Poverty in Canada Essay Example for Free

Poverty in Canada Essay Poverty in Canada has been a long debate on the political and social fronts of the community. According to 2005 reports, an estimated over ten percent of the Canada population are living in poverty. Of much concern is the ever increasing rate of homelessness experienced in the nation over the past two decades (Lee, 2000). However, numerous reports have indicated that the measure of poverty in Canada is negated by the government’s failure to have a definite method of measuring poverty levels. True to the letter, Canadians are current faced with the debate on whether absolute or relative measure of poverty is the best in determining poverty levels in the nation. Nevertheless, numerous measures have been put in place to promote poverty reduction strategies in many provinces of Canada. In addition, non-governmental organizations are increasingly engaging in community based poverty reduction projects. This paper is written as a discussion on poverty in Canada. The author will in particular look at the statistics of poverty in the nation, how poverty is measured in Canada, and the current poverty reduction measures being implemented. Poverty in Canada Poverty in Canada has been an historical issue for many centuries. According to available statistical information, poverty in the nation remains a swing between economic growth and recession as well as numerous evolving initiatives by the government to assist low income members of the community (Raphael, 2002). This information still indicates the emergence of organized assistance to the poor in the twentieth century. True to available literature, most of the poor assistance programs are generally funded by the church. This is evident from the catholic encyclopedia, which funds approximated over eighty seven hospitals in the Canadian nation catering for the poor members of the community (Surhone, 2009). On the other hand, the government has been on the forefront in addressing poverty issues among its citizens. Such can be historically evident from the establishment of the Canada’s welfare state after the great depression as was initiated by Bennett and Mackenzie King. Nevertheless, the problem of poverty in Canada is still a major threat to the sustainable social and economic development of the Canadians. From a 2003 statistical reports, an estimated poverty rate of over 10% has been reported (Raphael, 2002). This percentage has been confirmed by the central intelligence agency as an official value although the absolute rate is undoubtedly expected to be higher. However, the Canadian federal government seems not to agree with this value and have published a current poverty rate to have gone down for the past sixty years to a value less than five percent (Raphael, 2002). This value was determined on the basis of the basic needs poverty measure and deviates very much from what is perceived to be real. Many organizations top on the list being the Fraser institute have not appreciated this value and depict the Canadian federal government as extremely exaggerative. The above contradiction between the government and these conservative organizations has been compounded by the fact that the Canadian federal government has failed to endorse any metric measure of poverty including but not limited to the low income cut off. Altogether, the Canadian federal government seems to have realized the impact of poverty to the society and have employed several measures to reduce it. This is evidenced by the continued decline of poverty in the recent time 1996 when recession which was marked with low income rates. For instance, statistics shows that the less fortunate people such as the physically disabled, mentally ill, and single parent mothers are experiencing higher income rates. Students and recent immigrants have at least higher or average low income rate hence they can afford the basic needs. Measures of poverty in Canada The establishment of an official poverty measuring system in America has been marked with many controversies top on the list being the fact that politicians have failed to agree on a precise definition of poverty (Groot-Maggett, 2002). The have therefore ignored the interest of statistics Canada of defining poverty by it unable and unworthy to determine what is necessary to be a basic necessity. The government and some research institutes use different methods to estimate the extent of poverty of poverty in Canada. However, a debate has emerged on the supremacy of absolute and relative methods of measuring the depth of poverty. The author of this paper discuses both the absolute and the relative measures of poverty. One of the absolute measures of poverty is the basic needs poverty measure. According to libertarian Fraser institute’s economist Chris sarlo, the basic needs poverty measure was conceived to be a poverty threshold (Groot-Maggett, 2002). According to this basic needs approach of poverty, basic needs are those things which are required by people for their physical goods over a long time depending on the current living standards of that particular society. This measure was designed based on different information obtained fro various sources which include but not limited to statistics Canada. An extensive assessment of how much a person can spend in the house was established to give this measure the originality and substance it deserves. This was accomplished by examining the cost of various things which where perceived to meet the above definition of basic need. This included food, clothing, shelter, personal care, transport and communication for different types of societies. Based on the above research and by putting inconsideration the family size, the number of families which had insufficient income to cater for those necessities were determined. Earlier on, the amount of income required to cater for the basic necessities was determined on the basis of gross income which was inclusive of old age pensions and employment insurances. Currently however, the net income has been used the financial ability of a family to sustain its basic requirements (Lee, 2000). A worthy noting point is that this net income is based on reports which can be marked with error such as unreported and underground means of earning income. Based on the basic needs poverty measure, have gone down with an appreciatable rate to a value less than 5% which is estimated to represent less than 2million Canadians. Another absolute measure of poverty is termed the market basket measure. This was designed and established in 2003 by the Canadian government through its department of human resources and skills development (Raphael, 2002). The market basket measure of poverty accommodated a wider range of basic needs than the basic need measure. For instance, it put in consideration the community size and location for at least 48 communities in Canadians and then estimated the sufficient amount of income required to meet those needs. This measure is still understudy and is expected to cover more than 400 communities. The main notable relative property measures is the income distribution measure commonly known as income inequality metrics, gives information regarding the variation of income in a given community. Its effectiveness is evidenced by the fact that when a given group of people increases their income rate then there is a high probability of those earning less to feel an increase in their income. Another often quoted as a relative measure of poverty is the low income cut off which has received many critics from the statistics Canada and they have disregarded it as not a measure of poverty by saying that it does not give reliable and accurate fingers. The low income cut off measure was based on the gross income but the statistics Canada have given reports of both the gross and the net income (Marseken, Timpledon, Surhone, 2009). This measure was designed to give the lowest mark which when exceeded; a family will have to spend much to cater for basic needs such as food shelter and clothing. Recent results based on this measure showed that approximate of 9. 4% lives below the low the current threshold of 63% of the total family income. Poverty reduction measures Like any other country in the world which is conscious of the well being of its people, the Canadian government through the provinces has employed several measures to eliminate poverty and a gain to reduce its impact to the people. Top on the list of these important measures is reduction of tax burdens. This is evidenced by the progressive income tax system in Canada which has resulted to a difference of about 5% between the gross and net low income cut off (Pohl, 2002). Government social programs cannot go unmentioned here because of their importance and effectiveness in succumbing poverty. The Canadian government has come up with a broad range of social programs aimed at helping the law income people. These programs include but not limited to old age security and employment insurance which have seen through the reduction of chances of falling to poverty of people who were rendered unemployed. In addition to this, government funds have been channeled to subsidizing education and public health with an aim of improving the living standards of people with low income (Raphael, 2002). Another government measure which cannot escape this discussion is the introduction of the minimum wage laws. The constitution of Canada includes the minimum wage laws, which even though they vary for different provinces, they have confirmed there effectiveness in standardizing wages by making sure that people with law income are not exploited (Raphael, 2002). The minimum set minimum wage is $8. 00 per hour although it can go a bit down for unskilled workers. Conclusion In conclusion therefore, poverty is not well defined in Canada because of the failure of politicians to agree on the necessities which should be basic. However, the above discussion shows that a considerable number of people in Canada are poor and lacks the basic needs a defined by the basic needs measure of poverty. In addition to this, the government’s effort to eliminate poverty as well as reducing its impacts cannot fail to be appreciated. This is it has invested sufficiently in social programs and in the enforcement of the minimum law wages which have seen through the reduction of poverty and its effect to the people. It also safeguard the less fortunate people and ensured that the poor people are not exploited or robed there right of living a good life. References Groot-Maggetti, G. (2002). A measure if Poverty in Canada. A Guide to the Debate about Poverty. Retrieved August 1, 2010, from http://action. web. ca/home/cpj/attach/A_measure_of_poverty. pdf Lee, K. (2000). Urban Poverty in Canada: Statistical Profile. Retrieved August 2, 2010, from http://www.ccsd. ca/pubs/2000/up/ Marseken, S. , Timpledon, M. , Surhone, L. (2009). Poverty in Canada: Poverty, Minimum Wage, Measuring Poverty, Income Taxes in Canada, Economic History of Canada, Great Depression in Canada, Basic Needs, Economic Inequality. Toronto: Betascript Publishers. Pohl, R. (2002). Poverty in Canada. Retrieved August 1, 2010, from http://www. streetlevelconsulting. ca/homepage/homelessness2InCanada_Part2. htm Raphael, D. (2002). Poverty, Income Inequality, and Health in Canada. Retrieved August 2, 2010, from http://www. povertyandhumanrights. org/docs/incomeHealth. pdf

Learning styles Essay Example for Free

Learning styles Essay Overview 1. What are learning styles? 2. Why learning styles are important? 3. What are the different learning style classifications available? 4. What are the similarities and differences between different learning style classifications? 5. What is/are your learning style/s? 6. What is/are the most appropriate learning method/s for your learning style/s? 1. What are learning styles? ? Learning style is an approach to learning ? It is not how you learn; i. e. not the method of learning ? It is, rather, how you prefer learning; i. e. what are  the broad strategies of learning that you prefer Which of the following two statements illustrates a learning style? I like lectures – this is not a learning style, but a preference for a method I like to gain knowledge by listening to others – this is a learning style; preference for an approach 2. Why learning styles are important? ? Matching learning methods to learning styles ? Developing a learning organisation/network in which students adapt change learn ? Developing individual learning plans ? Self-development for individuals? Assessing suitability for specific training courses ? Training the trainer ? Team building, looking at team strengths weaknesses ? 360 degree appraisal 3. What are the different learning style classifications available? ? There are more than half-a-dozen learning style classifications ? This shows that there is no one-best way to learn ? Rather, based on the individual needs and the personality traits, the approach that one takes to learning differs ? Out of the many learning style classifications, there are two that are commonly used 1. VARK classification 11. Classification based on Kolb’s cycle I. VARK learning styles Visual learner Auditory learner Reading/writing Kinaesthetic learner Action-oriented Thinkers II. Kolb’s learning styles Reflector Theorist Activist Pragmatist 4. What are the similarities and differences between different learning style classifications? ? All classifications aim at a common cause/outcome – so, to this extent, there cannot be major differences ? However, there are differences related to the orientation of learning or the angle through which learning is viewed. VARK – based on the sensory input for learning / how we capture learning Kolb’s – based on the cognition/ how we understand VARK vs Kolb: an approximate comparison Theorists Reflectors Pragmatists Activists 5. What is/are your learning style/s? 1. Go to: http://www. varklearn. com/english/page. asp? p=questionnaire 2. Answer the questionnaire and get a score 3. Interpret the score to find out your dominant learning styles 6. What is/are the most appropriate learning strategies for your learning style/s? 1. Form groups that have similar dominant learning  styles. 2. Individually make a list (in priority order) of your preferred learning methods 3. Compare your list with the others in the group 4. Find out the three most preferred learning methods of the group (in priority order) Summary 1. What are learning styles? Approach to learning 2. Why learning styles are important? To know the best learning method to adopt 3. What are the different learning style classifications available? VARK / Kolb’s 4. What are the similarities and differences between different learning style classifications? VARK – sensory input based; Kolb’s – cognition based 5. What is/are your learning style/s? Usually a combination of learning styles 6. What is/are the most appropriate learning method/s for your learning style/s? Though broadly similar, methods may differ even within the same learning style References †¢ Fleming, N. D. (2001). Teaching and learning styles: VARK strategies. Christchurch , New Zealand : N. D. Fleming. †¢ Kolb, D. (1984). Experiential learning: Experience as the source of learning and development. Englewood Cliffs , NJ : PrenticeHall.

The reasons that caused Lehman Brothers to collapse

The reasons that caused Lehman Brothers to collapse The bankruptcy of Lehman Brothers was a result of the investment banks exposure to the 2007-2010 financial crisis. In fact, the demise of the investment bank would come to symbolize the crisis. Therefore, in order to understand the Lehman Brothers bankruptcy, a consummate understanding of the 2007-2010 financial crisis is requisite. As such, an examination of crisis will serve as introductory. Several factors contributed to the fall of Lehman Brothers. Perhaps most important, however, was the period of deregulation that preceded the crisis. Arguably, the period of deregulation started during the Reagan Era. Reaganomics, the lassiez faireeconomic policies advocated by the former president, may have served as the starting point for the deregulatory climate that ensued for the following two decades. Either way, the following two decades witnessed an overriding belief in the virtues of deregulation. In 1999, President Clinton signed the Gramm-Leach-Bliley Financial Services Modernization Act into law. The act repealed portions of the Glass-Steagall Act (Banking Act of 1933). The Glass-Steagall Act prohibited universal banking. Universal banking is defined as a single institution acting as an investment bank, a commercial bank, and an insurance company(Investopedia). The repeal of Glass-Steagall allowed for harmful activity on the part of several financial intermediaries, including Lehman Brothers. For example, commercial banks played a crucial role as buyers and sellers of mortgage-backed securities, credit-default swaps and other explosive financial derivatives. Without the watering down and ultimate repeal of Glass-Steagall, the banks would have been barred from most of these activities (Demos 3). Several other factors contributed to the financial crisis, including:subprime lending, credit conditions, financial instruments, and an increase in home prices. Many subprime mortgages were predatory in nature. Often, the borrower had little chance of repayment. As mortgages were often bundled and sold, lenders were less concerned with a borrowers ability to repay the mortgage. In addition, over 80% of subprime mortgages were adjustable-rate mortgages (ARMs)(Lee).A combination of declining home prices and higher reset rates for ARMs caused delinquencies to increase dramatically. Subprime lending was fueled by low interest rates. After September 11, 2001, the Fed lowered rates. In periods of low interest rates, lending becomes more profitable. As such, banks were pressured to increase subprime lending. By 2006, subprime loans accounted for 20 percent of all mortgage loans (Kratz). The use of financial innovation to create complex financial instruments (derivatives) played a significant role in both subprime lending and the financial crisis. For example, banks sold mortgages, through the securitization process, to investors, in order to finance subprime lending. Asset-backed securities (ABSs) were a common securitization arrangement. A portfolio of income-producing assets (loans) is sold by the originating banks to a special purpose vehicle and the cash flows from the assets are then allocated to tranches (Hull 190). The securitized loan is then sold to investors as an ABS. The process is depicted below. ABS CDS In addition, another derivative, a credit default swap (CDS), was designed to provide insurance to protect against default. CDSs allowed investors to synthetically bet against the asset-backed securities. The process is akin to multiple people buying insurance on the same house (Demos). As such, when mortgages began to default, causing the value of ABSs to decline, the losses to insurance agencies were magnified. The combination of all three of the aforementioned factors caused a remarkable increase in home prices. Low interest rates encouraged borrowing. In addition, many subprime borrowers believed home prices would continue to appreciate in perpetuity. As such, subprime borrowers acquired ARMs. ARMs were a product of the financial innovation mentioned earlier. Between 1997 and 2006, the amalgamation of these factors resulted in a 124 percent increase in home prices (SP/Case-Shiller). Market Making In order to better understand the collapse of Lehman Brothers, it is necessary to examine the functions and practices of an investment bank. The sales and trading desks at investment banks had primarily acted as market makers. Market makers are a broker-dealer firms that  accept the risk of holding a  certain number of shares of a particular security in order to facilitate trading in that security (Investopedia). In other words, market makers provide liquidity to markets by quoting both bid and offer prices. In contrast,investment banks eventually began proprietary trading. Proprietary trading involves taking positions in assets, as opposed to profiting from the bid-offer spread (market making). Lehman Brothers, through proprietary trading, had large levered positions in both subprime mortgages and mortgage-backed securities. When the value of these assets began to decline, the firms equity was wiped out and the bank became insolvent. Proprietary Trading Collapse On September 15, 2008, Lehman Brothers filed for chapter 11 bankruptcy. This was the largest bankruptcy filing in U.S. history. The bank declared a debt of $613 billion, bond debt of $155 billion and $639 billion worth of assets. The demise of Lehman Brothers was caused by a combination of the rejection of bailout from the government, lack of a willing buyer, and the mortgage crisis. The reasons behind the government rejection of a Lehman Brothers bailout are hotly contested. Prior to Lehmans bankruptcy, the government had saved both American Insurance Group (AIG) and Bear Sterns from a similar fate. According to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, the government failed to bailout Lehman Brothers for two reasons. First, the government lacked legal authority to intervene. Second, Lehman had insufficient capital. The Federal Reserve could only make a loan, Bernanke explained, if collateral supported ità ¢Ã¢â€š ¬Ã‚ ¦Giving Lehman a loan then would be lending into a run, Bernanke feltà ¢Ã¢â€š ¬Ã‚ ¦ The assessment was that if there was a run, which there would be . . . all we would have accomplished would be to make counterparties whole and not succeed in preventing the collapse of the company (dailyfinance.com).Many theorize that the government didnt save Lehman Brothers in order to teach market participants a lesson. However , Bernanke refutes, I speak for myself, and I think I can speak for others, that at no time did we say, We could save Lehman, but we wont. Our concern was about the financial system, and we knew the implications for the greater financial system would be catastrophic, and it was (dailyfinance.com). Lehman Brothershad potential buyers in bothBank of America and Barclays Capital. However, without government assistance,both Bank of America and Barclays Capital walked. Lehman was forced into liquidation. September 16, 2008, the day following Lehman Brothers file for bankruptcy, Barclays signed a definitive agreement to acquire certain parts of Lehman as well as their New York headquarters building. The deal was revised days later for Barclays to acquire the core business of Lehman Brothers including their $960 million Midtown Manhattan office skyscraper and 10,000 employees for $1.35 billion. With few other options, Lehman had little choice but to acquiesce. On September 22, 2008, Nomura Holdings Inc. acquired Lehman Brothers franchise in the Asia Pacific region including multiple locations and 3,000 employees. The mortgage crisis played a significant role in the collapse of Lehman Brothers. Lehman was a major player in subprime lending. Lehman was a leader in both mortgage lending and loans securitization of mortgages. Subprime lending and securitization represented an increasing large portion of Lehmans revenues. As such, the firm was irrevocably linked to the mortgage market. When mortgage default rates began to rise, demand for MBSs decreased. Lehman was stuck with billions of dollars of toxic assets on its balance sheet. Lehman would eventually close its mortgage lending operations. The following year, due to holding on to large positions in subprime and other lower-rated mortgage tranches, Lehman faced significant losses. By 2007, Lehmans leverage ratio (measurement of risk) also increased tremendously to 31:1 putting them in a very vulnerable position because they were too thinly capitalized for the leverage used. This was allowed because they were not subject to the same regulations as depository banks. Deregulation allowed for Lehman to take those increasingly risky positions. Market Effects Lehman Brothers bankruptcy filing on September 15, 2008 caused the DJIA to drop over 500 points (-4.4%). September 15, 2008 marked the biggest one day drop since the markets reopened following September 11, 2001. The DJIA would eventually lose an additional 43% of its value, erasing more than US$ 1 T in market capitalization. World stock market indices suffered a similar fate. The FTSE All-World Index would eventually lose 2400 points (44% of its value). The prospect of Lehman liquidating $4.3 billion in mortgage securities sparked a selloff in the commercial mortgage-backed security (MBS) market. Several money and institutional funds had significant exposure to Lehman. BNY Mellons institutional cash fund and the primary reserve fund (an MMMF) both fell below $1 per share due to exposure to Lehman. The Net Asset Value (NAV) of MMMFs normally stays constant at $1 because investment products usually do not produce capital gains or losses (Investopedia). This event was referred to as the breaking of the buck. Overall systematic risk increased drastically as a result of the bankruptcy filing. Due to the increase in systemic risk, there was a US$ 737 B decline in collateral outstanding in the securities lending market. In addition, the TED Spread, the spread between U.S. treasury rates and LIBOR rates, increased almost 400 basis points. Essentially, the dramatic increase in the TED spread was due to overwhelming uncertainty. LIBOR rates incorporate a small amount of credit risk; U.S. Treasury rates are seen as virtually risk-free. The uncertainty caused the rate differential between a small amount of credit risk and risk-free to widen. After the Lehman Brothers bankruptcy filing, in order to address the escalating crisis, the government created the Troubles Assets Relief Program (TARP). TARP was designed to purchase both assets and equity from financial intermediaries (FIs). The purpose of its design was threefold. First, by purchasing assets, the government hoped to remove toxic assets from the banks balance sheets. Second, by increasing equity positions, TARP recapitalized the troubled banks. Third, TARP was also implemented to encourage inter-bank lending. Opinion The bankruptcy of Lehman Brothers was preventable. The preventability of the Lehman Brothers bankruptcy is primarily due to three factors. First, corporate culture is dictated by upper-level management (this is especially true in top-down hierarchical organizations). At Lehman Brothers, CEO Richard Fuld created a culture of risk taking. A corporate culture that reflected conservatism could have prevented the banks demise. Second, as a corollary, tougher risk management policies could have prevented risk taking behavior. For example, by historical measures, Lehman had a tremendous used a tremendous amount of leverage. As mentioned, a 3 percent decline in asset prices would wipe out the firms equity. A leverage cap could have been used to prevent the overuse of leverage. Third, the weak economic climate was disastrous for Lehman. Lehman had large positions in the mortgage market. When the market began to decline, those positions went against the investment bank. To prevent the three factors, the firm should have hired a CEO that advocated a less risky business strategy. In addition, reduce employees compensation based on profit generation. The firm could have also employed a more market neutral trading strategy. In doing so, Lehman would have avoided insolvency. As mentioned, several ways exist to prevent the failure of the investment bank. However,all the above approaches Lehman CEO Richard Fuld are tailored to Lehman Brothers unique situation. They may or may not, however, be industry-wide or socially beneficial.To prevent another financial crisis and, therefore, the failure of financial institutions, we must align the self-interests of those institutions with societal interests. The following are recommendations for aligning the above interests: à ¢- Long-term Incentive Structure à ¢- Fiduciary Responsibility à ¢- Promote Financial Education à ¢- Prevent the Manipulation of Social Interests We need to develop a long-term incentive structure to prevent executives trying to capture profit upfront at expense of the company and/or societys long-term interests. We could design a longer-term incentive structure that employees will be compensated for their performance over longer periods of times other than the currently yearly compensation. Also we could design compensation program make the compensations based on certain activities callable in the future, if the loss of the company is deemed directly related to the those activities that the compensations are based on. Fiduciary responsibility should be mandatory and financial institutions should be held legally accountable. We need to require full disclosure of conflict of interest, not only in the event that two parties have a direct interest conflict, but also full disclosure when companies providing a financial service have different opinions than the clients current position. In addition, we should expand the concept of full disclosure. We propose making academic researchers disclose the benefit they are getting from financial institutions, including board positions and monetary compensation. Promote education of the general public. Specifically, implement finance classes in public high schools, ensuring all students are aware of market basics. In addition, make firms provide optional education on specific products to clients. Lastly, we must reduce or eliminate attempts to make social interests subservient to self-interests. This concept could apply to all industries. We could limit the funding of lobbyists a firm could hire, and highly restrict the political donations from large firms.We must also eliminate the links between government regulators and market participants, eliminating the conflict of interest between corporations and society. In general, the aforementioned actions are attempts to align self-interest with the social interest. Self-interest, the invisible hand in the successful free market system, must be made to serve the interest of the society. Conclusion This report has examined the following: the Lehman Brothers bankruptcy, the bankruptcys causes, the culpable parties, market effects of the bankruptcy, and risk management errors relating to the bankruptcy. In addition, the opinion section of the paper answers the question, Was the bankruptcy preventable? In summary, on September 15, 2008, the Lehman Brothers filed for bankruptcy. It was the largest bankruptcy filing in U.S. history. Several causes forced Lehman into bankruptcy. Of primary importance, however, was the investment banks exposure to the subprime mortgage market. Deregulation and risk management errors allowed Lehman to increase that exposure. Lehmans CEO Richard Fuld, Treasury Secretary Henry Paulson, and Fed Chairman Ben Bernanke are each culpable. Mr. Fuld is responsible because he created a culture of risk taking and pay based on short-term performance. Henry Paulson and Mr. Bernanke could have saved the bank and chose to do otherwise. We believe this event was entirely preventable. As mentioned, the banks exposure to the subprime mortgage market was, ultimately, its downfall. If more stringent risk management policies had been in place and Lehmans corporate culture had been more conservative, the banks exposure to the crisis would have been reduced. Reduced exposure would have undoubtedly increased Lehmans chances for survival. A singular theme continuously appeared while we conducted our research and, consequently, appeared throughout this report. That theme is greed. Greed is defined as excessive or rapacious desire, especially for wealth or possessions. Unquestionably, human greed contributed to the 2007-2010 financial crisis. Both financial intermediaries and individuals erred. For example, AIG reported record profits in 2007. Unfortunately, the insurer earned those profits by taking on enormous amounts of Off-Balance-Sheet risk. These OBS liabilities (contingent liabilities) resulted in an $85 B government bailout of the firm. Individuals speculated on home prices by refinancing mortgages. Often times, these loans were secured by home equity. When home prices declined, the mortgages went underwater.Mortgage defaults soared. In both cases, greed blinded the market participants. Lehman Brothers wasnt impervious to the rapacious desire either. Leverage is the use of either borrowed money and/or derivatives to multiply gains and losses. The multiplication of gains and losses (greater volatility) implies an increase in risk. Recklessly increasing risk demonstrates an excessive desire for wealth.Therefore, leverage metrics (ratios) can be used tomeasure greed. Prior to the crisis, Lehmans leverage ratios soared. Viewing a single financial product, event, action, or asset bubble as the sole cause of the crisis is overly simplistic. Greed served as a catalyst for each. By ignoring this fact, we are doomed to repeat our mistakes.

Shakespeare: The Best Playwright that Ever Lived :: Biography Biographies Essays

Shakespeare: The Best Playwright that Ever Lived William Shakespeare was a supreme English poet and playwright, universally recognized as the greatest of all the dramatists. A complete, authoritative account of Shakespeare's life is lacking; much supposition surrounds relatively few facts. His day of birth is traditionally held on April 23, and he was baptized on April 24, 1564. He was the third of eight children, and was the eldest son of John Shakespeare. He was probably educated in a local grammar school. As the eldest son, Shakespeare would of taken over his father's business, but according to one account, he became a butcher because of reverses in his father's financial situation. According to another account, he became a school master. That Shakespeare was allowed considerable leisure time in his youth is suggested by the fact that his plays show more knowledge of hunting and hawking than do those of other dramatists. In 1582, he married Anne Hathaway. He is supposed to have left Stratford after he was caught poaching in a deer park. Shakespeare apparently arrived in London about 1588 and by 1592 had attained success as a playwright. The publication of Venus and Adonis, The Rape of Lucrece and of his Sonnets established his reputation as a poet in the Renaissance manner. Shakespeare's modern reputation is based mainly on the 38 plays he wrote, modified, or collaborated on. Shakespeare's professional life in London was marked by a number of financially advantageous arrangements that permitted him to share in the profits of his acting company, the Chamberlain's Men, and its two theaters, the Globe and the Blackfriars. His plays were given special presentation at the courts of Queen Elizabeth I and King James I. After about 1608, Shakespeare's dramatic production lessened and he spent more time in Stratford. There he established a family in and imposing house, the New Place, and became a leading local citizen. He died on April 23, 1616, and was buried in the Stratford church. Although the precise date of many of Shakespeare's plays is in doubt, his dramatic career is divided into four periods: (1) the period up to 1594, (2) the years from 1594 to 1600, (3) the years from 1600 to 1608, (4) the period after 1608. In all periods, the plots of his plays were frequently drawn from chronicles, histories, or earlier fiction. Shakespeare: The Best Playwright that Ever Lived :: Biography Biographies Essays Shakespeare: The Best Playwright that Ever Lived William Shakespeare was a supreme English poet and playwright, universally recognized as the greatest of all the dramatists. A complete, authoritative account of Shakespeare's life is lacking; much supposition surrounds relatively few facts. His day of birth is traditionally held on April 23, and he was baptized on April 24, 1564. He was the third of eight children, and was the eldest son of John Shakespeare. He was probably educated in a local grammar school. As the eldest son, Shakespeare would of taken over his father's business, but according to one account, he became a butcher because of reverses in his father's financial situation. According to another account, he became a school master. That Shakespeare was allowed considerable leisure time in his youth is suggested by the fact that his plays show more knowledge of hunting and hawking than do those of other dramatists. In 1582, he married Anne Hathaway. He is supposed to have left Stratford after he was caught poaching in a deer park. Shakespeare apparently arrived in London about 1588 and by 1592 had attained success as a playwright. The publication of Venus and Adonis, The Rape of Lucrece and of his Sonnets established his reputation as a poet in the Renaissance manner. Shakespeare's modern reputation is based mainly on the 38 plays he wrote, modified, or collaborated on. Shakespeare's professional life in London was marked by a number of financially advantageous arrangements that permitted him to share in the profits of his acting company, the Chamberlain's Men, and its two theaters, the Globe and the Blackfriars. His plays were given special presentation at the courts of Queen Elizabeth I and King James I. After about 1608, Shakespeare's dramatic production lessened and he spent more time in Stratford. There he established a family in and imposing house, the New Place, and became a leading local citizen. He died on April 23, 1616, and was buried in the Stratford church. Although the precise date of many of Shakespeare's plays is in doubt, his dramatic career is divided into four periods: (1) the period up to 1594, (2) the years from 1594 to 1600, (3) the years from 1600 to 1608, (4) the period after 1608. In all periods, the plots of his plays were frequently drawn from chronicles, histories, or earlier fiction.

The Enlightenment Period and Napoleons Rule Essay -- European History

The time of the Enlightenment was a time of great change, reform, and the emergence of great minds such as Isaac Newton, Johannes Kepler, Galileo Galilei, and even Copernicus. These men cleared the path to thinking in a new way and brought about the change necessary for the Scientific Revolution. The Enlightenment allowed people to think more critically and even was the time in which the â€Å"Experimental Method† was consolidated by Galileo Galilei (1564-1642, Buckler, J., Crowston, p.592 para. 6). It allowed people to begin to think â€Å"out of the box† if you will. Monarchies and the power of the king before this time ruled over the general population unthreatened and very rarely did opposition come to stand. Quite often if opposition did stand it was shortly met with a quick disbanding, or even the death of the â€Å"heretic† that created the uprising. Napoleon was a good example; he did not stand for freedom of speech and quite often worked to regulate publ ic opinion. However, with the Enlightenment around the corner, it helped to pave the way and prepare the country of France for the French Revolution. Commoners, as well as the clergy, and nobility began to stand up more against monarchical rule, and voiced their opinions on controversial subjects. With the emergence of Napoleon Bonaparte the future of France seemed to be a dictatorship under his rule inevitably. The French Revolution was a time also of great change. The hopes of the people were moving from an absolutist monarchy to a hopeful constitutional rule by the peoples, with the help of the Estates General which had not been called upon since 1614 (Buckler, J., Crowston. P.689, para. 3). In July, of 1788 King Louis XVI listened to his people and called a spring sessions of the est... ...lution by commanding the states as emperor. Although he did solve many economic crises, won many victories in strategic battles, and helped progress equal rights among citizens, he did not uphold the most important ideal of the French Revolution which was to be more about a people governed constitution not a dictatorship under Napoleon. In Conclusion, Napoleon was a very charismatic leader, and did many great things for France. As an emperor he was more than well liked and was probably one of the most intriguing individuals of his time, he was a brilliant strategic thinker, and got what he aimed at done generally. However, his over ambitious thoughts led to his downfall at the battle of Waterloo in which the allies of Austria, Prussia, Russia, and Britain defeated him and imprisoned him on the island of St. Helena far off the western coast of Africa.

Personal Narrative- Cousins Death :: Personal Narrative Essays

Personal Narrative- Cousin's Death It is amazing how many things we take for granted. We make plans for the day, and don't think twice about how those plans can be taken away in the blink of an eye. I never thought much about it myself, until I was faced with the shock, and undeniable truth of my cousin's death. I don't think anyone really thinks about tragedy until they are actually faced with shocking news. My mom had been going to school in Greeley and staying at my Aunt Margaret's house . She had been away for two weeks and wanted to come home for the Fourth of July weekend. My mom had suggested that I go back with her and visit colleges, shop, go to movies and just spend time together. I had been feeling pretty sorry for myself since she had been gone. I had been working alot as a maid and helping my dad run the house, I was getting very irritated with my siblings as I felt that I was the only family member doing my part to help my dad. I was really excited to have a week with my mom to myself. The whole ride over we were talking about what I wanted to do that week. Making plans and having "me time" seemed very important at the time. I woke up Tuesday morning excited for the day I was going to spend with my mom. I was sitting at the kitchen table drinking fresh coffee listening to my mom and aunt tease and joke around about how paranoid my mom was about doing well in her classes, my aunt was telling her that maybe now that I was there, she would relax a little bit and have some fun. Our plan was to go to one of mom's classes with her, and then on a tour of UNC and then we were going to go to dinner and a movie. We were interrupted by a phone call from my dad. My mom was still joking and in a silly mood when she started talking to my dad. Suddenly the conversation turned from joking to dead silence and my mom started crying. She tearfully asked, "Is she ok? Was she alone?" I was thinking my sister went riding and fell off her horse or that something had happened to my grandma.

Gun Control Outline

Gun Control Outline I. Introduction A. American Dream, means different things to people (needs to be fought for) B To many people, freedom is owning a gun C. Gun control is strict enough. The United States government puts down laws strict enough to deal with firearms. II. Body A. Who Can Own A Firearm? 1. Why officials can use firearms a. Military and authorities use firearms to protect, not to attack b. These people have been trained and know how to handle firearms 2. Why do authorities and military need firearms a.Military and authorities know how to use them b. They use them to protect society, when civilians have them, they will most likely be used for good B. Why Civilians Can Handle Guns 1. Responsibility a. People use firearms for protection, what do they want protection from? Other people with guns and weapons b. If guns were illegal to the public, then the need to defend ourselves against people with guns would still not even be close to gone 2. Laws a. If guns were outlawed , then crime rates would maintain their levels or increase (facts insert here) b.Guns can lead to many terrible things such as school shootings that have taken place in the past BUT 3. Guns hurt people, people dont hurt people. Guns need to be in the hands of responsible people. III. Conclusion A. Guns are not bad things, it’s what you do with them that makes them bad B. In years to come, the use of guns will soon get out of hand C. Banning guns will never solve the problem completely.. it will make criminals more determined to get what they want with other, possibly more dangerous methods other than using a firearm. Gun Control Outline GUN CONTROL Thesis Statement – There is no doubt that this world would be a safer place without a license to carry, but we need to consider that guns are needed to hunt. Possible introduction – A lot of questions were raised about the effects of everyone being allowed to carry guns. The rise of crime and murder are certain areas to think about being most impacted by the state carrying side arms. We also need to ask ourselves, how often are guns used for protection?Is the law helping citizens protect their family or is the law just making it easier to commit murder? I – Are guns being used for protection? Is there enough prescreening done before selling a gun? Are citizens comfortable enough using a gun? II – Are guns falling into the wrong hands due to this law? Gangs and guns Kids and guns III – Are citizens taking the proper measures to secure their weapons? Should everyone one in the household be required to take a class on gun safety?Should all members of the household be required to learn how to shoot the gun? IV – How does gun control affect the hunters? Many hunters depend on their guns in order to feed their family? Hunting is a major source of income for many Possible conclusion – Although gun control is a very controversial subject, one thing is clear we need to seriously address this issue quickly. Until we get some kind of control over the purchase of weapons there are going to be many more senseless shootings.We have to find a way to prevent our youth from staring down the barrel of a loaded gun or being in prison for being on the other end of that gun. References Dickinson, Amy. â€Å"Mother Against Guns† Time Magazine. Web Monday. May 15, 2000 Lott, John R. â€Å"Why People Fear Guns. † Web 3 January, 2011 â€Å"Gun Control†. Guninformation. org 6 April 2002 Web 14 July 2011 Johnson, Rick â€Å"How to police the Police†. 16 March 2009 timemagazine. com Web â€Å"Firearm s Bill Defeated† mayorsagainstillegalguns. org. federal. congress 14 July 2011