In response to: Cap and Trade Could Be a Boon to New York by Senator Gillibrand.
Hasn't the country learned its lesson that creating fanciful financial instruments, like derivatives, and allowing Wall Street to bandy them about institutionalizes instability? Carbon derivatives would be even worse than financial instruments that gave us the housing bubble. Cap and trade seeks to create a commodity out of thin air. The government would create a value where none exists. At least the mortgage securities had an actual asset behind them.
Tim Phillips
President
Americans for Prosperity
Arlington, Va.
http://online.wsj.com/public/page/letters.html
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