The Global Warming Bubble

Rarely has so much hectoring produced so little.

After all the magazine covers, celebrity sermonizing and U.N.-certified-expert hand-wringing, the fight against global warming got a real-world test in the U.S. Senate a few weeks ago in the debate over a proposal to limit carbon emissions through a cap-and-trade system. After a small dose of the argument, supporters of the proposal couldn't wait to drop it. It was leading opponent Mitch McConnell, the Republican Senate minority leader, who declared he'd be happy to talk about cap-and-trade for a month.

As an indirect tax on carbon, cap-and-trade would increase energy prices when people are already straining under $4-a-gallon gas. Even a political naif -- which McConnell assuredly is not -- would realize the benefit of hanging the proposal around its supporters' necks. Lately, we've seen the tech and housing bubbles burst, and now -- at least as an urgent political issue -- the global warming bubble is getting pricked.

http://townhall.com/columnists/RichLowry/2008/06/19/the_global_warming_bubble