Cap and Trade is a License to Cheat and Steal (2009) by O'Keefe, William

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1 Cap and Trade is a License to Cheat and Steal (2009) by O`Keefe, William.
This book talks about cap-and-trade bill which is commonly known as the American Clean Energy and Security Act of 2009. It is also referred to as the Waxman-Markey bill. According to the book, the Act would lead to a significant reduction in the amount of greenhouse gas emissions. The research conducted by author reports that the implementation of a US emissions market can help in driving up the cost of energy for the Americans significantly. However, in contrast, the financial benefits that are projected to come with the implementation of the Act are to be enjoyed by the Wall Street opportunists and some interest groups. The government has regulated the trade of carbon dioxide but this opens avenues for some risky financial tools like credit default swaps which has led to the recent economic crisis that are being faced in America. According to the author, Europe had a similar experience whereby their cap-and-trade system was flooded with abuse and at the same time was unsuccessful in meeting the emissions and reduction targets. There are some closed door deals that have marred the process of cap-and-trade systems. In Europe this problem has been largely felt and it is also infiltrating into the US. When trading begins, there is often a need a future market and in the process some financial frauds take charge giving the few opportunists and opportunity to steal from the deal. All these burdens are then carried by the Main Street. Therefore in conclusion, the author advises that instead of pushing for the cap-and-trade poli...