Politics of climate change legislation

Here is an inside view of how the recent Lieberman-Warner climate change bill was debated in the Senate. It is funny (and sad) how some senators talk of cap & trade as a carbon tax. The notion that one can generate revenues and jobs by a cap & trade system completely intrigues me. Meanwhile the Chicago Climate Exchange already has a voluntary trading system for carbon. When is the best time to take action against global warming? NOW. As Senator Boxer points out, waiting to legislate until the gas price comes down will be a fatal mistake.