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Former EPA Administrator Carol Browner puts a fine point on it (in conversation with Aaron Brown about the Bush Administation’s environmental policies), and the point is apparently not “cap and trade” vs regulation, as some media reports would suggest.

Cap and trade is fine, she said. The problem is where the Bush mercury
reduction plan sets the cap — calling for a 70% reduction over 15
years, vs. the existing plan, which would reduce levels 90% over five
years.