Paul Krugman wrote an excellent column in Sunday's New York Times. In it he writes:
"If we're going to get real action on climate change any time soon, it will be via some version of legislation proposed by Representatives Henry Waxman and Edward Markey. Their bill would limit greenhouse gases by requiring polluters to receive or buy emission permits, with the number of available permits -- the "cap" in "cap and trade" -- gradually falling over time."
It would be hard to imagine, even a year ago a bill like Markey-Waxman becoming law. Now that reality is within our grasp.