So, in the wake of the Dingell-Boucher draft legislation offering the settled moral stance on “global warming” by creating, inter alia, another phony market amid the meltdown by government and Wall Street, the enviros are saying:

As for creating another U.S. commodities market, environmentalists argue that climate-change legislation would contain strong government oversight that would prevent a Wall Street-style meltdown. “Cap-and-trade gives you a very effective government oversight role that is absolutely essential,” said Tony Kreindler, a spokesman for the Environmental Defense Fund.Claussen argued that the proposed emissions trading programs would not “encourage speculation,” noting, “It’s not something where anybody can buy in. You actually have to be a regulated entity to take part. So there will be lots of strings attached.”

Mmmm. And the Dingell-Boucher bill says:

‘‘SEC. 730. AUCTIONS. (4) PARTICIPATION; FINANCIAL ASSURANCE.— Auctions shall be open to any person, except that the Administrator may establish financial assurance requirements to ensure that auction participants can and will perform on their bids.”

The “lots of strings” are limited to: you have to say if they’re buying for someone else’s benefit, and no one can buy more than 10 percent of the nation’s ration coupons. Fannie and Freddie should have had things so good. Surely the greens will be fine with applying this test for “lots of strings” standard to other contexts?