Rolling back the financial safety net

The expansion of the federal financial safety net has increased the incentives for financial firms to take on more risk than they would have otherwise. Yet current regulatory reform proposals do not address this root cause of financial instability. Sharply curtailing the financial safety net is a necessary step to achieve enhanced market discipline.Financial markets ; Risk ; Market-based regulation

The Luminosity Function of Galaxies in the Las Campanas Redshift Survey

We present the $R$-band luminosity function for a sample of 18678 galaxies, with average redshift $z = 0.1$, from the Las Campanas Redshift Survey. The luminosity function may be fit by a Schechter function with $M^* = -20.29 \pm 0.02 + 5 \log h$, $\alpha = -0.70 \pm 0.05$, and $\phi^* = 0.019 \pm 0.001 \ h^3$~Mpc$^{-3}$, for absolute magnitudes$-23.0 \leq M - 5 \log h \leq -17.5$. We compare our luminosity function to that from other redshift surveys; in particular our normalization is consistent with that of the Stromlo-APM survey, and is therefore a factor of two below that implied by the$b_J \approx 20$bright galaxy counts. Our normalization thus indicates that much more evolution is needed to match the faint galaxy count data, compared to minimal evolution models which normalize at$b_J \approx 20$. Also, we show that our faint-end slope$\alpha = -0.7$, though ``shallower'' than typical previous values$\alpha = -1$, results primarily from fitting the detailed shape of the LCRS luminosity function, rather than from any absence of intrinsically faint galaxies from our survey. Finally, using [OII] 3727 equivalent width$W_{\lambda} = 5$~\AA \ as the dividing line, we find significant differences in the luminosity functions of emission and non-emission galaxies, particularly in their$\alpha$values. Emission galaxies have Schechter parameters$M^* = -20.03 \pm 0.03 + 5 \log h$and$\alpha = -0.9 \pm 0.1$, while non-emission galaxies are described by$M^* = -20.22 \pm 0.02 + 5 \log h$and$\alpha = -0.3 \pm 0.1$. (abridged abstract)Comment: 41 pages, including 13 postscript figures, uses AASTEX v4.0 style files. Important clarification of R-band definition, plus correction of luminosity densities and updated references. Main conclusions unchanged. Final version to appear in Ap

Is the angular momentum of an electron conserved in a uniform magnetic field?

We show that an electron moving in a uniform magnetic field possesses a time-varying ``diamagnetic'' angular momentum. Surprisingly this means that the kinetic angular momentum of the electron may vary with time, despite the rotational symmetry of the system. This apparent violation of angular momentum conservation is resolved by including the angular momentum of the surrounding fields

Predicting the Aoki Phase using the Chiral Lagrangian

This work is concerned with the phase diagram of Wilson fermions in the mass and coupling constant plane for two-flavor (unquenched) QCD. We show that as the continuum limit is approached, one can study the lattice theory using the continuum chiral Lagrangian, supplemented by additional terms proportional to powers of the lattice spacing. We find two possible phase structures at non-zero lattice spacing: (1) There is an Aoki phase of spontaneously broken flavor and parity, with two massless Goldstone-pions, and a width $\Delta m_0 \sim a^3$; (2) There is no spontaneous symmetry breaking, and all three pions have equal mass of order $a$. Present numerical simulations suggest that the former option is realized.Comment: LATTICE98(spectrum), 3 pages, 2 figures, LaTex, uses espcrc2.st

1,3,4,6-Tetramethyl-1,4-dihydro-1,2,4,5-tetrazine, C_6H_(12)N_4

M_r =140∙19, monoclinic, P2_1/n, a = 10∙612(3), b=6∙820(1), c= 10∙975 (2) Å, β=95∙31(2)°, V=790.9(5) Å^3, Z=4, D_m=1.13(5) (flotation), D_x = 1∙177 g cm^(-3), Mo Kα, λ = 0.71073 Å, μ= 0.848 cm^(-1), F(000) = 304, T= 295 K, R = 0∙077 for 704 observed reflections. This potentially antiaromatic or homoaromatic ring system has a flattened boat conformation with both N-methyls in equatorial positions. Bond angles and distances (excluding H's) predicted to be symmetry equivalent exhibit variations of 0.002-0.014 Å and 0.0-2.0°. Substantial delocalization of the electron lone pairs of N(1) and N(4) is found

Federal Environmental Law in the \u27New Federalism\u27 Era

As we wrote last year, the U.S. Supreme Court has shown considerable interest during the past decade in reconsidering many constitutional doctrines regarding federalism and congressional power. In a series of important decisions, always decided with the same five justices in the majority, the Court has begun to redefine the federal-state relationship and the scope of federal authority. The past term generally continued that trend, with one important commerce power decision, one significant Eleventh Amendment/Fourteenth Amendment decision, and a number of decisions that involve or affect federalism and the scope of federal power, although the Court sometimes relied on statutory interpretation to avoid serious constitutional issues. Part I of this article describes the most recent decisions

Federal Environmental Law in the \u27New Federalism\u27 Era

As we wrote last year, the U.S. Supreme Court has shown considerable interest during the past decade in reconsidering many constitutional doctrines regarding federalism and congressional power. In a series of important decisions, always decided with the same five justices in the majority, the Court has begun to redefine the federal-state relationship and the scope of federal authority. The past term generally continued that trend, with one important commerce power decision, one significant Eleventh Amendment/Fourteenth Amendment decision, and a number of decisions that involve or affect federalism and the scope of federal power, although the Court sometimes relied on statutory interpretation to avoid serious constitutional issues. Part I of this article describes the most recent decisions