There's a hateful side to Cap and Trade that's revealed by asking the question: How will it be decided who received how much allowance to emit greenhouse gases? Congress could sell the allowances and/or give them away to favorite constituents. You can bet the rent money that a new army of lobbyists, with special pleadings, will descend on Washington to lobby Congress. And you can be sure that campaign contributions and favoritism will play an important role in the decision of who received what amount of allowances.
Much worse than that is the massive control government would have over our economy and our lives. Congress might decide that since tobacco use is unhealthy, it might not issue allowances to tobacco companies. While many Americans might applaud that, how many would like Congress to refuse to issue allowances to companies that produce foods that some people deem unhealthy such as French fries, sodas, canned soups and potato chips. Congress might deny, or threaten to deny, allowances to companies that in their opinion didn't hire enough women and minorities. The possibilities for control over our lives would be endless and could include nuisance-type edicts such a requiring us to buy a permit to barbeque in our backyard.
The thirst to wield massive control over our economy helps explain the near religious belief in manmade global warming and the attacks on scientists and others who offer contradictory evidence.