Word: auction
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Dates: during 2000-2009
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...there is a lot wrong with the Climate Security Act, an unwieldy 494-page bill that has been stuffed with handouts to various interest groups, including the nuclear industry. Initially permits worth hundreds of billions of dollars will be given out, free, to industrial greenhouse gas emitters, rather than auctioned off. The act also allows companies to meet part of their carbon caps using offsets, even as scientists increasingly question the effectiveness of such carbon trading. Both measures are likely to depress the price of carbon over the life of the bill. (The lower the real price of carbon...
...knows Big is her soul mate because, in their new apartment, he magically produces what she most desires: extra closet space, which is the most elusive real estate in New York. Samantha practically has a crisis of conscience when her $50,000 bid is topped at a Christie's auction of jewelry from a zillionaire's ex-wife. (Scholars of celebrity divorces will recognize this as the Ellen Barkin garage sale...
After targets, the big issue is cost. Where the Democrats want to make major emitters buy all their pollution permits at auction, McCain wants to give many of those permits away in the early years of the program. (So do Lieberman and Warner.) The idea is to reduce compliance costs for business, which is not a crazy idea for two reasons. First, the threat of huge new costs is one reason heavy industries don't support climate legislation. Second, those costs would inevitably be passed on to consumers. But despite generous use of free transitional permits, Lieberman-Warner hasn...
...many environmentalists as a compromise unequal to the scale of the cuts needed to avert dangerous warming. Though he didn't make this explicit in his speech, under his cap-and-trade plan McCain would initially give away most of the permits to emit carbon to industries, rather than auctioning them off, as Obama and Clinton would. (This means that under McCain's plan, carbon prices are likely to be lower than under the Democrats - and he'll miss out on the revenue created by an auction system, though McCain says that he'll gradually phase out the permit giveaway...
...picture of his cheating wife's finger. "We actually really put the ring up for sale on eBay, and within four hours, 30,000 people had come by to look or bid on it," Hitch tells me. "The ring was bid up to $760." But eBay shut down the auction after discovering the performance art--a violation of the terms of service, apparently...