We agree with George Washington that Cap and trade is a scam used by the government to increase control and used by the banks to essentially steal.

Whatever you think about global warming, carbon trading is a scam which will only create a new profit-making machine and speculative bubble for Goldman Sachs, JP Morgan and the rest of the boys who caused the financial crisis.

Now the WSJ runs a piece citing a creator of the Cap and Trade idea:

In the 1960s, a University of Wisconsin graduate student named Thomas Crocker came up with a novel solution for environmental problems: cap emissions of pollutants and then let firms trade permits that allow them to pollute within those limits… “I’m skeptical that cap-and-trade is the most effective way to go about regulating carbon,” says Mr. Crocker, 73 years old, a retired economist in Centennial, Wyo. He says he prefers an outright tax on emissions because it would be easier to enforce and provide needed flexibility to deal with the problem.

It won’t regulate carbon generation.  It’s just a transfer of wealth from some air polluters to some financial system polluters.