As promised, here is the entire graph illustrating the relationship of the P / E ratio of the S&P 500 to interest rates going back to 1881. (fastgraphs.com)
Changing the baseline only changes the absolute value of the anomalies - it shifts the ENTIRE graph up or down, but the trend (in degrees / decade) of the increase or decrease in the anomaly remains the same. (wattsupwiththat.com)
He conveniently forgot the «Maunder Minimum aka Little Ice Age that bottomed out around 1300 that has been attributed to lack of sunspots (inactive sun) This egregious straightening of the handle of the hockey stick graph is just one of the more obvious embarassments to AGW policy presented by the entire graph of the Holocene interglacial period. (greenhellblog.com)