Top-down Regulation Dressed in Cap-and-Trade Clothing » The Foundry

Top-down Regulation Dressed in Cap-and-Trade Clothing » The Foundry: "That’s what David Schoenbrod and Richard B. Stewart call Waxman-Markey in their Wall Street Journal op-ed today:

As a candidate for president in April 2008, Barack Obama told Fox News that “a cap-and-trade system is a smarter way of controlling pollution” than “top-down” regulation. He was right. With cap and trade the market decides where and how to cut emissions. With top-down regulation, as Mr. Obama explained, regulators dictate “every single rule that a company has to abide by, which creates a lot of bureaucracy and red tape and often-times is less efficient.”But the House bill would, if passed by the Senate this autumn, fail the environment and fail the test of economic efficiency."