The House's passage of the Waxman-Markey bill raises the possibility that the United States will finally do something on global warming. This prospect has the industry hacks screaming at top volume about the horrible fate that awaits the economy. Everyone should know not to take them seriously, as I will explain in a moment.
First, we should acknowledge the obvious: The bill is awful. It gives away permits to greenhouse gas emitters that should instead be auctioned. As a result, money...
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