Unfortunately Proposition 39 has flown under the radar and yet it may be one of the most dangerous Propositions on the ballot. It promises "green energy" jobs and "energy efficiency", but "green energy" is not as green as it seems.
In fact the billionaire hedge fund manager Tom Steyer behind the Proposition has millions invested in Oil giant BP as well as hydraulic fracking companies. Steyer also spoke out recently at the DNC pushing the benefits of Natural Gas as a "clean energy" and a big part of our future.
It seems to me that A + B + C = hydraulic fracking in California.
Ironically the gaping loopholes in this Proposition to close a loophole make this Proposition one of the most environmentally destructives measures in the history of California.
Make no mistake this Proposition will bring fracking to California in a MAJOR way. Why do I think that? Because the Prop sets up a secret bureaucracy to deal with the 1 billion dollars plus raised and because the sponsor of the Prop has made it his mission to bring hydraulic fracking to his state. And there is nothing in this Proposition that spells out what clean energy is.
Steyer is a HUGE investor in Westport Innovations Inc., "which collectively announced an agreement last week to develop natural gas technologies for off-road equipment like mining trucks. Programs are already being developed for engines, combustion technology and fuel systems, and the companies expect commercial production to begin in about five years."
Here is what he said at the DNC convention recently: ..."We’re doubling fuel-efficiency standards for cars and trucks. And domestic production of natural gas is at an all-time high—natural gas, which, if developed safely and responsibly, could help bridge our energy present to our energy future?"
Do you really trust a Goldman Sachs hedge-fund manager to safely develop fracking technologies? that's what this Proposition comes down to.
They are banking on the fact that you will be so enamored with the phrase "closing a corporate tax loophole" that you will overlook the part where there is no definition of "green energy" or "energy efficiency" thus special interests are free to interpret that phrase as they like in order to get a chunk of this giant pie.
Here is the conveniently ambiguous language of the Proposition: “Dedicate $550 million annually for five years from the initiative’s anticipated increase in revenue in order to fund projects that “create energy efficiency and clean energy jobs” in California.”
Who determines that? An unelected board beholden to special interests thats who. If you want to read more about Farallon Capital's terrible track record investing in very dirty energy click here link text.
Here are just some of the other arguments against this dangerous Proposition.
"Proposition 39 is a recipe for waste and corruption. It spends up to $22 million on a new bureaucracy and special interest commission. It gives Sacramento politicians a blank check to spend billions without real accountability or taxpayer protections against conflicts of interest."
"Here are the facts: a billionaire who CNN called 'California’s Hedge Fund King' is bankrolling 39, spending $20 million to influence your vote and buy the election. His political consultants use terms like 'closing a loophole' but don’t believe them. Prop. 39 is politics at its worst. California needs reform, not more taxes and wasteful spending."
"$2.5 billion that could go to schools, health and welfare, environmental protection or public safety is instead diverted to a new government commission with fat salaries and little accountability. Our state budget deficit today is nearly $16 billion and Prop. 39 makes things worse by wasting money on a new unnecessary bureaucracy".
Come join the fight against this deceptive Proposition on Facebook.link text