California Foolishly Jumps Into Cap-and-Tax

The Chicago carbon exchange was recently shut down because nobody was interested in trading hot air for money, but California apparently doesn't read the papers:

California’s smog agency approved new “cap and trade” rules late Thursday to help curb global warming, the first of their kind in the nation.

The rules, opposed by some business and industry groups, would place a cap on overall emissions of greenhouse gases, mainly carbon dioxide, which climate scientists say is the main driver of global warming.

The cap would shrink over time, and the businesses under it would be allowed to trade allowances for emissions among themselves — those with unneeded allowances because of lower emissions able to sell them to those needing more. The idea is to provide a financial incentive to businesses to reduce greenhouse gas emissions.

The cap-and-trade rule, called for under the landmark law known as California Global Warming Solutions Act, is meant to “fill the vacuum created by the failure of Congress to pass any kind of climate or energy legislation for many years now,” said Mary Nichols, chairwoman of the state Air Resources Board.

The board hopes to inspire other states to take similar action, and to link it with similar systems being created or planned in Canada Europe and Asia.

California voters had a chance to stop all this in the last election and foolishly chose to continue with AB32, the global warming law that will run business out of the state and further bankrupt the state government. Suckers.