Here Comes the Downturn Denialism

We have not played with the Denialists’ Deck of Cards for some time! Let’s pick them up again, because the economic downturn gives all sorts of businesses the opportunity to play the “Bear Market” card.

i-e9c987e71f4415eb0c74e05a507bc833-qc.jpgStephen Power brings it in today’s Wall Street Journal:

“We know something needs to be done [to cut emissions], but we’ve got to get the economy on its feet before we do something economically irrational,” said Mike Morris, chief executive of American Electric Power Co. of Columbus, Ohio. Mr. Morris and other executives fear lawmakers will use revenue from pollution permits to pay down the federal deficit.

“The likelihood that they would try to take these revenues for other purposes, particularly in an economic downturn, is great,” says James Rogers, chief executive of North Carolina-based Duke Energy Corp.

Do not feel so bad for these guys, because when the markets are up, they play “Bull Market.” If the market is doing well, you should not mess with success.