The stock market is tanking, especially GE because the details are coming out about Obama's energy tax scheme. In a nutshell coal fired power is going to be taxed massively.
Obama said [in a January 2007 interview] that the environmental policies he proposes would cause builders of new coal plants to go bankrupt. And he didn’t sound the least bit sad about the prospect…
Obama stated that;
…under my plan of a cap and trade system, electricity rates would necessarily skyrocket…whatever the plants were, whatever the industry was, they would have to retrofit their operations. That will cost money. They will pass that money on to consumers.
One provision of the ARRA is that residential electricity use is to be digitally monitored. Obviously this is setting the stage for retail use taxation.
Any such taxation would be poison to the introduction of electric vehicles.
What has me so concerned is that the rate of taxation will essentially DOUBLE the retail cost of electricity.
I'm thinking I'm going to have to find another way to make a living.
