So what ended up in the Waxman-Markey climate bill? Kevin Williamson and Stephen Spruiell look under the hood of this climate policy vehicle. The cap-and-trade legislation sparked a special-interest feeding frenzy — and this is precisely what we should have expected. As I've argued before, a cap-and-trade regime for greenhouse gases is more vulnerable to rent-seeking than a tax-based alternative. There's no way to prove that a carbon tax bill would have been less pork-laden than Waxman-Markey, but it could not have been any worse.