This is the manuscript as it was submitted to a New York publisher. It arrived in a brown paper wrapper tied with string and wrapped in Scotch tape. It was soggy and battered, and the return address and half the cover letter were missing. For this reason, we did not know who the author actually was ... An extensive search has convinced us that the name Michelangelo Schwartz is a nom de plume meant to shield him from the wrath of his friends and colleagues. And make no mistake about it, wrath there will be. Join us for a roller coaster ride across American higher education that takes us from the top graduate schools to an online university whose motto is "Welcome to a college that has no class." Meet Dr. Michelangelo Schwartz, a drunken and philandering Dante scholar who descends into the same circles of hell he bored his students with. Meet Sister Bill, the dean of discipline at a Catholic women's college. The good sister carries a metal ruler-and is not afraid to use it. Meet Jim Bob Rules, president of Lee Harvey Oswald Community College in Sheets, Texas, who only has the job because his father-in-law is chairman of the board. Meet Senator Brandon Stubblefield, who wants to clean up higher education-that is, until he finds himself in a sticky situation. If you ever wondered why so many people are mad at higher education, wonder no more. Enjoy your stay at The University of Last Resort.

Northerly locations were desperately sought out after more accessible land further south was taken up. Wood identifies the demographic characteristics of the surging population of land-seekers, showing how some aspects echoed those of earlier settlers. The northern settlers of the interwar years grappled with demanding conditions, which required new adaptations. They were supported in their efforts by politicians, bureaucrats, and religious leaders who had less than innocent reasons for endorsing what were questionable settlement experiments in unopened or abandoned areas. The book includes a series of gripping case studies to illustrate both the face of failure and what appear to have been the ingredients for success in marginal areas.

Class out of control? Will no regular substitute dare enter that classroom?Time to press the red button under the office clock and summon Miss Subway, the substitute of last resort.

During the COVID-19 pandemic and global financial crisis, governments swiftly served as financiers of last resort through large financial support measures (FSMs) such as loan and guarantee programs and equity injections in firms. This Staff Discussion Note argues that such FSMs prevented bankruptcies and attenuated the recession by increasing firms’ liquidity, reducing risk premiums, and boosting confidence. But FSMs also carry large and long-lasting fiscal costs and risks. The note presents recommendations for managing the legacies of the COVID-19 programs and preparing for future crises. Ideally, FSMs should be assessed and included in budget plans, though a balance needs to be struck between speed and scrutiny.

The steep rise in neighborhood associations in post-Katrina New Orleans is commonly presented in starkly positive or negative terms – either romanticized narratives of community influence or dismissals of false consciousness and powerlessness to elite interests. In A Neighborhood Politics of Last Resort Stephen Danley offers a messier and ultimately more complete picture of these groups as simultaneously crucial but tenuous social actors. Through a comparative case study based on extensive fieldwork in post-Katrina New Orleans, Danley follows activists in their efforts to rebuild their communities, while also examining the dark underbelly of NIMBYism ("not in my backyard"), characterized by racism and classism. He elucidates how neighborhood activists were tremendously inspired in their defense of their communities, at times outwitting developers or other perceived threats to neighborhood life, but they could be equally creative in discriminating against potential neighbors and fighting to keep others out of their communities. Considering the plight of grassroots activism in the context of national and global urban challenges, A Neighborhood Politics of Last Resort immerses the reader in the daily minutiae of post-Katrina life to reveal how multiple groups responded to the same crisis with inconsistent and often ad-hoc approaches, visions, and results.

This paper develops a model of the lender of last resort. It provides an analytical basis for “too big too fail” and a rationale for “constructive ambiguity”. Key results are that if contagion (moral hazard) is the main concern, the Central Bank (CB) will have an excessive (little) incentive to rescue banks and the resulting equilibrium risk level is high (low). When both contagion and moral hazard are jointly analyzed, the CB’s incentives to rescue are only slightly weaker than with contagion alone. The CB’s optimal policy may be non-monotonic in bank size.

The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches and practices vary considerably. In this paper we focus on, for the most part, the provision of idiosyncratic support, approaching it from an operational perspective; highlighting different approaches adopted by central banks; and also identifying some of the issues that arose during the GFC.

Randolph Mason is a brusque New York lawyer who is highly skilled at turning legal loopholes and technicalities to his clients' advantage. He is depicted as an utterly amoral character who advises criminals how to commit wrongdoings without breaking the letter of the law. The best-known of these stories is "The Corpus Delicti", in which Mason's client murders a blackmailing lover and dissolves her dismembered corpse in acid. Despite circumstantial evidence, Mason secures his client's acquittal on the grounds that nobody has been found and there are no eyewitnesses to the woman's death, as required by New York law at the time. Post deflected criticism of such sensational stories by affirming that he was publicly exposing weaknesses in the law that needed to be rectified. Melville Davisson Post (1869-1930) was an American author, born in West Virginia. Table of Contents: The Strange Schemes of Randolph Mason The Corpus Delicti Two Plungers of Manhattan Woodford's Partner The Error of William Van Broom The Men of the Jimmy The Sheriff of Gullmore The Animus Furandi The Man of Last Resort (The Clients of Randolph Mason) The Governor's Machine Mrs. Van Barton Once in Jeopardy The Grazier The Rule Against Carper