We witnessed this in the 20th century. Think of all those economists who pretended they could guide the economy. Now we may be witnessing it in scientists who have pushed the Waxman-Markey monstrosity.

The parallels here are striking. Today's leaders in economics and finance, until about nine months ago, confidently thought they could predict the future and manage the economy and banish risk with an elaborate mathematical and statistical arsenal.

Just so do today's climate scientists aim to model the long-term trends of the global ecosystem. They pretend they can predict where the “tipping points” are, and tell us why, with an air of bracing certainty, we must stop increasing CO₂ atmospheric production immediately.

In a mere decade, we have witnessed two financial bubbles, the tech bubble and the housing finance collapse. What's the next bubble to expand only to burst? Columnist Steve Christ thinks that the Waxman-Markey regime would create a cap-and-trade bubble.

For that to happen, we would need a compliant Federal Reserve, hell-bent on pumping up the funds to feed it. Alas, Ben Bernanke, fearing a Greater Depression, will likely prove more than willing.

But the next bubble to burst may be far more salutary. In a few years enough data may build up, at long last, to prick the climate catastrophism bubble. By this I mean “the science” of panicky predictions. Yes, “global warming” may soon become an international embarrassment. And then we will witness a whole lot of experts skulking off to write their next research grant proposal in a well-deserved ignominy.

I just hope this happens in time for a new Congress to repeal Waxman-Markey -- before its most burdensome caps kick in, ensuring a long, ugly life to our deepening depression.