Sen. Corker (R-TN) is offended by fraudulent international offsets

[As I've blogged many times, I agree with his remarks on offsets (below).]

Corker: We need to take action on climate security AND energy security.

Worries that the European cap and trade system led them to import a lot of natural gas from undependable Russia.

Bill misses the mark.

American Public will be paying higher energy prices

This bill takes in trillions of dollars, transfers wealth of $6.7 trillion (based on a model price of $22 a ton of CO2 — he said carbon), but if we had the European price, that would be $13 trillion.

Then in a pre-prescribed way it spends it. It is the mother (and father) of all earmarks.

I don’t understand why it doesn’t take that money and return the money back immediately to the American public.

The bill tries to win support by giving money to special interest groups.

This bill allocates out carbon allowances, which are marketable securities like shares of IBM — Including entities that have nothing to do with the emission of carbon.

I have never used demagogic language to describe this bill.

I have never debated the science

Won’t let Sen. Kerry ask a question.

truly offensive: this bill allows international offsets.

encourages companies to go through a loophole

I actually have no idea why we would allow such a thing when we are trying to reduce carbon emissions in our own country.

I don’t understand why international offsets which have been so fraudulent are allowed.

Wants a bill that doesn’t just address climate, but also energy security. [I guess he doesn't really understand the energy security solution in the bill.]

There is a 5-person board to decide where trillions of dollars are spent.

KERRY chimes in — The senator for Tennessee voted for the farm bell, capital gains reduction … if he voted for those incentives for different behavior, why not this bill.

CORKER: Bill pre-prescribes how the money is spent, with 27% of the money toward entities that have nothing to do with emissions of carbon [not sure what he is talking about -- there is money for adaptation, but he can't object to that, can he?]

DOMENICI: The biggest redistribution of wealth we’ve ever adopted in the Senate, ut it won’t accomplish anything very significant for the reduction of emissions.

BOXER: I don’t think my friend from Tennessee understands this bill at all. It is a huge tax cut for the American people [Hmm -- that isn't how I'd put it]. He has used very strong words. For him to call it command-and-control is rather a joke.

WARNER: Gets VERY angry with Corker.