Trader Dennis Gartman, editor of The Gartman Letter investment letter, says the Environmental Protection Agency's crusade to achieve new sanctions against companies without first getting Congressional approval is scarier than the greenhouse gases the agency says it wants to control.
"As we understand the law... and we are open to being told we are wrong on this issue, for we are not lawyers here at TGL... the EPA can effectively close a factory if it believes the factory in question is producing "greenhouse gases" in excess of what the Agency believes to be safe and/o it can impose fines sufficiently large to effectively close the plant in question," Gartman writes in his investor newsletter.
“The EPA has taken it upon itself to call greenhouse gases ‘endangering’ to American health and having seen that Congress is unwilling to act has taken it upon itself to do so,” Gartman continues.
Gartman says that, according to The White House Bulletin, EPA Administrator Lisa Jackson now has unilateral authority to act — including setting new carbon emissions standards for power plants, factories and cars — even if Congress fails to pass a climate bill.
“…Lisa Jackson has decided unilaterally that greenhouse gases are detrimental and if Congress won’t act, then she will,” Gartman says.
The Environmental Protection Agency recent announcement that greenhouse gases are a danger to public health and welfare in a decision that could eventually lead to new emissions regulations, The Wall Street Journal reports.
"These long overdue findings cement 2009's place in history as the year when the U.S. government began addressing the challenge of greenhouse-gas pollution and seizing the opportunity of clean-energy reform," Jackson said in a statement.
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