Obama's cap and trade plan "monstrously stupid"

FP Comment

 

President Obama’s proposal for a cap and trade system to head off global warming would be "monstrously stupid," according to Berkshire Hathaway Inc. CEO Charlie Munger, in an interview with CNBC. "It would be a huge shock to the economy and it wouldn’t accomplish very much given the fact that the vast majority of the pollution, or rather the CO2, is coming from a place like China.  And so I think it would be almost demented if we would rush into cap and trade right now in the middle of this economic crisis."
Munger’s comments are striking given the friendship that his boss, Warren Buffet, has with Obama.

While Munger does not rule out that global warming exists, he does dismiss concerns that it could lead to catastrophe. If the sea level rises, the resulting dislocations would simply require capital investment in new infrastructure, he told a 2007 investor meeting. "I don’t think it’s an utter calamity for mankind though. You’d have to be a pot-smoking journalism student to think that."

 

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