The push and pull on the Waxman-Markey climate bill threatens not just to weaken an important piece of legislation, but to hand utility companies a license to gouge us all. Blogger Kevin Drum:
If moderates were demanding free [carbon] permits because they wanted to keep electric prices in their states low for a few years while they work on converting to new power sources, that would be one thing. We could argue about whether it's a good idea, but at least it's normal, understandable stuff. But that's not what they're doing. Prices are going to go up regardless, and the free permits do nothing except provide windfall profits to operators of coal plants [which provide much of the power in the midwest]. The moderates pushing this "compromise" either don't understand basic economics, in which they case they need to learn some, or else they understand it perfectly well and like the idea of screwing their constituents in order to provide a bonanza for coal plant operators. In either case, yes, they ought to be ashamed of themselves.
Read the whole post — Drum is one of the best at breaking down climate-related policy. — Frank Lewis