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“Crap and Trade”

2009

A New York Post article

Cap and trade. It sounds like a kind of street hustle. And in its way it is. But the street is Wall Street and the hustle is designed to collect a lot more than nickels and dimes from gullible passersby.

Cap-and-trade sets limits for a company’s carbon emissions. If it does not reach its limits a company can sell its spare capacity to other companies that have exceeded theirs. In other words, it creates a market in greenhouse gases.

Cap and trade is a highly profitable arrangement for large corporations. That’s why companies like Shell, BP and Dupont are so keen on it. And that’s why the pressure on Congress to make it a central part of The American Clean Energy and Security Act (aka Waxman-Markey) is so intense.

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