Think of this as Volume 12, Number 26 of A-Clue.com, the online newsletter I've written since 1997. Enjoy.
The so-called "cap and trade" legislation being voted on today by the U.S. House has been horribly mis-labeled.
Its name should be The Economic Recovery Act.
While every action of this Administration and Congress up until now has aimed to stanch some type of bleeding or cauterize some economic wound, this bill is meant to define and launch a new economy that can grow and restore American leadership.
The bill is hardly perfect, but it's not meant to be at this point. It's meant to pass. It's meant to act as a marker against which a future Senate bill might be measured. The final policy will mix what the House passes, what the Senate passes, and how the Administration interprets the law in implementing it.

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