And, in another good TCS article today, Marlo Lewis analyzes the effects of several CO2 reduction initiatives. Marlo focuses on the February 2002 Bush administration policy announcement of transferable credits for voluntary reporting of greenhouse gas emissions. You report it, you get to trade it. Interesting idea, sounds sensible and market-based, but … Marlo eloquently and incisively lays out why it’s not as market-based as it appears, and what some of its unintended consequences could be.