You didn’t have to be a rocket scientist in the 1990s to figure that speculative investment in dot-coms with no revenues would be disastrous. The same goes for lenders giving mortgages to borrowers with no job, no income and no assets. So after surviving the tech bubble and while trying to extricate the economy from the housing bubble, why are we bent on heading into the global warming bubble?

Sacrificing many trillions of dollars of GDP for a trivial, 45-year-delayed and merely hypothetical reduction in average global temperature must be considered as exponentially more asinine than the dot-bombs of the late-1990s and the NINJA subprime loans that we now look upon scornfully. So who in their right mind would push for this?

I met many of them up-close-and-personal last week at a major Wall Street Journal conference at which I was an invited speaker. My fellow speakers included many CEOs (from General Electric, Wal-Mart, Duke Energy, and Dow Chemical, to name just a few), California’s Gov. Arnold Schwarzenegger and the heads of several environmental activist groups.

The audience—a sold-out crowd of hundreds who had to apply to be admitted and pay a $3,500 fee—consisted of representatives of the myriad businesses that seek to make a financial killing from climate alarmism. There were representatives of the solar, wind, and biofuel industries that profit from taxpayer mandates and subsidies, representatives from financial services companies that want to trade permits to emit CO2, and public relations and strategic consultants to all of the above.

We libertarians would call such an event a rent-seekers ball—the vast majority of the audience was there to plot how they could lock-in profits from government mandates on taxpayers and consumers. It was an amazing collection of pseudo-entrepreneurs who were absolutely impervious to the scientific and economic facts that ought to deflate the global warming bubble.

(Dr. Benny Peiser)