Remember when Barack Obama let slip his plan to bankrupt coal plants? He walked it back, of course, claiming the quote was taken out of context. Well, Obama just named Dr. Steven Chu his Energy Secretary. Here’s Chu in Davos last year, talking about what needs to be done to the coal industry:
Carbon sequestration of coal burning plants is a must. That will not start unless we have some sort of carbon cap-and-trade. It can start now and slowly ramp up over a ten or fifteen year period. And that alone will tell industry, “be prepared.”
Look, John McCain was in favor of cap-and-trade. It’s that “ramp up” business that’s worrying.