We examine the implications of the US government’s too-big-to-fail policy as it has been applied to banks. Using alternative measures of risk, we compare the risk-taking behavior of 11 TBTF banks, identified by the Comptroller of the Currency in 1984, to a number of non-TBTF banks. We provide both theory and new empirical evidence to support our argument that the TBTF policy leads management to significantly increase risk-taking, with no corresponding increase in performance. While prior studies have considered the effects (...) of the TBTF policy on limited, but risk-related aspects of bank behavior, such as the cost of funds, our study provides direct evidence about the risk-taking behavior associated with the TBTF policy. Our study has important implications for the current political debate regarding the too-big-to-fail policy. (shrink)

Covers all philosophers appearing in standard textbooks, from Thales to Augustine . A brief introduction to each thinker or school summarizes their major themes.

The modern era was dominated by conflicts between claims to certainty about justice and denials that certainty is warranted. The purpose of this book is to develop a postmodern alternative to both philosophies, one which is universal without being absolutist. The approach is _dialectical_ in Plato's sense of that term. Dialectic is both necessary and sufficient for the theoretical and the practical aspects of living. The primary symbol in this book is the Athenian Socrates who spent his days in the (...) Agora and his evenings in the houses of his friends, the active professionals of the world's first democracy. His questions were unabashedly philosophical, concerned with the most urgent matters. What is worth living for? What is worth dying for? Who is best suited to rule in the state? How should young people be educated? The nature of justice is closely connected with other questions of value, so the discussion freely moves from that central focus to related matters with the primary goal of developing a dialectical philosophy that is both applicable to life and open to all. _Universal Justice_ is concerned with _how_ to think about justice rather than _what_ to think about justice. (shrink)

This article examines the various Liar paradoxes and their near kin, Grelling’s paradox and Gödel’s Incompleteness Theorem with its self-referential Gödel sentence. It finds the family of paradoxes to be generated by circular definition–whether of statements, predicates, or sentences–a manoeuvre that generates pseudo-statements afflicted with the Liar syndrome: semantic vacuity, semantic incoherence, and predicative catalepsy. Such statements, e.g., the self-referential Liar statement, are meaningless, and hence fail to say anything, a point that invalidates the reasoning on which the various paradoxes (...) rest. The seeming plausibility of the paradoxes is due to the fact that often the sentence used to make the pseudo-statement is ambiguous in that it may also be used to make a genuine statement about the pseudo-statement. Hence, if a formal system is to avoid ambiguity and consequent paradox and contradiction, it must distinguish between the two statements the sentence may be used to make. Gödel’s Theorem presents a further complication in that the self-reference involved is sentential rather than statemental. Nevertheless, on the intended interpretation of the system as a formalization of arithmetic, the self-referential Gödel sentence can only be an ambiguous statement, one that is both a pseudo-statement and its genuine double. Consequently, the conclusions commonly drawn from Gödel’s theorem must be deemed unwarranted. Arithmetic might well be formalized in a proper system that either excludes circular definition or introduces disambiguators. (shrink)

This article examines the various Liar paradoxes and their near kin, Grelling’s paradox and Gödel’s Incompleteness Theorem with its self-referential Gödel sentence. It finds the family of paradoxes to be generated by circular definition–whether of statements, predicates, or sentences–a manoeuvre that generates the fatal disorders of the Liar syndrome: semantic vacuity, semantic incoherence, and predicative catalepsy. Afflicted statements, such as the self-referential Liar statement, fail to be genuine statements. Hence they say nothing, a point that invalidates the reasoning on which (...) the various paradoxes rest. The seeming plausibility of the paradoxes is due to the fact that the same sentence may be used to make both the pseudo-statement and a genuine statement about the pseudo-statement. Hence, if a formal system is to avoid ambiguity and consequent seeming paradox, it requires some sort of disambiguator to distinguish the two statements. Gödel’s Theorem presents a further complication in that the self-reference involved is sentential rather than statemental. Nevertheless, on the intended interpretation of the system as a formalization of arithmetic, the self-referential Gödel sentence can only be an ambiguous statement, one that is both a pseudo-statement and its genuine double. Consequently, the conclusions commonly drawn from Gödel’s theorem must be deemed unwarranted. Arithmetic might well be formalized in a proper system that either excludes circular definition or introduces disambiguators. (shrink)

This essay explores the nature of the most rudimentary form of empathy, interpersonal affective echoing, and attempts to give a cogent assessment of the roles it may play in human interactions. As an investigative background, it briefly sketches phenomenological findings with respect to feelings, to non-linguistic cognition, and to the analogical apperception of others. It then offers a phenomenological account of the basic structures of the experience of echoing another person’s feelings in a face-to-face situation. It also notes how echoing (...) differs from analogical apperception (while presupposing the latter), as well as from having one’s usual feelings and emotions. The relationship of echoing to sharing, caring, and morality is also briefly discussed. (shrink)

This article explores emotions and their relationship to ‘somatic responses’, i.e., one’s automatic responses to sensations of pain, cold, warmth, sudden intensity. To this end, it undertakes a Husserlian phenomenological analysis of the first-hand experience of eight basic emotions, briefly exploring their essential aspects: their holistic nature, their identifying dynamic transformation of the lived body, their two-layered intentionality, their involuntary initiation and voluntary espousal. The fact that the involuntary tensional shifts initiating emotions are irreplicatable voluntarily, is taken to show that (...) all emotions have an innate core, a conclusion corroborated by their strong similarities to somatic responses in dynamics, hedonic tone, and topology. The fact that emotions may be culturally reworked, is shown to be explicable in terms of their complex nature: their dependence on belief, their voluntary espousal, and their ready social transmittability. Finally, it is argued that emotions may plausibly be deemed the evolutionary descendants of somatic responses. (shrink)

In recent years it has become popular to model putative refutations of skepticism on Kant's answer to Hume, that is, on transcendental arguments purporting to show that the skeptical theses presupposes essential features of the very conceptual scheme they call into question. In his book, Oneself as Another, Paul Ricoeur makes the claim that transcendental considerations of the sort invalidate Edmund Husserl's foundationalist epistemological enterprise, that of uncovering the genesis of primitive concepts of oneself, world, and others in a primordial (...) solipsistic stage from which all trace of others is excluded. According to Ricoeur the concept of others must be presupposed throughout. This paper examines the experiential evidence for four of the transcendental arguments endorsed by Ricoeur, each treating one of four key concepts--the concept of oneself as subject, that of one's flesh, that of one's body, and that of other selves. It finds that in each case Ricoeur’s argument fails, and that in each case Husserl is right to claim that a rudimentary nonlinguistic concept may arise within the confines of first-person perceptual experience. The paper then briefly examines the source of Ricoeur's erroneous evaluation. (shrink)

This book contains fifteen essays all seeking to regain the original meaning of philosophy as the love of wisdom. _Mythos_ and _Logos_ are two essential aspects of a quest that began with the ancient Greeks. As concepts fundamental to human experience, _Mythos_ and _Logos_ continue to guide the search for truth in the twenty-first century.

As Descartes noted, a proper account of the nature of the being one is begins with a basic self present in first-person experience, a self that one cannot cogently doubt being. This paper seeks to uncover such a self, first within consciousness and thinking, then within the lived or first-person felt body. After noting the lack of grounding of Merleau-Ponty’s commonly referenced reflections, it undertakes a phenomenological investigation of the body that finds the basic self to reside in one’s espoused (...) feelings and striving, both bodily in nature. It then examines the relationship of the lived body to the visual body and to the body studied by science. Two issues concerning that relationship are taken up. It is concluded that on the available evidence neither the apparent agency nor the apparent free will of the lived body is illusory. (shrink)

The various roles proposed for emotion, whether psychological such as preparing for action or serving prior concerns, or biological such as protecting and promoting well-being, are easily shown to have an awkward number of exceptions. This paper attempts to explain why. To this end it undertakes a Husserlian phenomenological examination of first-person experience of two types of responses, the various somatic responses elicited by sensations (pain, cold, pleasure, sudden intensity) and the various personal directed emotions (grief, fear, affection, joy). The (...) analysis brings out the overall close structural symmetry between the two types of response and the strong hedonic, dynamic, and topological similarity between particular members from each of the two groups. The findings strongly suggest that emotions evolved from the more rudimentary involuntary somatic responses. The hypothesis finds further support in the fact that it explains both the biological unsoundness and anomalous archaic features that emotions often display. It also explains why emotions have no tidy function. (shrink)