Wow, just wow. Talk about slanted reporting. First, let me just quote one line from the video. "When it comes to any kind of financial scam, like sub-prime mortgages..." Uh, what? Sub-prime mortgages aren't a scam at all. Were they risky? Yes. Were they a scam or illegal? No. Were they securitized in a manner that distorted their value? Maybe. That has nothing to do with the underlying mortgage itself, and really is more reliant on interactions between banks, credit rating agencies, and shadow bank counterparties. This video loses all credibility to me at that point. The cap and trade is not a financial "scam." Yes, there are incentives that are given out to get people to sign on to the system. Yes, the incentives suck. Yes, it would be great if there would be a better way to get all countries to sign on. A carbon tax is one option, but there too we will need to add a ridiculous list of compromises to get countries like china or india to sign on. In absence of a better alternative, the cap and trade is a start. Details will need to be worked out, and some incentives may fall by the way side. The important thing however, is to do SOMETHING, and it is my opinion that this is the best option available at this time.
I don't want to sound cynical, but what doesn't work is the producction of oil via using tar sands and polluting most of Canada's MidWest.