The Crash Of The Climate Exchange

As the case for global warming and cap-and-trade has collapsed, so too has the market that was to exploit this manufactured crisis for fun and profit. The climate-change bubble has burst. Lost in the hubbub leading up to the Republican and Tea Party tsunami on Nov. 2 was the collapse of the Chicago Climate Exchange (CCX). But its implications for the future of the American economy and the business climate are staggering: It is an acknowledgment that both the case for climate trade and cap-and-tax legislation has also collapsed. On Oct. 21 the exchange announced it was ending carbon trading, which, as Pajamas Media's Steve Milloy points out, was "the only purpose for which it was founded." Launched as a "voluntary" method of trading "carbon credits," CCX rested on the hope that cap-and-tax legislation would make such trading mandatory — and profitable. CCX billed itself as "North America's only cap-and-trade system for all six greenhouse gases, with global affiliates and projects worldwide." Barack Obama served on the board of the Joyce Foundation from 1994 to 2002, when it issued CCX start-up grants. Presidential adviser Valerie Jarrett also once sat on the Joyce board...more

There's that damned old market again. No wonder the DC Deep Thinkers hate it so.