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Thursday, February 14, 2008

Sunshine Makes Us Happy

SEARCH BLOG: CLIMATE

Happy St. Valentines Day. Better than getting chocolate, we awoke to the second day of clear skies.



Here in Michigan, we have two seasons, the blue season [mid-spring to mid-autumn] and the gray season [mid-autumn to mid-spring]. So those occasional days when the sun shines brightly... even if it is 9° F... cheers us up and gets us going.

When you think about it, the sun has been the central focus of most of mankind for most of our existence as a species. It didn't matter where people lived, the sun was recognized as the controller of our lives in one way or another. The Egyptians had their sun god as did the Aztecs.

Western thought and civilization relegated the sun to the position of nothing more than another star in our sky... bigger, from our perspective, and brighter, too... just another star when all was said and done. The sun is necessary, of course, but it just floats in space and pretty much can be counted on for doing its job.
The sun has become a sort of Cosmic Constant that is important, but can be ignored while we go about our lives.
Now, the focus is on mankind. Earth has once again become the center of the universe and mankind is the factor that drives change on earth.
We are the center of the universe.
We drive our cars and heat our homes and power our factories and change the landscape of this planet. We change the cycle of nature and control the forces of nature! We add dirt into the air and free upon carbon dioxide from our actions.
And because we are the center of the universe and because we are the ones who change the cycle of nature and control the forces of nature, we are responsible for changes in our climate that are sure to lead to our doom!
Oh, by the way, in case you hadn't heard, the Cosmic Constant has become very quiet lately. It looks like this through a telescope... no sunspots...

soho-mdi-02-13-08.png

As Anthony Watts reports...
"It is normal for our sun to have quiet periods between solar cycles, but we’ve seen months and months of next to nothing, and the start of Solar cycle 24 seems to have materialized (as first reported here) then abruptly disappeared....

Given the current quietness of the sun and it’s magnetic field, combined with the late start to cycle 24 with even possibly a false start, it appears that the sun has slowed it’s internal dynamo to a similar level such as was seen during the Dalton Minimum. One of the things about the Dalton Minimum was that it started with a skipped solar cycle, which also coincided with a very long solar cycle 4 from 1784-1799. The longer our current cycle 23 lasts before we see a true ramp up of cycle 24, the greater chance it seems then that cycle 24 will be a low one.

No wonder there is so much talk recently about global cooling. I certainly hope that’s wrong, because a Dalton type solar minimum would be very bad for our world economy and agriculture. NASA GISS published a release back in 2003 that agrees with the commonly accepted idea that long period trends in solar activity do affect our climate by changing the Total Solar Irradiance (TSI).

Some say it is no coincidence that 2008 has seen a drop in global temperature as indicated by several respected temperature indexes compared to 2007, and that our sun is also quiet and still not kick starting its internal magentic dynamo."

Well, sunshine still makes me happy... but there is a possibility it may not make me as warm and comfy. I guess I'll have to hug some CO2 for warmth.

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CO2 Cap and Trade

There is always an easy solution to every human problem—neat, plausible, and wrong.
Henry Louis Mencken (1880–1956)
“The Divine Afflatus,” A Mencken Chrestomathy, chapter 25, p. 443 (1949)
... and one could add "not all human problems really are."
It was beautiful and simple, as truly great swindles are.
- O. Henry
... The Government is on course for an embarrassing showdown with the European Union, business groups and environmental charities after refusing to guarantee that billions of pounds of revenue it stands to earn from carbon-permit trading will be spent on combating climate change.
The Independent (UK)

Tracking Interest Rates

Tracking Interest Rates

FEDERAL RESERVE & HOUSING

SEARCH BLOG: FEDERAL RESERVE for full versions... or use the Blog Archive pulldown menu.

February 3, 2006 Go back to 1999-2000 and see what the Fed did. They are following the same pattern for 2005-06. If it ain't broke, the Fed will fix it... and good!
August 29, 2006 The Federal Reserve always acts on old information... and is the only cause of U.S. recessions.
December 5, 2006 Last spring I wrote about what I saw to be a sharp downturn in the economy in the "rustbelt" states, particularly Michigan.
March 28, 2007
The Federal Reserve sees no need to cut interest rates in the light of adverse recent economic data, Ben Bernanke said on Wednesday.
The Fed chairman said ”to date, the incoming data have supported the view that the current stance of policy is likely to foster sustainable economic growth and a gradual ebbing in core inflation”.

July 21, 2007 My guess is that if there is an interest rate change, a cut is more likely than an increase. The key variables to be watching at this point are real estate prices and the inventory of unsold homes.
August 11, 2007 I suspect that within 6 months the Federal Reserve will be forced to lower interest rates before housing becomes a black hole.
September 11, 2007 It only means that the overall process has flaws guaranteeing it will be slow in responding to changes in the economy... and tend to over-react as a result.
September 18, 2007 I think a 4% rate is really what is needed to turn the economy back on the right course. The rate may not get there, but more cuts will be needed with employment rates down and foreclosure rates up.
October 25, 2007 How long will it be before I will be able to write: "The Federal Reserve lowered its lending rate to 4% in response to the collapse of the U.S. housing market and massive numbers of foreclosures that threaten the banking and mortgage sectors."
November 28, 2007 FED VICE CHAIRMAN DONALD KOHN
"Should the elevated turbulence persist, it would increase the possibility of further tightening in financial conditions for households and businesses," he said.

"Uncertainties about the economic outlook are unusually high right now," he said. "These uncertainties require flexible and pragmatic policymaking -- nimble is the adjective I used a few weeks ago."
http://www.reuters.com/

December 11, 2007 Somehow the Fed misses the obvious.
fed_rate_moves_425_small.gif
[Image from: CNNMoney.com]
December 13, 2007 [from The Christian Science Monitor]
"The odds of a recession are now above 50 percent," says Mark Zandi, chief economist at Moody's Economy.com. "We are right on the edge of a recession in part because of the Fed's reluctance to reduce interest rates more aggressively." [see my comments of September 11]
January 7, 2008 The real problem now is that consumers can't rescue the economy and manufacturing, which is already weakening, will continue to weaken. We've gutted the forces that could avoid a downturn. The question is not whether there will be a recession, but can it be dampened sufficiently so that it is very short.
January 11, 2008 This is death by a thousand cuts.
January 13, 2008 [N.Y. Times]
“The question is not whether we will have a recession, but how deep and prolonged it will be,” said David Rosenberg, the chief North American economist at Merrill Lynch. “Even if the Fed’s moves are going to work, it will not show up until the later part of 2008 or 2009.”
January 17, 2008 A few days ago, Anna Schwartz, nonagenarian economist, implicated the Federal Reserve as the cause of the present lending crisis [from the Telegraph - UK]:
The high priestess of US monetarism - a revered figure at the Fed - says the central bank is itself the chief cause of the credit bubble, and now seems stunned as the consequences of its own actions engulf the financial system. "The new group at the Fed is not equal to the problem that faces it," she says, daring to utter a thought that fellow critics mostly utter sotto voce.
January 22, 2008 The cut has become infected and a limb is in danger. Ben Bernanke is panicking and the Fed has its emergency triage team cutting rates... this time by 3/4%. ...

What should the Federal Reserve do now? Step back... and don't be so anxious to raise rates at the first sign of economic improvement.
Individuals and businesses need stability in their financial cost structures so that they can plan effectively and keep their ships afloat. Wildly fluctuating rates... regardless of what the absolute levels are... create problems. Either too much spending or too much fear. It's just not that difficult to comprehend. Why has it been so difficult for the Fed?

About Me

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Michigan, United States
Air Force (SAC) captain 1968-72. Retired after 35 years of business and logistical planning, including running a small business. Two sons with advanced degrees; one with a business and pre-law degree. Beautiful wife who has put up with me for 4 decades. Education: B.A. (Sociology major; minors in philosopy, English literature, and German) M.S. Operations Management (like a mixture of an MBA with logistical planning)