Here is the
bottom line in the words of the Federal Reserve Bank of New York, «Our analysis suggests that the 2005 bankruptcy reform negatively affected individuals who became delinquent by
increasing the probability that they would become insolvent, a state
associated with a high degree of financial distress.»
https://sci-hub.cc/10.1038/nature01194 The
bottom line is that negative NAO
increases through solar minima, and negative NAO is directly
associated with slower trade winds and hence
increased El Nino.