"Wall Street Bull"
--by Horatio Algeranon
Cap'n Trade
Was tailor made
For Wall Street captains
Who get paid
For Blackjack doubles,
And blowing bubbles,
And generally,
Just causing troubles.
Climate scientist James Hansen, who much prefers a "Fee and 100% Dividend" approach to controlling carbon emissions, points out some of the considerable problems of cap and trade not least of all, the issue Horatio poked fun at above:
Update: April 20, 2010
Any who think Hansen's fears about "gaming" of the carbon trading system are unwarranted may wish to read this, which includes a graphic explaining "carbon credit carousel fraud".
//end update
Not to mention the minor issue of whether cap and trade will even be effective in reducing global CO2 emissions to the levels necessary to avoid serious climate change.
The two economists who invented the method (which was used to deal with sulfur dioxide emissions from coal-fired power plants in the US, a relatively limited, "local" problem for which it had some success), have both expressed serious doubts that it would work to limit carbon emissions on a global scale. For the latter, they have favored a carbon tax over cap and trade.
--by Horatio AlgeranonCap'n Trade
Was tailor made
For Wall Street captains
Who get paid
For Blackjack doubles,
And blowing bubbles,
And generally,
Just causing troubles.
Climate scientist James Hansen, who much prefers a "Fee and 100% Dividend" approach to controlling carbon emissions, points out some of the considerable problems of cap and trade not least of all, the issue Horatio poked fun at above:
Wall Street is poised to make billions of dollars in the “trade” part of cap-and-trade. The market for trading permits to emit carbon appears likely to be loosely regulated, to be open to speculators and to include derivatives. All the profits of this pollution trading system would be extracted from the public via increased energy prices.The recent economic meltdown should give one reason to pause before putting the fate of our climate and future generations in the hands of Wall Street traders whose primary interest is in maximizing short-term profits (and their own bonuses, of course) -- as opposed to the public good, for which they seem to have little or no concern.
Update: April 20, 2010
Any who think Hansen's fears about "gaming" of the carbon trading system are unwarranted may wish to read this, which includes a graphic explaining "carbon credit carousel fraud".
//end update
Not to mention the minor issue of whether cap and trade will even be effective in reducing global CO2 emissions to the levels necessary to avoid serious climate change.
The two economists who invented the method (which was used to deal with sulfur dioxide emissions from coal-fired power plants in the US, a relatively limited, "local" problem for which it had some success), have both expressed serious doubts that it would work to limit carbon emissions on a global scale. For the latter, they have favored a carbon tax over cap and trade.
