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Barack Obama  |
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Rob Kailey is a working schmuck with no ties or affiliations to any governmental or political organizations, save those of sympathy.
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Tue Jul 21, 2009 at 17:01:40 PM MST
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Krugman:
But there's also, it seems, growing opposition to cap-and-trade from people who should be on the side of progress - but whose reaction is basically "Eek! Markets!Wall Street! Speculation! Bad!"
We don't need this.
So let me talk a bit about why this reaction is 99% wrong, and bad for the planet....
By all means keep a watchful eye on speculators and regulate derivatives - and make market manipulation illegal, as Waxman-Markey does. But don't apply standards to emissions trading that you don't apply to any other market.
The solution to climate change must rely to an important extent on market mechanisms - it's too complex an issue to deal with using command-and-control. That means accepting that some people will make money out of trading - and that yes, sometimes trading will go bad. So? We've got a planet at stake; it's crazy to cut off our future to spite Goldman Sachs's face.
I've been suspicious of this meme since rightie concern trolls showed up here and elsewhere bragging about how Wall Street is already planning how to make a killing on cap-and-trade. For one, speculators typically don't explain how they're going to manipulate markets before they do. |
| Jay Stevens :: "...it's a case of the perfect being an enemy of the planet." |
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