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Extra Credit Wednesday Edition

Market Movers

by Mark Stein
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Apr 01 2009 7:49pm EDT

Extra Credit, Wednesday Edition

Cap and Trade: I’m pretty much with Kevin Drum on the Waxman-Markey bill. But seeing as how Obama campaigned on a cap-and-trade bill with 100% auctions, I just don’t believe that such a thing is so politically impossible that it can’t even make it into this first draft. If RGGI can do it, so can the Feds.

On the other hand, the Republican talking points about such things are just depressing beyond words: see GOP full of hot air about Obama’s “light switch tax”, which is something they’re still doing.

And wait, there’s even more depressing Republican rhetoric: see Paul Ryan’s Crazy Budget Graph, or April Fool's Budget Relies on Inconsistent Tax Rates. I do have some sympathy for Dani Rodrik’s skepticism when it comes to technocrats, but surely a government of technocrats — which is what I think we now have — is nearly always to be preferred to a government of idealogues.

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