Brad Plumer speculates:

Wall Street's woes are making it less likely that Washington will take up major climate legislation anytime soonand that's not just because lawmakers are spending all their time focusing on the economy. Banks like Morgan Stanley and J.P. Morgan have long been among the most ardent and influential supporters of setting up a cap-and-trade system for carbon emissions, since they stand to profit greatly from the opening of a new commodity market in pollution permits (estimates of the value of the new market are as high as $3 trillion). Now, though, with an enormous question mark hanging over their own futures, the Wall Street giants' support for a carbon-trading scheme may well become more tepid.

No tears here. I've come to believe cap-and-trade won't be worth its cost.

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