Characterization in Oedipus the King Essay -- Oedipus the King Oedipus

Characterization in Oedipus Rex The dialogue, action and motivating revolve about the timbres in the story (Abrams 32-33). It is the purpose of this essay to give the types of characters present in Sophocles tragic drama, Oedipus Rex, whether static or dynamic, whether flat or round, and whether protrayed through showing or telling. Werner Jaeger in Sophocles Mastery of Character knowledge pays the dramatist the very highest compliment with regard to character development The ineffaceable embossment which Sophocles makes on us today and his imperishable position in the literary productions of the world are both due to his character-drawing. If we ask which of the men and women ofGreek cataclysm have an independent life in the imagination apart from the phase and from the actual plot in which they appear, we must answer, those created by Sophocles, above every others (36). Surely it can be said of Sophocles main characters that they grow beyond the two dimensional aspec t into really rounded physical presences. This is through through mostly the showing technique, though the chorus at propagation is involved in telling the audience various pieces of entropy. At the scratch of Oedipus Rex the reader sees a king who comes to the door full of curiosity beg off your mood and purport. Is it dread /Of ill that moves you or a boon ye entreat? When the priest has responded that the people are despairing from the effects of the plague, the king shows another(prenominal) dimension to his character with his deep sympathy for his subjects Ye sicken all, well wot I, but my pain, /How great soever yours, outtops it all. Shortly thereafter a second round character makes his appearance on stage in the pers... ...and Creon become so subsequent in the tragedy. Rarely does the dramatist use the chorus to convey information most of this comes from exchanges of dialogue, which would be the showing technique. WORKS CITED Abrams, M. H. A Glossary of literary Te rms, 7th ed. New York Harcourt Brace College Publishers, 1999. Ehrenberg, Victor. Sophoclean Rulers Oedipus. In Twentieth Century Interpretations of Oedipus Rex, edited by Michael J. OBrien. Englewood Cliffs, NJ Prentice-Hall, Inc., 1968. Jaeger, Werner. Sophocles Mastery of Character Development. In Readings on Sophocles, edited by Don Nardo. San Diego, CA Greenhaven Press, 1997. Sophocles. Oedipus Rex. Transl. by F. Storr. no pag. http//etext.lib.virginia.edu/etcbin/browse-mixed rude(a)?tag=public&images=images/modeng&data=/texts/english/modeng/parsed&part=0&id=SopOedi

The Lymphatic System Essay examples -- essays research papers

The lymphatic System     The Lymphatic System is very important. It helps with thecardiovascular system, and our immune systems. The Lymphatic System is made upof two semi-independent parts. i is a network of lymphatic vessels. Theother part is various lymphoid tissues and organs all over the body. Thefunctions of the Lymphatic System transporting fluids that have flee from theblood vascular system, and the organs house phagocytic cells and lymphocytes.     Lymphatic vessels argon an elaborate system of drainage vessles thatcollect the excess protein-containing fluid and returns it to the bloodstream.. at one time an interstitial fluid enters the lymphatics it is called lymph. Thelymphatic vessels form a one bearing system in which lymph flows only towards theheart. This entire transport sytem starts in the lymph capillaries. These arvery commmon, usually occur in the places blood capillaries occur. Lymphcapillaries are non found in bone, teeth, bone marrow, and entire centralnervous system. Lymphatic capillaries are very permeable. The endothelial cellsthat make up the walls of the capillaries are not tightly joined. Filamentanchor the endothelium cells so they can expand. Pathogens can scattering throughthe body through the lymphatic stream.     There are legion(predicate) cells in the lymphoid tissue. One type is lymphocytes,which are reffered to often as T or B cells. Plasma cells are antibody-produci...

Apush Chapter 6 Outline Notes Essay

I. The urban FrontierBy 1890, New York, Chicago, and Philadelphia all had a population greater than 1 million. Louis Sullivan contributed to the development of the skyscraper. City limits were extended outbound by electric trolleys. lot were attracted to the cities by amenities such as electricity, indoor plumbing, and telephones. Trash became a large problem in cities payable to throwaway bottles, boxes, bags, and cans.II. The New ImmigrationThe New Immigrants of the 1880s came from Confederate and eastern Europe. They came from countries with little history of democratic government, where people had grown accustomed to tart living conditions. Some Americans feared that the New Immigrants would not assimilate to biography in their impudently rural area. They began asking if the nation had become a melting thunder mug or a dumping ground.III. Southern Europe UprootedImmigrants left their autochthonal countries because Europe had no room for them. The population of Europe n early treble in the century afterward 1800 due to abundant supplies of fish and jot from America and the widespread cultivation of Europe. America fever caught on in Europe as the United States was portrayed as a drink down of great opportunities. Persecutions of minorities in Europe sent many fleeing immigrants to the United States. numerous immigrants never intended to stay in America forever a large number returned foundation with money. Those immigrants who stayed in the United States struggled to preserve their conventional culture.IV. Reactions to the New ImmigrationThe federal government did virtually nothing to soothe the assimilation of immigrants into American society. Trading jobs and services for votes, a powerful top dog might claim the loyalty of thousands of followers. In return for their plump for at the polls, the boss provided jobs on the citys payroll, found housing for teenaged arrivals, and helped get shallows, parks, and hospitals built in immigran t neighborhoods. The nations social scruples gradually awakened to the troubles of cities. Walter Rauschenbusch and cap Gladden were Protestant clergymen who sought to prevail the lessons of Christianity to the slums and eventories.Jane Addams established Hull House, the most prominent American settlement house. Addams condemned fight as well as poverty. Hull House offered instruction in English, counseling to help immigrants deal with American big-city life, childcare services for works m another(prenominal)s, and cultural activities for neighborhood residents. Lillian Wald established Henry Street Settlement in New York in 1893.The settlement houses became centers of womens activism and of social reform. Florence Kelley was a long battler for the welfare of women, children, blacks, and consumers. The pioneering work of Addams, Wald, and Kelley helped to create the trail that many women subsequently followed into careers in the new profession of social work. The urban fronti er undetermined new possibilities for women. The vast majority of working women were single due to the fact that society considered employment for wives and mothers taboo.V. Narrowing the Welcome MatAnt foreignism, or nativism, arose in the 1880s with intensity. Nativists worried that the original Anglo-Saxon population would before long be outnumbered and outvoted. Nativists considered eastern and southern European immigrants inferior to themselves. They blamed the immigrants for the imposing conditions of urban government, and unionists attacked the immigrants for their willingness to work for small wages. Among the antiforeigner organizations formed was the American Protective connecter (APA). Created in 1887, it urged to vote against Roman Catholic candidates for office.Organized labor was mobile to show its negative attitude towards immigrants. Immigrants were frequently used as strike-breakers. In 1882, sexual intercourse passed the first restrictive law against immigran ts. It forced paupers, criminals, and convicts back to their home countries. In 1885, Congress prohibited the importation of foreign workers under contract-usually for lacking(p) wages. Federal laws were later enacted that were made to keep the undesirables out of America. In 1882, Congress barred the Chinese completely from immigrating to the United States (Chinese Exclusion motivate).VI. Churches Confront the Urban ChallengeProtestant churches suffered significantly from the population move to the cities, where many of their traditional doctrines and pastoral approaches seemed irrelevant. A new generation of urban revivalists stepped into this spreading incorrupt vacuum. Dwight Lyman Moody, a Protestant evangelist, proclaimed a gospel of kindness and forgiveness.He contributed to adapting the old-time religion to the facts of city life. The Moody Bible Institute was founded in Chicago in 1889 to carry out his work. Roman Catholic and Judaic faiths were gaining enormous strengt h from the New Immigration. By 1890, there were over cl religious denominations in the United States. The Church of Christ, Scientist was founded in 1879 by bloody shame Baker Eddy who preached that the true practice of Christianity heals sickness.VII. Darwin Disrupts the ChurchesPublished in 1859 by Charles Darwin, On the Origin of the Species stated that humans had slowly evolved from lower forms of life. The opening of evolution cast serious doubt on the idea of religion. Conservatives stood intemperately in their beliefs of God and religion, while Modernists flatly refused to accept the Bible in its entirety.VIII. The Lust for LearningDuring this time period, public education and the idea of tax-supported basal schools and high schools were gathering strength. Teacher-training schools, called normal schools, experienced great expansion after the Civil contend. The New Immigration in the 1880s and 1890s brought new strength to the private Catholic parochial schools, which wer e fast becoming a major part of the nations educational structure. Public schools excluded millions of adults. crowd cities generally provided better educational facilities than the old one-room rural schoolhouses.IX. booking agent T. majuscule and Education for Black PeopleThe South lagged far behind other regions in public education, and African-Americans suffered the most. The leading champion of black education was ex-slave Booker T. Washington. He taught in 1881 at the black normal and industrial school at Tuskegee, Alabama. His self-help approach to solving the nations racial problems was denominate accommodationist because it stopped short of directly challenging white supremacy.Washington avoided the retail store of social equality. George Washington Carver taught and researched at Tuskegee Institute in 1896. He became an inter subject fieldly famous agricultural chemist. Black leaders, including Dr. W.E.B. Du Bois, attacked Booker T. Washington because Washington condem ned the black race to manual labor and perpetual inferiority. Du Bois helped to form the discipline tie beam for the Advancement of Colored People (NAACP) in 1910.X. The Hallowed Halls of ivyFemale and black colleges shot up after the Civil War.The Morrill Act of 1862, passed after the Southern states had seceded, provided a generous grant of the public lands to the states for support of education. The Hatch Act of 1887 extended the Morrill Act and provided federal funds for the substantiation of agricultural experiment stations in connection with the land-grant colleges. Millionaires and tycoons donated generously to the educational system. Johns Hopkins University, founded in 1876, maintained the nations first high-grade ammonia alum school.XI. The March of the MindDue to new scientific gains, public wellness increased.William James made a large impact in psychology through his numerous writings.XII. The Appeal of the PressThe Library of Congress was founded in 1897 from the donations of Andrew Carnegie. The invention of the Linotype in 1885 increased the production of texts. Joseph Pulitzer was a leader in the techniques of sensationalism in St. Louis. William Randolph Hearst built up a chain of newspapers set out with the San Francisco Examiner in 1887. The Associated Press, founded in the 1840s, was gaining strength and wealth.XIII. Apostles of ReformMagazines partially live up to the public appetite for good reading. Possibly the most influential diary of all was the New York Nation.Started in 1865 by Edwin L. Godkin, it crusaded militantly for civil-service reform, honesty in government, and a moderate tariff. Henry George, another journalistic former, wrote the book boost and pauperization in 1879, which attempted to solve the association of progress with poverty. According to George, the insistency of growing population on a fixed supply of land unjustifiably pushed up property values, showering unearned profits on owners of land. He suppo rted a single tax. Edward Bellamy wrote the socialistic novel, Looking Backward, in which the course of study 2000 contained interior(a)ized big business to serve the public interest.XIV. Postwar WritingAs literacy increased, so did book reading. Dime novels were short books that usually told of the wilds of the West. General Lewis Wallace wrote the novel, Ben Hur A Tale of the Christ, to combat Darwinism. Horatio Alger was a Puritan-driven New Englander who wrote much than 100 volumes of juvenile fiction involving New York newsboys in 1866.XV. Literary LandmarksIn novel writing, the romanticist sentiment of a youthful era was giving way to the rock oil human comedy and drama of the world. In 1899, feminist Kate Chopin wrote well-nigh adultery, suicide, and womens ambitions in The Awakening. Mark Twain was a journalist, humorist, satirist, and opponent of social injustice. He recaptured the limits of realism and humor in the authentic American dialect. Bret Harte was also an aut hor of the West, writing in California of gold-rush stories. William Dean Howells became the editor in main(prenominal) of the prestigious Boston-based Atlantic Monthly.He wrote about ordinary people and about contemporary, and sometimes controversial, social themes. Stephen Crane wrote about the unpleasant underside of life in urban, industrial America. Henry James wrote of the confrontation of innocent Americans with crafty Europeans. His novels frequently included women as the central characters, exploring their inner reactions to complex situations with a skill that marked him as a master of psychological realism.By 1900, portrayals of modern-day life and social problems were the literary order of the day. Jack capital of the United Kingdom was a famous nature generator who turned to depicting a possible fascistic revolution in The Iron Heel. Black writer Paul Laurence Dunbar embraced the use of black dialect and folklore to capture the richness of southern black culture. The odore Dreiser wrote with disregard for prevailing moral standards.XVI. The New Moralitycapital of Seychelles Woodhull wrote the periodical, Woodhull and Clafins Weekly in 1872, which proclaimed her belief in detached love. Anthony Comstock made a life-long war on the base. The Comstock Law censored immoral material from the public.XVII. Families and Women in the CityUrban life launched the era of divorce. People in the cities were having fewer children because more children would mean more mouths to feed. Women were growing more independent in the urban environment. Feminist Charlotte Perkins Gilman called upon women to abandon their dependent spatial relation and contribute to the larger life of the community through productive sake in the economy. XVIII. In 1890, the matter American Woman Suffrage Association was founded. The re-born suffrage movement and other womens organization excluded black women. Ida B. come up helped to launch the black womens club movement, which led to the establishment of the National Association of Colored Women in 1896.XIX. Prohibition of Alcohol and Social ProgressLiquor consumption had increased in the days of the Civil War and had continued to flourish afterwards. The National Prohibition Party was formed in 1869. The Womans Christian Temperance Union was formed in 1874 by militant women. The Anti-Saloon League was sweeping new states into prohibiting alcohol, and in 1919, the national prohibition amendment (18th) was passed.XX. Artistic TriumphsMusic and portrait painting was gaining popularity.The phonograph, invented by doubting Thomas Edison, enabled the reproduction of music by mechanical means.XXI. The Business of AmusementThe circus, arising to American demand for fun, emerged in the 1880s. Baseball was also emerging as the national pastime, and in the 1870s a professional league was formed. The move to spectator sports was exemplified by football.Basketball was invented in 1891 by James Naismith.

Eilis character notes

Ellis never made mistakes when she did her addition pricy Catholic she attended mass every Sunday in fickleness Ellis immigrating to the States was entirely Roses initiative -as Rose and her mother collude with incur Flood, Ellis feels like a child whose fate is being decided for her. Ellis is, by nature, reserved and emotionally guarded. She is selective in her relationships and shies away from physical intimacy.It is non easy for her to express her true feelings, even those closest to her. This particularly transparent in her relationship with Tony.. When Ellis does not be possessed of the confidences to act on her instincts, she makes mistakes. The first of all is her impulsive marriage to Tony, but her resentment to Jim Farrell is another. Throughout the text, her actions are slackly informed by the twin values of connection to family and a distinctly defined sense of duty. Her generosity is constant, and Tony calls her a good person. provided the internal conflic t generated by her return home causes her to lie by omission and to behave with great cruelty towards the unsuspecting Jim. Approximately 20 years old Young women from Insincerity Immigrates to America for work whole works in Barstools department store in Brooklyn Studies bookkeeping During the course of the unused she becomes romantically involved with Tony Fiercely and Jim Farrell. She matures over the course of the novel, you wait to a greater extent grown up and serious. And in your American clothes you realise different.You have an air about you (Nancy, p. 230) Her independence and resilience are revealed gradually. She has to exercise her purpose and make critical choices with little guidance or support. Her initial naiveness is balanced by natural curiously and a determination to learn. She takes the opportunities provided to acquire herself, and as the word opens up before her, embraces new ideas with less timidity than before. Living in New York encourages ass ertiveness, and Ellis becomes more inclined to trust herself.At work, she learns to be brave and decisive. Returning to Insincerity, Ellis slips back into the rhythm of the town slow and finds comfort in its familiar faces and rituals. Yet the changes produced by her experiences in America are obvious to all, Everything about you is different, her friend Nancy insist you seem more grown up and serious. And in our American clothes you look different. You have an air about you. Her poise and self-assurance intimidated her mother, however attracted Jim Farrell.

Chemistry-Precipitation Essay

My obscure chemical is atomic number 11 iodide. This was determined by testing the chemical with cations such as capital process, atomic number 27 (II) treat, and atomic number 29 nitrate. It was similarly tested with anions atomic number 11 iodide, sodium carbonate, sodium oxalate, and sodium phosphate. It was tested to see if the product will yield a precipitate or unwavering (cloudiness, power, or crystals) and any food coloring changes that argon very uniform to the products/changes when solely the known cations and anions were tested for changes.First of all, sodium iodide is an anion, it was determined that the unknown chemical was an anion because it did not react with any of the anions. Since the unknown did not react with the anions, it did not produce a unharmed or precipitate. This is chemically true because the new products will some(prenominal)(prenominal) contain NO3, or nitrate, and NO3 is sedimentary with all cations.When the unknown was tested with si lver nitrate a solid was produced, but also the color was a light sensationalistic that is quite similar to the comment of the product of sodium iodide added to silver nitrate (a dull but light yellow). This color was not exactly similar to the colors organise from other combinations as they were slightly yellow for the regulation 2AgNO3(aq)+NaCO3(aq) >AgCO3(s)+2NaNO3(aq) , white for 2AgNO3(aq)+NaC2O4(aq) >AgC2O4(s)+2NaNO3(aq) , and yellowish for 3AgNO3(aq)+Na3PO4(aq) >Ag3PO4(s)+3NaNO3(aq). A solid was formed in both situations due to a cloudy substance that formed with the silver nitrate + sodium iodide and the unknown + silver nitrate. It makes sense that a solid was formed becauseAgNO3(aq)+NaI(aq) >AgI(s)+NaNO3(aq)On the backward of the periodic table it states that if the anion I- is part of the sharpen and then cations desire Ag+ and Pb2+ will form a solid with it. Since it is AgI, a solid is clearly formed.When the unknown was tested with cobalt (II) nitrate a solid was not produced and there was no color change it was the kindred light pink as truely, similar to the description of the product of sodium iodide added to cobalt (II) nitrate which was same light pink as the original color of the mixture. A solid was not formed in both situations becauseCo(NO3)2(aq)+2NaI(aq) >CoI2(aq)+2NaNO3(aq)According to the back of the periodic table it states that if the anion iodine is part of the compound then cations like Ag+, Pb2+, Hg22+, and Cu+ will form a solid with it, but iodine with all other cations form an aqueous solution. Therefore, since cobalt is not listed as one of the cations that iodine forms a solid with, no solid would be formed which is exactly what happened when sodium iodide was added to cobalt (II) nitrate and no other combination with cobalt (II) nitrate. Since sodium iodide in combination with cobalt (II) nitrate was the only one involving cobalt (II) nitrate that did not have a reaction it proves that the unknown is one o f the two. But, since it has been proved that unknown is an anion, sodium iodide is our only option.When the unknown was tested with copper (II) nitrate a solid was produced, but also the color was a deplorable o head for the hills-yellow that was not too cloudy. This description is basically the same as the description of the product of sodium iodide added to copper (II) nitrate which was dark yellow/range tone, copper color, slightly cloudy. A solid was formed in both situations because it was slightly cloudy in both situations.Cu(NO3)2 (aq)+2NaI(aq) > CuI2(s)+2NaNO3(aq)According to the back of the periodic table it states that if the anion iodine is part of the compound then cations like Ag+, Pb2+, Hg22+, and Cu+ will form a solid with it. Therefore, since copper is listed as one of the cations that iodine forms a solid with, a solid would be formed which is exactly what happened when sodium iodide was added to copper (II) nitrate. Since sodium iodide in combination with copp er (II) nitrate was the only combination to form a dark yellow/orange color of all 4 anions in combination with the cation copper (II) nitrate sodium iodide seems the only option for the unknown. It is also not probable that the unknown is copper (II) nitrate because if there is a precipitate and a color change, it would not be the same color because different formulas yield different reactions like the colors formed. They are all unique.

Gender Roles and the Perception of Women Essay

There was a time that having a girl born to a family evoked more pity than congratulations from the community. Sons were cherished more for they were viewed to bring practical help towards aug workforceting the family income through physical labor, as well as ensuring that the family name lives on with his progeny. (Feminism) Daughters were valued unless for the potential discover they could bring the family with a good marriage. In decrepit days, a good marriage was not necessarily specify by the couples happiness but rather was deemed as much(prenominal) if both families al-Qaeda to benefit from the union.Usually benefits would be measured in wealth, alliance or business. Marriages then were basically mergers. Women were not expected to progress to anything other than the mastery of domestic duties and union with a suitable husband. afterwards marriage, the totally duties that a woman is supposed to fulfill are to port after the needs of her husband and give birth to a s some children as possible with preference to the birthing of sons. The 1920s and 30s saw a wave of feminism that sought to overturn the tralatitious gender role assigned to women.They viewed patriarchy as oppressive to women and progress the thinking that women are complements of males and therefore should be treated as equals. The 1920s also saw a major victory for women in the join States with the passage of a law that resigned for womens suffrage. (Feminism) The Second public War in the 1940s also provided women with the opportunity to prove their value outside their duties as homemakers. They started signing up as army nurses, members of womens corps and workers in factories that provided supplies and ammunition to the boys overseas. Even with this however, women becalm experienced inequality at the hands of employers who believed that it was the mens role to earn bills for their families. Those that were hired stable had to face inequality in wages as their work we re deemed easier compared to the mens. (Acker 46) It has continually been an uphill climb for women in the assumption of their rights and the fight for individuation and equality. Despite the many progresses made by women since the gray days, some cultures liquid place more premium on males.Sandra Cisneros accountancy (Kirszner, 96-99) of be and born and living in a traditional, patriarchal gild in the 1950s show that even with the many new freedoms and rights accorded to women, their roles were still defined by marriage and domestic duties. What I didnt pee-pee was that my father thought college was good for girls good for finding a husband. subsequently four days of college and two more in graduate school, and still no husband, my father shakes his head even now and says I spare all that education. (Kirszner 97)The selection further goes on to relate the attempts made by Cisneros in getting her father to acknowledge her fulfilments and herself as more than only a daugh ter. She wanted to BE his daughter in every consciousness of the word and enjoy the same pride her father has in her brothers achievements. I often witness the hunch posture, from women after dark on the warrenlike streets of Brooklyn where I live. They seem to set their faces on neutral and, with their purse straps strung across their chests bandolier style, they forge ahead as though bracing themselves against being tackled.(Kirszner 242) In Brent Staples observations in the Black Man effect in altering a public space (Kirszner 240), he presents the image of a woman who is determined to move forward yet re principal(prenominal)s sensible of the possible challenges to her progress. While in the story the context women is defined in is couched in terms of potential threat from street violence and crimes, unmatched could almost picture the same description as applicable to the naughty and set determination of the feminists who steadfastly battles for womens rights and progress. It has been many years since women achieved a major victory in suffrage and set about to establishing their identity in society. Yet in some expressions, there seem to be some women who remain oblivious or at least, not benefited by the new stature and rights women have been able to claim through years of struggle with a male-dominated society. In Anna Deavere smiths Four American Characters monologue (2005) she shares a conversation she had with an elderly philosopher friend she had, Maxine Green. In the conversation, Smith asked Green What are two things that you dont know and still want to know? Green replies Personally I still come up that I have to curtsy when I see the president of our University and I feel that I ought to get coffee for my male colleagues even though Ive outlived most of them. Smith follows this up with the characterization of Maryland condemn Paulette Jenkins. Paulette Jenkins represents the women in abusive relationship who suffer in silence. She never r out because she didnt want people to know that there was something defile with her family. She took her husbands abuse and allowed him to do the same to her childrenchildren that she had in the sentiment that it would soften her husband.What would make a man do such a thing? At the same time, what would make a woman stand by helplessly as her husband beats up her children and herself? employment in relationships between men and women are believed to stem from four main reasons mens jealousy, mens expectation of women and domestic work, mens sense of right to punish their women, and the importance to men of maintain and keeping their authority. Women on the other hand, are kept silent overdue to feelings of shame and responsibility (Dobash, and Dobash 4). More often than not, the women feel that they deserved any(prenominal) the husband did to them.This acquiescence may be due to their cultural taste of women as subservient wives. Upbringing and cultural orientation can do much to influence a persons understanding and bridal of gender roles. (Dobash, and Dobash 4) However, there is always the freedom of election and personal introspection, which should allow individuals to reason out right and wrong and the applicability and rationale of traditions for themselves. The case of Sandra Cisneros is the perfect illustration of this. Despite being brought up in a highly patriarchal household and culture, she chose to follow her own desire and achieve in her own right.In the end, she managed to earn her fathers rate and acknowledgment that she, as a woman, can accomplish and gain honor and pride for the family. Regardless of background, doctrine or culture, everyone, man and woman, has that same choice in choosing how their manhood or womanhood will be defined in their lives.Works Cited Acker, Joan. What Happened to the Womens Movement? -An Exchange. Monthly Review Oct. 2001 46. Questia. 28 Sept. 2007 <http//www. questia. com/PM. qst? a=o&d=50024219 32>. Feminism. The Columbia Encyclopedia. 6th ed. 2004. Questia. 28 Sept. 2007 <http//www. questia.com/PM. qst? a=o&d=101243850>. Dobash, R. Emerson, and Russell P. Dobash. Women, Violence, and Social Change. saucily York Routledge, 1992. Questia. 28 Sept. 2007 <http//www. questia. com/PM. qst? a=o&d=107605974>. Kirszner, Laurie. Patterns for College Writing 10th ed. New York Bedford/St. Martins. 2006. Mcneill, William H. Violence & Submission in the Human Past. Daedalus 136. 1 (2007) 5+. Questia. 28 Sept. 2007 <http//www. questia. com/PM. qst? a=o&d=5019968515>. Smith, Anna Deveare. Four American Characters. 2005 TED. com. 27 Sept 2007 < http//www. ted. com/index. php/talks/view/id/60>

Motivational Essay

Motivational Essay What is Motivation? Motivation means the longing to do something, or having interest or drive. People need penury to do things that they overhear no interest or drive to do. For me as an example, I need motivation to get up beforehand(predicate) all morning, to go to school, or even sledding to the gym. I used to have problems doing things because I never had every motivation to do anything, No friends to be there when I needed them. They were always busy.So I had to get wind out something. I searched many ways to bring my life to order, slightly of them worked in the short run, but nothing truly fulfilled the sine qua non of life peace. A few months ago this all began to lurch. I started a daily workout schedule I have been going to the gym 4 to 5 times a week , Ive been going for almost a year. I started a healthy diet, I dupet eat out as much as I used to. I used to eat McDonalds, Burger king , Carls younger very day . Now all my food is home cooked, and I quit smoking cigarettes because I have asthma and also did it, to best my health, and to this day it has brought stability to my personal life as well as my social life . I also decided to change up my studying habits in which it helped me motivate myself. Developing better study habits allow for help me with my course of study because it will better prepare me for any assignments or exams that are given in the future.In the past, and even sometimes today I have had a frequent problem of procrastination, and because of this I omit both rest and preparation to either finish my homework or do well on my tests. Beginning either my studies or assignments early on will help me drastically because dividing the workload within some(prenominal) days will help me retain information more effectively, as compared to all in one night. In conclusion of it all, I figure out my balance to life. I overcame my motivational barrier and prove to everyone that plainly I can, (as my own pe rsonal source) be the only one to change my life up and change for the better.

Water Pollution in Our Day Today Life

wet defilement in our day to day look What is body of piddle befoulment? Water pollution is any chemical, physical or biological change in the quality of urine that has a prejudicious effect on any living thing that rackets or uses or lives (in) it. When humans drink polluted water it often has serious personal personal effects on their health. Water pollution move also make water unsuited for the desired use. What argon the major water pollutants? There atomic number 18 several classes of water pollutants. The first atomic number 18 disease-causing agents. These are bacteria, viruses, protozoa and parasitical worms that interject sewage systems and untreated waste.A second category of water pollutants is oxygen-demanding wastes wastes that thunder mug be decomposed by oxygen-requiring bacteria. When large populations of decomposing bacteria are converting these wastes it send packing obliterate oxygen levels in the water. This causes another(prenominal) organisms in the water, such(prenominal) as lean, to die. A third class of water pollutants is water-soluble inorganic pollutants, such as acids, salts and toxic metals. Large quantities of these compounds pass on make water unfit to drink and will cause the death of aquatic emotional state.Another class of water pollutants are nourishings they are water-soluble nitrates and phosphates that cause excessive growth of algae and other water plants, which deplete the waters oxygen supply. This kills fish and, when found in insobriety water, can kill young children. Water can also be polluted by a number of organic compounds such as cover, plastics and pesticides, which are harmful to humans and all plants and animals in the water. A really dangerous category is suspended sediment, because it causes depletion in the waters light absorption and the particles dispense dangerous compounds such as pesticides through the water.Finally, water-soluble radioactive compounds can cause cancer, bir th defects and genetic damage and are thus precise dangerous water pollutants. to a greater extent reading on health effects of microrganisms Where does water pollution come from? Water pollution is usually caused by human activities. Different human sources add to the pollution of water. There are two sorts of sources, point and nonpoint sources. Point sources discharge pollutants at specific locations through pipelines or sewers into the surface water. Nonpoint sources are sources that cannot be traced to a single website of discharge.Examples of point sources are factories, sewage treatment plants, underground mines, oil wells, oil tankers and land. Examples of nonpoint sources are acid adhereion from the air, traffic, pollutants that are spread through rivers and pollutants that enter the water through groundwater. Nonpoint pollution is hard to control because the perpetrators cannot be traced. How do we detect water pollution? Water pollution is detected in laboratories, wh ere small samples of water are analysed for different contaminants.Living organisms such as fish can also be used for the detection of water pollution. Changes in their behaviour or growth show us, that the water they live in is polluted. Specific properties of these organisms can give information on the sort of pollution in their environment. Laboratories also use computer models to determine what dangers there can be in certain waters. They import the data they own on the water into the computer, and the computer then determines if the water has any impurities. What is take fire pollution, what causes it and what are the dangers?In most manufacturing processes a lot of heat originates that must be released into the environment, because it is waste heat. The cheapest way to do this is to withdraw nearby surface water, liberty chit it through the plant, and return the heated water to the body of surface water. The heat that is released in the water has negatively charged effects on all invigoration in the receiving surface water. This is the kind of pollution that is commonly known as heat pollution or thermal pollution. The warmer water decreases the solvability of oxygen in the water and it also causes water organisms to breathe faster.Many water organisms will then die from oxygen shortages, or they become more(prenominal) susceptible to diseases. For more information about this, you can take a look at thermal pollution. What is eutrophication, what causes it and what are the dangers? Eutrophication means natural nutrient enrichment of streams and lakes. The enrichment is often increased by human activities, such as agriculture (manure addition). Over time, lakes then become eutrophic due(p) to an increase in nutrients. Eutrophication is generally caused by an increase in nitrate and phosphate levels and has a negative influence on water life.This is because, due to the enrichment, water plants such as algae will grow extensively. As a result the wat er will absorb less light and certain aerobic bacteria will become more active. These bacteria deplete oxygen levels scour further, so that only anaerobic bacteria can be active. This makes life in the water impossible for fish and other organisms. What is acid rainfall and how does it develop? Typical rainwater has a pH of about 5 to 6. This means that it is naturally a neutral, slightly acidic liquid.During precipitation rainwater dissolves gasses such as carbon dioxide and oxygen. The industry now emits great amounts of acidifying gasses, such as sulphuric oxides and carbon monoxide. These gasses also dissolve in rainwater. This causes a change in pH of the precipitation the pH of rain will fall to a value of or below 4. When a message has a pH of below 6. 5, it is acid. The lower the pH, the more acid the effect is. That is why rain with a lower pH, due to dissolved industrial emissions, is called acid rain. Why does water sometimes smell worry filthy eggs?When water is enriched with nutrients, eventually anaerobic bacteria, which do not motive oxygen to practice their functions, will become highly active. These bacteria ca-ca certain gasses during their activities. One of these gases is hydrogen sulphide. This compounds smells like rotten eggs. When water smells like rotten eggs we can conclude that there is hydrogen present, due to a shortage of oxygen in the specific water. What causes white deposit on showers and washbasin walls? Water contains many compounds. A few of these compounds are calcium and carbonate.Carbonate works as a buffer in water and is thus a very important component. When calcium reacts with carbonate a solid substance is formed, that is called lime. This lime is what causes the white deposit on showers and bathroom walls and is commonly known as lime deposit. It can be take away by using a specially suited cleaning agent. More specific information on water pollutants or freshwater pollution is now available or take a loo k at types of pollution for freshwater For water terminology check out our Water Glossary or go back to water FAQ overview Feel absolve to contact us if you have any other questionsAbout Lenntech Turnkey plants cowcatcher plants Containerized plants Services Career at Lenntech International Internships Periodic table Calculators Visitors information Our partners Contact us Lenntech BV Rotterdamseweg 402 M 2629 HH Delft The Netherlands tel +31 15 261 09 00 fax +31 15 261 62 89 e-mail email&clxprotected com Request a quote ? Home Applications Processes Systems Products Library Languages Copyright 1998-2011 Lenntech B. V Email email&160protected com Tel. +31 15 261 09 00 Fax. +31-15-2616289 Read more http//www. lenntech. com/water-pollution-faq. htmixzz2Ccrcb1wl

John Fitch

behind foumart was a great inventor and his ideas helped us today. He also was a clockmaker and bronze smith. He invented the number 1 locomoteboat and the move locomotive railway. Here are some(prenominal)(prenominal) facts on hindquarters wood pussy constructs. john polecat was born in Windsor, computed axial tomography on a farm. This farm is part of present day South Windsor, Connecticut. He had schooling from a clockmaker. Opened a brass and silversmith commercial enterprise in Trenton, New Jersey and succeeded until the American Revolution. In addition, he served the host for a mindless time and and so started a gun factory. He also considered selling tobacco and beer to the continental army.After this he was surveying the northwestern Territories he was captured by Indians. Later was turned in to the British. British then released him and he started working designing steam powered ship. He was futile to get funds from the Continental Congress, so he found impudently investors and persuaded them. These investors gave him a 14 year monopoly. washbasin skunk saw some British steam engines drawings. But he had to build his own steam engine because he lacked money and was too difficult. legerdemain wood pussy create many successful models with the help of Henry Voight. Henry Voight was a horologer he constructed a 45 stand steamboat.The first trial chip off of this steamboat was in the Delaware River. The delegates of the Constitutional Convention were there to see the trial run. John polecat constructed four different steamboats between 1785 and 1796 that successfully plied rivers and lakes. John polecat demonstrated the feasibility of using steam for water locomotion. His models utilized various(a) combinations of propulsive force, including ranked paddles, paddle wheels, and screw propellers. This steamboat was propelled by oars on the sides. The interest years John Fitch build a 60 foot steamboat. It was powered by a steam engine that drove several stern mounted oars.This ship carried up to 30 passengers to round shift voyages. It went between Philadelphia and Burlington, New Jersey. After this invention John Fitch was all toldow a palpable after the battle with James Rumsey. James Rumsey had an invention that was similar to John Fitchs invention. Unfortunately the patent way did not award the broad monopoly John Fitch asked for. But the patent did award James Rumsey and John Stevens for their Steamboat designs. This caused John Fitch to lose his monopoly and investors divergence his company. Although his steamboats still worked and run successfully.He did not focus on the construction and the in operation(p) cost. He did not have the chance to explain the economic benefits of steam navigation. Later on John Fitchs ideas was turned lucrative by Robert Fulton. Although, Robert Fulton got a patent from New York because of his partners correctly influence Robert Livingston, Robert Fulton was una ble to get a patent from the US patent. He was unable to do this because one of John Fitchs companies, William Thornton was the work of the patent office and bitterly opposed him. But John Fitch had a patent from France and was credited more than Robert Fulton for the invention of the steamboat.In addition, John Fitch invented the steam railroad locomotive in 1780. He showed a atomic of his model to the president George Washington and his cabinet in Philadelphia. In Ohio historical Society Museum still has a model of the railroad locomotive. John Fitch was eager to work with rail locomotive, but soon his ideas were forgotten. Without John Fitch contributions to the steamboat and the steam railroad locomotive we would not have ships. John Fitch was a great American inventor that was ignored. He was ignored because the investors didnt give him the patent he asked for.In 1802, the Englishman Richard Trevithick invented a full-size steam locomotive. This locomotive would soon haul t he worlds first locomotive-hauled railway train, and within a short time the British invention led to the development of actual railways. Americans ignorance of John Fitchs pioneering invention a quarter of a century earlier, began importing English locomotives and copying them. Many of John Fitchs ideas were copied and they get all the credit, because he lacked money to pay for a company. A memorial to John Fitch stands in Bardstown, Kentuckys Courthouse Square.Here he lies with complete replica of his first steamboat. John Fitch Monument also stands in Warminster Township, Pennsylvania at the seat he first developed the idea for a steamboat. John Fitch High School was built on Bloomfield Avenue in Windsor, Connecticut in the 1934. It became an elementary school in the 1950s. The building was converted to fourth-year housing in the 1990s, but its facade still bears John Fitchs place and likeness carved in stone. It is listed on the National Register of past Places.Sources 1) En cyclopedia 2) About. com 3) Google 4) Ask. com 1. njlh 2. jjn

Theodore Roosevelt’s the Threat of Japan

Document Theodore RooseveltThe affright of japan, 1909 At Mt. Holyoke Introduction For my storey assignment, I chose the archive Theodore Roosevelts The Threat of japan. After the Meiji paying back in 1868, modernisation took place, bringing lacquer to the stature of power tantamount(predicate) to a western power after defeating both mainland China and Russia. unite States was maintaining its policy of isolationism but was slowly transitioning to self cheer imperialism, keeping g overn over countries with economic benefit such as open limen policy with China.A summary of this article would be Roosevelts changing ideas of how US should flip-flop their foreign policy with insure to the high-power change in the sense of balance of world powers in 1909. My essay shall first-class honours degree examine the load-bearing(a) forelands of the documents including the credibility of the source, reasons why lacquer is a terror and immigration line of works. argue hints to mention would be that the document may be affect by the mentality of whites men supremacy. all(a) things considered, I largely agree with the source and President Roosevelts digest of lacquer as a panic. split 1 Credibility of source The document is a pilot film source, written by Theodore Roosevelt himself at the point of epoch to Senator Knox, giving original evidence in ignitor to our argument. I put one over devil considerations with regard to the sources credibility, the credentials of the author and the season adequate to(p)ness of the events. Theodore Roosevelt as the twenty-sixth president of the united States, contract he mistaken positions at the city, state, and federal levels before elected as president and was likewise awarded the Nobel Peace Prize.As he has a reputation to uphold alongside his reputable titles, on that point is little likeliness of him to be bias in his reports. The attested concerns give actual material in line with the events ha ppening at that point of prison term. It is consecutive that japan has smorgasbordidable military power and considered themselves to be on a full equality after their conquest in the Russo-japanese war in 1904-1905. There was also an immigration problem of lacquerese flocking by the nose candy thousand into the US and atomic number 20 legislature threatens to good day 17 anti- Nipponese measures in 1909. As the ource is based on much concrete evidence as cross referenced with the timeline of events, I can convey that this document is conjectural to a large extent. Paragraph 2 lacquer as a threat At the start of the 20th century, lacquer came to be ideate as a political menace against coupled States, and her immigrants had been seen as a threat to American institution and economic security. Her victory in the Sino- lacquerese fight and Russo- lacquerese War forced Roosevelt to see japan as an equal. Meiji restoration where japan combined western advances with their ow n traditional value subsequently adopting modernization and military conscription.They keep an eye on themselves as being encroached by foreigners under the unequalized treaty system of the unify States thus justifying lacquers expansionistic intents. Examples would be Japan forcing its way finished the Northeast China through the departpower of South Manchurian railway and formal see to it of Manchuria inherited from Russia. In the event of Portsmouth Treaty and the renewal of the Anglo-Japanese alliance in 1905, Japan apply this chance to claim interest in Korea. Roosevelt acknowledge Japans military capabilities and is cautious when dealing with them.His famous bountiful Stick diplomacy can be seen as he uses the sentiment of speaking softly, loving in slumberful negotiation while having a big buzz off, a weapons-grade military. This is evident in the program line treat Japan courteously that she will not be pique more than inevitable and constantly emphasizing the posit of keeping the navy blue at the highest point of energy. Roosevelt stressed harshly upon the need that the Navy require to be satisfying in order to firstly keep Japan at alcove through deterrence theory and secondly able to win wars if the need ever arise to.This shows that Roosevelt took Japan as a menace rattling seriously, and has placed in effect, measures that close out the threat from manifesting. Paragraph 3 Japans immigration problems Since the opening of Japan from its self imposed concealment policy in 1854, scholars have studied on base to acquire Western teachings. The immigration problem manifested once Japanese started immigrating to Hawaii, Canada and US motivated by economic gains and evasion of military services. In the class 1900 al unmatched, 12000 Japanese entered United States and by 1910 the population trebled to a total of 72,517.Although this bought a solution to their train of cheap labour, another set of problems arise in the form o f economic, racial and anti-Japanese agitation. Examples included would be San Francisco School Board implemented segregation of tuition school amongst Japanese and American children, and California legislature passing game offensive legislation aiming at Japanese. This reach knowledge is logical in come acrossing the hearty problems such as a race problem and contest is forecasted if nothing is done to keep them out.He understands that his populate will not permit the Japanese to come in as citizens and will not tolerate their presences. US experienced general anti-Japanese sentiments and this is support from evidence that Roosevelt authoritative insults such as an unpatriotic President, who united with aliens to tally down the purification of his own unpolishedmen by San Francisco Chronicle when he pertinacious to back Japan up against segregation measures by other nations.However Roosevelts reasons was that he did not wish to create tension and friction between the relations of two countries and hope to cover up with their peaceful diplomatic attempts to prevent any misfortune of war. In essence, despite the anti-Japanese agitation of the people with their measures in place, Roosevelt found it straining to openly support them as he hopes to continue their mutual synonymic efforts in diplomacy and restrain from any form of conflict. Paragraph 4 fresh custodys SupremacyAn uncertainty would be that Roosevelt may be slightly bias due to the prevalent widespread ideology of White mens supremacy at that point of time. In the height of imperialism, the poem of The White Mans shoot by Rudyard Kipling bought roughly feelings of superiority and condescending view over the less(prenominal) developed countries in the first place Asia. The Whites have the obligation to rule over the endemical population through colonialization and civilizing mission to educate them. The relationship between US and Japan was pronounced with tensions with regard t o economic and commercial interest over Asia.Roosevelt may view Japan in a negative light such as an aggressor because he felt that only US has a lucid rule and control over China, unlike an outclassed Asian country like Japan However in Roosevelts analysis, the rest of the US has a different impression of Japan. He claims that the second base everything is smooth and pleasant, at that place will be a clamor for a stoppage in the building up of the navy. It can be inferred from Roosevelt that US is easily conceited and once they are in their comfort zone, they will forgot how big a threat Japan possess. ConclusionIn place setting to what we have learnt so far, it is most relevant to our lecture 6 of nicety of High Imperialism Japan. Through the evaluation of this document, we have seen that Western power, US, have acknowledged the cogency of an Asian country, Japan. There have been a change in the balance of global power at that point of time and White Men Supremacy ideolo gy was tested as Japan defeat Russia and China. United States President Roosevelt was forced to issue the whole read/write head of our dealings with the Orient is certain to grow in importance and there was a drastic change of perception of the social construct of the world.He highlighted Japan as a threat of interest and dominion in Asia as well as creation of an immigrant problem of racial contest in Hawaii and parts of US. Roosevelt gave solutions such as immense Stick circumspection of building up the Navy and keeping it strong to deter Japan from attacking them. He stressed that Senator Knox should not inflict his guard during moments of peace and overlook the job of keeping the Navy in its highest point of efficiency as well as controlling the out-migration rate of Japanese into US.I have tested the sources credibility and found it to be largely reliable and largely agree that Japan was a threat to US in the early 1900s and Roosevelt was correct to identify them as one a nd implement solutions to counter their aggression. 1496 words Bibliography Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966) David Cody, The harvest-tide of the British Empire, accessory Professor of English, (Hartwick College Paragraph 4) 1988 Hunt, Lynn, doubting Thomas R. Martin, Barbara H. Rosenwein, R. Po-chia Hsia et al.. The Making of the West, Peoples and Cultures.Vol. C. tertiary ed. Boston Bedford/ St. Martins, 2009. quarry Canada The desexualise Reference handbook (49b) Martin, Gary. Speak restfully And Carry a ample Stick &8212&8212&8212&8212&8212&8212&8212&8212&8212&8212&8212&8212&8212&8212 1 . Mark Canada The Ready Reference Handbook (49b) http//www. uncp. edu/home/canada/work/markport/best/evaluate. htm (Janaury 2001) 2 . Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966), 439 3 . Hunt, Lynn, Thomas R. Martin, Barbara H. Rosenwein, R. Po-chia Hsia et al.. The Making of the West, Peoples and Cultures. Vol . C. 3rd ed.Boston Bedford/ St. Martins, 2009. 712-13. 4 . Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966), 334 5 . Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966), 333 6 . Martin, Gary. Speak Softly And Carry a Big Stick 8 . Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966), 429 9 . Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966), 437 10 . David Cody, The ingathering of the British Empire, refer Professor of English, (Hartwick College Paragraph 4) 1988Theodore Roosevelts the Threat of JapanDocument Theodore RooseveltThe Threat of Japan, 1909 At Mt. Holyoke Introduction For my history assignment, I chose the document Theodore Roosevelts The Threat of Japan. After the Meiji Restoration in 1868, modernization took place, bringing Japan to the height of power equivalent to a western power after defeating both China and Russia. United States was maintaining its polic y of isolationism but was slowly transitioning to self interest imperialism, keeping control over countries with economic benefit such as open door policy with China.A summary of this article would be Roosevelts changing ideas of how US should change their foreign policy with regard to the dynamic change in the balance of world powers in 1909. My essay shall first examine the supporting points of the documents including the credibility of the source, reasons why Japan is a threat and immigration problems. Opposing points to mention would be that the document may be affect by the mentality of whites men supremacy. All things considered, I largely agree with the source and President Roosevelts analysis of Japan as a threat.Paragraph 1 Credibility of source The document is a primary source, written by Theodore Roosevelt himself at the point of time to Senator Knox, giving original evidence in light to our argument. I have two considerations with regard to the sources credibility, the c redentials of the author and the timeliness of the events. Theodore Roosevelt as the 26th president of the United States, have he assumed positions at the city, state, and federal levels before elected as president and was also awarded the Nobel Peace Prize.As he has a reputation to uphold alongside his prestigious titles, there is less likeliness of him to be bias in his reports. The documented concerns give factual material in line with the events happening at that point of time. It is true that Japan has formidable military power and considered themselves to be on a full equality after their victory in the Russo-Japanese war in 1904-1905. There was also an immigration problem of Japanese flocking by the hundred thousand into the US and California legislature threatens to pass 17 anti-Japanese measures in 1909. As the ource is based on much concrete evidence as cross referenced with the timeline of events, I can claim that this document is credible to a large extent. Paragraph 2 J apan as a threat At the start of the 20th century, Japan came to be pictured as a political menace against United States, and her immigrants had been seen as a threat to American institution and economic security. Her victory in the Sino-Japanese War and Russo-Japanese War forced Roosevelt to see Japan as an equal. Meiji restoration where Japan combined Western advances with their own traditional values subsequently adopting modernization and military conscription.They view themselves as being encroached by foreigners under the unequal treaty system of the United States thus justifying Japans expansionistic intents. Examples would be Japan forcing its way through the Northeast China through the ownership of South Manchurian railway and formal control of Manchuria inherited from Russia. In the event of Portsmouth Treaty and the renewal of the Anglo-Japanese alliance in 1905, Japan used this chance to claim interest in Korea. Roosevelt acknowledged Japans military capabilities and is cautious when dealing with them.His famous Big Stick Diplomacy can be seen as he uses the concept of speaking softly, engaging in peaceful negotiation while having a big stick, a strong military. This is evident in the statement treat Japan courteously that she will not be offended more than necessary and constantly emphasizing the need of keeping the Navy at the highest point of efficiency. Roosevelt stressed harshly upon the need that the Navy needs to be strong in order to firstly keep Japan at bay through deterrence theory and secondly able to win wars if the need ever arise to.This shows that Roosevelt took Japan as a menace very seriously, and has placed in effect, measures that prevent the threat from manifesting. Paragraph 3 Japans immigration problems Since the opening of Japan from its self imposed seclusion policy in 1854, scholars have studied aboard to acquire Western teachings. The immigration problem manifested once Japanese started immigrating to Hawaii, Canada and US motivated by economic gains and evasion of military services. In the year 1900 alone, 12000 Japanese entered United States and by 1910 the population trebled to a total of 72,517.Although this bought a solution to their demand of cheap labour, another set of problems arise in the form of economic, racial and anti-Japanese agitation. Examples included would be San Francisco School Board implemented segregation of education school between Japanese and American children, and California legislature passing offensive legislation aiming at Japanese. This background knowledge is coherent in identifying the social problems such as a race problem and contest is forecasted if nothing is done to keep them out.He understands that his people will not permit the Japanese to come in as citizens and will not tolerate their presences. US experienced widespread anti-Japanese sentiments and this is supported from evidence that Roosevelt received insults such as an unpatriotic President, who united with aliens to break down the civilization of his own countrymen by San Francisco Chronicle when he decided to back Japan up against segregation measures by other nations.However Roosevelts reasons was that he did not wish to create tension and friction between the relations of two countries and hope to continue with their peaceful diplomatic attempts to prevent any possibility of war. In essence, despite the anti-Japanese agitation of the people with their measures in place, Roosevelt found it hard to openly support them as he hopes to continue their mutual corresponding efforts in diplomacy and restrain from any form of conflict. Paragraph 4 White Mens SupremacyAn uncertainty would be that Roosevelt may be slightly bias due to the prevalent widespread ideology of White mens supremacy at that point of time. In the height of imperialism, the poem of The White Mans Burden by Rudyard Kipling bought about feelings of superiority and condescending view over the less developed countries mainly Asia. The Whites have the obligation to rule over the indigenous population through colonialization and civilizing mission to educate them. The relationship between US and Japan was marked with tensions with regard to economic and commercial interest over Asia.Roosevelt may view Japan in a negative light such as an aggressor because he felt that only US has a legitimate rule and control over China, unlike an inferior Asian country like Japan However in Roosevelts analysis, the rest of the US has a different impression of Japan. He claims that the moment everything is smooth and pleasant, there will be a clamor for a stoppage in the building up of the navy. It can be inferred from Roosevelt that US is easily conceited and once they are in their comfort zone, they will forgot how big a threat Japan possess. ConclusionIn context to what we have learnt so far, it is most relevant to our lecture 6 of Culture of High Imperialism Japan. Through the evaluation of this document, we have seen that Western power, US, have acknowledged the might of an Asian country, Japan. There have been a change in the balance of global power at that point of time and White Men Supremacy ideology was tested as Japan defeat Russia and China. United States President Roosevelt was forced to recognize the whole question of our dealings with the Orient is certain to grow in importance and there was a drastic change of perception of the social construct of the world.He highlighted Japan as a threat of interest and territory in Asia as well as creation of an immigrant problem of racial contest in Hawaii and parts of US. Roosevelt gave solutions such as Big Stick Diplomacy of building up the Navy and keeping it strong to deter Japan from attacking them. He stressed that Senator Knox should not lower his guard during moments of peace and overlook the job of keeping the Navy in its highest point of efficiency as well as controlling the emigration rate of Japanese into US.I have tested t he sources credibility and found it to be largely reliable and largely agree that Japan was a threat to US in the early 1900s and Roosevelt was correct to identify them as one and implement solutions to counter their aggression. 1496 words Bibliography Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966) David Cody, The growth of the British Empire, Associate Professor of English, (Hartwick College Paragraph 4) 1988 Hunt, Lynn, Thomas R. Martin, Barbara H. Rosenwein, R. Po-chia Hsia et al.. The Making of the West, Peoples and Cultures.Vol. C. 3rd ed. Boston Bedford/ St. Martins, 2009. Mark Canada The Ready Reference Handbook (49b) Martin, Gary. Speak Softly And Carry a Big Stick &8212&8212&8212&8212&8212&8212&8212&8212&8212&8212&8212&8212&8212&8212 1 . Mark Canada The Ready Reference Handbook (49b) http//www. uncp. edu/home/canada/work/markport/best/evaluate. htm (Janaury 2001) 2 . Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966) , 439 3 . Hunt, Lynn, Thomas R. Martin, Barbara H. Rosenwein, R. Po-chia Hsia et al.. The Making of the West, Peoples and Cultures. Vol. C. 3rd ed.Boston Bedford/ St. Martins, 2009. 712-13. 4 . Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966), 334 5 . Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966), 333 6 . Martin, Gary. Speak Softly And Carry a Big Stick 8 . Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966), 429 9 . Chitoshi Yananga, Japan Since Perry (Achron Books Hamden, Connecticut, 1966), 437 10 . David Cody, The growth of the British Empire, Associate Professor of English, (Hartwick College Paragraph 4) 1988

Healthsouth Fraud Essay

An obstacle to Aaron Beams moral sort is when he moved roughly of the businesses start up costs as expenses and list them as capital investments, which inflates the company profit margins. Beam ab initio did this because of the pressure from Scrushy to make the company appear more profitable. Then the wheel continues. The way I understand the meaning of the sure agents argument is that you do what you are instructed to do by your employer regardless. However, I do not believe Aaron Bean could or should have used the loyal agents argument to defend his actions.The only way viable would have been because his boss, Scrushy pressured him into cooking the books so to speak. Based on our text, Beam knew he was stretching the truth because he continued to believe that the investors had to have some kind of knowledge of what he was doing. According to my understanding of the 3 levels of Kohlbergs moral development, I would place Beam in Level two Stage Three Interpersonal Concordance Orientation, based on how he conforms to how Scrushy expects him to act.It is important for a person in this stage to feel good liked and I believe Beam needed that validation I found identifying a stage for Scrushy to be more difficult. Based on the information I would pick Level One Stage cardinal Instrumental and Relative Orientation primarily because Scrushy ultimately gets what he wants. He will use the system or manipulate people to converge his own needs.

Laptop and Samsung

A. administrator Summary This paper is foc employ on Samsung Electronics Co. , and it has four major crossing bloods. digital Media line produces digital electronics for both ain and business uses. telecom line produces variety of winding ph bingles and supply to railway carriers liquid crystal display line produces humdrum screen superintends apply on TVs, cell telephone sets and reckoners. Last, semiconductor units product line produces memory chips used on computers and cell phones. For each product lines, we volition be lecture intimately their history, records of victor, fortunes and opportunities, and recommendations.Lastly, we leave alone give recommendations regarding how the fellowship should develop itself to be to a greater extent attractive to investors. B. Introduction Samsung was founded in 1938 and atomic number 18 located in Seoul, second Korea. The founders name is Byun-Chull Lee. Samsung means three stars in Korean. It started as a trading expor t company. In 1969, they became Samsung Electronics Co. And now it has become one of the largest applied science companies known worldwide (Samsung Electronics, 2011). It is almost known for its flagship products the Galaxy smartphone and its liquid crystal display screens.Samsung became a publicly traded company in 2000. It has four major lines of business, digital Media, Telecommunications, liquid crystal display, and semiconductor units. C. Four Lines of Business 1. Digital Media Digital media is the line of business that consists of all in all of Samsungs digital consumer products, both nursing home and personal use. These products include personal computers, MP3 players, cameras, televisions, and home appliances. Samsung puts forward innovative designs, select world- kick the bucketing products, and power efficient products. Digital media consisted of 37% of all gross gross revenue in 2010 (Sustainability Report, 2012).Samsung Distribution ChannelAs you can elate from the graph below is was the majority of Samsungs sales. In the 1970s, Samsung came bug out with its initiative black and white televisions, washing machines, refrigerators, and by the end of the decade dissimulation televisions. In the 1980s, Samsung was marketing air conditioners, personal computers, and the worlds smallest moving picture tape recorder. Since the 1990s, Samsungs grounding boomed. They came out with the worlds offset digital television, the worlds graduation exercise Blu-ray disc player, the worlds first HD camcorder, and the worlds thinnest television (About Samsung, 2012).Samsung also led the home entertainment business into the 3D market. Digital medias record of success is definitely significant. Its sales numbers have meshd by nigh 4 billion USD. Unfortunately, the profits are in truth low compared to its sales. This is receivable to Samsungs high investment in research and maturation. You can underwrite the difference between sales and profits in the graph shown below. The biggest risk for the digital media line of business is whether the large investments in research and development will pay off against its competing products.Many electronic companies invest heavily in creating better products and imbedding innovative engineering science in them, so the competition is precise high for this line of business. The only way for a company to be successful is initiateting its products in the most consumers hands. So that is why Samsung invests about 6. 2% of keep down sales into research and development (Sustainability Report, 2012). This enables Samsung to ensure that its products are of the best quality, have the most innovative technology, provide convenient and move on features, and have a stylish design.Research and development will al ways be one of the biggest investments of a successful technology company. Samsung should continue its high investments to infrangible its place as the loss leader in technology and innovat ion in this industry. Since Samsung is a global leader in technology, it should use this advantage to lead the rest to the next level of innovation. Samsung has already lead others in the 3D home entertainment business now it has the opportunity to go shape up and create much than advanced products that will lead its consumers to a to a greater extent advanced and convenient lifestyle. 2. TelecommunicationsSamsung Telecommunications is one important line of Samsung Electronics. It is known as Samsung mobile and wireless, which provides a variety of personal and business communications doings, such as mobile phones, tablets, and wireless infrastructure equipments (Samsung, 2011). In 1988, Samsung Electronics merged with telecommunication, which thence became a product line of Samsung Electronics (Company history, 2012. ). In 1986, Samsung released its first reinforced-in car phone, but it failed due to the poor products qualities. But, the company did not give up on telecommunic ation product line.In 1992, Samsung developed its own mobile phone systems. In 1997, they developed worlds smallest CDMA mobile phone (Company history, 2012). Samsung became the leader in the personal communications go market. Samsung Electronics has been successful since the company expended business into global market. Samsung took first step and exported its personal phones to Sprint, an American CDMA carrier, and then Samsung broad into GSM market. The companys phones are compatible with the terminalworks of leading wireless service providers, including AT&T, Sprint Nextel, T-Mobile USA, and Verizon Communications.It has powered Samsungs growth in the telecommunications industry. The bestselling Galaxy S smartphones was launched in 2011. It has been sold more than 20 gazillion units around the world. In 2012, Samsung Electronics was ranked the 17th of global 500 companies by the Financial Times (Samsung yearly report, 2012). By end of second disembowel 2012, Samsung Elec tronics accounted for 330 one million million million or 21. 2% of worldwide demand of mobile phones (Samsung annual report, 2011). (See Fig. 1. ) Fig. 1. Samsung Smartphone Market shares in 2011 19. 9% (Samsung) The major risk was patent law compositors cases.Samsung Electronics has concern with lawsuits in more than 10 countries between Samsung and orchard apple tree (Wingfield, 2012). Opportunity for Samsung is that confederacy with more carriers, which would help Samsung Telecommunication to expand their business and market share. The recommendations for Samsung telecommunication is that focus on unique technology design. I think that will not only help Samsung avoid lawsuits, but also ontogeny the market share and customer royalty. 3. Samsungs LCD Display A liquid crystal display (LCD) is a flat screen monitor that is made of a thin liquid crystal layer in the middle.LCDs are used in many different applications such as, televisions, mobile phones, laptops and computers. LCD screen has been one of the best-selling products of Samsung, yet it comfort faces risks and call for some improvement to attract more customers (Mote, Stansell, & Greenland, 2010). Mote et al. (2010) soil that Samsung created LCD technology in 1991. The LCD panel was first used for laptop computers and showed at a world trade event in Japan. The first LCD display for laptop computer was 9. 3 inches. In 2002, Samsung introduced a 54-inch digital LCD television monitor-the largest LCD television in the world at that time.Today, Samsung is the most famous LCD maker in the global market (Mote, Stansell, & Greenland, 2010). According to About Samsung (2012), Samsung sustained the highest profit among LCD manufactures over the world in 2007. In 2009, Samsung became the first company that sold more than ten million LCD televisions in the first half of the year and more than five million LCD panels per month. Epperson shows that, total segment revenue of LCD was about 62. 6 trilli on U. S dollars in 2011. There were about 330 million shares, and the expense was 1,067 dollars per share.Samsung has also maintain the largest market share in the global LCD televisions from the first empennage of 2011 to the second quarter of 2012 (About Samsung, 2012 Epperson, 2012). (Data collected from www. statista. com) Although the record of success of LCDs attends really outstanding, Samsung is facing many risks. One of the risks that Samsung confronted was about LCD patent infringement. In 2008, nifty filed the suit against Samsung in the U. S. District Court for violating its four patents related to a technology to improve the picture quality of LCDs. Then, sharp expanded the suit to South Korea in December of the same(p) year.Samsung fought back in the same month with lawsuits in Japan and the U. S. For some reasons, Samsung won over Sharp in Japan, but lose the case in the U. S. In 2009 US worldwide Trade Commission began to block Samsung LCD products. Samsung a lso faces determine war from other serious competitors such as LG, Sony, Toshiba, and Panasonic. In standard & scummys Equity Research, Samsungs LCD sales are decreasing due to the very competitive prices other competitors leave consumers (Patel, 2012). Base on LexisNexis faculty member (2012), Samsung just created a forward-looking technology of LCD called Active-matrix OLED (AMOLED).This is another type of flat panel display which is very thin and flexible. Samsung announced that it will use AMOLED to invent a new model of its mobile phone named Youm, and the product will be introduced at the beginning of 2013. This is considered as a bright opportunity for Samsung in the rise to increase its LCD revenues and profits (Samsungs flexible, 2012). (Google images) To overcome risks and be more attractive to investors, Samsung should obtain LCD patent fosterion. For example, when any LCD design is created, Samsung should register for a license or trademark to protect the com pany from copyright.Samsung also need to focus on Research and training investment to create new technology, new products and find out ways to lower the production costs, so they can compete on price with others. 4. Semiconductors The decision of entering the semiconductor business is essential to Samsung. Byung-Chull Lee, the founder of Samsung, recognize how big the high-tech electronics market would be in the future in mid-1970s, and that Samsung has to be a major player. Because of that, he decided to form Samsung Semiconductor and Telecommunications Co. in 1978.However, South Korea is lack of technological expertise, and thats when the South Korean government steps in. The South Korean government required immaterial telecommunications equipment manufacturers to hand out advanced semiconductor technology, in order for them to get access to the South Korean market. (Data collected from IBIS World) Semiconductor is one of the most successful product lines in Samsung. The sales of semiconductor have change magnitude from 32. 6 billion dollars in 2010 to 33. 5 billion dollars in 2011. Moreover, its net income has also increased from 16 million dollars in 2010 to 48 million dollars in 2011.In fact, the companys semiconductor segment consists two major parts memory and LSI (Large-Scale Integration). Like the past 15 years, Samsung has topped the identify in the dynamic random-access memory in 2011 with 42. 2% of shares. For the LSI segment, Samsung produces LCD panels for computer monitors and notebook displays. In 2011, Samsung has about $26. 5 million of revenue from LCD panel business (IBIS world, 2012). One of the biggest customers to Samsungs semiconductor product line is Apple, which is recently considering switching to another semiconductor manufacturer.Losing this huge customer will definitely risk the market position of Samsung, as it is now at the top of the semiconductor manufacturing market. Opportunity for the product line would be its rising d emand. There is a growing demand on semiconductor out in the market. Although the demand of desktop computers is slowing down, which will affect the sales of memory part of semiconductors, demand of tablets and smartphones is raising rapidly, which will lead to a rise in demand of semiconductor (Epperson, 2012). There are still a lot of rooms for the sales of semiconductor to grow.Increasing production of semiconductor due to its raise in demand may not seem hard in the future. Manufacturers are now developing automated production in order to decrease their production cost. Samsung can start increase semiconductors supply to these robots, since those parts will boost the demand for the sophisticated electronics that retain the robots. D. Conclusions and Recommendations for Samsung One of the important recommendations is technology innovation. Samsung Electronics is a high-tech company, which provided support for innovation in the areas of technology.Product lines involved with othe r companies regarding the patent lawsuits. Lawsuits have negatively impacts on companys growth. In order for company to maintain sustainability and quell competitive in the industry, we recommend that the Samsung Electronics should focus on unique technology designs. In that way, it will protect the company from getting sued and attract more customers. Samsung should also increase semiconductors productions by finding opportunities to cooperate and be a supplier to other smaller electronic companies. Again, the company hould invest more in R&D projects, so it can built new technologies and new products in order to compete against its competitors. E. References About Samsung. (2012). embodied profile. Retrieved from http//www. samsung. com/us/aboutsamsung/corporateprofile/ Epperson, L. (2012). Samsung Electronic Co. , Ltd. Hoovers. Retrieved Oct. 27, 2012, from Hoovers database. Mote, D. , Stansell, C. M. , Greenland, P. R. (2010). Samsung Electronics Co. , Ltd. In International Directory of Company Histories, 108, 433-440. Retrieved Oct. 27, 2012, from Gale Virtual Reference Library database. Patel, A. (2012).Samsung Electronics. Standard & Poors Equity Research. Retrieved Oct. 27, 2012, from Net Advantage database. Samsung Electronic. (2011). FY 2011 Annual report. Retrieved from http//www. samsung. com/us/aboutsamsung/ir/newsMain. do. Samsung. (2012). Samsung Company history. Retrieved from http//www. samsung. com/us/aboutsamsung/corporateprofile/history04. html Samsung. (2011a). Samsung 2011 annual report. Retrieved from http//www. samsung. com/us/aboutsamsung/ir/newsMain. do Samsung. (2011b). Samsung Telecommunications. Retrieved from http//www. samsung. com/global/business/telecommunication/productInfo. do? tgrygroup=11&ctgrytype=18&b2bprdid=146 Samsungs flexible AMOLED display codenamed Youm in the works. (2012, April 11). Kashmir Monitor (India). Retrieved Nov. 28, 2012, from LexisNexis Academic database. Sustainability report. (2012). Glob al harmony with people, society, and environment. Retrieved from http//www. samsung. com/aboutsamsung/sustainability/sustainabilityreport Wingfield, N. (2012, August 24). Jury awards $1 billion to Apple in Samsung patent case. The New York Times. Retrieved from http//www. nytimes. com/2012/08/25/technology/jury-reaches-decision-in-apple-samsung-patent-trial. html? _r=0

Literary Analysis “The Kiss”

In the narration The Kiss by Julia Alvarez, we intoxicate a family with four daughters, a stick and mother. The go, who is old-fashioned and strict, has his own ideas of what he wants from his daughters. The daughters except for Sofia, the youngest one, have always done what he has asked for. Sofia does non meet with her sisters and she does what she wants. She runs away with a man, a decision her father cannot exculpate. Although Sofia tries to reconcile with her father with no luck, she lets her father know that she has her own way of thinking.No matter how a lot the father tries to change Sofias way of seeing life, in the remove he could not. Trying to control a person does not cover that the other person will always do what we want. The father of this story is a strong man, trying to control his daughters as if they were small kids. til now when they were grown-ups and married, he always tried to control them. They would gather together, without husbands, would-be husb ands, or bring-home work, the apartment was too small for everyone, the father argued. (Alvarez 416) His daughters will do anything to occupy their father. Even after theyd been married and had their own families and often couldnt delineate it for other occasions, the four daughters always came home for their fathers birthday. (Alvarez 416) They were raised in an old fashion way, and they respect their father. scarce stand up up to their father was a various matter altogether. Even as grown women, they lowered their voices in their fathers earshot when alluding to their bodies pleasure. (Alvarez 416) Sofia was different she had her own way of living and did not agreed with her father. She ran away from her post and since then her relationship with her father was not unattackable.Her father did not forgive her for what she did. And yet, she of all the daughters, did not want to be the absent one because for the premier time since shed run off with her husband six historic period ago, she and her father were on speaking terms. (Alvarez 417) Sofia had always lived her life as she wanted. She had galore(postnominal) boyfriends she also dropped out of school. Her father could not accept her way of living. He found out after searching into her letters that Sofia had an active informal life. For him this was not acceptable. After his initial shock, the father regained his own fury.Are you dragging my good name through the dirt? (Alvarez 418) After six years Sofias father still could not forgive her. Sofia tries to reconcile with him by preparing her fathers birthday party at her house. Sofia prepared everything to please her atomic number 91. But after everything that she did, he would still not forgive her. Sofia let her dad know that she had her own way of doing things and her own way of thinking, and he could not change that after all. After all her had work, she was not to be include in his daughter count. Damn him Shed take her turn and make him know it was herQuickly, she swooped into the circle and gave the old man a wet, open-mouthed kiss in his ear. She ran her tongue in the whorls of his ear and nibbled the tip. (Alvarez 422) Sofia was different from her sisters and her father never true it. I think this made her attitude worse, and when she found out that he would never forgive her, she did not care anymore, and let him know that she would never change. David T. Mitchell comments Throughout the novel, numerous commentators remark on the poor fortune of a family that consists entirely of girlswhat, four girls and no boys? while each daughter struggles to wanton herself from the limitations of a communal designation that strips them of their uniqueness and individuality. Because the label Garcia Girls stands in for the plural identities submerged beneath the faceless anonymity of daughters (who, unlike their male counterparts, do not need to be individuated as distinct human beings) The novels import chapter deals with Sofia, the youngest of the sisters, who leaves home when she gets pregnant on a vacation trip to siemens America, and then goes to Germany to convince the babys father to marry her.Although the couple returns to the U. S. with the baby, the result of this defame on the familys honor is almost complete silence their father does not mention Sofias name for months, and even after a reconciliation of sorts the deuce rarely speak. (Castells)

Income and Wealth Equality Essay

Discuss whether the most effective charge to micturate income and wealthinessiness equality is to impose income to a greater extent progressively. Income is a st satisfactory flow of bills, a great deal a salary, which soulfulness fields for but this break short alike be made through interest on savings. This flow of money is a great deal very unequal from person to person due to affiance differentials, this thus holds inequality. Wealth on the other hand is a stock of as primed(p)s which have a market value, which may change over time e.g. houses or cars. These ar much inherited but raft be bought by nearone through their income. Wealth and income often anchor together moreover someone who is wealthy doesnt always have a self-aggrandizing income. Their relationship with inequality is also very different with a assign more inequality found in wealth as a fifth of wealth is concentrated among the richest one per cent of households however thither is still som e in income.One way the disposal can stop this inequality is through a progressive taxation governing body that aims to tax the poorest lot very light but make the money up by onerous the richer. This would work at several boundaries with someone income being taxed higher when it exceeds a certain limit. This then requires equality as the richer the great unwashed have less money and the poorer have more from non paying tax and then the unemployed get benefits. This then scale downs the budget deficit as the tax payers pay for bulk benefits, helping to reduce the class carcass. as yet one problem with this is that it may cause the highest earners to lead the country to avoid paying tax and companies moving their headquarters oversea where they will pay less tax. This happened in the 70s with the rolling stones but is also happening with corporations such Amazon and Costa and this something that may happen more if the richer are taxed too much.This is also taking money out of the deliverance as they spend their money abroad, out of the flow of income in the UK. other problem with this system is that it creates the poverty trap. A type of government failure, this is when in that location is no incentive for people to get off benefits as they wont make any more money. To stop this there may need to be a re-evaluation of the system as the alternate ratio is too high. This can also create poor attitudes, with generations of people not working. This is also found in the work place with some people refusing pay rises as they will have to pay more money in tax as they go through a tax boundary. However more recently this has happened with child benefits asthese are being reduced depending on how much someone earns another evidence why someone would refuse a pay rise.Wealth is often harder to tax however it is often caused by income so the tax system previously described may be used to reduce wealth and thus stopping inequality. This system can also be found in wealth though, with inheritance tax being used progressively. For character any money above 325,000 is taxed at 40%. This then creates a source of revenue for the government but also stops people inheriting huge sums of money, stopping inequality.However this system has its flaws as the tax has to be paid first, it could also be implored as unfair as someone who works for their money is entitled to communicate it to who they want, especially as it was already taxed when it was earned. This system has also caused many pensioners to move abroad where what they leave is taxed less. The money inherited is also often used by entrepreneurs to pedigree businesses so the system may also reduce the possibility for future day in income tax. This systems also sonly raises 2.9bn a year, a mere 0.18% of GDP, which sometimes ends up being spent on court cases as people argue against the system.One alternative system for reducing inequality is by providing incentives for people to ge t into work. This could be done by changing the minimum wage as it would reduce the replacement ratio. This can also be achieved by reducing the unemployment benefits or making them harder to get. Reducing benefits would also lower the budget deficit as the government can save money. However this could be hard on people who genuinely cant work due to long term illness or disability. Another way of increasing the work force is by increasing spending on training of workers but also in the education system. This will create better skilled and qualified workers, allowing them to make more money and freehanded them more lineage opportunities.This type of supply side policy can be expensive but there should be future benefits as their will be more money made from income tax. They would also create job opportunities for teachers or other people to teach skills. Other examples of this embroil apprenticeships and part time work schemes that together should create a job for everyone, reduc ing the tax bill. However they wont work for everyone as there is always someone who will be left crapper and It may also be hard to change the mind set of people who are used to not working. These types of policies would also all stop inequality as the poorer people would have employment opportunities giving them a higher source of income.However there are very little alternatives to redistribute wealth as it is impossible to give people items of value as those who are in poverty often dont even have a house. The government may be able to provide schemes for people to work for their homes and other areas of wealth. It is also hard for them to stupefy things of wealth at an affordable rate especially as it is usually found through work done by relatives. This is why it is incredible to be done as it wouldnt be very sustainable and effective however in theory the re distribution of wealth could be done.In conclusion the progressive tax system has its benefits as it provides a sim ple way of reducing inequality by taxing the rich and giving the poor money, bringing them closer financially. However in my opinion the system is the easy solution with short term benefits sort of than long term gains that might happen through providing incentives rather than disincentives for people. However the problem with wealth is greater as it cant be easily moved but through redistributing income wealth will whence be redistributed as ultimately income is the main cause of wealth.

The Credit Rating Agencies, Their Role in the Financial Crisis?

End of Studies Thesis What is the affair of the character place agencies, which part did they play in the late(a) m 1tary Crisis and how support their efficiency be repaird? Thesis Supervisor David Menival Emmeline Beauch vitamin A rack Franco- US March 2013 Ack straight off directgments I would low hackneyedised to give give thankss RMS and oddly the CESEM to cook taught me a chaw, helped me to grow and open up and gave me this incredible luck of studying twain years in the united States. N angiotensin-converting enzyme(a) of this phenomenal experience would slang been possible without them.I would in addition like to thank northeastern University for exclusivelyowing me to discover a in the buff culture and a diametric educating arrangement. It extravagantly had a horrible accustom in my future accomplishment and professed(prenominal) c beer. In addition, I would like to thank solely the professors I had during these quartette years of studying, whether it is at CESEM or at Northeastern University. They do this voyage rase to a greater completion profit up to(p) and enjoy up to(p). I would excessively like to thank David Menival, my thesis supervisor, who accepted to work with me on this project.Finally, I would like to thank my p bents for eer and a day supporting my choices and being close to me when I requisite them. They rescue been my guides and manakins in life and hold always encouraged me to be posture out and push myself. Tcapable of Content Introduction4 I. authoritativeisation rank Agencies map and methods5 1) memoir5 2) Role and methods7 3) The Is fulfilr-Payer beat 9 II. The character reference range Agencies and the pecuniary Crisis is the thermometer ac existledgemen iirthy for(p) for the fever? 12 1) Background of the pecuniary Crisis12 2) address military measure out Agency argon non richly answerable 14 ) plainly they could get through wear out17 III. What is next? 20 1) Lessons wise(p) from the crisis 20 2) Regularization of the existing faith station formation 21 3) A freshly constitute lay out brass23 4) intro of untested Credit place Agency24 Conclusion26 awards27 Bibliography32 Introduction A trust range style is a caller whose subroutine is to try the default happen of a espouseer, whether it is a private or world company or a State. Since 1909, when blues emitted its first place, the component part of the Credit rate Agencies has considerably evolved and the methods apply have mitigated.Even though their places do non key out debaseing or manageing recommendations, they rapidly gained an almost biblical potentiality. Since the 1980s, the realisation judge agencies have, therefore, become a reference for layors that want to delay the honorable mentionworthiness of an entity. Their evaluations operate investors behaviors and they atomic number 18 in impartly involved in the future of a State or co mpany. After several economic meltdowns and the recent pecuniary crisis, the three big Credit rank Agencies have been the c show of assistance.Is their methodological analysis appropriate to evaluate the quoteworthiness of an entity? Does the issuer- fabricateer gravel insure the stovepipe transparence? Their role and implications in the crisis have been meticulously examined and their functioning system has been incertitudeed. Although their role in the crisis in undeniable, are the only responsible of the crisis? The system was defaulting and the predictions of the consultation rate agencies turned out to be wrong. Which modifications should we bring to the system to base it more than than transparent and efficient?These are the questions we pass on try to answer end-to-end this thesis. I. Credit ranges agencies role and methods Credit Ratings agencies, entity silence little hit the sack distant the fiscal communities two years ago, found themselves at the ce nter of attention with the subprime crisis. If e rattlingone more or little gets, now, familiar with what a recognize rate superpower is, people usually do non know what are the origins of this business, its rationale and its make posture. 1) HistoryThe influence of the three main mention military rank agencies (Moodys, regular & uglys and Fitch Ratings) was build shade by step since their inception, in the early 1900s. Historically, the grades issued by the agencies did non have more value than the ones given by analysts or economic experts. They acquired this grumpy status when legislators and regulators attri simplyed them a bigger place in their systems. The development of railroads companies pronounced the origin of these wide-ranging three slightly. These railroad companies were indeed fluctuating and needed nvestments to set up their infrastructures. As investors were concerned and questioned their capacity to reimburse their debts, total heat Varnum r idiculous published, in 1860, around monetary information regarding the creditworthiness of those companies in social club to help investors make their closing. Later on, in 1900, John Moody would to a fault start publishing economic data on these companies and finally, in 1909, J. Moody gave his first grades close to railroad companies in Moodys Analyses of Railroad investings by attri justing a letter to distributively of them the credit grade was born.This system was progressively espouse by others credit rating agencies much(prenominal) as Fitch make Company, founded in 1913 by John Knowles Fitch, which would later be cognise as Fitch Ratings. Finally, Less than thirty years later, the credit rating authorisation mensuration & Poors is ca-cad aft(prenominal) the merger of the Standards Statistic Bureau and the Poors Publishing Company. The development of the ratings is steamy by several factors. First, its goal is to offer a dish up for investors by providi ng useful information that will help them in their decision-making process.In addition, the relative man-sized size of the Ameri rotter territory warn investors to search for information, they would rather pay for it than waste cartridge clip accounting for it. moreover, the repercussions of the 1929 fiscal crisis and the consequences of the institution War II, loose supremacy to the Economy of the United States, in addition favored the expansion of the theory of rating. In 1970, after the failure of Penn Central Railroad, the first doubts regarding the in faceence of the credit rating agencies appeared. This was the first time that the reliability and seriousness of the ratings were questioned.In modulate to regenerate the value of the ratings, the moment (Securities Exchange commitment) created, in 1975, the Nationally Recognized statistical Rating Organization (NRSRO) designation. The goal was to standardize and formalize the ratings regarding brokerage firms and b anks with their pileus ratios. At that time, seven agencies acquireed the NRSRO designation. In 1990, after several novel mergers, the matter of NRSRO was only of three Moodys investor service, Standard and Poors and Fitch Ratings. In 2003, the Canadian chest Dominion Bond Ratings service Ltd similarly ained the status of NRSRO, followed by A. M Best Company in 2005. In June 2003, after the disorders caused by the bankruptcy of the company Enron, the mandate of the credit rating agencies and their NRSRO status needed to be examined. Multiple comprehends on the role compete by the agencies in this case were published. Even though investors mixed-up corporate trust in them, they all agreed that they should go by the NRSRO status. In 2006, after years of critics toward the credit rating agencies, the functioning curbs of the NRSROs were modified and the Credit Rating Agency Reform Act was promulgated.The object glass was to regulate the internal decision process of the cr edit rating agencies while forbidding the SEC to misrepresent the rating system of NRSROs. Right after, in 2007, three more companies were added to the heed of NRSROs Japan Credit Rating Ltd, Rating & Investment schooling Inc. and Egan-Jones Rating Company. Since April 2011, the list of agencies that received the NRSRO status counts ten names (See break 1, varlet 27). Finally, in July 2010, the DoddFrank Wall Street Reform and Consumer apology Act built the control over the ratings practices.This included a drop-off of the negates of busy regarding the ratings of structured products and decreased dependence on ratings. It to a fault allowed investors to sue a credit rating agency in case of wangle or reckless rating. For decades, the three main agencies, Moodys, Standard and Poors and Fitch Ratings, have been controlling the mart, as high barriers to enter exist. The major ones are the importance of the reputation and the investors confidence in their ratings. Since the ir creation, these agencies have distinguished themselves with a particular role and specific methods. ) Role and Methods The Credit Rating Agencies evaluate the creditworthiness of debtors. Ratings skunk concern a company as sound as a particular emission or securitization or any pecuniary debt. They are usually solicited by the debt issuer but fuel also be attributed, if non-requested, after collecting ordinary information. Credit Rating Agencies enjoyed a purify reputation and an essential role in the funding of economies. Over time, regulators, for practical reasons, tried more and more to impose the use of the notation in the investors monetary backing.This long-term trend follows upon the systematic financing by the groceryplace, whether it is in a simplistic formulation taking the shape of debenture or assimilated loans or new products where the insecurity of defect is hard to espouse because it is diffuse in complex financing methods much(prenominal) as the securitizations. Credit Rating Agencies have the role of processing the information for financial markets. They compound the information for market needs and the investors seemed to excessively grant their confidence to this information.Investors pay close attention to any modifications in ratings or to any entities placed under observation. The ratings issued by the credit rating agencies have a trustworthy value. Since investors usually do not take the time to look for information regarding a company or a State, they based their enthronement funds choices upon the rating given by the credit rating agencies. Therefore, the role of the credit rating agencies is essential. Basically, these agencies summarize all information available active a company or State and turn it into a rating that will then influence the future of an entity.However, it is necessary to underline that the ratings given are not bribeing or staging recommendations, they are only an military rank of t he creditworthiness of an entity, at a defined time, and statically calculated. Next to this informative participation, credit rating agencies contribute to the management of portfolios by giving advice to the investors via the medium-term orientations emitted with the rating. If a company tries to pay itself, the received range will be ascertain for the conditions of the operation.Whether it is by financing through banks or by issuing bonds on the market, the more the ramble will be raised, the more the company will be able to find cheap gold at low inte relief rates. On the other hand, a frightful grade will imply higher(prenominal) occupy rates and difficulties to find financing. The difference of levels amongst both invade rates will constitute the risk premium. This problem becomes particularly meaning(a) for companies or States located within the speculative category. Major institutional investors do not want, indeed, to take the risk and, therefore, do not invest on these kinds of values. However, the rating is ot fixed and fluctuates end-to-end the life of the bonds. A decrease of the rating gage lower the price of the bond. Likewise, a raise of the rating fecal matter be associated to an increased price of the bond. In order to correctly modulate the default risk, Credit Rating Agencies use diverse quantitative and soft criteria that they translate into a grade. Credit Rating Agencies distinguish two types of ratings terse and long-term the traditional rating that applies to loans emitted on the market and the reference rating that measures the risk of counterparty for the investor represented by this issuer.When evaluating the financial risk, credit rating agencies first take into affection purely financial numbers such as the profitability, the return on investment, the level of cash flows and debt, the financial flexibility and the liquidity. More and more, the agencies integrate non-quantitative elements such as the governance, th e social responsibility of the company and its strategy. It is also necessary to highlight the fact that the rating is usually associated with medium-term orientation, allowing to fail visualise the future trend regarding the quality of the issuer.In nearly cases, a borrower can be placed under observation. The main steps in a companys life (mergers, acquisitions, big investments) are indeed, likely to influence and modify their structure. Credit rating agencies, subject to preserving the confidentiality of the received information and avoiding cases of insider trading, can have insider information on the financial state and the future prospects of the analyse issuer, while reducing the cost of collection and data processing. They distinguish themselves from financial analysts, who, in principle, only have access to the ordinary information.Even if they can eudaimonia from insider information on behalf of issuers, they are dependent on the information provided by these issuers . Each Credit Rating Agency possesses its own rating system. In broad outline, grades are established from A to D with intermediary levels. Thus, the lift out grade is AAA, then AA and A for Standard and Poors or Aa, A, etc. for Moodys. In addition, we can also find talk terms ratings a + or a - but also a 1 or a 2 can indeed be added to the grade (e. g. AA+, A-, Aa2, etc. ).This allows a better and more precise classification of borrowers. These different ratings can be divided in two groups the first category, soaring Grade includes all ratings amidst AAA and BBB and the second category, also known as speculative, for inferior grades. (See designate 2, page 28) The biggest advantage of this system is to provide information at low costs for potential investors. give thanks to an easily understandable grade, but incorporating a vast amount of information, investors can rapidly have an idea of the creditworthiness of a borrower.The ratings issued by these agencies are a more a nd more useful tool in the decision-making process of investors facial expression for pertinent information. Current commandment obliges them to certify published information. As we have previously seen with the United States or Greece, the market strongly reacts and or sotimes irrationally to any modification of a rating or to a simple announcement of a hypothetical revision. Credit Rating agencies have a real influence on markets. The impact of their decision on issuers and investors is decisive.On the contrary, an excessive re do was completely predictable in front of their incapacity to call the financial crises of these concluding decades. 3) The issuer-payer model For more than half a century, investors that stipendiary to book financial information about loan issuers financed the credit rating agencies. Thus, companies, local communities, States were given a rating, without asking for one or without their consents, but to answer to requests from bankers or investors th at were holding these funds.Naturally, these non-requested ratings were only based on public information concerning such or such company. The Credit Rating Agencies sell their publications to bankers and swell holders who were smell for potential adequate investments. In addition to selling these manuals, the credit rating agencies could also offer others services to investors (weekly information about financial results of rated companies, actualization of the ratings, recommendations and advices of purchase and/or sell).However, the agencies will lose many profits as some investors managed to have the information and the manuals without paying for them. As from the counterbalance of the 1970s, Credit Rating Agencies started to charge their services to the issuers of bonded debt. This is the issuer-payer model. These issuers of debt (Companies or communities tone for investment) began to more and more directly solicit the agencies in order to obtain a rating. They believed that this rating would reassure investors during a slowdown of economic growth.Thus, from now on, it is more often the issuers of debts that will request a rating from the credit rating agencies to get an evaluation from them that would allow them to access to credit. This approach contributed widely to consolidate the place of the Credit Rating agencies and to legitimize their intervention. In fact, this translates easily a swing of the balance of power between those who look for funds to invest in industrial projects and those who hold funds, while waiting for the best yield at the slightest risk.In a world highly regulated by finance, where pensioners and holders of capital are in a strong position, and where industrial and direct investors are in a position of requestors, it is now, more often, issuers who wish to borrow and will ask to be noted, that will pay the credit rating agencies for their services. This shift from an investor-payer model to an issuer-payer model compromise d the independence of the credit rating agencies. In fact, in 2011, only 10% of the revenue of the agencies came from funds holders who cute to know more about the validity, the risk and the potential profitability of an investment.From now on, the ones looking for capital are the ones financing 90% the credit rating agencies. The issuer-payer model strongly modifies the web site of the credit rating agencies. In this bit, the rating agency is used, and paid, by the market player who wishes to be noted to then be able to hope to obtain capital on financial markets. The question of the independence of the agency in its rating process is then very directly put the rating agency will be disposed(p) to note well a company which pays her to then try to obtain capital in near(a) conditions on behalf of miscellaneous investors.However, the market has faith in this independence since a credit rating agency has to entertain its reputation, and thence an agency could not take the risk o f over evaluating one of its customers by aid of losing its credibility and thus all business. Credit Rating Agencies seem, indeed, more and more subjected to conflicts of affaires, which decrease their reliability. The issuers pay the agencies to be noted, while credit rating agencies need the revenues from these same issuers. Besides, more and more often, the credit rating agencies mix two activities consulting and rating.Therefore, in addition to evaluating a company, an agency also advises on incumbent operations. A study for the SEC in 2008 revealed that some analysts from certain agencies participated in meetings between investors and issuers in which commission and rating were fixed. These conflict of interest generated criticisms and accusations against credit rating agencies and especially during the recent financial crisis. As the credit rating agencies were essential and indispensable to any players on the market that wanted either to invest or to find capital, they we re at the content of the upheaval.II. The Credit Rating Agencies and the monetary Crisis is the thermometer responsible for the fever? In order to determine the responsibility that the credit rating agencies have in the financial crisis of 2008, it is necessary to understand how the crisis happened, which events punctuated it and what has been the behavior of the rating agencies throughout the crisis. 1) Background of the fiscal Crisis Everything started when the American housing market suddenly collapsed after a plastered rise in the 2000 years.To finance their consumption and acquisition of a house, American households did not hesitate to get into very high debts. The market was roaring so there was a trust in the ability to get its money binding with a substantial profit. As counterparty, they pawn their properties. This was a guaranty for banks to be paid because if the borrower could not reimburse what he owed, his position would be sold to honor his debt. When the phenom enon grows and affects a large number of households, the sales event of their property causes the collapse of the value of the property.The downturn of the housing market was reinforced by the subprime system. Since 2002, the American Federal Reserve, which encouraged easy credit to get ahead the economy, allowed millions of households to become homeowners thanks to premium loans called subprime, with variable interest rates that can r severally 18% after three years. These interest rates are fixed match to the value of the property the greater the value, the lower the rate and vice versa. That is what happened when the housing market collapsed in the United States in the beginning of 2007.Households, lacking of ways to reimburse their debts to lenders, have caused the bankruptcy of several credit institutions that could not repay themselves since even when taking on the property, this one has a lower value than initially. Finally, banks were also touched by this phenomenon. They have indeed been numerous to invest in these lend institutions. Nevertheless, immediately, invested funds are gone. In order to compensate these losses on the housing market, banks were forced to sell their shares, slip bying to a decrease of their values on the financial markets.The crisis quickly expanded in Europe, where major European banks such as Dexia in France and Benelux or IKB in Germany lost a fair part of their investments. Besides, the bankruptcy of several European banks led to a confidence crisis on European financial markets. curses have doubts about each others defilement by the subprime crisis and therefore, to be cautious, refused to lend money. Since planetary banks are linked to each other through financial agreements, the crisis rapidly extended, to reach Asia during the summer 2007.Only one termination seemed conceivable for banking institutions to face this lack of liquidity sell their shares and bonds. This truehearted and quick intervention caused a sharp drop in pedigree value and all the European declivity markets were affected (See Exhibits 3 and 4, page 29-30). In order to appease the crisis on the markets but also to earnest out banks, the American Federal Reserve ( cater) and the Central European Bank (CEB) decided to inject liquidity in the monetary system, hoping to gain back the confidence of investors to help stabilize the situation.On 9 August 2007, the CEB acted first by making available 94. 8 one million million euros to banks, followed shortly by the FED which injected $24 billion to appease the spirits of investors. However, markets initially misinterpreted the message, considering their involvement as a sign of weakness. The next day, the CEB injected again 61 billion euros and the FED, $35 billion, but the markets felt down again. Finally, on August 13, 2007, the same action was repeated and the monetary market as well as stock markets around the world kept their heads above water.While it seemed like th e financial crisis was washy away at the end of 2007, a second wave of crisis appeared from the banking sphere at the beginning of 2008. This was due to the creation of new products such as residential mortgage-backed securities (RMBS), Asset-backed Securities (ABS). In fact, credit risk, such as subprime mortgages, were pooled and backed by other assets, more or less risky, in Collateralized Debt Obligations (CDO) (See Exhibit 5, pages 31). These clusters of bewildered debts were then sold on the stock metamorphose by the issuer, like shares of a company could be given up.This results in the transfer of the risk of non-payment from issuers of mortgages to financial institutions in particular banks, major consumers of CDO. In order to invest on the CDO market, some financial organisms went even further and created Structured Investment Vehicles (SIV) that did not have to respect the usual rules of prudence of the banking system. This amplified the risks taken and losses impacted on the performance of the bank. early(a) new products were also created such as Credit Default Swap (CDS), an insurance contract between two entities against a risk faced by one of two entities, such as the non-payment of a debt.The price of the CDS reflects the confidence in a particular issuer of a debt and is the basis for determining the value of the product of the debt. The crisis took a new dimension on September 15, 2008 with the bankruptcy of Lehman Brothers and AIG (narrowly saved by the Fed), as well as several American and European banks (HBOS in United Kingdom, Fortis in Europe, Dexia in France and Belgium, etc. ). This international and financial crisis motionlessness has repercussions on todays stock markets and the end of the tunnel seems cold away. The question raised here is the role played by the Credit Rating agencies in the crisis.Are they the only ones to lodge for anything that happened? Are the actions intended by the rating agencies responsible for the c risis? 2) The credit Rating Agencies are not fully responsible Ever since the crisis, the credit rating agencies have been easy targets to blame for what happened in 2007 and the years after. Effectively they did not anticipate the downturn of the market, they act to attribute cracking rating to banking institutions already hurt by the crisis with an increase book of bad loans or bad papers that banks will have to deleverage.Many criticisms have been emitted about toward them. However, it is important to point out that they are not the ones and only responsible for what happened. They did not have power over a lot of factors that went wrong, and for that they cannot be the only to take the fault in the financial crisis. The thermometer could not be responsible for the fever. First of all, they are not responsible for the bankers or mortgage brokers who gave loans unwisely. These institutions lacked of common sense and thinking when offering credits.Banks and managers dead knew th at unemployed borrowers would neer be able to reimburse their mortgages. They have, indeed, disproportionately unresolved the gates of credit by taking for guarantee, when they did take some, the increase of real estate prices or their trust in the growth of the economy. They thought that they could make benefits if the debtor did not pay, as they believed that they could force the sale of the house for a higher price. However, real estate prices always end up passing game down and the economy is fluctuating.In an attempt to reduce the risk of these new kinds of loans, banks used securitization they transformed these loans and resold them on the stock market. Therefore, mortgages securitizers are also to blame. Some companies such as Washington Mutual, Morgan Stanley or Bank of America were mortgages originators as well as mortgage securitizers, other like Goldman Sachs, Lehman Brothers and Bears Stearns bought mortgages directly to subprime lenders and pooled them together to re sell them to investors. However, as soon as a debtor was not able to pay back his mortgages, the security became toxic and had no more value.Nevertheless, this was not the last step. Some banks would buy and bundled mortgage backed-securities into collateralized debt obligations, composed of different levels of risk. The creators of these new financial products are also responsible for the crisis. They bet against these risky CDOs by using credit default swap. (See exhibit 5) Government Sponsored Enterprises (GSEs) could also be blame for what happened. They indeed, control the mortgage market. When a bank or a mortgage broker wanted to take off his books a loan, it could sell it to a GSE, which led to a higher number of mortgages.Fannie Mae and Freddie Mac are the two major GSEs. Alone, they own or guarantee half of the current mortgages. With their government activity status, investors can buy those bonds while asking for a low interest rate in return, as federal government bond s have the safest credit rating in the world. As long as debtors paid back their mortgages, Fannie Mae and Freddie Mac would be able to pay their creditors too. However, as these loans where often given out, even to people we knew could not reimburse, GSEs had to assume the risk. Therefore, we could also say that investors could be blamed for the role they played.They bought and invest in financial products they did not know about. They should have conducted researches about what they were purchasing and should have known these were subprime and meant a higher risk of non-payment. However, we have to see the bigger picture. At that time, banks received pressure from higher instances to encourage homeownership and so, to grant loans to the poorest population. The government wanted households with a less comfortable life to be able to buy their own house. The pressure that was put on the banks forced them to give mortgages to debtors that would ikely not pay back. This being said, bor rowers are also responsible for contracting loans that they pertinently knew they could not afford. Moreover, the credit rating agencies are also not responsible for the debt of the countries. They have often been accused to do be the reason for the shortfall of some countries such as Greece. Nevertheless, Greece has always had a huge deficit. They never had a break-even budget in 150 years, and governments from left to right parties systematically laid about the finance of the awkward.In addition, the national sport is not the Greco/ papist wrestling or the Marathon but how to avoid paying taxes zilch in which the rating agencies were involved. Furthermore, regulators could have also done a better job to prevent the crisis. In the United States, several regulators exist and each of them has a specific area of expertise. The regulation of the banking sector is shared between the Federal Reserve (Fed), the Office of the Comptroller of the Currency (OCC), the Federal define Insura nce Corporation (which guarantees the deposits of bank customers) and the Office of the Thrift Supervision (OTS).There is also The Securities and Exchange Commission (SEC) that is responsible for the supervision of stock exchanges. The financial manufacturing Regulatory Authority provides the regulation of brokerage activities. Finally, the Commodity Futures Trading Commission (CFTC) insures the regulation of futures and options markets. This various regulators could have acted to appease the situation. The SEC could have, indeed, regulate lending practices at banks and force them to keep more capital reserves in case of losses.The Federal Reserve could have contained the housing bubble by setting safer mortgages lending standards, which it failed to do and especially when Alan Greenspan who was the head of the FED, refused to emend the interrogatory of the subprime mortgage market. Finally, according to the Financial Crisis Inquiry Report, executives in the main investment bank s did not hold enough capital to be fully defend against losses. Some companies, such as Lehman brothers or Citigroup would just hide bad investments off their books.It is mainly a problem related to the liquidity crisis that led to the bankruptcy of Lehman Brothers. Lehman Brothers, indeed, financed itself on the short-term and lend on the long-term. When the source of the financing dried up (banks did not trust each others by fear of not being paid off), Lehman found himself stuck and was enabled to face its commitments. If the credit rating agencies were not responsible for the mortgage originators or securitizers, the creation of the CDO, the regulators or the executives of the investment banks, they surely played a tremendous role in the crisis ) But they could have done better The credit rating agencies are responsible for a lot in the financial crisis. some(prenominal) aspects of their business as well as the actions they have done have been pointed out as the main cause of the crisis. First of all, the pertinence of their business model was questioned, among others the oligopolistic situation of the market and the conflict of interest created by the issuer-payer model. The Big deuce-ace (Standard & Poors, Moodys and Fitch Ratings) generate 95% of the $6 billion market that the rating business represents.These three agencies dominate the market and adopt similar methodologies and practices. The business model of the rating agencies establishes itself on the independence and the credibility granted by the financial markets and the authorities of supervision. That is why, in the absence of statutory reforms and / or of the desertion of numerous customers, the leadership of the Big Three will be maintained, valueed by strong barriers of entry (reforms difficult to set up and loyalty of issuers often connected to the heaviness of the rating process).Besides, the oligopolistic situation is strengthened by a consolidation, on the initiative and thus f or the benefit of the Big Three. So, Fitch acquired in June 2000 the fourth American rating agency, Duff and Phelps, and in December 2000 Thomson BankWatch. At the beginning of 2006, Fimalac gave up 20 % of Fitch Group (who, herself, holds Fitch Ratings, Fitch Training and Algorithmics, this last company having been acquired in 2005) to Hearst Corporation. Likewise, the French subsidiary of Standard & Poors acquired ADEF (Agency of Financial Evaluation).Another reason why the credit rating agencies played an important role in the financial crisis is because of the conflicts of interest they were facing with the issuers. If some say that these conflicts of interest were of minor importance since there are always conflicts of interest in relationships, in that case, it had serious consequences on the global economy, as they are one of the causes of the subprime crisis in 2008. It is, indeed, the issuer that pays the rating agency so that this one estimates its capacity to pay off i ts debt.It is thus relevant to wonder about the partiality and the objectivity of the rating agencies which find themselves at the same time judge and judged and which can be inclined to note well its customers to keep their market share. Besides, the transparency that the rating agencies show in their methodologies and during their changes of ratings is unreliable as far as these sudden reversals seemed to have destabilized the markets. The three major credit rating agencies also contribute to worsen the financial crisis by their practices. They were, indeed, a key factor in the financial meltdown.They attributed a rating to any products offered on the stock market. Even mortgage-related securities received a good grade, which made it easier to market and sell them. As we have seen previously, the ratings that they gave had an almost biblical function, so investors trusted the rating agencies to be fair and to give relevant grade to each product and did not conduct further prob e regarding their investment. Credit Rating Agencies were necessary to the mortgage-backed securities market each actor in the process needed them The issuers, to approve the structure of their deal The banks, to determine what capital to hold The investors, to know what to buy Since 1970, when the credit rating agencies got the status of NRSRO, the SEC decided to base the capital requirements for banks on the grades given by the rating agencies. This is also included into the banking capital regulations as the recourse rule, which allows banks to hold less capital for higher-rated securities. The SEC also prevented money market funds to buy securities that did not receive ratings from at least two NRSROs.Without these good ratings, banks would not have been able to place these financial products so easily onto financial markets, and the investors would have never bought them. Theirs ratings helped the market to go up rapidly and their rates between 2007 and 2008 wreaked havoc ac ross markets and firms. These ratings, especially the ones for the mortgage-backed securities, appeared to have been very optimistic. But what we could observe, throughout the crisis, is the gregarious reflex of the credit rating agencies.They usually agreed on the ratings and when one of them downgraded a security, a company or even a State, the others would usually follow and did the same thing. As we have seen, the Credit Rating Agencies have indeed played an important role in the financial crisis. However, they are not the only one to blame. Thus, we can say that the thermometer is not responsible for the crisis but it could have given a better temperature of the situation. III. What is next? As we discussed, the credit rating agencies have been criticized a lot during the crisis and some flaws of them have been pointed out.In order to improve their efficiency, it is important to understand what we have learned from the crisis and then propose a better regulation or an choice to the Big Three. 1) Lessons learned from the Financial Crisis The first lesson learned from the crisis is the impact of the globalization of financial markets. This has linked countries together in a greater extent than they were before. That is why, in todays economy, any crisis that hits a main field or group of countries will have repercussion on all other countries. The financial crisis of 2008, started in the United States with the subprime bubble.Then it grew bigger and affected the rest of the world almost immediately compared to the 1929 crisis which also had worldwide impact but more gradually. We have to keep into consideration this new factor and cod that globalization plays an important role in the current worldwide economy. In addition, a state and its financial system need to be better prepared to face the crisis, in order to limit economic and financial damages. This content having a sound and well-regulated environment, keeping its inflation rate low, its exchange rate flexible, and its debt position sustainable.By doing that, a country would limit its vulnerability in front of any financial crisis. Moreover, the country should use fiscal and monetary policies to be able react quickly in case of outside(a) shocks. Another lesson learned is the question of the financial supervision. The global crisis is a crisis of confidence, which must(prenominal) impose rules on investment in the financial market, such as CDS (Credit Default Swaps) and short-selling of securities, clearing of OTC derivatives to reduce risks, CSD (Central settlement and Depository) regulation to protect investors and also Hedge Funds transparency.In macroeconomics, monitoring means imposing laws and rules on a structure with what is called the invisible hand. In our case, the invisible hand is the World Bank and the International Monetary Fund and the States, which have full power to intervene and better regulate transactions in the financial markets. This crisis also rev ealed some weaknesses regarding risk planning. Research based on various methods, including country case studies, confirmed that the more the planning is important, the more the quality of the financial services of a country is raised and more the financial intermediation is efficient.The planning of the risks led a certain number of countries to revise their financial structures to adapt itself to the global economic transformations. Finally, we can say that every good thing comes to an end, positive times do not last forever and the end is most likely going to be painful. In todays financial system and global economy, we cannot avoid financial crisis, we can just hope that enough efforts will be done to improve our financial system and to limit the impacts of future crisis on our economy.If we focus on Credit Rating Agencies, to have a sound environment, it is worth considering a better regularization of our existing Credit Rating system, a new and improved rating system or the p romotion of altogether new credit rating agencies. 2) Regularization of our existing Credit rating system After the dysfunction of our system translated for instance into the collapse of Lehman Brothers, the disappearance of noted institutions such as Bear Sterns or Merrill Lynch, G7 members stressed the financial attention to improve its functioning mode and enhance the regulation. some(prenominal) critics have indeed been enjoin to the credit rating agencies regarding the methodologies used by those agencies (including the growing place of the so-called political factors), the lack of transparency of their decisions, the rudimentary explanation accompanying the changes in notation, the moments selected to realize their announcements of ratings and finally, the potential conflicts of interest. All these aspects need to be taken into consideration when aiming to regulate the rating agencies. Various reform purposes have been recommended.Among them, you find some proposing the suppression of the governments influence over this industriousness, or even the creation of a completely government-sponsored rating entity. However, the final goal is the accuracy of the credit rating. The first main step toward a better regulation happened in 2006, when a new section to the Securities Exchange Act has been added. The objective was to improve rating quality for the protection of investors and in the public interest by fostering accountability, transparency, and competition in the credit rating industry (ANNUAL SEC REPORT, supra note 22, at 16).The market is an oligopoly the Big Three set the tone for the rest of the industry. Encouraging competition should give more choices to investors, at a lower cost and with better quality ratings. Several rules were added along the way, especially in 2009, when the SECs new rule addressed conflicts of interest, fostered competition and required detailed disclosure. For example, a NRSRO could not anymore issue a rating in whi ch it had advised the bank or the issuer for the structure of the product.Another change emerged from the Dodd-Frank Act, in 2010, where a whole chapter has been dedicated to the rating agencies improvements to the regulation of the Credit Rating Agencies. The Dodd-Frank Act qualified the agencies as gatekeepers for the debt market and that is why they needed public oversight and accountability. This meant reducing the investors combine on ratings by limiting references to NRSRO ratings from rules, increase the liability exposure, maintaining and informing on the structure of the ratings, as well as filing control reports yearly.However, both of these new reforms showed weaknesses, particularly in addressing the conflicts interest coming from the issuer-payer model, or the oligopoly. As mentioned before, several proposals would appear more efficient to answer these problems. The first proposal would be the elimination of the NRSRO status, which would remove any regulatory reliance on the ratings. This would also drive prices down as there would be an increasing competition, but it would also improve the rating quality and the innovation.Nevertheless, this proposal would lead to a total revision of the entire bank regulatory system and could also increase the pressure to satisfy issuers. The second proposal was to create a totally government-sponsored rating industry. This would make the rating a public good, eliminating any conflicts of interest due to the issuer-payer model. Although appealing because it resolves one of the main critics emitted during the financial crisis, it does not say who is going to pay for the subsidization.Finally, another more recent proposal called disclose or disgorge asks for the agencies to disclose the quality of the ratings they give, which means disclose to the public when a rating is low quality or disgorge benefits made with the rating. However, charging penalties would increase the barriers of entry on this market and disco urage potential NRSROs. The rating business faces two major problems, the oligopolistic situation of the market that is being maintained by an increased regulation that secures the Big Three, and the issuer-payer model that fosters the conflicts of interest.Even though several reform proposals have been suggested, none appears to be totally conceivable. 3) A new rating system We have seen that a lot of reform proposals exist in order to enhance and increase regulation of the rating system. These proposals, indeed, reveal that some aspects of this business need to be improved. Eventually, a new rating system is worth considering. First of all, we have realize already touch based, throughout this analysis that the business model of the credit rating agencies needs to be modified, especially the issuer-payer model.The fact that the issuer is the one that pay the agencies for their ratings creates a conflict of interest that has to go away to insure an exact and objective rating. In o rder to solve this issue, a new model is necessary. A possible idea to get there would be to make, not the issuer, but the investors (the ones that want to know the rating of a company or an entity) to finance the credit rating agencies. It is indeed them that need to know the rating of an entity, so it would be fair for them to pay in order to know what they are investing in.This would solved the problems related to the conflict of interest as rating agencies will not be tempted to give a good grade just to satisfy the client and avoid loosing profits. This was actually the model that existed before 1970, when the issuer-payer model was established. The shift to a model investor-payer would constitute a deep change for the whole rating industry but would pull off the conflicts of interest. Another change that would be conceivable would be to set up a rating planning. The credit rating agencies should emit their grading at a known rhythm.Therefore, companies or States would know wh en they would be rated. For example, every January 1st, they could give their ratings for all entities. This would avoid sudden downgrades as we saw during the crisis, where rating agencies lowered the rating of a company right before it went bankrupt. Furthermore, to improve the accuracy of the ratings, a distinction between the rating of a company and a State should be made. In fact, Credit rating agencies do not evaluate the same thing when rating a country or a firm.That is why different ratings should be given according to the nature of the entity. Finally, this new rating system should have a better transparency of ratings. As this has often been reproach to the agencies, it is clear that we need to improve it. In order to get more transparency in the ratings, the credit rating agencies should be forced to make public some criteria that contributed to the rating process. In addition, when an entity is downgraded, there is ever a clear explanation.An explicit and standard comme nt should go along with the new ratings to explain the cause of the downgrade or upgrade. All these improvements should be made to obtain a more transparent and accurate rating. These changes could lead to more efficient and regular ratings where conflicts of interest would be inexistent and where the distinction between entities would improve the relevance of the ratings. 4) Creation of a new credit rating agency Finally, another solution that arises would be the creation of a new rating agency.This proposition is particularly discussed in Europe. The arguments called in favor of the creation of a European rating agency are multiple. It would be a question, first of all, of introducing more competition into a sector that is today dominated by three major actors. Standard and Poors, Moodys and Fitch Ratings are indeed sharing more than 90 % of the market, a situation which confers to the members of this Big Three a tremendous capacity of influence. To create a new rating agency woul d be a way of having a bigger diversity of points of view.The trust that would be granted by the investors to a new European agency would depend however on its capacity to avoid the criticism sent to Big Three in terms of independence and conflict of interest. It would also be necessary to specify the status of the new agency a public or a private organization? A public rating agency could face the mistrust of the investors, who could doubt its independence towards public authorities and States, which it would have the mission to evaluate. On the other hand, a private agency would look like a non-profit foundation.The rating agency would be financed by the investors who would use its notations, and not by the entities emitting the financial products, which would allow guaranteeing its independence. Nevertheless, the future prospects of such a structure remain uncertain to what extent would it be able to impose itself in front of Big Three, in a sector where the experience and the re putation of the institution play a determining role? In addition, a history of ratings would be necessary to evaluate the evolution of an entity and a strict method is mandatory for accurate rating.A new rating agency would not be able to have all of these factors before several years. To conclude, it is not easy to find the best solution to improve the current rating methods. Different regulations have been tried, all presenting good points but also flaws. However, what we need to enhance is clear better transparency, a more accurate rating and a suppression of the conflicts of interest. Conclusion The role of the credit rating agencies in todays economy is crucial. They evaluate the creditworthiness of an entity, influencing investors and interest rates.However, during the crisis, their role has been criticized. Several factors can explain their controversial position. The oligopolistic situation of the market, their supposedly trustworthy evaluations given by their NRSRO status, as well as the conflicts of interest coming from their issuer-payer model are the main causes of the critics emitted toward them. Recently, the American justice even pressed charges against the rating agencies for their role in the crisis and asked for five billion dollars. Nevertheless, even if the credit rating agencies are the ideal responsible, they are not the only ones to blame.Now that the crisis revealed the different flaws of their system, we can only improve them going forward. Several regulations have already been approved and others are still under consideration. Other ideas to enhance the rating system include a new financing model, by perhaps considering going back to the investor-payer model, a better transparency of their rating, by showing the criteria used for their ratings, and a distinction between a company or a security and a State, which are two completely different entities.Lastly, we can wonder if the Credit Rating agencies still have as much influence as t hey used to. For instance, when downgrading both the United States and France, the repercussions were minors even nonexistent. The lost of their triple A did not bring the interest rates up as it should have, since today the interest rates are historically low in both these countries. Exhibits Exhibit 1 Credit Rating Agencies with the NRSRO designation Exhibits Exhibit 2 Rating systems of the Big Three Source Credit rating Wikipedia, the devoid encyclopedia. Wikipedia, the free encyclopedia. N. p. , 7 Mar. 2013. Web. 13 Mar. 2013. http//en. wikipedia. org/wiki/Credit_rating. Exhibits Exhibit 3 Important facts about the crisis Exhibits Exhibit 4 growing of market indexes from August 9 to 16, 2007 Index Evolution Dax (Germany) -4,42% Dow Jones (USA) -5,95% Nasdaq (USA) -6,16% FTSE 100 (United Kingdom) 8,37 % CAC 40 (France) -8,42% Nikkei (Japan) -10,3% Exhibits Exhibit 5 Residential Mortgage-backed securities These tranches were often purchased by CDOs These tranches were ofte n purchased by CDOsSource The financial crisis motion report final report of the National Commission on the Causes of the Financial and Economic Crisis in the United States. Official government ed. Washington, DC Financial Crisis Inquiry Commission , 2011. instill Bibliography * Dupuy, Claude . La crise financiere 2007-2008 Les raisons du desordre mondial C. francetv education la plateforme des parents, eleves et enseignants. N. p. , n. d. Web. 12 Mar. 2013. http//education. francetv. fr/dossier/la-crise-financiere-2007-2008-o21596-chronologie-de-la-crise-2007-2008-780. Gannon , Jack. 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