In January, the next frontier of atmospheric CO2 measuring instruments will begin when the National Aeronautics and Space Administration launches the first carbon-scanning satellite, called the Orbiting Carbon Observatory.

Each day, the satellite will orbit Earth 15 times, taking nearly 500,000 measurements of the "fingerprint" that CO2 leaves in the air between the satellite and Earth's surface. The data will be used to create a map of CO2 concentrations that will help scientists determine precisely where the sources and sinks are—showing differences in trace gases down to a 1 part per million precision against a background of 380 parts per million CO2 equivalent.

Mr. Rubin was deeply involved in a decision in late 2004 and early 2005 to take on more risk to boost flagging profit growth, according to people familiar with the discussions. They say he would comment that Citigroup's competitors were taking more risks, leading to higher profits.

The problem isn't limited to investments, of course. Businesses everywhere are having frequent and agonizing meetings of their credit committees to decide whether to accept, for example, the next order for parts from GM or Acme Widget when they have been refused COD, credit insurance, and factoring. Or whether to ship to a large retailer with disturbing credit scores and rumored to be on the edge of BK. If they don't take the order, the consequences for their business may be dire, permanent loss of the customer, for example. Usually, they will wring their hands and take the risk.

Credible technical information about risk is not enough. There must be prudential regulation to keep financial firms "too big to fail" from following the herd onto dangerous ground. I am much more upset about Rubin's failings as a government official than I am about his performance at Citi. The scandal of the subprime mortgage meltdown is not that a few bad apples committed crimes or deceit but that practically everything that happened was perfectly legal.

And also that we may then unite in most humbly offering our prayers and supplications to the great Lord and Ruler of Nations and beseech him to pardon our national and other transgressions -- to enable us all, whether in public or private stations, to perform our several and relative duties properly and punctually -- to render our national government a blessing to all the people, by constantly being a Government of wise, just, and constitutional laws, discreetly and faithfully executed and obeyed -- to protect and guide all Sovereigns and Nations (especially such as have shewn kindness onto us) and to bless them with good government, peace, and concord -- To promote the knowledge and practice of true religion and virtue, and the encrease of science among them and us -- and generally to grant unto all Mankind such a degree of temporal prosperity as he alone knows to be best.

Given under my hand at the City of New York
the third day of October in the year of our Lord 1789.

George Washington

(Thanks to Lynda C. for sending this.)

I hope Obama's economic policy team can get beyond this academic cat fight, recognize that neither Keynes nor Friedman nor any other economist has the whole "truth" about this, and make some sound pragmatic judgments--and be ready to adjust based on results and changing circumstances. 

Part 1 is here.

For example, Venezuela has to adjust its official production figures periodically when the amount of cash coming into the treasury gets out of whack with the volumes claimed by the production people. Consequently, even OPEC members rely on data from third party networks of spies and from the anti-cartel, International Energy Agency. Financial Times has the story here. Part 1 of this n-part series is here.