president of iTulip.com predicts the next bubble is going to be green -- not as in the color of money, but as in alternative energy companies, suppliers, and technologies. If Janszen's right (and he's got a pretty good pedigree in all things bubbles, having had a front-row seat at the dot-com debacle and now as founder of a website that tracks financial dislocations), it could be the mother of all bubbles.
The Senate Energy and Natural Resources Committee held a hearing yesterday on mining reform, indicating unwillingness to overhaul 136-year-old U.S. mining policy anywhere near as much as would a House of Representatives bill passed this fall. Senators seemed generally open to creating a cleanup fund and placing royalties on new mines, but key lawmakers from Western states balked at taxing existing mines or increasing environmental regulation. “It is important to remember that while the mining law itself has not been updated, there have been numerous new environmental laws that are still applicable to mining,” said ranking Republican Pete Domenici (N.M.). …
If you think Sen. John McCain (R-Ariz.) is a straight-talking, courageous politician on the issue of global warming, watch this jaw-dropping clip from last night's Republican presidential debate: The transcript is online, so we can go through McCain's entire Orwellian answer to moderator Tim Russert. [Note: This was following a question to Giuliani about the global warming threat to Florida and his opposition to mandatory caps, which I'll briefly discuss at the end.] Russert said, correctly: Senator McCain, you are in favor of mandatory caps. And, as you've seen, McCain immediately answers: No, I'm in favor of cap-and-trade. And Joe Lieberman and I, one of my favorite Democrats and I, have proposed that -- and we did the same thing with acid rain. And all we are saying is, "Look, if you can reduce your greenhouse gas emissions, you earn a credit. If somebody else is going to increase theirs, you can sell it to them." And, meanwhile, we have a gradual reduction in greenhouse gas emissions.
Climate change is a universal menace, threatening hardships for everyone. But it's not an egalitarian menace: everyone will not suffer equally. Perversely, those people and nations least to blame for causing it are most vulnerable to its impacts. Climate disruption heaps misfortune on the less fortunate, whether in low-lying Bangladesh, the Ninth Ward of New Orleans, or the flood plains around Chehalis, Wash. In the aftermath of climate change, the less you have, the more you're likely to lose.
We have known for weeks that the EPA administrator overruled his staff when announced late last year that the EPA was denying California's application to regulate vehicle greenhouse-gas emissions. Now we have the details of the PowerPoint presentation that the EPA's legal and technical staff made to Johnson, thanks to Sen. Barbara Boxer (D-Calif.). At the end, I'll reprint a letter from the Terminator (and 13 other governors) sent to the EPA. As reported today by the S.F. Chronicle: In the presentation last year, EPA staffers wrote that California could clearly demonstrate "compelling and extraordinary conditions" -- the legal definition under the Clean Air Act that requires EPA to approve regulations set by the state. "California continues to have compelling and extraordinary conditions in general (geography, climatic, human and motor vehicle populations -- many such conditions are vulnerable to climate change conditions) as confirmed by several recent EPA decisions," the staff wrote. The staffers also told Johnson that climate scientists at the U.N. Intergovernmental Panel on Climate Change had concluded California was at greater risk from the impacts of global warming than other states, which could justify the tougher rules. "California exhibits a greater number of key impact concerns than other regions," they wrote. The staffers listed all the risks that could prove the state's case -- from potential water shortages to rising sea levels affecting coastal communities to health threats from air pollution. "Wildfires are increasing," which could "generate particulates that can exacerbate health risk," they wrote. "California has the greatest variety of ecosystems in the U.S.; and the most threatened and endangered species in the continental U.S." Nice to see the EPA staff gets this issue, even if their boss and the White House don't. The story notes:
In my line of work, one sometimes hears strange things. These include allegations that leaf blowers or pet manure should be high-priority targets for reducing climate emissions. I'm in a myth-busting mood today, so I am happy to report that leaf blowers don't really rate. In the U.S., the emissions from all leaf blowers, both residential and commercial, for all of 2008 will be roughly equivalent to the emissions from driving that occurred between the arrival of the new year and 11:00 a.m. on January 1. Add to that the entire year's worth of snowblowers, and you can equal the driving emissions up until 1:30 p.m. on the first. Add in all lawn mowers, both residential and commercial, including the big riding and tractor-type units. Add in rototillers and other turf maintenance equipment. Add chainsaws, chippers, stump grinders, and shredders. Now add trimmers, edgers, brush cutters, and any other garden tool you can think of. The combined emissions from all of that racket-making equipment, for the entire year, is roughly equal to the driving that occurred before afternoon rush hour on January 6. Of course, that's not really the whole story.
In a report for "The Campaign Spot" on the National Review, Jim Geraghty gently broke the bad news to conservatives that yes, global warming will be an issue in the 2008 campaign, and the Republican party will concede the time has now come to act to reduce the risks. To make his case, first Geraghty gave the mic to a fire-breathing Giuliani supporter named Robert Tracinski, who declared for Real Clear Politics: But the biggest problem for Republicans with McCain's candidacy is his stance on global warming. McCain has been an active supporter of the global warming hysteria -- for which he has been lauded by the radical environmentalists -- and he is a co-sponsor of a leftist scheme for energy rationing. The McCain-Lieberman Climate Stewardship Actwould impose an arbitrary cap on America's main sources of energy production, to be enforced by a huge network of federal taxes and regulations. The irony is that McCain won in South Carolina among voters whose top concern is the economy. Don't these voters realize what a whole new regime of energy taxes and regulations would do to the economy? No matter what happens, there is likely to be a huge debate in the coming years over global warming -- whether it's really happening, whether it's actually caused by human beings, and what to do about it. But if the Republicans nominate McCain, that political debate will be over, and Al Gore and the left will have won it -- thanks to John McCain. Geraghty let that stand, thinking others would agree with him that it was an extreme statement. He went on to try and reason with the NR crowd:
The New York Times has endorsed Hillary Clinton and John McCain for their respective parties, noting that McCain “was an early advocate for battling global warming.”