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An Explanation of "Cap-and-Trade"

BEGIN TRANSCRIPT

RUSH: Here's Scott in Spanish Fork, Utah. Great to have you on Open Line Friday. Hi.

CALLER: Thanks, Rush. Hey, could you please explain cap-and-trade in layman's terms?

RUSH: Yeah. F-r-a-u-d.

CALLER: (laughing)

RUSH: It's all you need to know. Theoretically, here's how it works. You have two evil, polluting businesses. One of them is an automobile plant, and the other one is an oil refinery. Two of the most hated industries of the Drive-Bys and the liberals. The government will then arbitrarily, according to some science that they will assign somebody to figure out, they will allow a certain amount of pollution from each factory. Then, if one of the factories produces more than it is allowed, the over-polluting factory will be able to buy credits from another factory not polluting its share so that it will be allowed to over-pollute as long as somebody down the road is under-polluting.

CALLER: Oh, boy.

RUSH: And so the cap-and-trade basically is just a work -- the system's already in place called pollution credits, is what it used to be called. Now they're calling it cap-and-trade, and it also involves, if you over-pollute, go plant some trees, stupid things like this. It is in place in Europe. It is a scam. It is not working. It's not producing any money except for the people who came up with the idea, the Algores of the world. It will mean absolutely nothing, but it will destroy the coal industry, and Obama has promised it.

END TRANSCRIPT

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