The Next Really Scary Bubble

If you think the housing and credit bubble diminished your financial security and your community, or the bailouts, or the rising gas prices did as well, hold on to your hat. The worst may be yet to come. Carbon trading is gearing up to make the housing and derivatives bubbles look like target practice.

Here are some comments on H.R. 2454, the American Clean Energy and Security Act of 2009:

“economic colonization of the heartland”

-Rep. Geoff Davis (R-Kentucky)

“a scam”

-Rep. Devin  Nunes (R-California)

“Carbon markets can and will be manipulated using the same Wall Street sleights of hand that brought us the financial crisis.”

-Rep. Dennis Kucinich (D-Ohio)

The best description to date can be found in Matt Taibbi’s wonderful article, “The Great American Bubble Machine: From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they are about to do it again.”