Morning Report

Vital Statistics:

Last Change Percent
S&P Futures 1365.7 -3.1 -0.23%
Eurostoxx Index 2536.7 -9.5 -0.37%
Oil (WTI) 106.62 -0.1 -0.07%
LIBOR 0.4746 -0.001 -0.25%
US Dollar Index (DXY) 79.32 -0.083 -0.10%
10 Year Govt Bond Yield 1.99% 0.02%

Markets are weaker this morning after China lowered its economic growth target from 8% to 7.5%, which was basically an acknowledgement of the economic weakness in Europe. Surprisingly, bonds and mortgages are off a few ticks as well. At 10:00 we have ISM and Factory Orders reports.

Private creditors will either accept or reject the Greek restructuring this week. The Greek government has set a minimum participation level of 75% in order to proceed with the transaction. If that number comes in less, the government could compel bondholders to go along, which would undoubtedly trigger a credit event which means all the credit default swaps linked to Greek debt will pay out.

HUD has released its February Housing Scorecard.There is nothing really earth-shattering in the document. The document claims it would take 6.1 months to turn over the supply of existing homes on the market, which obviously ignores the looming shadow inventory. It discusses HAMP, but doesn’t discuss REO-to-Rentals, which is surprising.

 

Monday Funnies

A few more political-tinged cartoons that struck my fancy over the past week.

The first one seem particularly apropos for this week.

It seems Santorum isn’t the only one with a Google problem.

Finally, with the deadlines inherent in the comics business, I am amazed at how prescient this one is. It’s as if he knew Rush was going to keep fanning the flames of this issue.

Hope you enjoy.

Bits and Bites: Saag Paneer

I started making Saag Paneer when I started dating my wife. It’s cooked greens, principally spinach, along with paneer cheese (think cottage cheese with no liquid). I wasn’t that much into dishes based on cooked spinach, but I was in love. My Indian cookbook didn’t have saag paneer, but it did have a similar dish called Methi Chaman based on spinach and methi leaves. I doubled the greens, adjusted the spicing, and have been refining it ever since. I pretty much hit my standard batch by using half a pound of spinach, a bunch of chopped cilantro, and frozen methi leaves to fill out the pound of greens.

Then I went to a place in the West End of Glasgow, Scotland, called Mother’s India Café. I ordered Saag Paneer as a matter of course (I enjoy the dish and it’s useful research). Mother’s saag paneer blew mine away. First, it was chunkier. The recipe I follow calls for adding two cups of water to the cooked and pureed greens, bringing it to a boil, adding the paneer and then simmering down over an hour or two.

I much prefer Mother’s version as it tastes fresher. It also had a flavor to it that I can’t quite pin down. Not just ghee (clarified butter). I use asafoetida (hing) in my version, which adds a little hwang to the mix. I went to Mother’s three times in four nights, the last of which was a Saturday night. I decided to go with takeaway as the place is popular. I put in my order, went to a nearby place for a pint, and then came back. The line had grown amazingly by the time I returned. I happily took my curry back and even got my obligatory ride on the upper level of a double decker bus.

Once back in my hotel room, I decided that the rice and chana daal (lentils) would be adequate, so I treble wrapped the saag paneer and put it in the mini fridge. It survived the trip back to the U.S. and I shared it with my two favorite curry tasters. I also made a batch of my own, improved with some ideas I got. First of which is that I decided the long cook down was not necessary. The water I used to rinse the greens was sufficient for the sauce. Rather than pureeing the batch, I used an immersion blender to leave the batch a bit chunky. Finally, I adjusted the greens. In the past, I’ve used a half pound of spinach, leaves from a bunch of cilantro, and a half pound of methi leaves. I decided to add in some mustard leaves for a bit of a kick and kale for heartiness. It wasn’t really a blind taste test as I brown my saag whereas Mother’s doesn’t and it was my fresh made batch vs. four day old leftovers. Still, Mother’s forced me to up my game. Here’s my new and improved recipe.

Paul’s Improved Saag Paneer

Serves 4 – 6

Ingredients

1 pound of greens, coarsely chopped, rinsed, and drained

1 bunch cilantro, stems removed and chopped

1 pound of paneer cheese, cut into 1/2” cubes

¼ cup each clarified butter and vegetable oil

Spice Mix #1

1 tsp. Asafoetida (hing)

2 tsp. cumin seeds

10 cloves (or ½ tsp clove powder)

Spice Mix #2

2 tsp. turmeric powder

1 tsp. red chilli powder

2 tsp. chopped ginger

1 tsp. ginger powder

1 Tablespoon sugar

1 tsp. salt (or to taste)

Notes

Spinach is the base for the greens, but it helps to use a combination. I like ½ pound of spinach, a few mustard greens and some kale, and then methi leaves to fill out. If you don’t have methi leaves available, I’d suggest a combination of spinach, kale, and mustard leaves with at least half the weight from spinach.

Method

Cut one pound of paneer cheese into half inch cubes. Brown in a bit of vegetable oil and set aside.

Put ½ cup of F A T in a med. sized pot or dutch oven over med-high heat. I like using a combination of half clarified butter (it really is needed) and canola oil (because we don’t need it that much). Add in spice mix #1. No biggie if you don’t have any hing, but it really does add something to the flavor. Cook until the seeds begin to “pop”.

Add the chopped greens and cilantro, lower heat and cover until cooked. Add spice blend #2 and cook for a minute or two. There should be a bit of excess water. If not, add up to ½ cup. Partially puree with an immersion blender. If you don’t have one, pour mixture into blender and pulse a few times until partially pureed and return to pan.

Add paneer cheese and bring the mixture to boil. Serve over rice.

BB

Notes from a Small Island

I’m taking the title of this post from one of my favorite books, a travelogue of the UK written by Bill Bryson. Bill Bryson is a humorous writer, mostly of travel books, who is originally from Des Moines, Iowa, and who lived in the UK for many years. His family decided on a move back to the U.S. and so he had one last trip around the UK. The book pokes fun at various locales and people, not the least of which was Bill Bryson himself. It’s also a spirited defense of the way of life at the time. It says a lot about the ability of the British to laugh at themselves that this book was on the best seller list during my entire four year stay in the UK.

I arrived in Glasgow on a rainy Saturday morning three weeks ago. As it turns out, that was one of the few rainy days that I would experience. The hotel thoughtfully had my room ready early. Free use of the hotel lounge and free mini-bar were also much appreciated. A hot bath and a short nap later, I headed up to the lounge for a coffee and out on the no longer rainy Saturday morning.

This was my first trip to the UK since 2004. It felt like taking out an old pair of shoes from the closet that I don’t wear anymore. They’re comfortable, but in a different way. British cities have much less open space than their American counterparts. I felt back in my element. Much better, actually, as now I have the fuller life that I lacked back then.

I arrived at noon for the first of many Indian meals. There’s two places I should highlight. Mama’s Rasoi (kitchen) is a relatively new Indian restaurant on the back side of the St. Enoch shopping center. I hope they’re getting a good rent as there’s relatively little foot traffic. The place came recommended by the Indian students of my host. They know what they’re doing. The food was excellent. Service has a little work to do, but the place has promise. I hope it survives.

The other place I want to high light is Mother’s India Café. One big plus about food there is that it’s down “tapas style”. In this case, it means half size portions. That’s a big plus for the solo traveler as it meant I could try four dishes as opposed to one or two. This place has the best saag paneer I’ve ever had, including mine. I’m going to do this as a separate bits and bites item, but Mother’s was so good that I brought a batch back to the US.

I timed my arrival in Scotland to be in the middle of two big stories. The smaller one is Scottish independence. The Scottish National Party holds a majority in the Scottish parliament, a creation of devolution. They trumpet a policy of independence from the UK, though the referendum that its leader wants is multiple choice. Independence, continued union, or continued union with more (undefined) devolution. David Cameron, the Tory PM, has called his bluff and proposes an earlier referendum of Stay vs. Go.

The much bigger story is the Rangers going into administration (bankruptcy). There are two big clubs in Scottish football—Celtic and Rangers. The closest analogy that I can draw is Yankees vs. Red Sox. There’s a long history of competition between the two firms, including sectarian rivalry (Catholic vs. Protestant). Rangers were taken over recently by a businessman with a dodgy past. A tax avoidance case could cost them tens of millions of pounds. The administrators subsequently revealed that the takeover was funded by selling the proceeds of advance ticket sales to pay off a bank debt. It’s a huge scandal.

There are some definite highlights and lowlights to the trip. I had a few enjoyable side trips. My host took me to Glen Goyne distillery the day after I arrived. As I’d picked up a bad cold on the day I left (losing my voice in the process), a whiff of fermenting barley cut through nicely. We also went to Stirling castle on my second weekend and finished the evening off at the village pub. We went up to Loch Fyne my next to last day, enjoying a good lunch and then visiting a whiskey shop. I came back with a bottle of 12 year old Glen Goyne and a custom blend from the whiskey shop (plus some cheese, a few toys, and a batch of saag paneer).

The lowest point may have been realizing that I wasn’t going to accomplish my experimental goals. I was there to help them set up a particular experiment. Pete’s post-doc emailed me the equipment they had purchased for this work. It does everything but sit up and beg. Well, if you order the right accessories. They didn’t order this system, but inherited it from a professor who’d moved to Dublin. So, it didn’t have the mounts for characterizing devices nor the software options. In terms of the work I was supposed to do, we got next to nothing done. I got the system up and running and specified the machining to be done to mount one of their samples. So, there goes a few thousand pounds from the Queen’s treasury.

I did get quite a bit of other work done. We’re coming up on the deadline for submitting the oral program for a conference that I co-chair. It was helpful to have some time away from work to finish this off. A colleague of mine is a professor at St. Andrews University. He invited me to come up and give not one, but two talks. I was to deliver a colloquium for the department in the morning and a seminar for his research group in the afternoon. The latter talk is one that I plan to develop into a potential interview talk, so I spent quite a bit of time on it. Although I had to sing for my supper, I’m pleased to report that supper (and lunch) were very good indeed. Everything was capped off with scotch at host’s home and a room overlooking the 18th green at St. Andrews golf course. This might also develop into a sabbatical. I’ll be working on that in the near future.

I had one of the more interesting conversations of my visit with my friend. I’d put him as a stereotypical Tory (saying this without having explored his political opinions). He’s upper middle class with wife and family. I described Rick Santorum as a socially conservative politician and then had to explain what that meant. It would also be fair to say that movement conservatives have no analogue in the UK. The argument is about how to best run the NHS, not to eliminate it altogether. Until the thread earlier today, I was unaware of any sentiment to eliminate public education in the US. ATiM is an interesting place.

Overall, I didn’t get done what I meant to get done, but it was useful to spend time away thinking about what I really WANT to get done. I’m not sure where I’m headed, other than I’m probably headed away from my present job. Change isn’t a bad thing. A couple of weeks thinking about it isn’t either.

BB

An interesting defense of a different point of view on human rights/democracy

An interesting defense of a different point of view on human rights/democracy: 
 
“Why China’s Political Model Is Superior 
By ERIC X. LI 
Published: February 16, 2012″ 
… 
 
“In the history of human governance, spanning thousands of years, there have been two major experiments in democracy. The first was Athens, which lasted a century and a half; the second is the modern West. If one defines democracy as one citizen one vote, American democracy is only 92 years old. In practice it is only 47 years old, if one begins counting after the Voting Rights Act of 1965 — far more ephemeral than all but a handful of China’s dynasties. 
 
Why, then, do so many boldly claim they have discovered the ideal political system for all mankind and that its success is forever assured? 
 
The answer lies in the source of the current democratic experiment. It began with the European Enlightenment. Two fundamental ideas were at its core: the individual is rational, and the individual is endowed with inalienable rights. These two beliefs formed the basis of a secular faith in modernity, of which the ultimate political manifestation is democracy.” 
… 
 
“The fundamental difference between Washington’s view and Beijing’s is whether political rights are considered God-given and therefore absolute or whether they should be seen as privileges to be negotiated based on the needs and conditions of the nation. 
 
The West seems incapable of becoming less democratic even when its survival may depend on such a shift. In this sense, America today is similar to the old Soviet Union, which also viewed its political system as the ultimate end. 
 
History does not bode well for the American way. Indeed, faith-based ideological hubris may soon drive democracy over the cliff.” 
 
Eric X. Li is a venture capitalist. 

Edit: Link doesn’t seem to be working properly:

Compassion or selfishness?

Our recent discussion about education, how it should be provided, and what kind of choices parents should be allowed to make with regard to the public provision of education has raised what to me is an interesting question.  What is the ultimate purpose of having the government provide education, and more generally what is the purpose having the government provide any kind of social services at all?  Is this done so as to benefit the individuals to whom the service is provided, or is it done so as to provide some kind of “social” benefit to the wider public?

Obviously the two are not necessarily mutually exclusive. An individual benefit may, of course, provide ancillary benefits to a wider group of people, just as a “public good” such as a road obviously benefits people individually.   But I have always assumed that the primary motivation for those who advocate for the government provision of things such as education , health care, and other so-called social safety-net programs was out of a sense of compassion or duty towards the <i>individuals</i> who would derive an individual benefit from them.  One of the reasons I have thought this is that those who oppose or want to limit the public provision of such things are so often accused of not caring about people and lacking in compassion.

However, recent discussions have suggested to me that at least some of you think these types of things should be provided  by government primarily because of a “public good” aspect, ie that they are seen as somehow providing benefits to society at large, and that is why they should be pursued.  If that is the case, then I think further questions are warranted.  For example, how do we measure the “public good” provided by a particular program so as to judge whether or not the provision of the good is cost effective?  Do the individuals who are clearly receiving an individual good as part of this effort then have an obligation to ensure that the desired “public good” comes to pass?  If so, how do we enforce this obligation?

So I am curious who here agrees that education, health care, and other social services should be provided by the government  primarily to promote some benefit to the public rather than the individual, and how do you answer the questions that arise from such an approach to the provision of these things?

Friday Night Faux Bits ‘n Pieces

So is KW turning into a slacker or is he just sick and tired of carrying the load for the rest of us? Well, if I must, into the breach once more…with cool sport videos.

Professional golfers try to skim a ball 200 yards across the water and hit a gong.

 

 

Foot volleyball. Incredible skill.

 

 

March Madness…in Legos:

 

 

A round ball, a hockey stick-like bat, a soccer goal, and football goalposts….must be Irish hurling.

 

 

Have a good weekend, all.

Why I Volunteer for Hospice

Before discussing my involvement with hospice and how it came about, I suppose I should give you a few generic facts regarding hospice.  Remember though, I’m just a small speck in a very large and complicated organization so I’ll not only be brief, but I can only comment on aspects of hospice that I am knowledgeable about as a volunteer.  A few of you asked for this post so I’ll give it my best effort.

In order to qualify for reimbursement through Medicare, Medicaid and private insurance there are four levels of care that must be met, which I’ll get to below.  I imagine most of you already know that hospice is defined primarily as palliative care during what doctors and patients together determine is the last six months of a terminal illness, when treatment options have run their course or the days and months appear to be dwindling.  In addition to this though, and the primary reason I became involved with hospice, is the goal of incorporating the family into the process of dying.   The words comfort and dignity are two popular words in mission statements from most hospice care groups.  Here are the essential goals of hospice as outlined by the National Hospice and Palliative Care Organization.

Hospice provides support and care for persons in the last phases of an incurable disease so that they may live as fully and as comfortably as possible. Hospice recognizes that the dying process is a part of the normal process of living and focuses on enhancing the quality of remaining life. Hospice affirms life and neither hastens nor postpones death. Hospice exists in the hope and belief that through appropriate care, and the promotion of a caring community sensitive to their needs that individuals and their families may be free to attain a degree of satisfaction in preparation for death. Hospice recognizes that human growth and development can be a lifelong process. Hospice seeks to preserve and promote the inherent potential for growth within individuals and families during the last phase of life. (emphasis mine)

As I mentioned above, there are four required levels of care in order to maintain certification by Medicare, Medicaid and private insurance.  These are really the basics of hospice care, as far as my understanding of it anyway, and will vary slightly with enhancement from one hospice group to another.  The first is routine home care, which isn’t necessarily only provided in the home, although most hospice patients are treated at home, and is the essential backbone of hospice care.  Routine care provides a variety of services including access to and delivery of medical equipment, medications, gauze, bandages, etc. and 24 hour on-call service by a registered nurse as well as nurse evaluation visits and emotional support to the families and patient.

To satisfy this first requirement our group typically sends a nurse out on house calls two or three times per week and an aide at least that many times depending on the status of the patient.  We have three doctors on staff part-time, one of whom is in charge of our program.  One doctor is on call at all times as medication changes are frequent and occasionally one of our patients needs to be seen for a medical event other than their terminal illness.   The most common are falls.   Our nurses’ aides are primarily in charge of personal care such as bathing and changing dressings etc.  We also have sitters by request who will come and sit with the patient while the caregiver gets out for a few hours once or twice a week.   And then of course we have our social workers and counselors, whose duties I’ll describe below.

Locally we have a number of small, independently operated 4 to 6 patient facilities, situated in homes, and staffed by trained nurses’ aides, which accept our hospice patients, as well as other patients.   The family pays a monthly fee and our hospice group provides the routine care as described above to enhance the services.  These facilities are recommended for families who are unable to care for their loved ones at home for whatever reason and only if it’s deemed affordable to the family.  These providers typically charge in the neighborhood of $3000-$4000 per month and are not covered by Medicare or Medicaid.  We generally try to keep patients in the home though as long as possible.  In other areas there are hospice homes or larger facilities but I’m not as familiar with the particulars of those, or how they’re funded, beyond the typical funding we receive, but I do know some are supported, at least partially, by charitable contributions.

Continuous care is always provided in the home and is defined as a temporary allocation of resources to promote the alleviation of more severe symptoms and increased needs by placing a trained health care worker in the home for up to eight hours per day.  Because of the demands on the staff this is always a short term arrangement generally for no longer than 5 to 7 days.

On a similar short term basis Medicare will reimburse for what they call general inpatient care, in a hospital facility, when symptoms require daily intervention of a more intense level.  Typically this is when a patient’s remaining life is measured in days rather than weeks or months and is in the active phase of dying.

And finally, respite care, which focuses on the family, is a five day institutional placement of the patient, generally in a nursing home, in order to give the caregiver a break for a variety of acceptable reasons.  The burden on families when caring for a loved one at home can be enormous in some cases and so we try to give support whenever possible.

Above are the basics required for reimbursement and the general parameters of what is provided by hospice to its patients and families as well as some of the services our group offers our patients and their families in addition to the requirements.  In order to accomplish the goals of hospice care, a network or hospice group is set up generally incorporating doctors, registered nurses, social workers, nurses’ aides, counselors, including clergy, and many volunteers and other support staff.  This is an interdisciplinary team and is required by Medicare to meet every 14 days to evaluate the current status of patients and design a strategy to meet the needs of the patients and their families.  The team approaches the patient and their caregivers as a unit and designs a flexible plan to provide not only medical necessities, but the practical and emotional needs of everyone involved in the dying process. I happen to be one of the over 500,000 volunteers nationally, like I said, a tiny speck.

I can’t figure out a way to fully describe hospice without a personal story, and as I feel bound by privacy not to discuss the people I work with, I’ll tell  one of my own in order to give everyone a familiarity with what I consider to be the valuable services hospice provides.  My association with hospice began in 1985 although I would not become a volunteer for several more years.  In May of 1985 my sister-in-law discovered the melanoma she’d been treated for a year and a half earlier had metastasized to her brain.  She was an unmarried career girl, age 35, and both her parents, my husband’s parents, were deceased.  After investigating all the options for treatment and care, she moved in with us as I was the best suited to care for her even though we had three young children and my husband worked about 12 hours per day.  She and I spent 6 weeks that summer traveling to UCLA several days a week for radiation as she progressively became more ill.  I don’t know what the statistics are now on survival rates for this type of cancer but at the time we weren’t very hopeful.  At the end of the six weeks her prognosis was dire and while there was an experimental treatment available to her, she and the rest of the family decided against it, and so she came home to die.

I won’t go into all the details of how our daily lives changed or the impact her illness had on us as a family, suffice it to say that 27 years later I still recall every tiny detail, some with affection and love and some with profound sadness.  I wasn’t aware of hospice until a nurse mentioned it to me on one or our many emergency room visits.  Generally we landed in the ER once or twice a week for a variety of ever changing symptoms and calamities that seemed to pop up in the middle of the night or on weekends.  I called our doctor’s office the next day and we were immediately contacted by the local hospice group.  I felt at the time as if we’d been thrown a life line.  Some of you may have experienced something similar in your lives but if not, it’s like receiving a gift you weren’t aware you were desperate for until it was given.  You know how sometimes you just keep moving forward, putting one foot in front of the other no matter how difficult it is, thinking you have no other choice but to struggle through by sheer will power?  That’s the way I felt, and then suddenly a hand reached out and said no, we’re going to take that walk with you.  It was remarkable, truly.

Two months later she was gone.  Even then they followed us around for another year offering counseling and the opportunity to share our thoughts and feelings with others in similar circumstances.  And that’s where I come in.  All volunteers and paid staff wear many hats in our hospice group, but my main job is helping families muddle through the grieving process.  I run two or three group meetings every month, am on call at the death bed if one of our nurses thinks my services are warranted and make monthly phone calls to keep in touch with some of our families as needed.  Occasionally I go out on the initial visit with our social worker if there is the anticipation that my advice will be helpful and also visit families when they seem to need a little extra support.  There are two of us who fill this need at our facility along with rotating clergy when requested.  And by the way our social workers are really on the front line of making sure we’re not bringing people into hospice too early or reluctantly.  Obviously, that wouldn’t be one of our goals.  When I’m not performing these duties, I sometimes answer phones, do filing and paperwork (there’s so much of it) or whatever else the office needs based on the level of staff we have at any given time.   I normally spend about 10 to 12 hours per week on hospice related activities.

I don’t talk about hospice very frequently, unless someone asks, as it’s almost another universe I live in when I’m working and when I come home I try to turn the intensity off.  Just in the past year we’ve begun to add children into our hospice group and it’s been a really tough transition for many of us.  Of course another reason hospice doesn’t come up in conversation very often is that generally people don’t particularly enjoy discussing the details surrounding death.

With all the recent changes in our health care delivery system and rising end of life costs, I think a clear understanding of hospice is beneficial, although I’m not convinced I’m the best one to provide it, as I don’t participate in the medical aspect of care or the cost analysis.  One of the requirements to become a hospice patient is to have signed an Advance Directive, and in some cases a Do Not Resuscitate order is also required, it is with our group, except for children.  In most cases once you’re in hospice it’s a “no-no” to change your mind, go back to treatment, and then later try to get back into hospice, although it’s not impossible.  They prefer to be the first ones called at all times in order to evaluate whatever medical issues arise and determine if outside help or treatment is needed.  We discourage calling emergency personnel unless absolutely necessary, as it generally leads to what we consider unnecessary hospitalization and can also affect your status as a hospice patient.  These are a few of the perceived negatives that I’m aware of and I do know from personal experience that there are some medical personnel who aren’t particularly supportive of hospice care, although I believe their numbers are possibly shrinking.  I try to stay away from hospice controversy, such as it exists, and just stay focused on the job and the people.  I’m what is called a hospice loyalist.

Sometimes I hear regret in our group sessions in the territory of, maybe we gave up too soon, which is entirely understandable and one of the issues we work through.  I tell my mother’s story occasionally.   She suffered from congestive heart failure and at the end of 2008 decided she was ready for hospice, but I wasn’t entirely convinced.   She died in early 2009 and after her death I found a letter she’d written to me in July of 2008 explaining that recently something had changed and she felt she was no longer able to keep up with the symptoms and was failing, and of course went on to tell me all the personal things only a mother can tell a daughter.  That letter meant the world to me.  Even hospice volunteers have doubts sometimes.

One of the lessons I’ve learned over the years is that if you’re afforded the opportunity and time to work through the dying process as a family, surrounded by loved ones, the grieving process for those left behind is much more manageable and the memories created during those last months or days can be just as poignant and cherished as memories from happier times.

Morning Report

Vital Statistics:

Last Change Percent
S&P Futures 1370.7 -3.8 -0.28%
Eurostoxx Index 2541.5 -7.2 -0.28%
Oil (WTI) 108.05 -0.8 -0.73%
LIBOR 0.4758 -0.004 -0.82%
US Dollar Index (DXY) 79.313 0.526 0.67%
10 Year Govt Bond Yield 2.00% -0.03%

Markets are a touch weaker this morning on some negative reports out of Europe and a drop in Spanish government bonds. There are no major economic reports out this morning in the US. Bonds and mortgages are slightly higher this morning.

Yesterday, CoreLogic released its Q411 report on underwater homeowners. They estimate that 11.1 million (23%) of residential homes with a mortgage are underwater. Nevada is in the worst shape, with 61% of mortgaged houses with LTVs over 1. Of the 11.1 million, 6.7 have a first-lien mortgage only with an average balance of 219k and is underwater by 51k, for a LTV of 130%. The remaining have home equity loans as well, with an outstanding principal balance of 306k and a combined LTV of 138%.  Aggregate negative equity nationwide is $717 billion and is concentrated at the low end of the market.

The NYT has a good article on ISDA’s decision yesterday that the ECB bond exchange on Greek debt did not constitute a credit event. If Greece puts through an involuntary exchange, that would trigger a credit event and the swaps would pay out. The article also points out that the bond used to set the payout will be different than the bond underlying the contract. So even if you were right on the Greek default, you may not be getting paid what you think you were.

The sell-off in bonds over the last two days has driven mortgage rates higher. Conventional mortgages are now 4.0% vs 3.875% a few days ago. If you are thinking about refinancing or buying and have questions about your rate lock, here are some things to consider.

Thursday Night Faux Bits n Pieces

Not as good as Kevin’s efforts, I’m sure, but since no one else is stepping to the plate….

Depressingly, two Australian professors and medical ethicists have written a paper arguing that newborn babies are not actual persons, are morally irrelevant, and have no moral right to life.

The article, entitled “After-birth abortion: Why should the baby live?”, was written by two of Prof Savulescu’s former associates, Alberto Giubilini and Francesca Minerva.
They argued: “The moral status of an infant is equivalent to that of a fetus in the sense that both lack those properties that justify the attribution of a right to life to an individual.”
Rather than being “actual persons”, newborns were “potential persons”. They explained: “Both a fetus and a newborn certainly are human beings and potential persons, but neither is a ‘person’ in the sense of ‘subject of a moral right to life’.

After-birth abortion? I’m guessing the pro-choicers won’t be too happy with that nomenclature.
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The New York Times editorial board initiates it’s own war on biology in an editorial about an attempt in New Hampshire to repeal a law legalizing same-sex marriage:

Representative David Bates, the Republican who filed the repeal bill, argues that homosexuality is a lifestyle choice, and he even included a sentence that says: “Children can only be conceived naturally through copulation by heterosexual couples.” This is breathtakingly dangerous foolishness.

Ah, the breathtakingly dangerous foolishness of how babies are made.
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How about a little March Madness primer: