The carbon trading scheme that passed the House and is making its way to the Senate is a new derivatives market set up at the behest of Goldman Sachs and other major Wall Street financial firms. Out of curiosity, how did the last financial derivatives market turn out? And yes, it is also a regressive tax, (Who do you think is hurt most by higher energy bills?).

Back in the Middle Ages, the Catholic Church and some other unaffiliated snake oil salesmen, sold what were called indulgences. These indulgences offered penance for a variety of sins and could either commute or completely eliminate one’s arduous trip through Purgatory. Today, we have a similar situation; we have an entire market of carbon credit traders. Basically, you buy offsetting carbon credits (for someone, probably in a third world country, to plant trees or something like that) to make up for your “carbon footprint.”