A brilliant California history, in word and image, from an award-winning historian and a documentary photographer.

“This is the West, sir. When the legend becomes fact, print the legend.” This indelible quote from The Man Who Shot Liberty Valance applies especially well to California, where legend has so thoroughly become fact that it is visible in everyday landscapes. Our foremost historian of the West, Richard White, never content to “print the legend,” collaborates here with his son, a talented photographer, in excavating the layers of legend built into California’s landscapes. Together they expose the bedrock of the past, and the history they uncover is astonishing.

Jesse White’s evocative photographs illustrate the sites of Richard’s historical investigations. A vista of Drakes Estero conjures the darkly amusing story of the Drake Navigators Guild and its dubious efforts to establish an Anglo-Saxon heritage for California. The restored Spanish missions of Los Angeles frame another origin story in which California’s native inhabitants, civilized through contact with friars, gift their territories to white settlers. But the history is not so placid. A quiet riverside park in the Tulare Lake Basin belies scenes of horror from when settlers in the 1850s transformed native homelands into American property. Near the lake bed stands a small marker commemorating the Mussel Slough massacre, the culmination of a violent struggle over land titles between local farmers and the Southern Pacific Railroad in the 1870s. Tulare is today a fertile agricultural county, but its population is poor and unhealthy. The California Dream lives elsewhere. The lake itself disappeared when tributary rivers were rerouted to deliver government-subsidized water to big agriculture and cities. But climate change ensures that it will be back—the only question is when.

The Oxford History of the United States is the most respected multivolume history of the American nation. In the newest volume in the series, The Republic for Which It Stands, acclaimed historian Richard White offers a fresh and integrated interpretation of Reconstruction and the Gilded Age as the seedbed of modern America. At the end of the Civil War the leaders and citizens of the victorious North envisioned the country's future as a free-labor republic, with a homogenous citizenry, both black and white. The South and West were to be reconstructed in the image of the North. Thirty years later Americans occupied an unimagined world. The unity that the Civil War supposedly secured had proved ephemeral. The country was larger, richer, and more extensive, but also more diverse. Life spans were shorter, and physical well-being had diminished, due to disease and hazardous working conditions. Independent producers had become wage earners. The country was Catholic and Jewish as well as Protestant, and increasingly urban and industrial. The "dangerous" classes of the very rich and poor expanded, and deep differences -- ethnic, racial, religious, economic, and political -- divided society. The corruption that gave the Gilded Age its name was pervasive. These challenges also brought vigorous efforts to secure economic, moral, and cultural reforms. Real change -- technological, cultural, and political -- proliferated from below more than emerging from political leadership. Americans, mining their own traditions and borrowing ideas, produced creative possibilities for overcoming the crises that threatened their country. In a work as dramatic and colorful as the era it covers, White narrates the conflicts and paradoxes of these decades of disorienting change and mounting unrest, out of which emerged a modern nation whose characteristics resonate with the present day.
Log cabins and wagon trains, cowboys and Indians, Buffalo Bill and General Custer. These and other frontier images pervade our lives, from fiction to films to advertising, where they attach themselves to products from pancake syrup to cologne, blue jeans to banks. Richard White and Patricia Limerick join their inimitable talents to explore our national preoccupation with this uniquely American image.

Richard White examines the two most enduring stories of the frontier, both told in Chicago in 1893, the year of the Columbian Exposition. One was Frederick Jackson Turner's remarkably influential lecture, "The Significance of the Frontier in American History"; the other took place in William "Buffalo Bill" Cody's flamboyant extravaganza, "The Wild West." Turner recounted the peaceful settlement of an empty continent, a tale that placed Indians at the margins. Cody's story put Indians—and bloody battles—at center stage, and culminated with the Battle of the Little Bighorn, popularly known as "Custer's Last Stand." Seemingly contradictory, these two stories together reveal a complicated national identity.

Patricia Limerick shows how the stories took on a life of their own in the twentieth century and were then reshaped by additional voices—those of Indians, Mexicans, African-Americans, and others, whose versions revisit the question of what it means to be an American.

Generously illustrated, engagingly written, and peopled with such unforgettable characters as Sitting Bull, Captain Jack Crawford, and Annie Oakley, The Frontier in American Culture reminds us that despite the divisions and denials the western movement sparked, the image of the frontier unites us in surprising ways.
A centerpiece of the New History of the American West, this book embodies the theme that, as succeeding groups have occupied the American West and shaped the land, they have done so without regard for present inhabitants. Like the cowboy herding the dogies, they have cared little about the cost their activities imposed on others; what has mattered is the immediate benefit they have derived from their transformation of the land.

Drawing on a recent flowering of scholarship on the western environment, western gender relations, minority history, and urban and labor history, as well as on more traditional western sources, It’s Your Misfortune and None of My Own is about the creation of the region rather than the vanishing of the frontier.

Richard White tells how the various parts of the West—its distinct environments, its metropolitan areas and vast hinterlands, the various ethnic and racial groups and classes—are held together by a series of historical relationships that are developed over time. Widespread aridity and a common geographical location between the Missouri River and the Pacific Ocean would have provided but weak regional ties if other stronger relationships had not been created.

A common dependence on the deferral government and common roots in a largely extractive and service-based economy were formative influences on western states and territories. A dual labor system based on race and the existence of minority groups with distinctive legal status have helped further define the region. Patterns of political participation and political organization have proved enduring. Together, these relationships among people, and between people and place, have made the West a historical creation and a distinctive region.

From Europeans contact and subsequent Anglo-American conquest, through the civil-rights movement, the energy crisis, and the current reconstructing of the national and world economies, the West has remained a distinctive section in a much larger nation. In the American imagination the West still embodies possibilities inherent in the vastness and beauty of the place itself. But, Richard White explains, the possibilities many imagined for themselves have yielded to the possibilities seized by others. Many who thought themselves cowboys have in the end turned out to be dogies.

Columbus discovered America. So they say.

But what of Leif Ericsson? What of St. Brendan? Who inscribed that anguished message on the Kensington Rune Stone? And who was The Westford Knight?

We are sure that Columbus made it to San Salvador – and back. And the Icelandic Saga shores up faith in Leif Ericsson’s voyage to North America, although scholarly opinion of the Vinland map seems to change every 10 years or so. St. Brendan’s adventure has been pretty generally dismissed as mere myth- as if myth could not be rooted in truth. And the case of the Kensington Rune Stone continues to generate controversy, despite an impressive accumulation of evidence, both environmental and linguistic.

And then there is the Westford Knight.

In 1954, the late Frank Glynn uncovered the figure of a knight in full armor incised on a slab of glacial rock along a roadside in Westford, Massachusetts. The Knight’s helmet, sword and shield all date to a specific decade in the evolution of armor and arms. And the emblem on the shield represents the armorial bearings of Clan Gunn, a noble family based in Scotland’s County Caithness.

The figure is, in fact, a classic military effigy, a type of monument commonly found in ancient gravesites in Scotland and in the north of England.

So what was the Knight doing here?

Facts cited in this little book suggest that The Westford Knight sailed westward with his high-born kinsman, Henry Sinclair, baron of Rosslyn and Earl of Orkney, in the service of The Lady King. The author presents the evidence: THESE STONES BEAR WITNESS. The verdict is for the reader to decide.

The Oxford History of the United States is the most respected multivolume history of the American nation. In the newest volume in the series, The Republic for Which It Stands, acclaimed historian Richard White offers a fresh and integrated interpretation of Reconstruction and the Gilded Age as the seedbed of modern America. At the end of the Civil War the leaders and citizens of the victorious North envisioned the country's future as a free-labor republic, with a homogenous citizenry, both black and white. The South and West were to be reconstructed in the image of the North. Thirty years later Americans occupied an unimagined world. The unity that the Civil War supposedly secured had proved ephemeral. The country was larger, richer, and more extensive, but also more diverse. Life spans were shorter, and physical well-being had diminished, due to disease and hazardous working conditions. Independent producers had become wage earners. The country was Catholic and Jewish as well as Protestant, and increasingly urban and industrial. The "dangerous" classes of the very rich and poor expanded, and deep differences -- ethnic, racial, religious, economic, and political -- divided society. The corruption that gave the Gilded Age its name was pervasive. These challenges also brought vigorous efforts to secure economic, moral, and cultural reforms. Real change -- technological, cultural, and political -- proliferated from below more than emerging from political leadership. Americans, mining their own traditions and borrowing ideas, produced creative possibilities for overcoming the crises that threatened their country. In a work as dramatic and colorful as the era it covers, White narrates the conflicts and paradoxes of these decades of disorienting change and mounting unrest, out of which emerged a modern nation whose characteristics resonate with the present day.
This book presents a major innovation in the interest rate space. It explains a financially motivated extension of the LIBOR Market model which accurately reproduces the prices for plain vanilla hedging instruments (swaptions and caplets) of all strikes and maturities produced by the SABR model. The authors show how to accurately recover the whole of the SABR smile surface using their extension of the LIBOR market model. This is not just a new model, this is a new way of option pricing that takes into account the need to calibrate as accurately as possible to the plain vanilla reference hedging instruments and the need to obtain prices and hedges in reasonable time whilst reproducing a realistic future evolution of the smile surface. It removes the hard choice between accuracy and time because the framework that the authors provide reproduces today's market prices of plain vanilla options almost exactly and simultaneously gives a reasonable future evolution for the smile surface.

The authors take the SABR model as the starting point for their extension of the LMM because it is a good model for European options. The problem, however with SABR is that it treats each European option in isolation and the processes for the various underlyings (forward and swap rates) do not talk to each other so it isn't obvious how to relate these processes into the dynamics of the whole yield curve. With this new model, the authors bring the dynamics of the various forward rates and stochastic volatilities under a single umbrella. To ensure the absence of arbitrage they derive drift adjustments to be applied to both the forward rates and their volatilities. When this is completed, complex derivatives that depend on the joint realisation of all relevant forward rates can now be priced.

Contents
THE THEORETICAL SET-UP
The Libor Market model
The SABR Model
The LMM-SABR Model

IMPLEMENTATION AND CALIBRATION
Calibrating the LMM-SABR model to Market Caplet prices
Calibrating the LMM/SABR model to Market Swaption Prices
Calibrating the Correlation Structure

EMPIRICAL EVIDENCE
The Empirical problem
Estimating the volatility of the forward rates
Estimating the correlation structure
Estimating the volatility of the volatility

HEDGING
Hedging the Volatility Structure
Hedging the Correlation Structure
Hedging in conditions of market stress
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