The Dogs of March

His life had come to this: save a few deer from the jaws of dogs. He was a small man sent to perform a small task. Howard Elman is a man whose internal landscape is as disordered as his front yard, where native New Hampshire birches mingle with a bullet-riddled washer, abandoned bathroom fixtures, and several junk cars. Howard, anti-hero of this first novel in Ernest Hebert\u27s highly acclaimed Darby series, is a mixture too. Howard\u27s battle against encroaching change symbolizes the class conflict between indigenous Granite Staters scratching out a living and citified immigrants with college degrees and big bank accounts. Like the winter-weakened deer threatened by the dogs of March -- the normally docile house pets whose instincts arouse them to chase and kill for sport -- Howard, too, is sorely beset

The Paper Chase: Securitization, Foreclosure, and the Uncertainty of Mortgage Title

The mortgage foreclosure crisis raises legal questions as important as its economic impact. Questions that were straightforward and uncontroversial a generation ago today threaten the stability of a $13 trillion mortgage market: Who has standing to foreclose? If a foreclosure was done improperly, what is the effect? And what is the proper legal method for transferring mortgages? These questions implicate the clarity of title for property nationwide and pose a too-big-to-fail problem for the courts. The legal confusion stems from the existence of competing systems for establishing title to mortgages and transferring those rights. Historically, mortgage title was established and transferred through the public demonstration regimes of UCC Article 3 and land recordation systems. This arrangement worked satisfactorily when mortgages were rarely transferred. Mortgage finance, however, shifted to securitization, which involves repeated bulk transfers of mortgages. To facilitate securitization, deal architects developed alternative contracting regimes for mortgage title: UCC Article 9 and MERS, a private mortgage registry. These new regimes reduced the cost of securitization by dispensing with demonstrative formalities, but at the expense of reduced clarity of title, which raised the costs of mortgage enforcement. This trade-off benefitted the securitization industry at the expense of securitization investors because it became apparent only subsequently with the rise in mortgage foreclosures. The harm, however, has not been limited to securitization investors. Clouded mortgage title has significant negative externalities on the economy as a whole. This Article proposes reconciling the competing title systems through an integrated system of note registration and mortgage recordation, with compliance as a prerequisite to foreclosure. Such a system would resolve questions about standing, remove the potential cloud to real-estate title, and facilitate mortgage financing by clarifying property rights

Templates in chess memory: A mechanism for recalling several boards

This paper addresses empirically and theoretically a question derived from the chunking theory of memory (Chase & Simon, 1973): To what extent is skilled chess memory limited by the size of short-term memory (about 7 chunks)? This question is addressed first with an experiment where subjects, ranking from class A players to grandmasters, are asked to recall up to 5 positions presented during 5 seconds each. Results show a decline of percentage of recall with additional boards, but also show that expert players recall more pieces than is predicted by the chunking theory in its original form. A second experiment shows that longer latencies between the presentation of boards facilitate recall. In a third experiment, a Chessmaster gradually increases the number of boards he can reproduce with higher than 70% average accuracy to nine, replacing as many as 160 pieces correctly. To account for the results of these experiments, a revision of the Chase-Simon theory is proposed. It is suggested that chess players, like experts in other recall tasks, use long-term memory retrieval structures (Chase & Ericsson, 1982) or templates in addition to chunks in STM, to store information rapidly

Original Sin and Judicial Independence: Providing Accountability for Justices

The independence of the judiciary is an enduring and defining objective of the legal profession. Law depends on judges to observe and enforce it. To secure such virtuous judges, they must be protected from retaliation by those who disapprove their decisions and prevented from receiving rewards from those who benefit by them. Those having the greatest stake in shielding judges from intimidation or reward are the profession that shares their dependence on public acceptance and respect. And that task of protecting judicial independence stands today at the very top of the agenda of the American legal profession

Banking on Shared Value: How Banks Profit by Rethinking Their Purpose

This paper articulates a new role for banks in society using the lens of shared value. It is intended to help bank leaders, their partners, and industry regulators seize opportunities to create financial value while addressing unmet social and environmental needs at scale. The concepts included here apply across different types of banking, across different bank sizes, and across developed and emerging economies alike, although their implementation will naturally differ based on context

Expertise effects in memory recall: A reply to Vicente and Wang

This article may not exactly replicate the final version published in the APA journal. It is not the copy of record.In the January 1998 Psychological Review, Vicente and Wang propose a "constraint attunement hypothesis" to explain the large effects of domain expertise upon memory recall observed in a number of task domains. They claim to find serious defects in alternative explanations of these effects which their theory overcomes. Re-examination of the evidence shows that their theory is not novel, but has been anticipated by those they criticize, and that other current published theories of the phenomena do not have the defects Vicente and Wang attribute to them. Vicente and Wang's views reflect underlying differences (a) about emphasis upon performance versus process in psychology, and (b) about how theories and empirical knowledge interact and progress with the development of a science

Tangled Roots, Bittersweet Exposure

Accompanied by tree portraits, this personal narrative reflects upon the intersecting histories between the indigenous peoples of Marin County (north of San Francisco, CA) and the author, who is Euro-American, while contemplating the changing relationship to their shared woodland, the effects of colonization, and possibilities for healing

Bright Lines and Bailouts: To Bail or Not To Bail, That Is the Question

A financial-institution bailout involves government intervention through a transaction or forbearance targeted to a financial institution or group of financial institutions. The action is preemptive as the financial institution does not fail and go out of business, but remains a going concern, benefiting creditors, shareholders, or counterparties. In the absence of a bailout, the financial institution would either be forced to go through receivership or bankruptcy in the prescribed legal form, or have its role in financial intermediation disrupted. Financial-institution bailout policy in the United States is implemented through three agencies: the Federal Deposit Insurance Corporation, the Federal Reserve, and the Treasury Department. The need for orderly financial dealings, particularly in times of crisis, would dictate a consistent approach by these agencies based on cumulative experience, ensuring that officials devote public resources only where there is a well-defined, transparent, and verifiable policy justification for a bailout. Yet the bailouts over the past year do not reflect a well-defined, transparent, and verifiable policy justification. Even in the cases where a standard has been articulated, the agencies have not demonstrated that they can successfully implement that standard in practice. Beyond the inconsistencies and implementation problems, financial-institution bailout policy has been unwieldy, inequitable, extremely costly, disruptive, and lacking in transparency and oversight. The policy response of bailouts and maintenance of the status quo has been precisely the wrong response, as it has led to retaining many of the mega-financial institutions that pose systemic risk, thus planting the seeds for future crises. This present crisis has demonstrated that undertaking bailouts of troubled institutions, which involves structuring transactions that attempt to transform the institution into a viable one, while simultaneously projecting the reaction of investors and markets, is a process for which government is ill-suited. These bailout powers should be revoked. Financial angst still hangs over the system as the underlying imbalances that led to the crisis have not been reconciled. The ultimate answer is to place troubled institutions into receivership or the relevant form of bankruptcy -- including many of the institutions that have already been bailed out