I had meant to post this last week and spaced it. After yesterday's action (carbon down 8.3%) it feels a bit like piling on but what the heck, as we related in September '08's "On Leverage, Investment Banks and Incompetence":
"Don't kick a guy when he's down?From the Hill:
Shit, that's the best time."
-a trader to your correspondent, some years ago.
When I saw the drop in carbon prices yesterday my first thought was "...speculators flee".
Sen. John Kerry wavered Wednesday on whether Congress will accept a cap-and-trade system for controlling carbon emissions.
Kerry (D-Mass.) told reporters at the climate change summit in Copenhagen that he isn’t sure what system Congress will endorse for setting the prices companies will pay for carbon emissions.
Kerry and other advocates of greenhouse gas curbs say it is vital to create a system that makes industries pay for carbon emissions in order to reduce them and spur the development of green energies.
“I can’t tell you the method or the means, amount, by which we might price carbon. I can’t tell you that. We have not resolved that issue yet,” Kerry said at a press conference after his speech at the international climate summit.
He expressed confidence that the Senate will follow the House in approving a major climate and energy bill, but linked the Senate’s success to international negotiators reaching a deal this week in Copenhagen.“Success in Copenhagen is really critical to success next year in the United States Senate, in the Congress,” he said....MORE
My second thought was "I don't want these people's greed or fear determining the price of electricity"