Carbon Dioxide 400 PPM; Significance?

If you haven't already, you'll find many news stories along these lines:
Yes, carbon dioxide has reached 400 parts per million in the atmosphere for the first time since measurements began in 1958. If the global warming alarmists' position is correct, temperatures should be rising. They clearly are not. There are three periods:
  • Cooling, 1944 to 1978
  • Warming, 1978 to 1998
  • Flat to cooling 1999 to 2013
The graph below shows the CO2 concentration in green and the temperature in red. I have annotated the temperature trends.

Clearly CO2 is not the dominant controlling factor in the atmosphere that some have believed. 

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