David Schoenbrod and Richard B. Stewart: The Waxman-Markey Cap-and-Trade Bill is a Fraud - WSJ.com

David Schoenbrod and Richard B. Stewart: The Waxman-Markey Cap-and-Trade Bill is a Fraud - WSJ.com:

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.”"