An anonymous reader sends in a Science News article that begins: “Human free will might seem like the squishiest of philosophical subjects, way beyond the realm of mathematical demonstration. But two highly regarded Princeton mathematicians, John Conway and Simon Kochen, claim to have proven that if humans have even the tiniest amount of free will, then atoms themselves must also behave unpredictably” Standard interpretations of quantum mechanics, of course, embrace unpredictability. But many physicists aren’t comfortable with that, and are working to develop deterministic interpretations of quantum mechanics. Conway and Kochen’s proof argues that these efforts will be fruitless — unless one is willing to give up human free will, in a very strong sense. The article quotes Conway: “We can really prove that there’s no algorithm, no way that the particle can give an answer that is very special and can be specified ahead of time. I’m still amazed that we can actually manage to prove that.”

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Not long ago, we discussed Cassini’s mission to “skeet-shoot” Saturn’s moon Enceladus in order to take high-resolution pictures as close to the surface as possible. Well, NASA scientists found what they were looking for. A newly released mosaic shows 300-meter-deep fractures in Enceladus’ surface which are the source of enormous icy plumes that periodically erupt into space, reaching hundreds of kilometers from the moon’s surface. Another picture shows one of the fractures in closer detail.

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Death Metal Maniac brings us a story from the New York Times about a team of scientists who were able to relate genetic differences to geographical origins. Countries such as Germany, Austria, and France occupy the central area of the genetic map, with Italy, Finland, and the UK being relative outliers. Quoting: “All the populations are quite similar, but the differences are adequate that it should be possible to devise a forensic test to tell which country in Europe an individual probably comes from, said Manfred Kayser, a geneticist at the Erasmus University Medical Center in the Netherlands. … Genomic sites that carry the strongest signal of variation among populations might be those influenced by evolutionary change, Dr. Kayser stated. Of the 100 strongest sites, 17 are found in the region of the genome that confers lactose tolerance, an adaptation that arose among a cattle herding culture in northern Europe some 5,000 years ago.” Update: 08/16 15:11 GMT: Reader iminplaya points out the source article, which contains the technical details behind the study.

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I Don’t Believe in Imaginary Property writes “John McCain has finally released a technology platform. Most of it is the same old stuff; lower corporate taxes, protect kids from porn, and avoid World wide web regulation unless ‘necessary.’ Alas, in his view, helping the RIAA’s War on Sharing is necessary to stop the ‘global epidemic’ of piracy, while Net Neutrality is something he ‘does not believe in.’ Ars Technica has a review of McCain’s platform.” A brief analysis is also available from Federal Personal Week. In addition to the technology policy, McCain has also released a paper describing his stance on security and privacy. We’ve previously contrasted his views with those of Barack Obama. Obama’s technology policies are also available on the internet.

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Filed under: Market matters, Federal Natl Mtge (FNM), Headline news, Housing

Barron’s (subscription required) cites a government source who warns that absent raising at least $10 billion in capital each, Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) common and preferred shareholders will be wiped out or severely wounded in a government takeover of the two Government-Sponsored Entities (GSEs).

The problem with Fannie and Freddie is that depending on how you count the beans, their liabilities are worth more than their assets. Using so-called fair value record-keeping — which marks their assets and liabilities to immediate market value — Fannie is worth $12.5 billion (a sliver of equity supporting $2.8 trillion in assets) and Freddie has a negative net worth of $5.6 billion. Others calculate that both have a negative net worth of $50 billion.

The Bush administration wants to gut these GSEs (they’re Democratic strongholds). How will the GSEs perish? Barron’s reports that if Fannie and Freddie fail to raise at least $10 billion in fresh capital, the administration is “likely to mount its own recapitalization, with Treasury infusing taxpayer money into the enterprises. The infusion would take the form of a preferred stock with such seniority, dividend preference and convertibility rights that Fannie’s and Freddie’s existing common shares effectively would be wiped out, and their preferred shares left bereft of dividends.” But wait, there’s more.

The White House also wants to exact vengeance on Fannie and Freddie’s management. It will replace management, limit their investments, and sell their assets before reselling them to the public or merging them with other GSEs. In particular, Barron’s writes that “Treasury would install new management and directors at both, curb the GSEs’ sometimes reckless investment and guarantee operations, and liquidate in an orderly fashion the GSEs’ troubled $1.6 billion in on-balance-sheet investments. Then the companies could be resold to the public without their explicit government debt guarantees, or folded into government agencies like Ginnie Mae or the FHA.”

Whatever amount of taxpayer money is used to bail out Fannie and Freddie, I hope that the government uses the $38 million earned by taxpayers such as Richard Syron, Freddie’s CEO, and the other executives and directors of Fannie and Freddie, before it uses my taxes. Then they can go after the pay of those government regulators who were supposed to be supervising them.

They should pay the first price for their mistakes.

Peter Cohan is President of Peter S. Cohan & Associates. He also instructs management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.

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