Ok, after seeing what Chase and Goldman and co have been able to do in the fixed income and commodities sectors this quarter, I officially rescind my last blog post. I want cap and trade to pass, I want it to be a volatile market, I want some index to short, I want as much consolidation as possible, and I want a bunch of government agencies with overlapping responsibilities and a slew of new regulations with no established case law whose fissures can be easily navigated. In the process there will be so much liquidity generated that banks will be able to underwrite lots of new clean energy investments. And with the intent of the cap being to actually incent new capital purchases, maybe it will be a sustainable boom not bubble. And as some have pointed out, the climate doesn't have a constituency, so how could we expect any different sort of political economy? Probably accurate. What was I thinking?