John McCain Freaks Out Over Global Warming Republican Presidential Candidate Endorses Cap-and-Trade Carbon Rationing

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With a slowing economy, escalating food prices and energy prices climbing ever higher, you might think that Republican presidential candidate John McCain would be hesitant to endorse a European Union-style carbon emission trading scheme that seems likely to result in less economic growth, higher energy prices and higher food prices from increased biofuel demand. But that’s because you don’t know him as well as his daughter, Meghan McCain, who says he’s totally freaking out over global warming.
“My dad was tortured in prison; he doesn’t overreact to things. So if he starts freaking out, you know it’s time to freak out,” the blonde, blogging McCain told the editors of GQ in a profile last month. “And I think he’s freaking out about the environment. He’s like, ‘I’m genuinely worried about climate change; it’s happening right now.’ ”
Today in Oregon, McCain—the former POW—announced his support for a “cap-and-trade” program for carbon emissions. Under “cap-and-trade” programs the government rations the right to emit certain pollutants and allows companies to sell unused portions of their ration or buy up excess rights from others.
The endorsement is meant to win over centrist voters who have been convinced that global warming results from man-made pollution. It is likely to be criticized by the right—which views going to Oregon to endorse environmentalist measures like Jane Fonda going to Hanoi to decry the Vietnam War (Oregon John, anyone?)—and the extreme greens, where carbon trading is seen as conceding a right to pollute. Energy traders, who largely see the credits as another commodity to trade, will likely welcome the plan.
McCain also promised to bring pressure on China and India to convince them to reduce their emissions.
China responded this morning by holding an earthquake. ("Pow! Take that, Earth!") India said it would gladly allow US companies to outsource their own carbon reductions in exchange for improving India’s environment. Vietnam responded by offering to sell rice to the Philippines at shockingly high prices.
McCain Woos Democrats on Environment [Wall Street Journal]

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