"Securitization"

"At the annual banking structure and competition conference of the Federal Reserve Bank of Chicago in May 1987, the buzzword heard in the corridors and used by many of the speakers was 'that which can be securitized, will be securitized.'" So notes Hyman Minsky in a prescient memo on the nature, and the implications, of securitization, written 20 years before an explosion in the securitization of home mortgages helped create the current financial crisis. This memo, which served as the basis for a lecture in Minsky's monetary theory class at Washington University, has not been widely circulated. It is published here in its entirety, with a preface and an afterword by Senior Scholar L. Randall Wray that places Minsky's work in context.

Problems with Using Evolutionary Theory in Philosophy

Does science move toward truths? Are present scientific theories (approximately) true? Should we invoke truths to explain the success of science? Do our cognitive faculties track truths? Some philosophers say yes, while others say no, to these questions. Interestingly, both groups use the same scientific theory, viz., evolutionary theory, to defend their positions. I argue that it begs the question for the former group to do so because their positive answers imply that evolutionary theory is warranted, whereas it is self-defeating for the latter group to do so because their negative answers imply that evolutionary theory is unwarranted

A Comparison of Three Populations of the Plains Pocket Gophers, Geomys bursarius illinoensis, in Illinois

Morphometric and karyotypic analyses were performed on three Illinois populations of the Plains Pocket Gopher, Geomys bursarius illinoensis, to determine if any differences were present among the populations. Gophers were collected in three localities: 1) Iroquois and Kankakee Counties (IKC); McLean County (MC); and St. Clair and Madison counties (SMC). All three populations had the same kind and number of chromosomes (2n=72, FN=70). External measurements did not differ significantly among the three populations. Multivariate analysis of variance of the cranial characters showed that a significant (P\u3c.05) difference existed in both males, F(78,1825)=1.65, and females, F(78,1961)=1.63, between the three regions. Duncan\u27s multiple range tests of some cranial measurements showed a clinal increase going from east to west

Eddies, streams, and convergence zones in turbulent flows

Recent studies of turbulent shear flows have shown that many of their important kinematical and dynamical properties can be more clearly understood by describing the flows in terms of individual events or streamline patterns. These events or flow regions are studied because they are associated with relatively large contributions to certain average properties of the flow, for example kinetic energy, Reynolds stress, or to particular processes in the flow, such as mixing and chemical reactions, which may be concentrated at locations where streamlines converge for fast chemical reactions (referred to as convergence or C regions), or in recirculating eddying regions for slow chemical reactions. The aim of this project was to use the numerical simulations to develop suitable criteria for defining these eddying or vortical zones. The C and streaming (S) zones were defined in order to define the whole flow field. It is concluded that homogeneous and sheared turbulent flow fields are made up of characteristic flow zones: eddy, C, and S zones. A set of objective criteria were found which describe regions in which the streamlines circulate, converge or diverge, and form high streams of high velocity flow

The rodent research animal holding facility as a barrier to environmental contamination

The rodent Research Animal Holding Facility (RAHF), developed by NASA Ames Research Center (ARC) to separately house rodents in a Spacelab, was verified as a barrier to environmental contaminants during a 12-day biocompatibility test. Environmental contaminants considered were solid particulates, microorganisms, ammonia, and typical animal odors. The 12-day test conducted in August 1988 was designed to verify that the rodent RAHF system would adequately support and maintain animal specimens during normal system operations. Additional objectives of this test were to demonstrate that: (1) the system would capture typical particulate debris produced by the animal; (2) microorganisms would be contained; and (3) the passage of animal odors was adequately controlled. In addition, the amount of carbon dioxide exhausted by the RAHF system was to be quantified. Of primary importance during the test was the demonstration that the RAHF would contain particles greater than 150 micrometers. This was verified after analyzing collection plates placed under exhaust air ducts and rodent cages during cage maintenance operations, e.g., waste tray and feeder changeouts. Microbiological testing identified no additional organisms in the test environment that could be traced to the RAHF. Odor containment was demonstrated to be less than barely detectable. Ammonia could not be detected in the exhaust air from the RAHF system. Carbon dioxide levels were verified to be less than 0.35 percent

"Community Development Banking, A Proposal to Establish a Nationwide System of Community Development Banks"

This brief proposes that the establishment of a nationwide system of community development banks (CDBs) would advance the capital development of the economy. The proposal is based on the notion that a critical function of the financial system is not being adequately performed by existing institutions for low-income citizens, inner-city minorities, and entrepreneurs who seek modest financing for small businesses. The primary goals of the CDBs are to deliver credit, payment, and savings opportunities to communities not well served by banks and to provide financing throughout a designated area for businesses too small to attract the interest of the investment banking and normal commercial banking communities.

Quantitative genetics of disease traits

John James authored two key papers on the theory of risk to relatives for binary disease traits and the relationship between parameters on the observed binary scale and an unobserved scale of liability (James Annals of Human Genetics, 1971; 35: 47; Reich, James and Morris Annals of Human Genetics, 1972; 36: 163). These two papers are John James' most cited papers (198 and 328 citations, November 2014). They have been influential in human genetics and have recently gained renewed popularity because of their relevance to the estimation of quantitative genetics parameters for disease traits using SNP data. In this review, we summarize the two early papers and put them into context. We show recent extensions of the theory for ascertained case-control data and review recent applications in human genetics

Single-Dirac-Cone topological surface states in TlBiSe2 class of Topological Insulators

We have investigated several strong spin-orbit coupling ternary chalcogenides related to the (Pb,Sn)Te series of compounds. Our first-principles calculations predict the low temperature rhombohedral ordered phase in TlBiTe2, TlBiSe2, and TlSbX2 (X=Te, Se, S) to be topologically Kane-Mele Z2 = -1 nontrivial. We identify the specific surface termination that realizes the single Dirac cone through first-principles surface state computations. This termination minimizes effects of dangling bonds making it favorable for photoemission (ARPES) experiments. Our analysis predicts that thin films of these materials would harbor novel 2D quantum spin Hall states, and support odd-parity topological superconductivity. For a related work also see arXiv:1003.2615v1. Experimental ARPES results will be published elsewhere.Comment: Accepted for publication in Phys. Rev. Lett. (2010). Submitted March 201

The Mid-IR Spectral Effects of Darkening Agents and Porosity on the Silicate Surface Features of Airless Bodies

We systematically measured the mid-IR spectra of different mixtures of three silicates (antigorite, lizardite, and pure silica) with varying effective porosities and amounts of darkening agent (iron oxide and carbon). These spectra have broad implications for interpretation of current and future mission data for airless bodies, as well as for testing the capabilities of new instruments. Serpentines, such as antigorite and lizardite, are common to airless surfaces, and their mid-IR spectra in the presence of darkening agents and different surface porosities would be typical for those measured by spacecraft. Silica has only been measured in the plumes of Enceladus and presents exciting possibilities for other Saturn-system surfaces due to long range transport of E-ring material. Results show that the addition of the IR-transparent salt, KBr, to simulate surface porosity affected silicate spectra in ways that were not predictable from linear mixing models. The strengthening of silicate bands with increasing pore space, even when only trace amounts of KBr were added, indicates that spectral features of porous surfaces are more detectable in the mid-IR. Combining iron oxide with the pure silicates seemed to flatten most of the silicate features, but strengthened the reststrahlen band of the silica. Incorporating carbon with the silicates weakened all silicate features, but the silica bands were more resistant to being diminished, indicating silica may be more detectable in the mid-IR than the serpentines. We show how incorporating darkening agents and porosity provides a more complete explanation of the mid-IR spectral features previously reported on worlds such as Iapetus