What does global warming have to do with the liquidity “crisis?” Nothing! But not according to the Senate, whose bill includes a provision, Section 117, directing the National Academy of Sciences to “undertake a comprehensive review of the Internal Revenue Code of 1986 to identify the types of and specific tax provisions that have the largest effect on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects.” For this, The National Academy is appropriated $1.5 million.
In other words, somehow the government’s purchase of bad loans is related to global warming? This is a naked attempt by environmental extremists to use people’s fears of financial collapse as an excuse to ultimately skew the tax code in such a way that it makes energy even more expensive. Some bailout!