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COMPRESSOR TechTwo Dedicated to Gas Compression Products and Applications A Member of the Diesel & Gas Turbine Publications Group

Volume - XV: Issue - I

Joe Kane

Happiness is
2009 in the
Rear View Mirror

Chairman of the Board............Russell Palmer President ............................Michael J. Osenga Senior Vice President........Michael J. Brezonick

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Mostly, 2009 was forgettable, except for some drama. We can start off with the early January revelation of the Bernie Madoff Ponzie scheme. Then, to the US Airways Flight 1549 landing on the Hudson River. Probably, the one event that held out promise to many was the inauguration of Barack Obama as president of the United States of America. Stocks had their weakest January on record. February started off with market indicators forewarning of more dire things to come, including the loss of some 600,000 jobs. The year was peppered with a volatile stock market where only the courageous made risky investments.

As is characteristic, recessions curtail consumer spending, but in so doing create a pent-up demand for goods that will have to be satisfied eventually. As a consequence, from October through December, the GDP set an upward pace of 4.6%. Manufacturers led the recovery as rising demand for durable goods and dwindling inventories prompted companies to speed up assembly lines. One sour note hovers over our hope for recovery. After the “cash for clunkers” rebound, consumer spending slowed significantly, which is a reminder that 10% unemployment is causing Americans to hold back. This is one reason why the Federal Reserve will continue to hold interest rates low.

Ted Nordhaus and Michael Schellenberger, authors of “Break Through: Why We Can’t Leave Saving the Planet to

Environmentalists,” say, “After all, we
can’t escape the fact that we depend
on an infrastructure — roads, build-
ings, sewage systems, power plants,
electric grids, etc. — that requires
huge quantities of fossil fuels. The
ecological irrelevance of bringing
reusable grocery bags to the store,
purchasing a $4 heirloom tomato,
planting gardens or using fluorescent
bulbs was besides the point.”
Good or bad, it’s your call as to
whether healthcare legislation and the
“Cap and Trade” program will change
course. The general American public
has cooled off on both subjects. “The
Greens often note,” Nordhaus and
Schellenberger say, “that the changing
global climate will have the greatest im-
pact on the world’s poor; they neglect
to mention that the poor also have the
most to gain from development fueled
by cheap fossil fuels like coal. To the
poor, the climate is already dangerous.”
The authors note, “… ‘the green
bubble’ has burst, pricked by
Americans’ intensified reluctance to
pursue greenness at a cost to eco-
nomic growth. The dark side of utopi-
anism is escapism and a disengage-
ment from reality that marks all
bubbles, green or financial.”
One of the benefits of the recession
is, once again, bonding with reality.

As we plunge into this New Year,
one of Hope (we hope), let me in-
voke an ancient blessing. Some of
you may recognize it as coming from
the Book of Numbers. This book was
composed by scribes some time
around the sixth century BC. Actually,
it has its roots somewhere between
1290 and 1250 BC when the people
being led by Moses were preparing to
enter into a new land — a new era. It
was passed down through the cen-
turies by word of mouth (virtually ver-
batim) until the sixth century scribes
committed it to parchment or what-
ever they wrote upon during those
times. It goes like this, “The Lord:
Bless you and keep you!

Let his face shine upon you, and be gracious to you!

Look upon you kindly and give you
peace!”
I take the liberty of adding one of
my own, derived from a not so an-
cient Irish blessing. Until we meet
again, may the Lord hold you in the
hollow of His hand. ;