The one thing that Arnold Schwarzenegger has touted as a crowning achievement in his otherwise disastrous tenure as California's governor, which ended in 2010, is the enactment of "cap and trade" legislation. One of the features of this state law, which is set to take effect in 2013, is the auction sale of "carbon credits" by the state to businesses that may emit pollutants at levels that are in excess of what is legally permitted.
Unsurprisingly, it turns out that the entire premise for cap and trade legislation - anthropogenic global warming - is bullshit. Recently, the Science and Public Policy Institute in Virginia released a report which found that if the United States just stopped emitting carbon dioxide altogether, "the ultimate impact on projected global temperature rise would be a reduction, or a 'savings,' of approximately 0.08°C by the year 2050 and 0.17°C by the year 2100--amounts that are, for all intents and purposes, negligible."
So that carbon credit auction California had a few days ago pursuant to its impending cap and trade law? A pure scam. More significantly, though, businesses that couldn't afford to purchase any carbon credits are going to shut down, move out of the state or pass on whatever emissions fines they have to pay onto consumers.
Thanks for nothing, Arnold, you clusterf&*k of miserable fail.