This post on Treehugger
responds to a recent New York Times column on how cap and trade will persist, not because it is the best environmental policy, but because it could lift economically suffering states out of recession.
Granted, there is no shortage of prognosticating on how carbon trading could create bubble as problematic as the one that got us into this recession, but it doesn't have to be that way. Head over to Treehugger to learn more about the billions of dollars that cap and trade could generate in the United States—and how we can learn from the pitfalls of Europe's system.
The crux of the argument seems to be that despite all of the woes that have besieged cap and trade in Europe, the dire need for revenue will compel states to stick by, toughen up, or enact carbon trading. Author James Kanter writes that "Carbon trading ... is on the cusp of generating mammoth amounts of money for governments—money that could start flowing just in time to help nations emerge from the worst financial crisis in a generation."