Mary Nichols, who chairs the Air Resources Board, and other advocates of cap and trade contend that in the long run, the business costs will be mitigated by savings from greater operational efficiencies, and that an entirely new green economy base will be created to the ultimate benefit of the state.Uh, yeah, that's pie in the sky. The state of California is basically auctioning unicorn farts. This following an election where California became the most taxed state in the nation. The other possible outcome?
an equally valid theory is that the state, which is already suffering from a stagnant economy and very high unemployment, will hamstring itself in the global competition for investment capital.That's probably closer to the truth. It'll be interesting to see which scenario is more valid as this plays out.
This, from the state that gave us Ronald Reagan.