Glenn Beck is seen here on the Insider Webcam, an exclusive feature available only to Glenn Beck Insiders. Learn more...
VOICE: The Glenn Beck Program presents more truth behind America's march to socialism.
GLENN: You remember how much we all loved Cap'n Crunch? It's like Cap'n Crunch except our Cap'n looks a little like President Obama and it's called cap and trade. Cap and trade we would have gotten either way. We would have gotten it with McCain, we're getting it with Obama. So what are we getting with this great system that invents a market based on invisible gases? Not just any invisible gas, the invisible gas. Do this (inhaling), now just do this (exhaling). That invisible gas that you get is now a market. So what do you get if you start to tax (exhaling), that. Well, let's take a look at Europe, shall we? About a year ago European governments allocated a limited number of carbon emission permits to their big polluters. They were so excited about Cap'n trade in places like France that they are burning cars in celebration. I think that's why they were burning the cars. I'm -- either that or it had to do something about not enough welfare... for immigrants. I'm not sure. Anyway, I mean, what's not happy about a car burning? Here's how the Cap'n trade system is supposed to work. Businesses that reduce pollution are allowed to sell spare permits to ones that need more. As demand outstrips the cap supply, the price of the permits rise and incentive grows to invest in green energy. Why buy costly permits to keep a coal plant running when you can just put the cash into a clean power plant instead. That's the socialist theory.
So what's actually happening a year into this in Europe with Cap'n trade which, by the way, is in the new budget? As the recession continues to slash output, companies are now piling up green permits that they don't need and they're selling them. This is causing the price of the permits to fall. So anyone wants to pollute can afford to do so. Oh. Well, that's not really good. It's almost like there's too much of a free market in the Cap'n trade business. Maybe government should regulate that free market and only allow them to fall so far.
You know what would be even better is if at the bottom where pretty much business and industry has stopped globally, if you could make the price based on full-fledged global stock, then when things get chugging, can you imagine how much we'll make? Oh, my gosh. The results is a system that does nothing at all for climate change but a lot for the bottom lines of megapolluters. Well, I don't know why industrials would miss the opportunity, said one trader last week. They're using it to compensate for tightening of credit and the slowdown, and they pay for redundancies.
The best part of this story is we're getting it in Obama's new budget, Cap'n trade, like Cap'n Crunch, except this trick is for kids.
VOICE: Overwhelming evidence that we are destined to be a bunch of socialist pigs very, very soon on the Glenn Beck Program.