Coyote Blog

Via Zero Hedge

today, in a unanimous vote, "The U.S. futures regulator approved on Monday a rule that puts tighter limits on how brokerage firms can use customer funds, a measure that the now-bankrupt MF Global had encouraged the agency to delay." In other words, while before commingling client accounts was assumed to be a clear violation of every logical fiduciary imperative, now it is set in stone. For real. The CFTC means it.

In the past, I believed that a lot of financial regulations were honest (though often misguided) attempts to create transparent and trustworthy markets.  I am increasingly being pushed to the cynical conclusion that financial regulations, like, say, licensing of funeral homes, are mainly aimed at making it impossible for small competitors to survive, while larger competitors either have the scale to pay for compliance departments, or in the case of MF Global, have the political muscle to get themselves exempted (by Administrations of both parties, I should be clear, though the current one certainly gets a hypocrisy award for standing beside OWS while handing out finance and health care law exceptions to the powerful).

MF Global is far worse in my mind than, say, Enron.  In Enron's case, the management was at least mostly pursuing the activities and investments that they were supposed to be pursuing.  They were making bets of the type shareholders expected, though they were likely masking the cost and risk of these bets by aggressive pushes at the margins of accounting rules.

MF Global was doing exactly what everyone supposedly knew to be an absolute no-no, ie using client funds to make leveraged bets for their own account.  If Joe Schmoe in Florida did the same thing, he would already be incarcerated.  In the case of MF Global, no one even seems to be interviewing Corzine and so far the bankruptcy committee has put a higher priority on repaying JP Morgan and Goldman for Corzine's bad bets than on getting investors' money back.

Apparently, it is becoming increasingly impossible to produce traditional gut strings for musical instruments, due to EU regulations designed to prevent mad cow disease in humans.  Apparently, if one were to eat a few yards of a few meters of violin strings that were made from an animal with BSE (which are routinely destroyed when found rather than used for any products), he or she might get sick.

I know some of you live in Phoenix.  I am offering a deal to get rid of some B&W Nautilus 805 speakers that are in great shape.

Update:  sold

Here is what I remember from the late 1980's - just about every technocratic pundit of the leftish bent, and a number on the right, all hailed Japan as the government economic planning model the US should follow.  One fawning essay after another lauded Japan's MITI and its top-down approach to economic investment.

Practically within hours of when these editorials peaked, the Japanese economy began to crumble.  We know now that MITI and other Japanese officials were creating gross distortions and misallocations in the economy, and inflating an economic bubble with gobs of cheap credit.  These distortions have still not been entirely cleared from the Japanese economy 20 years later, and the country experienced what was called "the lost decade" which may become the lost two decades.

For over a year, it has appeared to me (and many other observers more knowledgeable than I) that China was headed for a crash for many of the same reasons as Japan.  I am now sure this is true,

The current debates about China's currency, the trade imbalance, our debt and China's excessive use of pirated American intellectual property are evidence that the Global Revolution—coupled with Deng Xiaoping's government-led, growth-oriented reforms—has created the planet's second-largest economy. It's on a clear trajectory to knock America off its perch by 2025....

There is no doubt that China will pass the US in total economic size -- it has three times more people than we do.  But their success is clearly due to the small dollops of free enterprise that are allowed in a statist society, and advances are made in spite of, not because of, the meddling state.

Exactly how much economic progress had China made before its leaders brought in the very free market ideas Stern says are dead?  None, of course.  To read China as a triumph of statism and as the death nell of capitalism, when in fact it is one of the greatest examples in history of the power of capitalist ideas and how fast they can turn around a starving and poverty-stricken country, is just willful blindness.

I will include just one other excerpt

While we debate, Team China rolls on. Our delegation witnessed China's people-oriented development in Chongqing, a city of 32 million in Western China, which is led by an aggressive and popular Communist Party leader—Bo Xilai. A skyline of cranes are building roughly 1.5 million square feet of usable floor space daily—including, our delegation was told, 700,000 units of public housing annually.

Meanwhile, the Chinese government can boast that it has established in Western China an economic zone for cloud computing and automotive and aerospace production resulting in 12.5% annual growth and 49% growth in annual tax revenue, with wages rising more than 10% a year.

My first thought on reading this was that Houston used to look exactly like this, with cranes all over the place building things, until we had an Administration that actively opposed expansion of domestic oil production.  My second thought is that this reads so much like the enthusiast essays written by leftists when they used to visit the Soviet Union and came back telling us Russia was so much superior to the US -- just look at the Moscow subway!

The emergence of hundreds of millions of people in China and India from poverty is exciting as hell, and at some level I don't blame Stern for his excitement.  But I fear that what he is seeing is the US housing bubble on steroids, a gross misallocation of capital and resources driven by a few technocrats who think they can manage a billion person economy from their office in Beijing.

Disclosure:  I seldom do anything but invest in generic bond funds and US stock funds, but right now I am out of US equities and I have a number of shorts on Chinese manufacturing and real estate.

In our house, I am the milquetoast that accepts offers as presented and my wife is the one who challenges and negotiates.  But apparently that's not typical.

Good advice from Popehat

Hence, the government’s chickenshit false statement trap works — even though the government agents set it up from the start. Now, however weak or strong their evidence is of the issue they are investigating, they’ve got you on a Section 1001 charge — a federal felony. In effect, they are manufacturing felonies in the course of investigations.

You think this is an improbable scenario? You think I’m talking about rare and extreme cases to color the entirety of federal law enforcement? To the contrary, as a federal defense attorney, I’m encountering this more and more often. Not to sound like an old fart, but we never indulged in such bullshit when I was a federal prosecutor (cue the scoffing from many defense attorneys). But in the last 12 years, I’ve seen it in a dozen cases, and heard about it from colleagues across the country. It’s now routine for federal agents to close out an investigation with a false-statement-trap interview of a target in an effort to add a Section 1001 cherry to the top of the cake.

The lesson — other than that criminal justice often has little to do with actual justice — is this: for God’s sake shut up. Law enforcement agents seeking to interview you are not your friends. You cannot count on “just clearing this one thing up.” Demand to talk to a lawyer before talking to the cops. Every time.

Read it all.  He explains how easy it is to fall into this trap, and how even non-material statements get spun as felonies.   Remember, Martha Stewart went to the slammer for lying to investigators, not for stock fraud or insider trading.

It is possible for the theory that the climate has a high sensitivity to CO2 (ie that a doubling of CO2 concentrations will lead to global temperature increases of 2.5C or higher) to be correct while still having ten years of flat to declining surface temperatures.  That is because Earth's great surface heat reservoir is the oceans, not the atmosphere, and so the extra heat from the greenhouse effect could be going into the oceans rather than into near-surface air.

However, it is NOT possible, as least as we (and by "we" I mean everyone, skeptics and alarmists alike) understand the climate, for CO2 to be holding a lot of extra heat and it not show up either in surface temperatures or ocean heat content.  The greenhouse effect does not turn off -- its effects may be masked in the chaotic weather systems, perhaps for years, but if the climate sensitivity to CO2 is really as high as the IPCC says, there has to be new heat going somewhere.

That is why a number of folks, including Roger Pielke, have argued for years that the best way to monitor whether we are truly seeing an additional forcing or heat input to the climate is to look at ocean heat content.  Understand, changes in ocean heat content would not tell us where the heat is coming from (e.g. anthropogenic CO2 vs. solar activity).  But it is pretty much impossible for us to imagine a new heat input to the Earth's surface, like greenhouse gas forcing from anthropogenic CO2, without observing its effect in ocean heat content.

I will turn over the story to Jo Nova, who has a good post on the new tools we have to measure ocean heat content since 2003.  In short, though, we have seen no rise in measured ocean heat content since we started measuring with technology dedicated to the task.  This means, if those who believe the climate has a high sensitivity to CO2 are right, something like 50,000 quintillion joules of energy have gone missing since 2003.  This is the "missing heat", and though climate scientists sometimes discuss it in private, they almost never do so in public.  Ocean heat is the dinosaur bone fossil that the creationists simply don't want to acknowledge.

Read the whole thing.  It is very simple and well-written and written.

PS- note in the chart above, the y-axis is mis-labelled a bit, it is not absolute heat content but changes in heat content from some base period.  Scientists call this the "anomaly."  This is typical of many climate charts.

The unindicted co-ejaculator.    I'll let Radley Balko explain it.

The LA Times talks about the trash and litter cleanup at the OWS site in LA.  For reasons I don't fully understand, the absolute worst trash and litter problems we have in running campgrounds around the country are around LA.  For some reason, the closer a recreation area is to LA, the more trash we get dumped on the ground.  Nowhere else in the country comes close.

Jackalope Pursuivant takes off from my post yesterday about Pearl Harbor.  If I were to give it a theme, I would call it "shock of the new."  From time to time folks, for example in the military, may say that they understand a new technology, but the fact that a few smart staff officers "get it" does not mean that the military has really adjusted itself to it.  Like any large organization, it has a culture and set of expectations and people who have been successful based on the old model of things.   They may say they understand that naval aviation has changed things, but they don't really adjust themselves until Pearl Harbor and Clark Field and Guam and Singapore are full of smoking ruins of planes and ships.

Dan's observation about how quickly the US dusted itself off and recognized that the world had changed is a good one.  One could argue that no one did this in WWI.  The Europeans had every chance to see what the machine gun could do even before the war in a few African wars.  Heck, the final year of the American Civil War around Petersberg was a preview of WWI, as was the ill-fated charge of the light brigade.  But armies were still dominated by cavalries and plumed hats and bayonet charges and elan vital. Even in 1916 and 1917, when they should have learned their lesson, commanders were still obsessed with making full frontal charges.  The Americans had the chance to watch the war for four years before they entered, and then promptly began committing the exact same mistakes based on the exact same faulty assumptions as in 1914.  (Neal Stephenson has a great take on American flexibility to craft radically new combat doctrine based on new facts in WWII in Cryptonomicon, absolutely one of my favorite books).

As for Pearl Harbor, I am reminded of a quote that was attributed to Frank Borman (at least in the From the Earth to the Moon documentary) when he was testifying about the Apollo 1 fire.  He called it "a failure of imagination" -- no one was even thinking about danger on the ground, all the focus was on space.  At the end of the day, the ultimate answer for Pearl Harbor's negligence in readiness was a failure of imagination.   They may have had war games and studies discussing Pearl Harbor attacks, and they may have addressed the possibility intellectually, but no one in command really believed that a couple of hundred aircraft would suddenly appear over peacetime Honolulu dropping bombs and torpedoes.

The AZ Republic, which still prints a couple of unsigned editorials in the paper every day, has decided that it does not like having anonymous comments.  Their solution is to have all commenters use their Facebook id.  Because it is so much harder to create a fake Facebook persona than it is to put a fake name on your comment.

Postscript-  Apparently "anonymous gutter talk" triggered the change.  The decision to tie into Facebook was a natural, I guess, because everyone knows the level of discourse is so high there.

I accidentally watched a few minutes of a morning show today, something I try really hard to avoid.  Matt whats-his-name was interviewing Richard Branson, and they were talking about the importance of corporations "doing good".  Once startups get going, Branson said, they need to start doing good for people, meaning I guess that they buy carbon offsets or something.

Guess what?  If my startup is succesful, I am already doing good.  I can't make a dime unless I create value for people net of what they pay me.  Every customer walks away from our interaction better off, or they would not have voluntarily elected to trade with me (and if they are not better off, I will never see them again and I will find lots of nasty stuff chasing future customers away on the Internet.)  I am tired of this notion that a succesful business person's value can only be judged by what he or she does with their money and time outside of business.  I understand the frustration with a few Wall Street and GE-type executives who are living like fat ticks on their connections with government, but most of us only are succesful if we do something useful.

This, from Carpe Diem, is along the same lines.  He looks at an editorial from the DC paper about the entry of Walmart, which says among other things

Despite the peacocking by Gray and others after the agreement was signed, the District is receiving mostly crumbs. Walmart has committed to providing $21 million in charitable donations over the next seven years, an average of $3 million a year. That's a pittance."

Walmart does not have to do squat for the community beyond its core business, because selling  a broad range of goods conviniently and at really low prices is enough. Or if it is not enough, they will not make money.  The promise of $21 million to some boondoggle controlled by a  few politician's friends is just a distraction, I wish they had not done it, but I understand that this is essentially a bribe to the officials of the DC banana republic to let them do business.

Postscript:  I have no problem with doing charitable work outside of work.  Both my company and I do, by choice, though unlike Richard Branson I don't need to have a crew of paid PR agents making sure everyone knows it.

From Zero Hedge

 in 2011 initial and continuing [unemployment] claims have been revised higher the week following [their initial release] 91% and 100% of the time, respectively. A purely statistical explanation for this phenomenon is "impossible."

Wow.  Something like 50 out of 50 times, the Administration has under-estimated the economic bad news in its statistics.  Just bad luck, I guess.

It appears the Arab Spring, unsurprisingly, is coming to an end, as Islamic hard liners take a large share of the Parliamentary seats.

The idealist in me is offended when the US supports dictators with mixed respect for individual rights.  The realist in me knows that often, when such people are removed, worse governments take their place.

Lol

I do not think that word "anarchist" means what they think it means.

This has from the beginning been the almost charming oddity of the OWS movement - we are anarchists that want more government.  We oppose "the man" but want him to pay our college tuition.  We hate capitalism but can't go anywhere without our iPods.

Well, it appears that Solyndra has not scared solar companies off from feeding at the state trough

More subsidies for the solar industry in Arizona are crucial to avoid being left behind by other states and China, a Phoenix business leader said today at a solar-power conference.

Tax incentives and loan guarantees "make a lot of sense" right now in Arizona, which is already a leader in the industry, said Barry Broome, president and CEO of theGreater Phoenix Economic Council at the Solarpraxisconvention.

Despite the high-profile financial failure of the Solyndrasolar plant this year in California, Broome told a packed conference room that solar power is destined to be a major force in Arizona and elsewhere. The only question, as he sees it, is whether sunny-skied Arizona will take full advantage....

Behind Broome on an overhead screen, a chart showed that Texas, Oregon, Nevada and other states provide more "aggressive economic development tools," (a.k.a. public money), for solar power than Arizona, and the state can't compete without doing the same thing.

What is this, a football game?  This strikes me as turn-of-the-century small town boosterism updated to the 21st century, with a dollop of tribal rivalry thrown in. He's talking mainly about manufacturing of solar components.  I am left with a couple of questions

• Why should the fact that Arizona has sunny skies have any bearing on whether or not it is an appropriate spot to manufacture solar panels.   Should Seattle subsidize umbrella manufacture because it is rainy there?   My sense is that transportation costs are a small part of the price to end users.  Arizona clearly will be a great spot for solar panels to be installed -- why does that mean we need to manufacture them?
• If other states like Oregon or China are subsidizing solar products that we might buy, shouldn't we celebrate that?  Thanks, taxpayers of Oregon, for forking over your tax money so we can buy solar panels cheaper in Arizona.  Why in the hell should be try to out-do them at this?  Now we can go invest our capital in a business that actually makes money.
• I am obviously not a fan of government-led economic/industrial policy, but if I were, why in the hell would I want to direct my state's capital and manpower towards a business that requires subsidies, ie can't make a profit  on its own in the marketplace?

Its just too easy to snipe at about everything in this article, but this caught my eye in particular

To help move the industry's message, Broome said, solar advocates must stop infighting over their competing technologies and present a unified and positive position.

Normally, I think an economist would argue that in an immature (both market-wise and technologically) product, competition and creative destruction between various competitors is critical to ultimate success.  So in fact this advice is totally senseless, unless you see the industry as a taxpayer-money-magnet rather than a real business, and then it makes perfect sense.  Politics, after all, demands simple sound bytes and a unified front.

Update:  In the first week of Harvard Business School, I learned a lesson from strategy class, in a series of two cases, that still may be the most important thing I learned there.  The cases were a hot, sexy electronics company, and a boring, dull as dirt water meter company.  To cut to the chase, the electronics company sucked as an investment, and the water meter company was a gold mine.  The moral, among several takeaways, is don't get fooled into thinking the hot, sexy business of the moment is necessarily a good investment.  Our development agencies in AZ are making this mistake in spades.  In fact, the entire history of government economic development efforts in Phoenix has been to chase sexy businesses at the top of the market, spend taxpayer money to get some plant relocations, and then see the businesses struggle.  We certainly did this with semiconductor fabs a couple of decades ago.

There are cases in which I support jury nullification.  I cannot imagine sitting on a jury and voting to convict someone of violating a law I thought to be grossly unethical, no matter what the jury instructions were.

For explanation, see here, but the key quote

In response to Julian Heicklen’s motion to dismiss his indictment [for distributing pamphlets on jury nullification] on First Amendment grounds, federal attorneys have filed a response with the court.  Here is the federal government’s position: “[T]he defendant’s advocacy of jury nullification, directed as it is to jurors, would be both criminal and without Constitutional protections no matter where it occurred” [emphasis added].  This is really astonishing.  A talk radio host is subject to arrest for saying something like, “Let me tell you all what I think.  Jurors should vote their conscience!”  Newspaper columnists and bloggers subject to arrest too?

Next up -- it will be illegal to speak out against the President's ability to detain or assassinate Americans who he believes to be terrorists.

For a while, there has been a contrarian school of thought in historical study of WWII that FDR, wishing to have the US enter the way against a strong isolationist streak in the general population, purposefully ignored evidence of an impending Japanese attack at Pearl Harbor in order to create a casus belli.  A few historians have used some intelligence warmings combined with the insane un-preparedness of Pearl Harbor as their evidence.   Instapundit links to a new declassified memo that warns of Japanese interest in Hawaii just three days before the attack.

This is a fun but generally foolish game.  The same game was played after 9/11, pointing to a few scraps of intelligence that were "ignored."  But the problem in intelligence isn't always lack of information, but too much information.  In late 1941, the US government was getting warnings from everywhere about just about everything.   It is easy as a historian to pick out four or five warnings and say they were stupidly (or purposely) ignored, but this fails to address the real point -- that those warnings were accompanied by a thousand false or misleading ones at the same time.  The entire Pacific theater had already had a whole series of alerts in the months leading up to Dec 7, one false alarm after another.  It is Monday morning quarterbacking that strips the intelligence problem of its context.  To prove that something unusual happened, one would have to show that these warnings were processed or prioritized in a manner that was unusual for the time.

And sure, the readiness issue at Pearl Harbor is inexcusable.  But while historians can always find a few people at the time who argued that Pearl Harbor was the most logical attack target, this ignores the thousands in and outside the military who thought the very idea of so audacious an attack that far from Japan was absurd.   Historians are failing in their job when they strip these decisions of context (if you really, really want to get on someone about preparedness, how about McArthur, who allowed most of his air force to be shot up on the ground despite having prior notification of the Pearl Harbor attack hours before).

I feel the need to reproduce this email in its entirety.  Here is Phil Jones actively hoping the world will warm (an outcome he has publicly stated would be catastrophic).  The tribalism has gotten so intense that it is more important for his alarmist tribe to count coup on the skeptics than to hope for a good outcome for the Earth.

>From: Phil Jones [mailto:p.jones@uea.ac.uk]
>Sent: 05 January 2009 16:18
>To: Johns, Tim; Folland, Chris
>Cc: Smith, Doug; Johns, Tim
>Subject: Re: FW: Temperatures in 2009
>
>
>   Tim, Chris,
>     I hope you're not right about the lack of warming lasting
>   till about 2020. I'd rather hoped to see the earlier Met Office
>   press release with Doug's paper that said something like -
>   half the years to 2014 would exceed the warmest year currently on
> record, 1998!
>     Still a way to go before 2014.
>
>     I seem to be getting an email a week from skeptics saying
>   where's the warming gone. I know the warming is on the decadal
>   scale, but it would be nice to wear their smug grins away.
>
>     Chris - I presume the Met Office
> continually monitor the weather forecasts.
>    Maybe because I'm in my 50s, but the language used in the forecasts seems
>    a bit over the top re the cold. Where I've been for the last 20
> days (in Norfolk)
>    it doesn't seem to have been as cold as the forecasts.
>
>     I've just submitted a paper on the UHI for London - it is 1.6 deg
> C for the LWC.
>   It comes out to 2.6 deg C for night-time minimums. The BBC forecasts has
>   the countryside 5-6 deg C cooler than city centres on recent nights.
> The paper
>   shows the UHI hasn't got any worse since 1901 (based on St James Park
>   and Rothamsted).
>
>   Cheers
>   Phil

Is this better or worse than rooting for a bad economy to get your favorite politicians elected?  Anthony Watt has more in this same tone, showing how climate scientists were working to shift messages and invent new science to protect the warming hypothesis.

The last part about the UHI (urban heat island) study is interesting.  I don't remember this study.  But it is interesting that he accepts a UHI of as high as 1.6C (my son and I found evening UHI in Phoenix around 4-6C, about in line with his London results).    It looks like he is trying to say that UHI should not matter to temperature measurement, since it has not changed in London since 1900  (a bias in temperature measurement that does not change does not affect the temperature anomaly, which is what tends to be important).  But the point is that many other temperature stations in the Hadley CRUT data base are in cities that are now large today but were much smaller than London in 1900 (Tucson is a great example).  In these cases, there is a changing measurement bias that can affect the anomaly, so I am not sure what Jones was trying to get at.

Today, US markets are rallying strongly (Dow up 400 points or so at the moment) on news of coordinated central bank action that, that .... that what?  It looks to me like the US and European banks are merely building up liquidity in preparation for potential bank runs.  I would have considered this bad news, kind of like news we just went to DEFCON 2, but for some reason the market is rallying (though there was also an ADP report saying hiring was way up last month, which is certainly good news).

As I wrote yesterday, there only appear to be 3 solutions to the European debt crisis and this is not one of them.  If I am right and patterns hold, the markets will wake up in a day or two and say, "wait, there is still trillions of Euros of deteriorating sovereign debt sitting on bank balance sheets with 40:1 leverage ratios" and fall back.  I am thrilled that our economy shows signs of life and I know that corporate profits have been good, but I don't see any way a European debt crash won't have substantial negative effects on the US.   If I am wrong, the market will continue up, up and away and you should stop ever listening to me because I clearly don't understand squat.

Update:  Yesterday I posited that real solutions were going to be a combination of 1) default/haircut 2) Make someone else pay back the debt and 3) print money.  I have heard it argued this morning that today's announcement may be evidence of #2 (ie, US taxpayers will bail them out) or more likely #3 (since the ECB can't print money, but the Fed seems to be doing a lot of it, lets get the Fed to print more money for the Europeans .... I don't understand the mechanics well enough to pinpoint who would bear the inflationary consequences of this, but betting on the US to be the world's patsy is never a bad bet).

Instapundit reminded me -- this Snap Circuits toy is fantastic.  Easily the best electronics lab for kids out there.

From the famous Onion 9/11 issue, this seems amazingly precient considering Senator McCain's proposed law to allow the President to indefinitely detain just about anyone he thinks might be a terrorist

U.S. Sen. John McCain (R-AZ), one of Congress' decorated war veterans, tried to steel the nation for the possibility of a long and confusing conflict.

"America faces a long road ahead," McCain said. "We do not yet know the nature of 21st-century warfare. We do not yet know how to fight this sort of fight. And I'll be damned if one of us has an inkling who we will be fighting against. With any luck, they've got uniforms of some sort."

"Christ," McCain continued, "what if the terrorists' base of operation turns out to be Detroit? Would we declare war on the state of Michigan? I suppose we'd have to."

Michigan was an interesting choice -- I wonder if they knew at the time the prominence of Muslims in Michigan or if it was just a random choice?  Certainly, though, they had McCain nailed.

I mentioned earlier that maybe somewhat different rules of due process were required when the enemy is not wearing, you know, uniforms.  Again, the Onion was first, from the same article

Secretary of Defense Donald Rumsfeld said the war against terrorism will be different from any previous model of modern warfare.

"We were lucky enough at Pearl Harbor to be the victim of a craven sneak attack from an aggressor with the decency to attack military targets, use their own damn planes, and clearly mark those planes with their national insignia so that we knew who they were," Rumsfeld said. "Since the 21st-century breed of coward is not affording us any such luxury, we are forced to fritter away time searching hither and yon for him in the manner of a global easter-egg hunt."

I normally object to the ways in which global warming alarmists portray skeptics.  But I will accept this from Phil Jones

They [skeptics] mostly look at observation papers and ignore modelling ones, as they believe by default models are wrong!

Models are nothing more than scientific hypotheses programmed into computer code.  As such, I must admit to finding papers that merely model various hypotheses (generally in a very nontransparent and non-replicable sort of way) to be the least interesting of all possible papers.   It is far more interesting to see someone lay out their hypotheses and attempt to justify them with observational data.  In climate, the prevalence of modelling tends actually obscure this discussion, as we don't always see all the relevant hypotheses that form the foundation of a model, and even when we do, we usually don't see the details of its implementation  (which can be as important to the results as, say, the exact wording of a poll question).

So, yes, if Dr. Jones wishes to defines the sides in this debate as skeptics whose science is driven by observational data and alarmists whose science is driven by computer models no one has seen or replicated, I will accept those definitions.