WE WOULD SHORT TRANSCANADA STOCK IF WE HAD MONEY - The world is divided into two sets of people -- those who are kept up at night panicking about the existential threat that is climate change, and everybody else. John Kerry is not everybody else. He the better part of 2009 and 2010 tucked away in a host of Senate offices, proselytizing on climate change. People who were in the rooms remember Kerry lecturing, haranguing, hectoring, pounding the table, his voice rising as he desperately tried to convey a deep sense of genuine emergency. As a legislative tactic, it failed miserably. Senators have no interest in lectures. The bill never came close to passage and Kerry left the Senate without a single major legislative achievement in his nearly 30 years in the chamber. He now has his chance to make his mark. President Obama's announced Tuesday that he would approve the Keystone XL pipeline if the State Department certified that it would not lead to a net increase in global carbon emissions. Congressional Republicans were quick to presume victory, noting that a previous State Department analysis had said just that. But that analysis, which has been heavily criticized, was done before John Kerry was named Secretary of State. And what Obama has effectively done is hand the Keystone decision to one of Washington's fiercest backers of strong climate change action. Michael Brune, the head of the Sierra Club, told HuffPost Hill that elevating Kerry's role, and basing the decision on science, makes him hopeful about the outcome. "The case that KXL would be a significant contributor to climate change is strong and compelling," he said. "With Obama laying down the standard that a pipeline that exacerbates climate change is not in our national interest, it's pretty clear KXL is not long for this world."
Sam Stein's scoop of Obama's Keystone announcement actually did drive the stock down. Usually only Bloomberg reporters get to do that.