GE owns NBC and MSNBC, two of the biggest cheerleaders of Obama.




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Obama’s hidden bailout of General Electric
By: Timothy P. Carney
Examiner Columnist
03/03/09 8:12 PM While many companies hire lobbyists to win earmarks, General Electric’s unmatched lobbying force has secured a tax increase — or its equivalent — in President Barack Obama’s budget.

Labeled “climate revenues” and totaling $646 billion over eight years, this line item in Obama’s budget has inspired confidence in GE Chief Executive Officer Jeff Immelt. As Immelt put it in a letter this week, he believes that the Obama administration will be a profitable “financier” and “key partner.”

On page 115 of Obama’s fiscal 2010 budget is Table S-2, titled “Effect of Budget Proposals on Projected Deficits.” The chart forecasts the costs of Obama’s spending proposals and the added revenue of his proposed tax increases. It also forecasts, beginning in 2012, billions of dollars a year in “climate revenues.” This budget line, which has struck fear into some lawmakers from coal-dependent states, could spell salvation for GE in these times of uncertainty.

How can Obama generate “climate revenues”? By forcing companies to pay for the right to emit greenhouse gases such as carbon dioxide.

A tax on greenhouse gas emissions could accomplish this, but Obama’s preferred policy — and the approach embraced by a few congressional bills in recent years — is called “cap and trade.” In short, cap and trade requires businesses to spend “credits” to pay for their emissions. Businesses can buy or sell these credits, and the market — not the government — would directly set the price of a credit. Government would initially auction them off, generating revenue.

GE — a member of the U.S. Climate Action Partnership, which advocates cap and trade — leads the push for greenhouse gas restrictions.

http://www.washingtonexaminer.com/po...-40686707.html