Reply #11: Nov 2008 storm about Obama "wanting to bankrupt the coal industry"

[Overseas]

The Wonk Room at Think Progress reviews the Nov 2008 right wing storm about candidate Obama calling for a cap and trade system:

Both presidential candidates, Sen. John McCain (R-AZ) and Sen. Barack Obama (D-IL) have called for a mandatory cap on carbon emissions in the United States. Coal-fired power plants, which produce about 49 percent of U.S. electricity, account for 83 percent of power-sector emissions. Because of the global warming footprint, the cheapness of coal-fired electricity is illusory. Under a cap-and-trade system, the cost of those emissions — now a market externality — would have a dollar cost. In a January 2008 interview with the San Francisco Chronicle, Obama used blunt language to describe how a cap and trade system would change the future of the power sector:

That will create a market in which whatever technologies are out there that are being presented, whatever power plants are being built, they would have to meet the rigors of that market and the ratcheted-down caps that are imposed every year. So if somebody wants to build a coal-powered plant, they can. It’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted. That will also generate billions of dollars that we can invest in solar, wind, biodiesel, and other alternative energy approaches.

The right wing has gone insane over these remarks, falsely claiming that Obama said he “will bankrupt the coal industry.” This false claim is the headline of a Newsbusters story — the same right-wing front group that falsely attacked Al Gore using doctored audio clips. This time, the piece is based on an anonymous YouTube video. After being pumped by a top link on the Drudge Report, the right-wing — including the Weekly Standard, Michelle Malkin, and Power Line — went wild and repeated the lie that Obama talked about “bankrupting” the “coal industry.”

Full Article here: http://wonkroom.thinkprogress.org/2008/11/02/obama-coal-plants/