Thursday, October 8, 2009

Bad trade

Posted on Thu, Oct 8, 2009 at 4:00 AM

Greedy Wall Street traders. Political favors to preferred businesses. Complex financial instruments designed to game the system. You might use these phrases to describe the sub-prime mortgage mess. However, I’m using them here to describe the proposed cap and trade system being considered in Congress.

Cap and trade creates a brand new marketplace that not only brings opportunity for investors, but also opportunity for manipulation, unscrupulous trading practices and backroom deals. The complex trading system cap and trade contemplates will inevitably provide ample room for the Bernie Madoff’s of the world to make a quick buck.

We can do better. We can accomplish the same goals of cap and trade—i.e., financially quantifying carbon emissions—by simply placing a tax on them. It’s simpler for consumers to understand and more predictable for companies to implement into the future. And there’d be no room for manipulation by market insiders. 

I think all Montanans should urge Sens. Baucus and Tester to oppose cap and trade and come up with a better solution.

Jocelyn Galt Missoula
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