[Congressional Record Volume 155, Number 96 (Wednesday, June 24, 2009)]
[House]
[Page H7151]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   ENERGY: WALL STREET'S NEXT BUBBLE

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DeFAZIO. Madam Speaker, Europeans have had a market-based cap-
and-trade system on greenhouse gas emissions for 4 years, and it has 
failed. The last recorded year, $60 billion in trades, that is added 
costs, and higher greenhouse gas emissions.
  Now the House of Representatives wants to bring that European system 
here to the United States of America, despite its failures. Why? Well, 
the market-based approach is only a failure if your objective is 
meaningful and predictable real reductions in greenhouse gas emissions. 
Perhaps something else is afoot.
  Europe already has a carbon offset futures derivatives market, 
complete with credit default swap insurance. Is it AIG and mortgages 
all over again but now with carbon? We are going to bring that here to 
the United States. Wall Street is tingling with excitement. A trillion 
dollars speculative market.
  Listen to this: Carbon will be the world's biggest commodity market, 
and it could become the biggest market overall, Louis Redshaw at 
Barclays. Oh, Wall Street loves this so much. A brand new Wall Street 
bubble on something as essential as energy. Deja vu all over again.

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