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ascMcLaren Enthusiasts
An asc McLaren forum for ALL Mustang and Capri based cars modified by Automotive Speciality Corporation, a Division of American Sunroof Corporation.
(a trademarked corporation) with no affilation to this site.
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Site Admin
Joined: 25 Aug 2004
Posts: 5184
Location: Charlotte, NC
Posted: Sun Aug 29, 2004 2:10 am
Post subject: ascMcLaren V6 Roadsters
1986 ascMcLaren 3.8SC 2-Seat Roadster
From Sandy Block:
A different version of the ascMclaren was made to appeal to the type of woman
that did not need or want the performance of the 302 Cu. In. V-8 and could not
grasp the $24,000 price tag. Therefore, for a brief time ascMcLaren offered the
3.8Litre SC version. Herewith (most?) facts:-
* 3.8 Litre V-6 ( 3.8 Cu. In.) *
* 4-Speed Automatic is only Transmission - Selectshift *
* 3.8SC emblem on deck lid, instead of 5.0SC
* Wood trim on interior removed, Incl. Dash
* Low Level (Base Model) seats are used. with applied adjustable Headrests * From the Capri GS *
* ascMcLaren - covered leather is Standard in ONLY Regatta Bue *
* Single left-side under bumper tailpipe
* Standard '86 Capri Interior Door Panels
* The car retained the leather wheel & shifter
* The car retained the Air Horns.
* ONLY Atlantic Blue tops & trim. (Interior) Available*
* Car used stock Capri center console
* Oversized Tires that came with the V-8
* 2.73:1 Axle Ratio replaced the 3.08
* Exterior Paint Colors
* Only Exterior Colors Allowed were:
Paris Blue Metallic; Sterlling Silver Metallic; or
Keweenau White. *
* Headlight & Taillight covers were also included *
* The front ground effects also featured the Fog Lights, BUT they were
Marchal. *
* All had color keyed "spokes" with a polished aluminum rim. * The spokes came in Paris or Atlantic Blue, Silver or White. The wheels were the same as the gold rims fitted on these cars.
I have no information as to how much less money this vehicle was when compared to the V-8' *
ANOTHER point...Each of these wore color-keyed "spokes" on the wheels,
Paris Blue was the most srtriking as these wheel were NOT avaible on other 1986 ascMclarens, ever the "regular 1986 Capri ascMclaren 'Verts IN Paris blue.
Ditto the Atlantic Blue Spoke wheels on Atlantic Blue cars were only on these Spring Special edition 3.8 Six Cyl examples.
The white cars wore the solid all white wheels as were on the regular '86 ascMcLaren ASC White Coupes, and ditto the Silver rims from the Silver 1986 COUPES painted Silver, made their way onto the '86 Sterling Silver Spring Specials.
I was told 38 of therse 3.8 units were made., meaning 207 were the full packaged 5.0 litre 'Verts, and 38 were 3.8 'Verts = 245 in total.
It was said that these 38 were "gifts" from ascMcLaren to Mercury dealers.
Here is why.... the Extra items for these Spring Specials were listed on the ascMcLaren supplemental window sticker for around $3,000 extra, but on the dealers invoce, they were also listed, and in the amount column was printed N/C for NO CHARGE, SOooo, the buyer saw a car that was $3,000 higher, but it was NO charge to the dealer, more than likely making a big gross profit on the end-of-the-run Mercury ascMcLarens, thusly the "Thanks".
1985 ascMcLaren Coupe - Midnight Blue
Under Restoration
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1. Background
To provide you with our Services, McConaghy Retail Pty Ltd and our Related Entities (we, our, us) need to collect Personal Information. If we do not collect the Personal Information or if any of the Personal Information you provide is incomplete or inaccurate, we may not be able to provide the Services or those Services may be compromised.
We recognise the trust you place in us when you provide us with Personal Information and are committed to protecting your Personal Information and complying with our obligations under the Australian Privacy Principles. This document provides you with information on how we collect, use, store and disclose your Personal Information.
2. Definitions
In this policy:
Centres means each of the retail shopping and commercial centres we operate.
Personal Information has the meaning given under the Privacy Act.
Privacy Act means the Privacy Act 1988 (Cth).
Related Entities has the same meaning as under the Corporations Act 2001 (Cth) and includes our franchisees.
Retailers means the retailers and other tenants operating from a Centre.
Sensitive Information has the meaning given under the Privacy Act.
Services means the offers and services provided by us, including management of our Centres.
Website means kingaroyshoppingworld.com.au and other websites and forms of social media where you post comments or we interact with you.
The meaning of any general language is not restricted by any accompanying example and the words 'includes', 'including', 'such as', 'for example' or similar words are not words of limitation.
3. What Personal Information do we collect?
The type of Personal Information we collect may differ depending upon the circumstances of our relationship with you and the nature of the Services we provide to you. Depending on the nature of the Services we provide to you, other Personal Information we collect may include:
Category |
Type of information |
?Customers | Name, email address, telephone numbers, address, date of birth and any other contact details Gender Surveillance images Shopping preferences Interests Debit or credit card information if we provide services to you If you seek credit from us, your financial and trading information and credit reference information Sensitive Information, for example, if you advise us of any disability or medical issue |
Potential Retailers/tenants | Name, email address, telephone numbers, address, date of birth and any other contact details Information as to Retailer's financial standing and retailing experience Financial and trading information and credit reference information |
Retailers/tenants | Name, email address, telephone numbers, address, date of birth and any other contact details Information as to Retailer's financial standing and retailing experience Financial and trading information and credit reference information |
Potential employees | Name, email address, telephone numbers, address and any other contact details Qualifications Employment history Information provided in response to application |
Consultants, Contractors and security staff | Name, email address, telephone numbers, address and any other contact details Gender Licensing information Identification documents |
4. Credit
To the extent allowed by law, we may and you authorise us to collect, use and disclose information in respect to any credit we provide to you, including to a Credit Reporting Body (CRB). This includes information the CRB requires to provide us with a report to assist us in assessing you credit worthiness, payment or default information, information about fraud or any other serious credit infringement, information about adverse court judgments, insolvency or bankruptcy and publicly available credit information about your credit worthiness.
If you default in the payment of any monies owed to us, you authorise us to provide Personal Information to the CRB. This information may then be used and disclosed by the CRB in accordance with the Privacy Act and the CRB's privacy policy, including providing credit assessments to other credit providers. You may request the CRB not to use or disclose your credit information in some circumstances, e.g. if you have been a victim of fraud.
Information about the CRBs we use may be obtained from our Privacy Officer, whose details are set out below.
5. How do we collect the Personal Information?
We collect Personal Information:
* directly from you;
* from Retailers;
* through our surveillance systems;
* through our website and by other electronic communication channels (e.g. when you send us an email or post, an entry on our Facebook page or another social media site);
* when you enter a competition or promotion, participate in a survey or register to receive information from us;
* from your employer, company or other organisation if you use our Services under a corporate account or other arrangement;
* from our contracted service providers (including security providers);
* from a CRB;
* from debt collection agencies if you default in a payment to us;
* from third parties;
* from publicly available sources of information;
* when we are required to do so by law;
* when you log onto or connect to our Website. Our server automatically records information your browser sends (e.g. your IP address, how and when you travel through our Website, the pages and documents accessed information about your usage (e.g. by way of cookies) and other information provided by downloading information from our website). However, unless you provide your name or it is part of your email address, our server does not automatically collect this information.
If at any time you supply Personal Information to us about any other person (e.g. by posting a photo on our Facebook page), you represent and we accept that information on the basis that you are authorised to do so and that the relevant person has consented to the disclosure to us.
6. CCTV, other imaging and tracking
We use video and camera surveillance within and in the car parks outside our Centres. In addition, our Retailers may have video and camera surveillance within their stores or offices.
The surveillance video and camera images may include images of you and anyone accompanying you (e.g. other occupants of your car), as well as details of your vehicle and your vehicle registration number. The images will be used for the purpose of identifying security issues and for any other purpose authorised under the Privacy Act.
7. How do we use Personal Information?
We use the Personal Information we collect for operational purposes, including:
* to provide our Services and operate the Centres;
* for security purposes;
* to comply with our contractual and other legal obligations;
* to provide information to companies and other entities which provide ancillary services, including insurance, security, repairs and maintenance and charging facilities;
* to respond to medical emergencies;
* to process your inquiries and improve our Services;
* for marketing purposes (refer to Section 8 Marketing); and
* to develop our Services.
8. Marketing
We may use and disclose your Personal Information to provide you with information on offers, products and services offered by us, our Retailers, our Related Entities and our business associates. If at any time you no longer wish to receive any additional marketing material from us or do not want your information disclosed for direct marketing purposes, contact our Privacy Officer and we will remove your details from our marketing database.
We do not use Sensitive Information for marketing purposes.
9. Disclosing Personal Information
In addition to the situations above, we may disclose your Personal Information to our Related Entities and third parties in certain circumstances including:
* if you agree to the disclosure;
* to assist in the provision of the Services;
* where disclosure is required or permitted by law, e.g. by court order, following a request from the Police, government authority or regulator, or to investigate suspected fraud or other unlawful activity;
* in circumstances where you would reasonably be expected to consent to information of that kind being passed to a third party;
* where it is required to be disclosed for audit purposes;
* if disclosure will prevent or lessen a serious or imminent threat to someone's life or health; or
* where it is reasonably necessary for the enforcement of the criminal law, a law imposing a pecuniary penalty or for the protection of public revenue.
10. Security considerations
While we do all we reasonably can to protect your Personal Information from misuse, loss, unauthorised access, modification or disclosure, including investing in security software, the Internet is not a secure environment. The open nature of the Internet is such that information exchanged via the Internet may be accessed and used by people other than those for whom the data is intended. If you send us any information, including (without limitation) Personal Information, it is sent at your own risk.
You are responsible for all actions taken using your username, email or password. If at any time you believe your username or password has been compromised, you should immediately contact us and also change your password.
If you access a partner or service website (e.g. Retailer) from our website, you do so and provide Personal Information in accordance with the terms and conditions under which the provider of that website operates.
While we are not in a position to give you advice on Internet security, if you provide Personal Information to us electronically, there are some things you can do which may help maintain the privacy of your information, including:
* ALWAYS closing your browser when you have finished your session;
* NEVER providing Personal Information when using a public computer; and
* NEVER disclosing your user name and password to another person.
11. How your information is stored
We endeavour to keep our information systems and files secured from unauthorised access. Those who work with us are aware of the importance we place on protecting your privacy and their role in helping us to do so.
Our procedures to securely store Personal Information include electronic and physical security measures, staff training and use of password protection software.
When the Personal Information that we collect is no longer required, we will remove or de-identify the Personal Information as soon as reasonably possible. We may, however, retain Personal Information for as long as is necessary to comply with any applicable law, for the prevention of fraud, for insurance and governance purposes, in our IT back-up, for the collection of any monies owed and to resolve disputes.
12. How you can update, correct, or delete your Personal Information
You may request access to your Personal Information or correct any inaccurate or out of date information by clicking here or contacting our Privacy Officer. For security purposes, we may ask you to provide evidence of your identity.
If you ask, in most cases we will give you access to the personal information that we hold about you and take reasonable steps to correct any incorrect information. We will try to make the process as simple as possible.
You may request the source of any information we collect from a third party. We will provide this at no cost, unless under the Privacy Act or other law there is a reason for this information being withheld. If there is a reason under the Privacy Act or other law for us not to provide you with information, we will give you a written notice of refusal setting out the reasons for the refusal except to the extent it would be unreasonable to do so and the mechanisms available to you to complain about the refusal.
13. Changes to our Privacy Policy
This document sets out our current Privacy Policy. Our Privacy Policy will be updated from time to time. You should therefore review our Privacy Policy each time you visit our Website or provide us with Personal Information.
14. Contacting us
You should contact us immediately if you believe:
* someone has gained access to your Personal Information;
* we have breached our privacy obligations or your privacy rights in any way; or
* you would like to discuss any issues about our privacy policy.
Our contact details are:
Attention: The Privacy Officer
Mail: McConaghy Retail Pty Ltd
Email: email@example.com
Please provide details of your complaint and your contact details to enable us to discuss it with you and conduct our investigations. We will respond to you within 30 days.
More information about your rights and our obligations in respect to privacy and information on making a privacy complaint are available from the Office of the Australian Information Commissioner at:
Website: www.oaic.gov.au
Post: GPO Box 5218 Sydney NSW 2001
Email: email@example.com

subset: commoncrawl


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Vice Curriculum Artwork Information:
Each item in our Curriculum Apparel line contains artwork for a specific attack from our attack categories and the AIK naming convention. Below the artwork on each shirt, is a list of the related techniques designed to teach the theories, concepts, and principles that can be used to logically and practically solve the dangerous situation.
Attack Categories
Grab & Tackle Group: The initial action or attempt to gain control.
- Claw: One-handed grab to the wrist
- Eagles: Two-handed body grab from the front
- Falcon: One-handed grab from the flank
- Hawk: One-handed body grab from the front
- Rage: Tackle
- Talons: Two-handed grab to the wrist or wrists
Hold & Hug Group: Controlling and motion restricting attack that does not depend on pain compliance.
- Bear: Bearhug
- Honor: Handshake
- Restraints: Hold from the back
- Surrender: Full nelson
Kick Group: A striking action using the leg or foot.
- Lightning: Linear kick
- Thunder: Rotational kick
Lock & Choke Group: A controlling and motion restricting attack that depends on pain compliance.
- Death: Two-handed choke
- Guard: Lock from the back
- Vice: Head lock or forearm choke
- Vine: Lock to the wrist
Punch Group: A striking action using the knuckles.
- Horn: Left hand punch
- Ram: Right hand punch
Push Group: A forceful, shoving action.
- Palm: One-handed push
- Palms: Two-handed push
Weapon Group: An attack employing a weapon.
- Oak: Club
In 2022 Ed Parker Jr. took on the project of creating custom artwork for the American Institute of Kenpo's curriculum apparel line.
Additional Ed Parker Jr. Artwork Information
Tank Top Information:
A classic, staple tank top. A timeless classic intended for anyone looking for great quality and softness.
• 100% combed and ringspun cotton
• Tri-blends are 50% polyester/25% combed/25% ringspun cotton/rayon
• Fabric weight: 4.2 oz/yd² (142.40 g/m²), triblends: 3.8 oz/yd² (90.07 g/m²)
• 30 singles thread weight
• Side-seamed


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District 13: Potong Pasir, MacPhersonNew 6 digit postal code in District 13 : 34****, 35****, 36****, 37****
Use this control to limit the display of threads to those newer than the specified time frame.
Allows you to choose the data by which the thread list will be sorted.
Order threads in...
Note: when sorting by date, 'descending order' will show the newest results first.
Forum Rules


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5 Tips to Ace College Entry Exams
(eLivingtoday.com) Because most colleges and universities require applicants to submit ACT or SAT results as part of admissions consideration, prepping for the test itself can be a critical component of that process.
While it can oftentimes be hard to deal with the anxiety that comes with a rigorous test meant to show your mastery of certain subjects and concepts, such as reading and mathematics, consider these test prep tips to help boost your score while simultaneously lowering stress.
Register Early
To allow yourself as much flexibility as possible, taking college entrance exams during your junior year of high school is encouraged. If you don't get an ideal score, you can refine your approach and retake the exam with a better idea of what to expect.
Take a Practice Test
Any test prep plan should start with a practice SAT or ACT exam. Taking practice tests under realistic conditions can help you gain a better understanding of the content of the test, improve your time management and help combat test anxiety. You can use your practice test as a baseline to set goals and focus the rest of your prep on areas you would like to improve before the real thing.
Sign Up for a Prep Course
If you find studying on your own difficult or not as successful as you'd hoped, a prep course can put you through the paces and hold you accountable. Complete with homework and in-class practice, prep classes can range from small groups to larger classes taught by test experts. Some school districts even offer after-school programs dedicated to ACT or SAT prep.
Gather Supplies
To help reduce test day stress, gather everything you'll need the night before. Check the list of banned items – cellphones aren't permitted – to make sure you don't accidentally bring something you're not allowed to have. Ensure your bag is packed with your admission ticket, valid photo identification, several sharpened pencils with erasers, an approved calculator (with fresh batteries) and a watch, if allowed.
Get a Good Night's Sleep and Eat Breakfast
While it can be tempting to stay up late the night before the test to cram, you're likely to perform better with a full night's sleep. Sleep is important for retention, and eating a balanced breakfast before heading out the door can aid in your ability to focus. To make your morning easier, prep breakfast before bed to keep an early morning from starting even earlier.
Remember, the college admissions process involves more than just test scores. Visit eLivingtoday.com for more education tips and information.


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This article is also available and sold as a booklet.
This sermon series includes the following messages:
The following is an excerpt from The MacArthur New Testament Commentary on John 10.
and I give eternal life to them, and they will never perish; and no one will snatch them out of My hand. (10:28)Repeating what He said in His discourse on the Good Shepherd (see the exposition of vv. 3–5 in the previous chapter of this volume), Jesus said, "My sheep hear My voice, and I know them, and they follow Me." The elect will heed Christ's call to salvation and continue in faith and obedience to eternal glory (cf. Rom. 8:29–30).
The Lord continued by articulating the wonderful truth that those who are His sheep need never fear being lost. "I give eternal life to them," Jesus declared, "and they will never perish; and no one will snatch them out of My hand. My Father, who has given them to Me, is greater than all; and no one is able to snatch them out of the Father's hand." Nowhere in Scripture is there a stronger affirmation of the absolute eternal security of all true Christians. Jesus plainly taught that the security of the believer in salvation does not depend on human effort, but is grounded in the gracious, sovereign election, promise, and power of God.
Christ's words reveal seven realities that bind every true Christian forever to God. First, believers are His sheep, and it is the duty of the Good Shepherd to protect His flock. "This is the will of Him who sent Me," Jesus said, "that of all that He has given Me I lose nothing, but raise it up on the last day" (6:39). To insist that a true Christian can somehow be lost is to deny the truth of that statement. It is also to defame the character of the Lord Jesus Christ—making Him out to be an incompetent shepherd, unable to hold on to those entrusted to Him by the Father.
Second, Christ's sheep hear only His voice and follow only Him. Since they will not listen to or follow a stranger (10:5), they could not possibly wander away from Him and be eternally lost.
Third, Christ's sheep have eternal life. To speak of eternal life ending is a contradiction in terms.
Fourth, Christ gives eternal life to His sheep. Since they did nothing to earn it, they can do nothing to lose it.
Fifth, Christ promised that His sheep will never perish. Were even one to do so, it would make Him a liar.
Sixth, no one—not false shepherds (the thieves and robbers of v. 1), or false prophets (symbolized by the wolf of v. 12), nor even the Devil himself—is powerful enough to snatch Christ's sheep out of His hand.
Finally, Christ's sheep are held not only in His hand, but also in the hand of the Father, who is greater than all; and thus no one is able to snatch them out of His hand either. Infinitely secure, the believer's "life is hidden with Christ in God" (Col. 3:3).
The Father and the Son jointly guarantee the eternal security of believers because, as Jesus declared, "I and the Father are one" (the Greek word one is neuter, not masculine; it speaks of "one substance," not "one person"). Thus their unity of purpose and action in safeguarding believers is undergirded by their unity of nature and essence. The whole matter of security is summarized in our Lord's own words in John 6:39–40: This is the will of Him who sent Me, that of all that He has given Me I lose nothing, but raise it up on the last day. For this is the will of My Father, that everyone who beholds the Son and believes in Him will have eternal life, and I Myself will raise him up on the last day.Incensed by what they accurately and unmistakably perceived as another blasphemous claim to deity by Jesus, the Jews, self-righteously exploding in a fit of passion, picked up stones again to stone Him—the fourth time in John's gospel that they had attempted to kill Him (5:16–18; 7:1; 8:59). Though the Romans had withheld the right of capital punishment from the Jews (18:31), this angry lynch mob was ready to take matters into its own hands.
MacArthur, J. (2006). The MacArthur New Testament commentary : John 1-11 (441–443). Chicago: Moody Press.


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Product Listing allows customers to randomly browse books and recordings. Designed for one click shopping, before checking out be sure to look at your shopping basket to confirm or edit your choices. FOR MORE INFORMATION about any item, click the image.
To browse a specific category (examples- i. Cape Breton books or ii. Irish fiddle recordings) go to Store Home using button above then choose your area of interest


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This post was originally printed in February of 2010.
I'm reprinting it today because hay prices are SKY HIGH… and Teff Hay is still some of the least expensive grass hay around. To me, it is a great deal. So, if you see Teff Hay and you wonder if you should purchase it – go for it!
Here's why…
I'm writing about Teff Hay today because when I heard about this hay, no one had anything to say about it… and my nearby feed supplier only grumbled when I suggested it. Hmmmmm. So, I looked it up on the Internet and it seemed like a really good idea. Basically, it has comfortable protein and sugar levels for most all horses, is new and is generally less expensive than all other grass hay Here is a link to read about it and understand the analysis.
I really don't know why more growers aren't seeding with this. I assume because it hasn't caught on yet. But, for me, after trying a stack (88 bales), I am willing to use it for the rest of my life! I love it! Let me tell you about my experience so you can know about it almost first hand.
Here is a photo of my last two bales. As you can see, it doesn't look that enticing. It isn't bright green and it doesn't have that grassy fragrance. To be honest, this is the only Teff I have tried, so there may be variations. But, for this stack, it rocked!
Now, to explain my horses and their needs… I have 13 horses and 8 breeds here (Draft, Shetland, Donkey, Morgan, Mustang, QT, TWH and Icelandic). To say that they all have different needs is an understatement. I couldn't feed alfalfa to the Chia Pet easy keepers, I needed a robust feed for the Mustang, a low fat for the Shetlands and a feed with enough oomph for the TWHs. Yikes! I usually have several types of hay around here; I use grass, 3-grain, alfalfa mixes… and do a jig every feeding hour as I dance from stack to stack. When I'd run out of one, I'd have to figure out some alternative or run to the feed store and hope they'd have what I needed for a decent price. Ugh. (Here is a picture of the inside of a bale.)
Last Autumn I went on a hay hunt. I got in my VW and drove around to all the valley growers who I heard had the best hay. One of them, Glen Owens, had Teff hay. Since I had done some reading, I knew it was a good alternative for my horses that needed low fat and low sugar forage. It looked good, nice thin strands, fairly green, pleasant aroma. Glen was very personable and the hay was very reasonably priced (read "cheap comparatively") and he offered for me to take one bale to try. Hmmmm, again. He was far away and the trek was long… So, I decided to bite the bullet and buy a stack and hold my breath. I never know if my delicate charges (read "spoiled" ) would go for it.
The hay was delivered when I didn't realize it was coming and I was gone. So, it sat outside the hay barn. And, because I didn't know it was coming on that day, I had one of my horses out loose. Before I got home and could get him into a pasture, he had chewed a nose height circle around the entire stack. A good sign. That night at dinner time, I fed the Teff to all 13. OMG! It was like a pirahna feeding frenzy! They dived into that stuff like it was the last hay they would ever see. I could not believe it! They ate it better than pure alfalfa – which I never feed but you know what I mean… Here is a picture of a bale of Teff sitting on top of a bale of Orchard Grass. You can see the color difference.
So, after 86 bales are gone, I can honestly tout the wonders of Teff. All of my horses are at the perfect weight. I only have to feed the proper amount to each horse (no need to double up), no feet issues, no Cushings symptoms, no hot horses, no pouty faces, it is all good. They look great, made it through the winter and all of them have sleek coats, great hooves and smiles on their fuzzy mugs.
As an aside, I was pulling down the second to the last bale of Teff to take pictures for this blog and I shed some of the hay into the wet pasture (it is raining non-stop here). As you can see, three of my horses (Morgans and Icy) who had just finished breakfast and are not considered "trim" by a long shot, jumped on the shreds of Teff like it was Willy Wonka Teff. Yahoo! All of them love it and they all eat it. Imagine, One Hay For All!!!!!
As usual, if you have any questions, please email or comment and I'll be happy to respond.
Anyone have any other hay experience?
HORSE AND MAN is a blog in growth… if you like this, please pass it around!


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Prepayment Modeling with a Two Factor Hull White Model and a LIBOR Market Model
This example shows how to model prepayment in MATLAB® using functionality from the Financial Instruments Toolbox™. Specifically, a variation of the Richard and Roll prepayment model is implemented using a two factor Hull-White interest-rate model and a LIBOR Market Model to simulate future interest-rate paths. A mortgage-backed security is priced with both the custom and default prepayment models.
Prepayment modeling is crucial to the analysis of mortgage-backed securities (MBS). Prepayments by individual mortgage holders affect both the amount and timing of cash flows and for collateralized mortgage obligations (for example, interest-only securities), prepayment can greatly affect the value of the securities.
PSA Model
The most basic prepayment model is the Public Securities Association (PSA) model, which assumes a ramp-up phase and then a constant conditional prepayment rate (CPR). The PSA model can be generated in MATLAB using the Financial Instruments Toolbox function psaspeed2rate
G2PP_CPR = psaspeed2rate([100 200]); figure plot(G2PP_CPR) title('100 and 200 PSA Prepayment Speeds') xlabel('Months') ylabel('CPR') ylim([0 .14]) legend({'100 PSA','200 PSA'}, 'Location', 'Best')
Mortgage-Backed Security
The MBS analyzed in this example matures in 2020 and has the properties outlined in this section. Cash flows are generated for PSA prepayment speeds simply by entering the PSA speed as an input argument.
% Parameters for MBS passthrough to be priced Settle = datetime(2007,12,15); Maturity = datetime(2020,12,15); IssueDate = datetime(2000,12,15); GrossRate = .0475; CouponRate = .045; Delay = 14; Period = 12; Basis = 4; % Generate cash flows and dates for baseline case using 100 PSA [CFlowAmounts, CFlowDates] = mbscfamounts(Settle,Maturity, IssueDate,... GrossRate, CouponRate, Delay,100); CFlowTimes = yearfrac(Settle,CFlowDates); NumCouponsRemaining = cpncount(Settle, Maturity, Period,Basis, 1, IssueDate);
Richard and Roll Model
While prepayment modeling often involves complex and sophisticated modeling, often at the loan level, this example uses a slightly modified approach based on the model proposed by Richard and Roll [6].
The Richard and Roll prepayment model involves the following factors:
Refinancing incentive
Seasonality (month of the year)
Seasoning or age of the mortgage
Richard and Roll propose a multiplicative model of the following:
For the custom model in this example, the Burnout Multiplier, which describes the tendency of prepayment to slow when a significant number of homeowners have already refinanced, is ignored and the first three terms are used.
The refinancing incentive is a function of the ratio of the coupon-rate of the mortgage to the available mortgage rate at that particular point in time. For example, the Office of Thrift Supervision (OTS) proposes the following model:
The refinancing incentive requires a simulation of future interest rates. This will be discussed later in this example.
C_M = .1:.1:2; G2PP_Refi = .2406 - .1389 * atan(5.952*(1.089 - C_M)); figure plot(C_M,G2PP_Refi) xlabel('Coupon/Mortgage Rate') ylabel('CPR') title('Refinancing Incentive')
Seasoning captures the tendency of prepayment to ramp up at the beginning of a mortgage before leveling off. The OTS models the seasoning multiplier as follows:
Seasoning = ones(360,1); Seasoning(1:29) = (1:29)/30; figure plot(Seasoning) xlim([1 360]) title('Seasoning Multiplier') xlabel('Months')
The seasonality multiplier simply models the seasonal behavior of prepayments -- this data is based on Figure 3 of [6], which applies to the behavior of Ginnie Mae 30-year, single-family MBSs.
Seasonality = [.94 .76 .73 .96 .98 .92 .99 1.1 1.18 1.21 1.23 .97]; figure plot(Seasonality) xlim([1 12]) ax = gca; ax.XTick = 1:12; ax.XTickLabel = {'Jan','Feb','Mar','Apr','May','Jun','Jul','Aug', ... 'Sep','Oct','Nov','Dec'}; title('Seasonality Multiplier')
G2++ Interest-Rate Model
Since the refinancing incentive requires a simulation of future interest rates, an interest-rate model must be used. One choice is a two-factor additive Gaussian model, referred to as G2++ by Brigo and Mercurio [2].
The G2++ Interest Rate Model is:
where is a two-dimensional Brownian motion with correlation
and is the short rate, and are mean reversion constants and and are volatility constants, and is the market forward rate, or the forward rate observed on the Settle date.
LIBOR Market Model
The LIBOR Market Model (LMM) differs from short-rate models in that it evolves a set of discrete forward rates. Specifically, the lognormal LMM specifies the following diffusion equation for each forward rate:
dW is an N dimensional geometric Brownian motion with:
The LMM relates the drifts of the forward rates based on no-arbitrage arguments. Specifically, under the Spot LIBOR measure, the drifts are expressed as the following:
is the time fraction associated with the forward rate
is an index function defined by the relation
and the Spot LIBOR numeraire is defined as the following:
Given the above, the choice with the LMM is how to model volatility and correlation.
The volatility of the rates can be modeled with a stochastic volatility, but for this example a deterministic volatility is used, and so a functional form needs to be specified. One of the most popular functional forms in the literature is the following:
where adjusts the curve to match the volatility for the forward rate.
Similarly, the correlation between the forward rates needs to be specified. This can be estimated from historical data or fitted to option prices. For this example, the following functional form will be used:
Once the volatility and correlation are specified, the parameters need to be calibrated -- this can be done with historical or market data, typically swaptions or caps and floors. For this example, we simply use reasonable estimates for the correlation and volatility parameters.
% The volatility function to be used -- and one choice for the parameters LMMVolFunc = @(a,t) (a(1)*t + a(2)).*exp(-a(3)*t) + a(4); LMMVolParams = [.13 .04 .7 .08]; % Volatility specification fplot(@(t) LMMVolFunc(LMMVolParams,t),[0 10]) title(['Volatility Function with parameters ' mat2str(LMMVolParams)]) ylabel('Volatility (%)') xlabel('Tenor (years)')
Calibration to Market Data
The parameters in the G2++ model can be calibrated to market data. Typically, the parameters are calibrated to observed interest-rate cap, floor and/or swaption data. For now, market cap data is used for calibration.
This data is hardcoded but could be imported into MATLAB with the Database Toolbox™ or Datafeed Toolbox™.
% Zero Curve -- this data is hardcoded for now, but could be bootstrapped % using the bootstrap method of IRDataCurve. ZeroTimes = [3/12 6/12 1 5 7 10 20 30]'; ZeroRates = [0.033 0.034 0.035 0.040 0.042 0.044 0.048 0.0475]'; ZeroDates = daysadd(Settle,360*ZeroTimes,1); DiscountRates = zero2disc(ZeroRates,ZeroDates,Settle); irdc = IRDataCurve('Zero',Settle,ZeroDates,ZeroRates); figure plot(ZeroDates,ZeroRates) title(['US Zero Curve for ' datestr(Settle)])
% Cap Data Reset = 2; Notional = 100; CapMaturity = daysadd(Settle,360*[1:5 7 10 15 20 25 30],1); CapVolatility = [.28 .30 .32 .31 .30 .27 .23 .2 .18 .17 .165]'; % ATM strikes could be computed with swapbyzero Strike = [0.0353 0.0366 0.0378 0.0390 0.0402 0.0421 0.0439 ... 0.0456 0.0471 0.0471 0.0471]'; % This could be computed with capbyblk BlackCapPrices = [0.1532 0.6416 1.3366 2.0290 2.7366 4.2960 6.5992 ... 9.6787 12.2580 14.0969 15.7873]'; figure scatter(CapMaturity,CapVolatility) title(['ATM Volatility for Caps on ' datestr(Settle)])
To calibrate the model parameters, a parameter set will be found that minimizes the sum of the squared differences between the G2++ predicted Cap values and the observed Black Cap values. The Optimization Toolbox™ function lsqnonlin
is used in this example, although other approaches (for example, Global Optimization) may also be applicable. The function capbylg2f
computes the analytic values for the caps given parameter values.
Upper and lower bounds for the model parameters are set to be relatively constrained. As Brigo and Mercurio discuss, the correlation parameter, , can often be close to -1
when fitting a G2++ model to interest-rate cap prices. Therefore, is constrained to be between -.7
and .7
to ensure that the parameters represent a truly two-factor model. The remaining mean reversion and volatility parameters are constrained to be between 0
and .5
. Calibration remains a complex task, and while the plot below indicates that the best fit parameters seem to do a reasonably good job of reproducing the Cap prices, it should be noted that the procedure outlined here simply represents one approach.
% Call to lsqnonlin to calibrate parameters
objfun = @(x) BlackCapPrices - capbylg2f(irdc,x(1),x(2),x(3),x(4),x(5),Strike,CapMaturity);
x0 = [.5 .05 .1 .01 -.1];
lb = [0 0 0 0 -.7];
ub = [.5 .5 .5 .5 .7];
G2PP_Params = lsqnonlin(objfun,x0,lb,ub);
Local minimum possible. lsqnonlin stopped because the final change in the sum of squares relative to its initial value is less than the value of the function tolerance.
a = G2PP_Params(1); b = G2PP_Params(2); sigma = G2PP_Params(3); eta = G2PP_Params(4); rho = G2PP_Params(5); % Compare the results figure scatter(CapMaturity,BlackCapPrices) hold on scatter(CapMaturity,capbylg2f(irdc,a,b,sigma,eta,rho,Strike,CapMaturity),'rx') title('Market and Model Implied Prices') ylabel('Price ($)')
G2++ Model Implementation
The LinearGaussian2F
model can be used to specify the G2++ model and simulate future paths interest rates.
% G2++ model from Brigo and Mercurio with time homogeneous volatility % parameters G2PP = LinearGaussian2F(irdc,a,b,sigma,eta,rho);
LIBOR Market Model Implementation
After the volatility and correlation have been calibrated, Monte Carlo simulation is used to evolve the rates forward in time. The LiborMarketModel
object is used to simulate the forward rates.
While factor reduction is often used with the LMM to reduce computational complexity, there is no factor reduction in this example.
6M LIBOR rates are chosen to be evolved in this simulation. Since a monthly prepayment vector must be computed, interpolation is used to generate the intermediate rates. Simple linear interpolation is used.
numForwardRates = 46; % Instead of being fit, VolPhi is simply hard-coded -- % representative of a declining volatility over time. VolPhi = linspace(1.2,.8,numForwardRates-1)'; Beta = .08; CorrFunc = @(i,j,Beta) exp(-Beta*abs(i-j)); CorrMat = CorrFunc(meshgrid(1:numForwardRates-1)',meshgrid(1:numForwardRates-1),Beta); VolFunc = cell(length(VolPhi),1); for jdx = 1:length(VolPhi) VolFunc(jdx) = {@(t) VolPhi(jdx)*ones(size(t)).*(LMMVolParams(1)*t + ... LMMVolParams(2)).*exp(-LMMVolParams(3)*t) + LMMVolParams(4)}; end LMM = LiborMarketModel(irdc,VolFunc,CorrMat);
G2++ Monte Carlo Simulation
The various interest-rate paths can be simulated by calling the simTermStructs
One limitation to two-factor Gaussian models like this one is that it does permit negative interest rates. This is a concern, particularly in low interest-rate environments. To handle this possibility, any interest-rate paths with negative rates are simply rejected.
nPeriods = NumCouponsRemaining; nTrials = 100; DeltaTime = 1/12; % Generate factors and short rates Tenor = [1/12 1 2 3 4 5 7 10 15 20 30]; G2PP_SimZeroRates = G2PP.simTermStructs(nPeriods,'NTRIALS',nTrials,... 'Tenor',Tenor,'DeltaTime',DeltaTime); SimDates = daysadd(Settle,360*DeltaTime*(0:nPeriods),1); % Tenors that will be recovered for each simulation date. The stepsize is % included here to facilitate computing a discount factor for each % simulation path. % Remove any paths that go negative NegIdx = squeeze(any(any(G2PP_SimZeroRates < 0,1),2)); G2PP_SimZeroRates(:,:,NegIdx) = []; nTrials = size(G2PP_SimZeroRates,3); % Plot evolution of one sample path trialIdx = 1; figure surf(Tenor,SimDates,G2PP_SimZeroRates(:,:,trialIdx)) ytickformat; % y keepticks keeplimits title(['Evolution of the Zero Curve for Trial:' num2str(trialIdx) ' of G2++ Model']) xlabel('Tenor (Years)')
LIBOR Market Model Simulation
The various interest-rate paths can be simulated by calling the simTermStructs
method of the LiborMarketModel
LMMPeriod = 2; % Semiannual rates LMMNumPeriods = NumCouponsRemaining/12*LMMPeriod; % Number of semiannual periods LMMDeltaTime = 1/LMMPeriod; LMMNTRIALS = 100; % Simulate [LMMZeroRates, LMMForwardRates] = LMM.simTermStructs(LMMNumPeriods,'nTrials',LMMNTRIALS,'DeltaTime',LMMDeltaTime); ForwardTimes = 1/2:1/2:numForwardRates/2; LMMSimTimes = 0:1/LMMPeriod:LMMNumPeriods/LMMPeriod; % Plot evolution of one sample path trialIdx = 1; figure tmpPlotData = LMMZeroRates(:,:,trialIdx); tmpPlotData(tmpPlotData == 0) = NaN; surf(ForwardTimes,LMMSimTimes,tmpPlotData) title(['Evolution of the Zero Curve for Trial:' num2str(trialIdx) ' of LIBOR Market Model']) xlabel('Tenor (Years)')
Compute Mortgage Rates from Simulation
Once the interest-rate paths have been simulated, the mortgage rate needs to be computed -- one approach, discussed by [7], is to compute the mortgage rate from a combination of the 2-year and 10-year rates.
For this example, the following is used:
% Compute mortgage rates from interest rate paths TwoYearRates = squeeze(G2PP_SimZeroRates(:,Tenor == 2,:)); TenYearRates = squeeze(G2PP_SimZeroRates(:,Tenor == 7,:)); G2PP_MortgageRates = .024 + .2*TwoYearRates + .6*TenYearRates; LMMMortgageRates = squeeze(.024 + .2*LMMZeroRates(:,4,:) + .6*LMMZeroRates(:,20,:)); LMMDiscountFactors = squeeze(cumprod(1./(1 + LMMZeroRates(:,1,:)*.5))); % Interpolate to get monthly mortgage rates MonthlySimTimes = 0:1/12:LMMNumPeriods/LMMPeriod; LMMMonthlyMortgageRates = zeros(nPeriods+1,LMMNTRIALS); LMMMonthlyDF = zeros(nPeriods+1,LMMNTRIALS); for trialidx = 1:LMMNTRIALS LMMMonthlyMortgageRates(:,trialidx) = interp1(LMMSimTimes,LMMMortgageRates(:,trialidx),MonthlySimTimes,'linear','extrap'); LMMMonthlyDF(:,trialidx) = interp1(LMMSimTimes,LMMDiscountFactors(:,trialidx),MonthlySimTimes,'linear','extrap'); end
Computing CPR and Generating and Valuing Cash Flows
Once the Mortgage Rates have been simulated, the CPR can be computed from the multiplicative model for each interest-rate path.
% Compute Seasoning and Refinancing Multipliers Seasoning = ones(nPeriods+1,1); Seasoning(1:30) = 1/30*(1:30); G2PP_Refi = .2406 - .1389 * atan(5.952*(1.089 - CouponRate./G2PP_MortgageRates)); LMM_Refi = .2406 - .1389 * atan(5.952*(1.089 - CouponRate./LMMMonthlyMortgageRates)); % CPR is simply computed by evaluating the multiplicative model G2PP_CPR = bsxfun(@times,G2PP_Refi,Seasoning.*(Seasonality(month(CFlowDates))')); LMM_CPR = bsxfun(@times,LMM_Refi,Seasoning.*(Seasonality(month(CFlowDates))')); % Compute single monthly mortality (SMM) from CPR G2PP_SMM = 1 - (1 - G2PP_CPR).^(1/12); LMM_SMM = 1 - (1 - LMM_CPR).^(1/12); % Plot CPR's against 100 PSA CPR_PSA100 = psaspeed2rate(100); figure PSA_handle = plot(CPR_PSA100(1:nPeriods),'rx'); hold on G2PP_handle = plot(G2PP_CPR,'b'); LMM_handle = plot(LMM_CPR,'g'); title('Prepayment Speeds') legend([PSA_handle(1) G2PP_handle(1) LMM_handle(1)],{'100 PSA','G2PP CPR','LMM CPR'},'Location', 'Best');
Generate Cash Flows and Compute Present Value
With a vector of single monthly mortalities (SMM) computed for each interest-rate path, cash flows for the MBS can be computed and discounted.
% Compute the baseline zero rate at each cash flow time CFlowZero = interp1(ZeroTimes,ZeroRates,CFlowTimes,'linear','extrap'); % Compute DF for each cash flow time CFlowDF_Zero = zero2disc(CFlowZero,CFlowDates,Settle); % Compute the price of the MBS using the zero curve Price_Zero = CFlowAmounts*CFlowDF_Zero'; % Generate the cash flows for each IR Path G2PP_CFlowAmounts = mbscfamounts(Settle, ... repmat(Maturity,1,nTrials), IssueDate, GrossRate, CouponRate, Delay, [], G2PP_SMM(2:end,:)); % Compute the DF for each IR path G2PP_CFlowDFSim = cumprod(exp(squeeze(-G2PP_SimZeroRates(:,1,:).*DeltaTime))); % Present value the cash flows for each MBS G2PP_Price_Ind = sum(G2PP_CFlowAmounts.*G2PP_CFlowDFSim',2); G2PP_Price = mean(G2PP_Price_Ind); % Repeat for LMM LMM_CFlowAmounts = mbscfamounts(Settle, ... repmat(Maturity,1,LMMNTRIALS), IssueDate, GrossRate, CouponRate, Delay, [], LMM_SMM(2:end,:)); % Present value the cash flows for each MBS LMM_Price_Ind = sum(LMM_CFlowAmounts.*LMMMonthlyDF',2); LMM_Price = mean(LMM_Price_Ind);
The results from the different approaches can be compared. The number of trials for the G2++ model will typically be less than 100 due to the filtering out of any paths that produce negative interest rates.
Additionally, while the number of trials for the G2++ model in this example is set to be 100, it is often the case that a larger number of simulations need to be run to produce an accurate valuation.
fprintf(' # of Monte Carlo Trials: %8d\n' , nTrials)
# of Monte Carlo Trials: 72
fprintf(' # of Time Periods/Trial: %8d\n\n' , nPeriods)
# of Time Periods/Trial: 156
fprintf(' MBS Price with PSA 100: %8.4f\n' , Price_Zero)
MBS Price with PSA 100: 1.0187
fprintf(' MBS Price with Custom G2PP Prepayment Model: %8.4f\n\n', G2PP_Price)
MBS Price with Custom G2PP Prepayment Model: 0.9886
fprintf(' MBS Price with Custom LMM Prepayment Model: %8.4f\n\n', LMM_Price)
MBS Price with Custom LMM Prepayment Model: 0.9993
This example shows how to calibrate and simulate a G2++ interest-rate model and how to use the generated interest-rate paths in a prepayment model loosely based on the Richard and Roll model. This example also provides a useful starting point to using the G2++ and LMM interest-rate models in other financial applications.
This example is based on the following books, papers, and journal articles:
Andersen, L. and V. Piterbarg. Interest Rate Modeling. Atlantic Financial Press, 2010.
Brigo, D. and F. Mercurio. Interest Rate Models - Theory and Practice with Smile, Inflation and Credit (2nd ed. 2006 ed.). Springer Verlag. ISBN 978-3-540-22149-4, 2001.
Hayre, L., ed., Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities. New York: John Wiley & Sons, 2001.
Karpishpan, Y., O. Turel, and A. Hasha. "Introducing the Citi LMM Term Structure Model for Mortgages". The Journal of Fixed Income. Volume 20. pp. 44–58, 2010.
Rebonato, R., K. McKay, and R. White (2010). The Sabr/Libor Market Model: Pricing, Calibration and Hedging for Complex Interest-Rate Derivatives. John Wiley & Sons, 2010.
Richard, S. F., and R. Roll. "Prepayments on Fixed Rate Mortgage-Backed Securities". Journal of Portfolio Management. 1989.
Office of Thrift Supervision, "Net Portfolio Value Model Manual". March 2000.
Stein, H. J., Belikoff, A. L., Levin, K. and Tian, X. "Analysis of Mortgage Backed Securities: Before and after the Credit Crisis" (January 5, 2007). "Credit Risk Frontiers: Subprime Crisis, Pricing and Hedging, CVA, MBS, Ratings, and Liquidity". Bielecki, Tomasz,; Damiano Brigo and Frederic Patras., eds., February 2011. Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=955358
See Also
| mbsconvp
| mbsconvy
| mbsdurp
| mbsdury
| mbsnoprepay
| mbspassthrough
| mbsprice
| mbswal
| mbsyield
| mbsprice2speed
| mbsyield2speed
| psaspeed2default
| psaspeed2rate
| mbsoas2price
| mbsoas2yield
| mbsprice2oas
| mbsyield2oas
Related Examples
- Pricing Mortgage Backed Securities Using Black-Derman-Toy Model
- Using Collateralized Mortgage Obligations (CMOs)


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Google has dropped its logo shroud, Wikipedia has returned from limbo, normal service in general has been resumed, and all's right with the world … except that SOPA and PIPA are still looming on Capitol Hill. So did yesterday's blackout protests against these bills have an actual impact?
Wikipedia's Jimmy Wales certainly thinks they did. He's taking a victory lap today, after blacking out the world's fifth most trafficked website for 24 hours to raise awareness of the bills, offering a "thank you" message to supporters that claims over 162 million people saw Wikipedia's anti-SOPA, anti-PIPA message.
You said no. You shut down Congress's switchboards. You melted their servers. From all around the world your messages dominated social media and the news. Millions of people have spoken in defense of a free and open Internet.
(MORE: Paint It Black: 7 Ways You Can Protest SOPA and PIPA)
On Wikipedia's SOPA Initiative/Learn More page, the site notes that more than 12,000 people commented on the Wikimedia Foundation's post announcing the blackout — "A breathtaking majority supported the blackout." On Twitter, Wikipedia says the hashtag topic #wikipediablackout "at one point … constituted 1% of all tweets," and that SOPA-related Twitter posts were popping off at a rate of a quarter-million every hour. And finally: Wikipedia says over 8 million visitors used the site's zip code tool to look up their elected representatives.
All the traffic to congressional websites definitely had an impact: at one point Senator Ron Wyden (D., Ore.) tweeted "Anti- #PIPA, #SOPA traffic has temporarily shut down our website." Other congressional websites were reportedly slow to load throughout the day or returned error messages for visitors.
And then, the political dominoes began to fall: Senator Marco Rubio (R., Fla.) renounced his support for SOPA (he co-sponsored the bill) yesterday on Facebook, Senator Jim DeMint (R., S.C.) used Twitter to tell the world he now opposes the bill and Senator John Cornyn (R., Texas) told his Facebook followers, "Better to get this done right rather than fast and wrong."
The New York Times reports "then trickle turned to flood," noting that Senators Mark Kirk (R., Ill.), Roy Blunt (R., Mo.), Jeff Merkley (D., Ore.) and Chuck Grassley (R., Iowa) as well as Representatives Lee Terry (R., Neb.) and Ben Quayle (R., Ariz.) announced their opposition to the bill. The Times adds that "at least 10 senators and nearly twice that many House members announced their opposition." (If you want to keep up on who supports SOPA and who doesn't, Pro Publica's running a tracking page: "Where Do Your Members of Congress Stand on SOPA and PIPA?")
The Progressive Change Campaign Committee, a PAC that claims more than 850,000 members, said that over 468 PCCC-member websites (small businesses, web programmers, etc.) were blacked out for the day, that nearly 210,000 people had signed the PCCC's petition urging that Congress reject PIPA/SOPA, and that over 30,000 Craiglist members had used the PCCC's site to contact Congress about SOPA/PIPA.
On the flip side, many were startled to find Wikipedia's site unavailable yesterday and used Twitter to vent. Twitter account @Herpderpedia (warning, language) retweeted messages from users shocked or angry that they couldn't access the online tome (directly, that is — its content was still available).
Where do opponents of the bills go next? Nonprofit anti-SOPA, anti-PIPA group Fight for the Future writes:
Approaching Monday's crucial Senate vote there are now 35 Senators publicly opposing PIPA. Last week there were 5. And it just takes just 41 solid "no" votes to permanently stall PIPA (and SOPA) in the Senate. What seemed like miles away a few weeks ago is now within reach.
The group urges people to keep the pressure on congressional members by "calling your Senator every day next week" as well as visiting your Senators' district offices.
MORE: So the Internet Loves Wikipedia – But Should It?
Disclosure: Time Inc. parent company Time Warner supports SOPA legislation.
Matt Peckham is a reporter at TIME. Find him on Twitter at @mattpeckham, Google+ or Facebook. You can also continue the discussion on TIME's Facebook page and on Twitter at @TIME.


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Discover the cosmos! Each day a different image or photograph of our fascinating universe is featured, along with a brief explanation written by a professional astronomer.
Explanation: The Great Nebula in Orion can be found just below and to the left of the easily identifiable belt of three stars in the popular constellation Orion. This fuzzy patch contains one of the closest stellar nurseries, lying at a distance of about 1500 light years. In the above picture, the red region on the left consists of nebulae designated M42 and M43 and contains the bright Trapezium open cluster. The blue region on the right is a nebula primarily reflecting the light from internal bright stars. Recent observations of the Orion Nebula by the Hubble Space Telescope have located solar-system sized star-forming regions.
Authors & editors:
Robert Nemiroff
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NASA Technical Rep.:
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text:
Plantar fasciitis affects the plantar regions of the foot, namely the heel, arch, and midfoot. When too much stress is put on the plantar fascia, or the connective tissue that stretches from the heel to the ball of your foot, inflammation, overtightening, and tearing may arise. This can cause foot pain. Because of plantar fasciitis, you may experience tearing with the first steps you take in the morning each day.
A certain trigger that may cause stress to the plantar fascia includes poor arch support, which is brought upon by frequently walking barefoot or wearing shoes with improper arch support. Other causes include obesity or a sudden increase in weight, increased physical activity, weak foot and ankle muscles, tight calf muscles, and arthritis.
If you're feeling pain after sitting, walking, or standing for a long period of time, as well as when you first step out of bed or climb stairs, you may be showing signs of plantar fasciitis. To know for sure what's causing you pain, it's best that you get an x-ray taken of your foot.
Because plantar fasciitis is known to worsen over time, it's recommended that you meet with a podiatrist as soon as possible for a proper diagnosis and advised treatment plan.


text:
The Society's Library
The Royal Society of NSW Library is an important part of Australia's heritage. It contains journals and monographs acquired, bequeathed or donated during the course of the scientific and intellectual development of the country and it reflects this in its contents.The Library is currently in the process of reappraisal with a view to strengthening its role as an historical record of scientific achievement, as well as a unique source of information for researchers. It includes an extensive collection of international scientific journals and important monographs on loan to the University of New England and managed at its Dixson Library in Armidale. This part of the collection is fully catalogued as an identified component of the UNE collection and available to researchers through the University's online catalogue. It is derived primarily from a now much reduced exchange program with international organizations which receive the Society's Journal in exchange for their own.The remainder of the collection comprises significant 19th- and 20th-century material from both Australia and overseas which is currently receiving attention with a view to its reappraisal as part of the foundation of our scientific heritage and which will ultimately become available to researchers.
When the Philosophical Society of Australasia was founded in 1821, each member furnished the secretary with an alphabetical catalogue of the books in his (they were all male) private library, and these were available on loan to other members. At that stage the Society had no journal, but some of the papers read were included in a book edited by Barron Field, one of its members, and published in London 1825.
In 1875, nine years after the Society first published its own journal, it began to exchange publications with other scientific organizations on a world-wide basis and a small library and reading-room was established at 5 Elizabeth Street, Sydney. But the space available was inadequate, and it was only after the Society moved to Science House in Gloucester Street in 1931 that the books and periodicals could be arranged systematically on shelves in a large specially designed room.
By 1960, the library consisted of some 40,000 volumes and the exchange list contained about 400 names. In 1980, the library had grown further still and the exchange list comprised more than 600 names. During this period it withstood its wholesale move from Science House to a dedicated space in the new Science Centre at 35 Clarence Street. The collection included a number of rare volumes and some of the periodicals were unobtainable in any other Australian library. By 1983 it was no longer possible to house the collection in Sydney and the bulk of it, including all the exchange journals, was loaned to the Dixson Library at the University of New England as one of its Special Collections, with monographs housed in a dedicated "Royal Society room".


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Today's Names to Know: Bill Parcells, Roger Clemens,
Bill Parcells to run Falcons football operations? Wow. What a U-turn by the Falcons -- it would be such a P.R. and strategic coup for a team smacked down by both the Vick and Petrino scandals.
If this works out, huge credit to owner Arthur Blank for making the boldest move possible. For Parcells, it's a good deal: The Falcons have nowhere to go but up and really need to remake their entire image.
(And, hey, the Falcons sure could use a starting QB: How 'bout Parcells fave Vinny Testaverde?)
NFL Pro Bowlers, The Top Storylines:
Sean Taylor starting: Symbolic gesture of the year in sports.
Starting QBs are Brady, Favre: Well-earned, both.
Rookie sensation: Adrian Peterson. Much-deserved honors.
Biggest snub: Fred Taylor. He deserved it over Joseph Addai.
Roger Clemens goes the "denial" route: I wouldn't keep him out of the hall for the cheating, but I would keep him out of the Hall for lying to fans.
Mitchell proffered at least a minimum of evidence, which you can take for what you will; Clemens offered only his word, which you should take for very little.
If he is telling the truth in his denial, the damage from the Mitchell Report will never be undone; if he is lying, he has just looked all fans in the face and lied to them -- that's brutal.
Here is the question, although it will never be answered: Has Andy Pettitte personally ever seen Roger Clemens do steroids? Let's have someone ask him.
(Meanwhile, isn't there a way for the Feds to call Clemens as a witness in a small case against Brian McNamee, if only to force Clemens to testify under oath -- and either perjure himself or reveal his denial is b.s. by taking the 5th?)
Must-Read: The ghostwriter of Canseco's "Juiced" sent a fascinating Letter to the Editor to the New York Times. Here's a link.
Bud Selig and Don Fehr agree to meet to talk about making baseball's drug-testing policy stronger: "Agreeing to meet" isn't anything close to the same as "agreeing on a deal."
MLB Hot Stove: Are the Mariners about to sign Carlos Silva?
CFB: Tim Tebow named AP college football player of the year. (And, based on the photo of him floating around the Web with an unnamed hottie, he may also be considered as AP's "playa" of the year.)
NBA Stud: John Salmons, who scored a career-high 31 in a Kings win over the Nets. I have been tracking Salmons as a fantasy value pick-up all season long, but haven't pulled the trigger because I keep expecting him to cool off. Instead, he just keeps getting better, it seems.
College Hoops:
Get well, Dickie V: I'm not the world's biggest Dick Vitale fan as an analyst, but I appreciate what he does for the sport of college hoops -- and, of course, I wish him a full and healthy recovery. (Meanwhile, I think fans who haven't yet grasped Jay Bilas' TV brilliance will be pleasantly surprised by a Dan Shulman-Jay Bilas TV tandem.)
Don't forget to vote for this lowly 14-seed in the 64-blogger tournament. (Warning: Site holding the tournament is nominally NSFW... lots of pics of bikini-clad people.) Vote here/now!