Stakeholder Essay Example | Topics and Well Written Essays - 1250 words

Stakeholder - Essay Example Without a clear consensus on how to define a stakeholder, the essential question that most definitions attempt to answer is, ‘What is a stake?’ The two definitions above certainly represent a contrast in broad versus narrow viewpoints of stakeholders. With Clarkson’s (1995) narrow perspective, a distinction can be made between stakeholders that voluntarily or involuntarily bear some form of risk. Voluntary stakeholders are those that bear risk based on an investment of either capital, human, or financial value in a firm. Involuntary stakeholders are at risk due to the activities of the firm. The common element between both types of stakeholders is risk, and without risk there is no stake (Mitchell et al., 1997). In the broader definition offered by Freeman (1984), the list of possible stakeholders is so expansive that it could include almost anyone or any entity. Diverse groups such as suppliers, community, industry, local government, neighbors, lobby groups, labor unions, and the natural environment have been included as stakeholders under this broad definition. The broadness of this definition (i.e. â€Å"can effect or is affected by†) allows the stake to be either unidirectional or bidirectional, and there is no requirement for reciprocal action as in a contract or with a relationship (Mitchell et al., 1997). From the critical perspective, Freeman’s definition (1984) is so broad that it would include everyone or every entity, except those with no power to affect the firm and have no relationship to the firm. The claim that a stakeholder is â€Å"any group or individual who can effect, or is affected by, the achievement of an organisation’s objectives† (Freeman, 1984: 46) is so broad that it is not falsifiable. In contrast, Clarkson’s definition (1995) uses risk to represent some form of legitimate claim

Media Effects Body Image Essay Example for Free

Media Effects Body Image Essay Over the past 10 years, mass media and the access to social networks has evolved substantially causing the effects of negative self-image and what is considered beautiful. Body image expectations for both African-American male and female share the battles of society’s expectations, yet African American women body images come with a stricter and more unhealthy stigma; growth of social media such as Facebook, Instagram and Twitter brings these expectations of self-image into our homes and our children minds. â€Å"The Internet is easily the most pervasive form of mediated communication that we encounter in our lives. Even traditional forms of mass communication drive us toward the Internet† (Bryant, Thompson Finklea, 295). Social networks influences negative self-image and expectations of what is beautiful to society. Beauty expectations has a long standing history into our lives, but comparing the increase in body augmentations, extreme dieting and even bulimia nervous in our generation is heavily related to mass media. Over exposure to social networks may contribute to the development of low discrepancy for sexual desire with partner, negative views toward self-body image, and even the need to seek illegal avenues for plastic surgery. As humans, we tend to rate ourselves pretty harsh and I believe social media networks have caused an increase for the expectations of body image. Recently, the media has had a huge impact on relationships, the proper raising of children and especially the ideal body that an African- American woman should have. Although, I do highly believe that we should improve woman’s health, I also know that every person doesn’t look like the model we see on television. In the African American culture, recently, it has been a turn of times and the media thin-ideal is being curvy within our community. Every new music video and social media networks put the black woman with the tiny waist with huge thighs and butt as the perfect woman. The impact of the  media is causing a change in African American women views on their lives, body and overall expectations as what a black woman should look like. It is well known that obesity and being curvier than other races is well documented withi n society, yet it’s now becoming an issue with our society to enhance these features that we are so well known for. Even for the common thin-ideal woman that is often portrayed in the media is typically 15% below the average weight of women, representing an unrealistic standard of thinness (tall, with narrow hips, long legs, and thin thighs) (Johnson, Tobin, Steinberg, 1989). Yet within the African American culture, video vixens promote their bodies as a sign of owning who they are and controlling the situation regardless of what they may have on. Still another perspective is that of Melyssa Ford, â€Å"the highest paid video girl to date† (Byrd and Solomon, 2005) who describes her vulnerability on video shoots, objectification by men, and the process of reclaiming power over her own body, which she describes as her commodity. Without denial, Melyssa Ford is a well-educated woman and one of the few vixens who have used her body to open doors to new opportunities, but believing her body is the golden ticket is the main issue that I have with the media influence. These contrasting perspectives demonstrate the complexity of issues (e.g., the range of perceptions about woman’s objectification) and pose critical questions for scholars who seek to understand contemporary Black women’s experiences (Byrd and Solomon, 2005). The idea that the African American woman has been created as an object and should have a particular body to be accepted into their culture as the ideal African American woman. Black culture has always been the more voluptuous curves in women, yet those women were considered cornbread fed and the ones who weren’t blessed with these assets, didn’t go out their way for unethical surgical practices. The social media negative influence on African American women growing up within the 21st century has made it seem the simple life is depending on the curves of your body, instead the knowledge of your mind and the power in your beliefs. Proper parenting is started at home, yet with social networks being such a part of our children’s lives, the media is also in the homes. In the process of the media influence, I believe the importance of the media understanding the black culture and the expectations of a woman’s curves also cause many medical issues that we are associated with, such as: Type I and II diabetes,  high blood pressure and obesity. With overweight being accepted in most black families homes, the media and social networks should deter as much as possible from promoting the oversexed woman is the ideal woman. The effect social networks has on the children coming behind us is powerful and I believe the power of the media should be used more effectively. There is evidence that social media influences behaviors at home because women such as Ford promotes her body as her job, just as woman who is a part of the corporate community, but her body expectation is for her job, natural African American women are not all curvy. I had the opportunity to speak with several close friends who utilize social networks as often as I do and I wanted to know their take on their own body image when looking at different women on Facebook or Instagram. Do they feel the need to conform and seek that particular body? Do they feel less beautiful that moment when looking at these women? Although all of them stated they didn’t feel any less beautiful and was comfortable within their skin, they did state it causes them to want to stay in the gym more or avoid a meal for the sake of staying the â€Å"ideal body type† as an African American woman. But 2:3 of the women claimed they did have a lower sexual discrepancy when it came to being with their mates and questioned themselves during sexual intimacy after looking at these women. 1:3 of the women even resulted in having plastic surgery for a breast implant after seeing the changes in a models career off of Instagram because she felt like this would increase her chances of finding a husband. â€Å"Social comparison theory is one of the few theories that are commonly used by mass communication scholars to understand the relationship between media exposure and body image dist urbance† (Zhang, Dixon Conrad, 266). The ideal African American woman portrayed in the media and on social networks is difficult, almost impossible, for the majority of the women if you want to live a normal, healthy life. When you have a certain type of body within the African American community, the woman seems to be more glorified by men and catches the attention quickly. Yet, often African American women who have curvy shapes find themselves not liking the attention because of comments. The effects of lower discrepancy are basically the lack of compatibility between two individuals and this may increase with the harsh media influence. I believe social networks and media influence has caused African American women to want a voluptuous body  because apparently this is what gets a man attention. â€Å"Stice and Shaw (1994), suggested that as women internalize the thin-idea/media image, they tend to experience heighted body dissatisfaction, set unrealistic body dimension goals, and ultimately engage in disordered behaviors designed to achieve the thin-ideal body image (Hawkins et al, 2004). The increase of plastic surgery within the Black American culture probably has increased within the last five years due to the wanting of large buttocks and smaller waist which media makes to believe this is what a Black woman should look like. The media so- called expectations of the perfect African American woman can’t be the only problem when it comes to the issues the culture experiences toward wanting a certain look. Possibly, the future research will get the attention of media and social media executives to realize their power over the younger generations to develop positive influences and promote healthier lifestyles. In this research, I was able to find that African-American women often compare themselves to images on social networks and although it causes them to work out more, it isn’t necessarily causing a healthier lifestyle and positive self-body image. Works Cited Bryant, Jennings, Susan Thompson, and Bruce W. Finklea. Fundamentals of Media Effects. 2nd ed. Boston, MA: McGraw-Hill, 2002. Print. Byrd, Ayana, and Akiba Solomon. Naked: Black Women Bare All About Their Skin, Hair, Hips, Lips and Other Parts. New York: Penguin Group, 2005. PsychINFO. Web. 4 Apr. 2014. . Hawkins, Nicole, P. Scott Richards, H. Mac Granley, and David M. Stein. The Impact of Exposure to the Thin- Ideal Media Image on Women. University of Houston- PsychINFO. Taylor Francis, Inc., n.d. Web. 4 Apr. 2014. Johnson, C. L., Tobin, D. I., Steinberg, S. L. (1989). Etiological, developmental and treatment considerations for bulimia. Special issue: The bulimic college student: Evaluation, treatment and prevention. Journal of College Student Psychotherapy, 3(2-4), 57-73. Stice, E. Risk Factor for Eating Pathology:

Role of Asset Securitization in Present Financial Crisis

Role of Asset Securitization in Present Financial Crisis Abstract Banks, to get rid of illiquid assets they posses and to attain financial freedom in lending, searched for new innovative techniques. This innovative method of converting these illiquid assets in to liquid assets technique is called asset securitization. Banks pool up these illiquid assets like mortgage loans and sell it to agencies called as special purpose vehicle (SPV). These special purpose vehicles convert these loans in to securities and sold to investors. Before agencies sold these securities they got it rated from rating agencies. Asset securitization as a process reduced information asymmetries; increased financial slack; served as a lower cost of financing source; reduced regulatory capital; and reduced bank risk. The process of asset securitization as a whole has many advantages but by the end of year 2007 it started to crack with financial crisis. It is therefore necessary to study what went wrong in the process of asset securitization that lead to financial crisis. The study analyzes the role of asset securitization in financial crisis by analyzing the economics of asset securitization process as whole. Then in depth analysis of credit rating agencies methodologies and economics of how they rate these securities is studied. As it is difficult to analyze the rating processes and methodologies of all rating companies in this thesis I have decided to analyze Moodys investor service. Moodys has been selected because its name is synonym with quality in the market. The growth and fall of mortgage industry performance of mortgage industry have been analyzed. The factors that led to financial crisis have been analyzed. The study analyze the moodys rating methodologies and rating models and updates to rating models. The short comes in rating methodologies and rating process has been discussed. The rating models updates effect on default rate of rating has been analyzed. Finally the effect of these default rates on financial crisis has been studied and analysis of role of asset securitization in financial crisis is studied. Chapter 1 Introduction The process of asset securitization started in the year 1870 when Government National Mortgage Association (GINNIE MAC) purchased pools of loans and converted in to securities and sold these securities to investors. In the year 1970 special innovative technique called tranching were used to distribute losses involved in these pools of loans backed by mortgages and sold to investors. Kaptan and Telang (2002) Asset securitization is the process of converting illiquid assets in to cash flows. Both financial intermediates such as banks and investors benefited from this process. Banks benefited with extra liquidity to lend more loans to able borrowers where as investors got opportunity to invest in capital market for more returns. In the process of asset securitization, rating agencies rating securities is crucial because rating influence the marketability of the securities. There are many rating agencies which rate Residential Mortgage Backed Securities, of these three largest credit rating agencies with overseas market that are based in United States are Moodys, Standard and Poor (â€Å"SP†) and Fitch. These rating agencies use statistical models to analyze risk involved. Rating agencies constantly review performance of these securities and according to performance they upgrade or downgrade rating. To lessen the effects of a mild recession in 2000, the Federal Reserve cut interest rates. This interest rate cut along with increasing housing price made people to invest in housing this helped to drive growing demand for nontraditional mortgages products. Banks have extra liquidity to lend more loans to borrowers and started to lend more and more loans to non prime borrowers, which led to poor performance of loans and in turn effected whole asset securitization. This report will explore what is the role of asset securitization in financial crisis. In order to research what is the role of asset securitization in financial crisis the following have done 1. Analysis of asset securitization process 2. Analysis of Evolution of financial crisis 3. Analysis of Rating agencies methodologies and procedures in rating process. The details of analysis techniques are explained in methodology chapter. And extensive literature review is done to get hold of the subject. Finally in depth analysis has been done to reach the goal of the report. CHAPTER-2 Professional And Academic Context 2.1 Asset Securitization Kaptan and Telang (2002) defined Asset securitization as an innovative process which channelizes flow of funds from investors to issuers in efficient manner. In simple words, the process of asset securitization starts with financial institutions like banks which pools up individual loans and create securities against them. These securities are rated and sold to investors. In words of these authors, asset securitization is the process of converting assets in to securities and in turn in to liquid cash. Origins of securitizations can be traced back to 1870`s where Government National Mortgage Association (GINNIE MAC) started selling securities that are backed by pool of mortgage loans. These securities were named as mortgage pass through securities. This process of securitization has changed in 1970 where new innovative concept of tranching was introduced in issuing the securities (tranched securities). These tranched securities are sold to investors. Kaptan and Telang (2002) (Uzun and Web, 2007) makes understanding of asset securitization more simple through an illustration of the process of asset securitization, banks which are financial intermediaries in capital market has various types of assets such as mortgage loans, car loans, leasing contracts etc on their balance sheets. These assets are not marketable so these are illiquid assets. Banks, to get rid of these illiquid assets and to attain financial freedom in lending search for new techniques. This innovative method of converting these illiquid assets in to liquid assets technique is called asset securitization. So asset securitization plays a major role in converting these illiquid assets in to cash flows (liquid assets). Uzun and Web, also provide information on what kind of assets the banks securitize. These authors explain this as, the process of asset securitization starts with banks deciding which assets they want to securitize for example mortgage loans. Then bank pools these mortgage loans and sell it to trustee or separate entity which is called special purpose vehicle. (Uzun and Web, 2007) Role of Special purpose vehicle (SPV) is explained by the Securities and Exchange Staff (2008) as, SPVs either government backed agencies or private agencies such as Fannie Mac, Friede Mac, Ginnie Mac buys these loan pools and are entitled to interest and principal of underlying loans in the pools. Then SPV issues different classes of securities known as tranched securities backed by pool of loans. The role of SPV is to separate risk of newly created securities from the origin bank loans. If these SPV are not there it is very difficult to assess the risk involved with those securities underlying the loans. It is difficult to access risk because risk involved is closely related to origination bank practices. Information of origination bank practices such as how they lend loans what documentation they check before issuing loans and credit quality of loans. Securities and Exchange Staff (2008) conclude that these securities issued from this SPV isolates the risk involved from origination bank. Investors invest on these securities and investment risk is directly interrelated to credit quality of loan borrowers whose loans are offered as collateral for the securities. To boost the demand for these securities the SPV enhances credit quality by process called over collateralization and subordination. Over collateralization, is the process in which credit quality is improved by giving payment guarantee by insurer. So if there is any principal or interest default it is insured there by making investors clear in mind that there is no risk involved in investing in these securities. Over collateralization is one way of credit enhancement but the principle way of credit enhancement is done by subordination. In subordination process SPV issues different layers of tranches (securities) such as junior, mezzanine, senior tranches. If the trust experience any loss in interest or principal payment, lower most tranches, junior tranche absorb all the losses and then mezzanine tranche absorbs any more remaining losses that are left over by junior tranche leaving top most tranches, senior tranche safe from any kind of losses. So senior tranche is safe from all interest and principal default. So by process of tranching top most tranches (securities) get more demand from investors and demand reduces when it goes down the ladder up to junior tranches. Junior tranches are backed by over collateralization for its marketability in capital market. The process of tranching differentiates structured finance from normal securitization process. In normal securitization process assets are converted into securities and sold. In structured finance these securities are tranched so that at least one class of securities gets better rating when compared to average rating of all securities. The asset securitization makes calculation of risk more complex using technique called tranching. The calculation of risk is more complex because the risks involved in these pools are distributed.( Securities and Exchange Staff) (2008) Asset securitization is the process of converting illiquid assets in to cash flows (liquid assets). Both financial intermediates such as banks and investors benefited from this process. Banks benefited with extra liquidity to lend more loans to able borrowers where as investors got opportunity to invest in capital market for more returns. Kaptan and Telang (2002) In brief benefits of asset securitization are reducing information asymmetries; increasing financial slack; serving as a lower cost of financing source; reducing regulatory capital; and reducing bank risk (Greenbaum and Thakor, 1987) (Kaptan, Telang (2002), (Uzun and Web, 2007) conclude that asset securitization is the process in which illiquid assets of banks are converted into cash flows or liquid assets. (Greenbaum and Thakor, 1987) conclude these techniques of asset securitization as benefits for banks as well as for investors in capital market. Securities and exchange staff concludes the process of credit enhancement using process called subordination distributed risk of loss in the whole tranche. And the process of over collateralization increased demand for these securities in capital market. Securities and Exchange Staff (2008) concluded that the process of tranching evenly distributed risk and assessing this risk is a complicated process. 2.2 Rating Agencies The main role of rating agencies in capital market is to rate the bonds and securities in specific scale. Rating agencies use qualitative and quantitative methods to access cash flows of these bonds or tranched securities. These ratings are used by investors in capital market as bench mark in investing. Thus rating agencies helped the investors in making decision to invest in capital markets by reducing information asymmetries between issuers and investors. (Committee on the Global Financial System), (2005). 2.2.1 Evolution And Role Of Rating Process According to Ruth Rudden, the evolution of rating industry started when there was a big demand for the corporate bonds in USA. The investors interested to invest in these corporate bonds were very skeptical about risk involved as they were not provided with companys credit information that issued these bonds. So there was a pressing need for an independent and third party institution to analyze credit risk of these bonds which helped the investors in making decision to invest according to their criteria. Thus credit rating agencies came into existence. (Ruth Rudden, 2007), John moody was the first to introduce credit ratings in 1909. He used rating scale to rate the bonds. These ratings were useful for investors to understand credit risks. Credit rating agencies (CRAs) stressed more on expected cash flow generated by the issuer (special purpose vehicle) ongoing business in determining the rating. In general CRAs revenues were generated from subscribes who subscribed to receive rating on debt securities. Rating agencies from the start has been rating bonds on specific scale. Mason and Rosner, concluded that the rating doesnt give information on whether particular bonds must be bought or sold. They give their opinion on relative safety of the bonds. (Mason and Rosner, 2007) The main importance for the credit ratings rose in the capital market because of US treasury department. US treasury department said the quality of the bonds rated by rating agencies is appropriate. Ruth Rudden, concluded that the importance of credit rating agencies in the capital market became prominent and the investors relayed on these ratings to invest on the bonds. (Ruth Rudden, 2007) Then with the introduction of new structure finance products, rating agencies started to rate these products as well. In one of the reports by the Committee on the Global Financial System, (2005), wrote about the Rating agencies, rated the structured finance products like asset backed securities, CDOs, RMSBs etc, same as the traditional bonds. Rating agencies performed the same function as with traditional bonds that was reducing information asymmetries between issuers and investors. Committee on the Global Financial System, (2005) Issuers of structured finance products wanted these securities to be rated on the same scale as traditional bonds so that investors think structured finance has same kind of risk that of bonds. (Mason and Rosner, 2007) spoke about the structured finance as, for past few years with the introduction of newly formed structure finance products; these CRAs are chasing the agencies that issue these structured finance products instead of subscribers for revenue. This lead to three fold increase in the revenues by CRAs and effected the integrity and base source of the aim on which rating industries are build. To meet the demand of these newly introduced structured finance products; CRAs have introduced many new models and approaches to access these products for ratings. (Mason and Rosner, 2007) The three largest credit rating agencies with overseas market that are based in United States are Moodys, Standard and Poor (â€Å"SP†) and Fitch. 2.2.2 Rating methodologies of RMBS According to (Rousseau Stephane, 2009), all the rating agencies methodologies are almost same for rating RMBS products. First issuer of these securities approach rating agencies to rate their securities so that they can sell it in capital market. And issuer provide all the data information of the assets underlying the securities like loan data, proposed capital structure of SPV, proposed credit enhancement for each tranche of the securities. Rating agency will assign an analyst to analyze the tranches for rating it. First probable looses incurred on all tranches are calculated. Rating agencies used complex statistical models for analyzing loss. The loss analysis gives rough idea of how much credit enhancement is required for each tranche to give particular rating. Then analyst analyzes proposed capital structure of SPV to check whether it meets particular rating. Then finally analyst analysis the cash flow which gives information of interest and principal paid out of SPV and analyzes whether particular asset which is under tranche meets payment obligation. Analyst then rates each tranche and submits his rating to committee where they vote on the analyst view. Once rating is confirmed they send the rating to issues rather than publishing it. If the issuer is satisfied with the rating he makes it public. If issuer makes rating public, rating Agencies get paid if not they get breakup fee. (Rousseau Stephane, 2009). 2.2.3 Concerns on models used in RMBS According to (Danà ­elsson J, 2002), Rating traditional bonds is much easier because of availability of historical data where as rating structural products like RMBS you need much more complex models than that of normal models. As the financial system become more complex, the need for complicated statistical models becomes greater. More the complexity, lesser the reliability on these models, so does these models tends to be less reliable. It is clear from the credit crisis of 2007 that the rating agencies used over optimistic input data, inappropriate modeling and insufficient checking of data quality and permitting gaming of models. Despite of advanced models, stress tests, and all the numbers, risk models do have important role to play in modeling risk as long as its limitations are known. Risk models are good at managing particularly trading desk but when asked to model whole institution it fails. So relying on such folly statistical models to model risk is foolishness. And the numbers that these models give are inappropriate. Financial models are not simple and do not have basic or fundamental thermos to build on. These models can easily make you believe the results are accurate, the reason for these are; 1. Endogenous risk: In finance we can only model aggregate behavior. Financial modeling changes the statistical laws governing the financial system in real-time, leaving the modelers to play catch-up. This becomes especially pronounced as the financial system gets into a crisis. This is a phenomenon is called endogenous risk. 2. Quality of assumptions: we cant take it to consideration all parameters in to model so it is important to take it to consideration the main parameters that affect the outcome of the model. For example if we consider present situation of financial crisis the main parameter is liquidity which has been be ignored by modelers while modeling risk. 3. Data quality: data quality is the most and foremost important thing in statistics because the accuracy of these models depends up on quality of data. (Danà ­elsson J, 2002) To prove what Danà ­elsson J, said Vanessa G. Perry proved, there is always dearth of data on subprime market. The data that is available is proprietary lender data. And this data had drawbacks on analysis of market trends. To analyze data properly we need property records which contain information on mortgagee and mortgager, transaction price, property location, credit score, foreclosure rate of neighborhood state. This data was necessary for the rating agencies to analyze the market condition properly. Roughly to analyze loan performance, three sets of data was taken into consideration, that is the Borrower data, loan data, property data. Borrower data should contain income, FICO score, and demographics. The loan data should contain loan amount, LTV, loan type, interest rate/fee, terms such as FRM/ARM, payment history. Property data should contain location, prices, sales, foreclosure, and employment rate. One can predict the probability of default if and only if these data of loan is available. (Vanessa G. Perry, 2008). 2.2.4 Concerns on rating in RMBS According to (Committee on the Global Financial System, 2005), and (Mason and Rosner, 2007) there are many concerns on rating agencies which rated the RMBS, they are; 1. Transparency- Given the role that is played by rating agencies in removing Asymmetries, it is important that they be transparent on what they do. Rating agencies never disclosed completely their methodologies they use to rate RMBS and key assumptions and rating criteria. Credit rating agencies never accepted that the data provided by issuer of securities are not sufficient to rate. And rating agencies never provided historical performance data about their ratings. 2. Quality of rating process- there is a huge growth in RMBS market because of ease in lending loans. And at the same time these RMBS products started to get more complex. The rating agencies did not have enough staff to tackle increasingly complex products and huge volume of these products. Because of shortage of work force these rating agencies were not able to catch up with rating upgrades or downgrades accordingly with change in circumstances like issuers principal or interest short fall. 3. Conflict of interest- the rating agencies main role is to act as an intermediate between investors and issuers. This trust of being intermediate has been broken by rating agencies by charging issuers for rating products instead of getting paid by subscribers who subscribe for these ratings to invest in these products. Because of shift in the axis of being intermediate, these rating agencies got paid from issuer who in turn profited rating agencies by gaining millions of dollars. This process of issuer paying for his rating created conflict of interest. So considering profits they incur from this new role, rating agencies tend to rate products issued by these issuers a higher rating than they actually are. The issuer has ability to adjust deal structure to get desired rating. And issuer has influence on rating process. (Committee on the Global Financial System, 2005), (Mason and Rosner, 2007). 2.2.5 The role of rating agencies in the crisis According Tom Bulford (2008), (Ruth Rudden, 2007) â€Å"The credit rating agencies like Moodys, Standard and Poors and Fitch played a central role in growing the residential mortgage-backed securities, these credit rating agencies were titled to rate these securities on behalf of the huge investment banks to sell to the investors. The ratings of these securities were to identify the risk involved in the securities, they followed a particular three main flow in calculating the risk rating for the investors, the first as to interest the investors on the securities, they provided portfolios of RMBS which highlighted a certain level of risk involved in it, this was done through tranches which means, the different level of risks involved securities were put into different groups called tranches. This helped the investors in deciding whether to stay first in line during the event of default or down the queue. This was one point where the investors relayed on the ratings to invest on the securities. The other two things which they followed to rate the securities, one was data which was used in the financial models of the rating agencies to rate these securities, the data contained here are the information about the mortgage loans that are parceled by the investment banks. These mortgages came from the originators who provided all the information about the mortgagees like their credit history, income, etc. hence these originators provided information was historical. The information given source was not sure about as they stood by the words of the originators. Using this information on the models they used in the rating would off course end up being inaccurate. This made the investors relaying on the high rating given by these rating agencies and hence invested confidently. The rating agencies assured that the portfolios of mortgage backed securities were â€Å"stress tested† by ‘Monte Carlo simulation of macroeconomics variables to create a loss distribution. The assumptions were not wide enough because the rating agencies relied upon historical data, and till now MBS were concerned ‘the performance history that did exist occurred under very benign economic conditions. The reasons just dont stand on rating agencies following the historical data for the calculations but also the workload and the conflicts when the interest rates rose which laid the investment bank concentrate on getting the best ratings on the securities that is laid for sale. This increased the competition between the agencies; they did not want to lose deals and hence gave ratings as necessary with one initiative that was not to lose deals. One of the illustration proves the above comment, one of the member in an rating agency who did not want to lose a deal wrote a mail which said â€Å"I had a discussion with the team leaders here and we think that the only way to compete is to have a paradigm shift in thinking, especially with the interest rate risk†. Another said â€Å"We are meeting this week to discuss adjusting criteria for rating CDOs of real estate assets because of the ongoing threat of losing deals†. Tom Bulford (2008), Tom Bulford (2008) concluded that the roles of these rating agencies in financial crisis are to be studied thoroughly. Rating agencies main duty is reducing information asymmetries between issuers and investors but with the introduction of structured finance products rating agencies deviated from their main role of reducing information asymmetries. In fact they started to favour security issuer as they are paid for rating. Committee on the Global Financial System, (2005) concluded that role of rating agencies in capital market is to rate bonds or securities on specific scale. (Ruth Rudden, 2007), (Mason and Rosner, 2007) concluded that the importance of credit rating agencies in the capital market became prominent and the investors relayed on these ratings to invest on the bonds and the rating doesnt give information on whether particular bonds must be bought or sold. They give their opinion on relative safety of the bonds. The rating agencies got paid by issuer of securities for rating structured finance products on same scale as normal bonds. Tom Bulford (2008) concluded that change of role by rating agencies as information intermediation between issuer and investor got strained with the introduction of structured finance products. (Danà ­elsson J, 2002) concluded that to rate structured finance products rating agencies need more complex models. (Vanessa G. Perry, 2008) concluded that there is no enough historical data on subprime market and in turn this dearth of data affects accuracy of the rating process. Committee on the Global Financial System, (2005) concluded that there are some concerns relating rating process of RMBS. Tom Bulford (2008) concluded rating agencies had played their role in financial crisis and need to be blamed for their irresponsible behavior. 1.3 Subprime Crisis The roots of financial crisis are complex and obscure. The main culprits are mortgage banks brokers, rating agencies, to some extent federal reserve and government. Financial crisis started with Federal Reserve slashing interest rates to encourage spending and reduced 30-year bond issues to increase the prices. This along with American dream of home ownership triggered housing boom. This housing boom has been used by many mortgage lending banks. The introduction of FICO scores instead of traditional point based system and the off-balance sheet vehicle made lending loans easy. Loans were given to people with low credit history (sub-prime loans) Souphala, C and Anthony, P.C, (2006) 1.3.1 Evolution of the crisis According to Souphala, C and Anthony, P.C , (2006), the introduction of FICO scores instead of more traditional â€Å"point based system† credit scoring. And the off balance sheet vehicle (OBSV) made banks to lend loans to people with low credit score. This type of lending is called subprime where these borrowers are who fail credit history requirements in the standard (prime) mortgage market. The subprime lending is known as high cost lending and primarily driven by credit history and down payment where as prime lending is driven by down payment only. People thought prime lending is complicated but have great promise and great peril. The subprime lending provided opportunity for homeownership to those who havent passed credit history in the past. Lower credit history of subprime lending which could have resulted in more delinquent payments and defaulted loans. US mortgage market, which for decades was dominated by fixed rate mortgages, included nontraditional mortgages, simultaneous second-lien mortgage, and no documentation or low documentation loans. Nontraditional mortgages allow borrowers to defer payment of principal and sometimes interest and include interest only mortgages (IOs) and adjustable rate mortgages (ARMs) with flexibility payment options. Interest rates are much higher than that of prime loans, is the main reason of risk for borrowers. Strong home price appreciation and declining affordability have helped drive growing demand for nontraditional mortgage products that can be used to stretch home buying power. Souphala, C and Anthony, P.C , (2006). 1.3.2 Role of US federal government National partners in home ownership in the largest private public partnership program whose solo aim is increasing home ownership rate to all time high by the end of decade by increasing creative financing methods for mortgage loans. In this program, retailer, home builders, Fannie Mac, Freddie Mac, mortgage bankers are the partners who came up with innovative ideas such as using FICO score instead of point based system is introduced to ease the requirements to lend loans to people whose credit history is not good to get mortgage loan. Another innovation is off balance sheet vehicle which made lending loans easy. (Mason and Rosner, 2007) According to Souphala, C and Anthony, P.C , (2006),The government and the quasi-government agencies were main reason who influenced the US mortgage credit cycle by their legislative reforms and the mandates, the alternative mortgage transaction parity act in 1982 eliminated regulatory disparities between state and federal chartered mortgage by granting state chartered institutions the authority to issue alternative mortgage(sub-prime), including the use of variable interest rates and balloon payments, regardless of state mortgage lending law. The tax reform act 1986. Then stimulated demand for mortgage debt by retaining the deduction for home mortgage interest. To lessen the effects of a mild recession in 2000, the Federal Reserve cut interest rates. Although the Fed has raised interest rates past year, mortgage rates have largely been unaffected. This interest rate cut along with increasing housing price made people to invest in housing. Home ownership is best way of making wealth in fact most households find it difficult to invest in anything but their homes. These factors helped to drive growing demand for nontraditional mortgages products that can be used to stretch buying power. Souphala, C and Anthony, P.C , (2006). 1.3.3 Financial Market Turmoil Due to poor standard of lending there has been raise in subprime loans, the delinquency rate increased in the year 2006-2007 because of subprime loans issued in previous years. The overall rise in delinquency rate is sudden and overwhelming. The market started to response to these high delinquency rates in the second half of 2006 and first half of 2007. In spite of high delinquency rate, market had confidence on highly rated tranches of subprime RMBS (senior tranches). In the second half of 2007 this confidence came to its low when credit rating agencies lowered their rating on highly rated tranches. These downgrades created uncertainty and doubt on quality of rating these rating agencies assigned. With more exposure to risk related to subprime debts, restricted liquidity of banks, the inter market for term loans was effected so there was a sharp increase in risk premium. These authors concluded that banks lost confidence and have less liquidity. This resulted in present financial cr isis. The result of this is freezing all structured finance products and cut down in non confirming mortgages. This is because of those agencies giving non confirming mortgages had lots of loans and RMBS which were

Marijuana Use Should be Legal Essay -- Legalization of Marijuana

Marijuana Use Should be Legal The issue of the legalization of Marijuana is a never-ending battle that the country will never fully win. Marijuana should be legalized because it is a large part of the drug war, which will never come to an end. Society is in the midst of a time of anguish and skepticism of what will become of the nation. With all of the problems happening around us, the government and officials should begin to realize that the time and effort spent on battling the drug, marijuana, could be better used in other areas. One of the first issues of the legalization of marijuana is its comparison to alcohol. Since 1937, marijuana has been prohibited as a legal drug in the United States: â€Å"If the goal of marijuana prohibition is to stop Americans from using it, then it has failed, just like the other prohibition failed to make America a (dry) country† (Wikman). There have been many studies performed to try to prove that the effects of marijuana are worse than those of alcohol. Unfortunately, many of the studies found that marijuana is not as bad as many believe it to be. If one were to compare alcohol, tobacco, and marijuana, it is found that the one with the least addictive power is marijuana (Schlosser, 1994, p.41). Alcohol has the potential to cause cirrhosis and tobacco is linked to lung cancer and heart disease yet, smoking marijuana is not directly related to any life- threatening diseases (Wikman). The country’s drug problem is also hurting the prison system. Prisons are already overcrowded and by incarcerating innocent people for minor drug violations, law enforcement is adding to prison population. The population of Americans living in prison has inc... ...marijuana would give our government more money and time to invest in other problems facing our society and nation. Works Cited â€Å"Feds Begin to Bend on Medical Marijuana.† The Science of Medical Marijuana Oct.2001. 4 Oct.2001 â€Å" Grinspoon, Lester. â€Å"Marijuana, The Forbidden Medicine.† 1997: Roesch Lib., University of Dayton., Dayton, OH. 1 Oct. 2001 www.netlibrary.com â€Å"Legalization of Marijuana Long Overdue.† Oct. 2001. 9 Oct. 2001 â€Å"New, Emerging Evidence of Marijuana’s Medical Efficacy.† The Science of Medical Marijuana Oct. 2001. 4 Oct. 2001 Wikman, Eric. â€Å"Prohibition and Marijuana: History Does Repeat.† Marijuana Policy Project 1995. 2 Oct. 2001

U of P / Eth 316 / Ethics Essay

ETH 316 August 22, 2011 Ethics Essay Utilitarianism Utilitarianism ethics emphasize that action should be morally beneficial to a group. This course of ethics is often known as â€Å"the greatest good for the greatest number† or simply put, â€Å"the greater good† (Boylan, 2009). In other words, the consequence of any ethical action should be beneficial for all by mass appeal. This is a common underlying theme for ethics in capitalist economies and business as well as in democratic governments (Boylan, 2009). Virtue Theory Virtue theory, also known as virtue ethics, focuses more so on the character of a person rather than the rules and consequences of specific acts. What this essentially means is that the primary focus is whether or not the person acting ethically is a person who upholds high morals and virtues, in turn expressing â€Å"good character† (Garrett, 2005). Rules, intent, consequences and outcome are not necessarily irrelevant; however, the emphasis of virtue theory is primarily on a person’s character, their virtues, and their expression of good intentions (Garrett, 2005). Deontology Unlike virtue theory, deontology has a heavy emphasis on duty in action, in adherence to rules. The right action is important here, where upon completion, should bring about the greatest good for all involved. This is somewhat similar to utilitarianism, which does focus on the consequence of the greatest good. However, deontology does not lean on the consequence itself, but more so the principle behind committing the right action. (Boylan, 2009). In turn, the ethics behind deontology is about principle and following rules. Similarity Between Theories All three of these ethical practices have tangible similarities. The primary similarity is consequence of action. Even though consequence is not always the primary focus of the action, it is expected in all three theories that the consequence should have a beneficial result as an outcome of the action. Whether the action is based on principle, values or virtues, the end should justify the means. Difference Between Theories The best way to express the differences between virtue theory, utilitarianism and deontological ethics is to take a common scenario and analyze from these three different perspectives. A good example to use would be a person having car trouble and has pulled their car on the side of the road. They are in obvious need of help. In committing the action of helping the person, an individual is acting on a moral or ethical duty. An individual who practices virtue theory ethics would point out that by helping the person, doing so would be a charitable act and would express good character of the person assisting the one in need. One who practices utilitarianism would say that by helping the person, doing so would be good for both the person in need and the person helping. A deontologist would say that by helping, it would be so in accordance to a moral rule, such as karma, or what you do to others will come back to you. (Hursthouse, 2010). As the example shows, virtue theory focuses on a person’s moral ethics, and not on any specific outcome or rule. Utilitarianism has an emphasis on the greater good, focusing on a beneficial outcome for all persons involved, where the consequences of acting are beneficial to a community. Finally, deontology emphasizes duty as specific action being done in completion of following a specific moral code, rule or command. In a previous job position, I had an ethical dilemma that required making a fair decision for all parties involved. It involved a quality assurance process for outbound marketing in a call center. There was a Spanish speaking division where the manager wanted a special call monitoring process just for the Spanish speakers. I decided against the process for the simple fact that the Spanish speakers did not say anything different or offer anything different than the non-Spanish speakers. The reason I chose to do this was to make the quality assurance process fair for all the call agents. If I had done the opposite, the non-Spanish speakers would have sought similar treatment. I consider this to be a utilitarian action for my ethical dilemma. References: Boylan, M. 2009. Basic Ethics. 2nd Edition. Pp. 153, 171 Garrett, J. (2005, November 28). Virtue ethics. Retrieved fromhttp://www. wku. edu/~jan. garrett/ethics/virtthry. htm Hursthouse, Rosalind, â€Å"Virtue Ethics†, The Stanford Encyclopedia of Philosophy (Winter2010 Edition), Edward N. Zalta  (ed. ),http://plato. stanford. edu/archives/win2010/entries/ethics-virtue

Catastrophism and Related Arguments in Geology Essay Example

Catastrophism and Related Arguments in Geology Essay Example Catastrophism and Related Arguments in Geology Essay Catastrophism and Related Arguments in Geology Essay was an statements about their different attacks and apprehensions. Catastrophism was, a theory foremost introduced by the Gallic palaeontologist Georges Cuvier, which described that Earth has been in changed much more in its yesteryear, by geological forces in great magnitude, such as temblors, major inundation, and volcanic eruption ( Appleman 35 ) . Catastrophists believed that, recent alterations were gradual, which have been declined, from Earth s initial violent province ( unstable ) to current peaceful ( stable ) province. In this manner, Earth s history was considered as consequences of accretions of ruinous events over a comparatively short clip period. In contrast, the other geological theory was subsequently known as uniformitarianism, which argued that accounts and ratings of geological events could be interpreted with mention to physical procedures that have been runing on Earth since its yesteryear, at about the same strength and measure. These different apprehension was divided into two schools, viz. catastrophist and uniformitarian, b ased upon how geologic forces, rate of alterations and developments were evaluated otherwise. Argument on Force and Cause What the geological forces and the strength have been, and what the causes were, originate in first topographic point to the statements. The uniformitarian insisted on uniformity of causes, stated in Lyell s rule of geology in 1830, suggested that for absolute gradualism, it required huge sum of geologic clip to treat natural choice ( Bowler 130 ) . Additionally, Lyell pointed out that in Earth s history, the overall development could non be directional and hence, an initial province of the Earth would non be traced back to. A. Sedgwick and W. Whewell, from the calamities cantonment, shortly came to assail Lyell with their two hypotheses: ( I ) greater magnitude and strength of geological forces existed in the early periods and ( two ) there were gradual developments from the violent crude phase in Earth history, to its current stable status. Nevertheless, new natural philosophies came in to the assistance of the catastrophists. W. Thomson ( Lord Kelvin ) used the jurisprudence of t hermodynamics, to dispute the steady province position of Erath history proposed by the uniformitarian. Equipped with new natural philosophies Torahs, Kelvin showed, the sum of energy required for infinite active-state, could non be allowed, shortening the clip span of earth history was to about 100 million old ages old, which was merely a little fraction of what required in Darwin s theory. Under this status and appraisal, development would non be impossible, but must come on at a faster rate ( Bowler 234 ) . Darwin, through his observation during the 1835 Chile temblor, provided house grounds for Lyell s gradualism. He found out the formations of Andes and coral islands, by analyzing the coral reeves that grew indoors out upon the dead 1s on the Andes ( under the status that coral reeves could non populate excessively deep from the surface ) , he concluded that the mountains and coral islands elevated from under the sea degree in similar mechanism. Fossil job However, the big graduated table of discontinuities at geological record could non be explained. Other evolutionists came with other groundss to give land support to the steady province theory. Darwin showed the bounds of dodo record: it was discontinuous resulted from its rarity and inclinations to difference species at assorted environments ( Johnson 47 ) . By demoing that, fossils merely formed under certain conditions ( sudden entombment, high force per unit area, and appropriate temperature ) at low possibilities over clip, and formed dodo record may non be preserved over clip, ensuing fewer and fewer sum staying in footings of geological clip ( Johnson 46 ) . Lyell besides gave account for the steady-state, that Earth need non be precisely the same in every period, but must hold had alterations little and slow plenty such that the entire alterations was non cumulative. Furthermore, Lyell brought grounds against the sudden extinction, as assumed by the catastrophist, from finds of re-emerging species in the dodo record. He believed that species followed the clime alteration instead than being suddenly extinct ( Bowler 134 ) . To Cuvier, His get downing point was to happen an account to the forms of extinction and faunal sequence that were observed in the dodo record. While he examined the fossil grounds, that the calamity which is responsible for a recent extinction in Eurasia may hold been the consequence of the possible inundation of low lying countries by the sea, while neer doing any mention to Noah s inundation, he did non do any mention to divine power from scriptural belief. Cuvier besides believed that, the geological record may bespeak that there could hold been several times of these revolutions, which he considered as repeating natural events, towards long intervals of stableness within the history of Earth s life ( Bowler 109 ) . Therefore, Cuvier concluded that Earth was merely about several million old ages old. In early nineteenth century Britain, Cuvier s theory of catastrophism was welcome for it provided theoretical model for major development in ocean and stratigraphy, which so allowed the withdrawing ocean theory to be replaced by liquefied Earth theory. With the premise that alterations had been more violent in the yesteryear of Earth history, the predicted claim of Earth began as a liquefied Earth of stone could hold agreed with the description for the scriptural creative activity ( Bowler 115 ) . Before Buckland accepted the theory of chilling Earth to explicate the diminishing tendency of force of geological activities, he believed in regional catastrophism and creationism. In his book Reliquiae Diluvianae ( 1823 ) , he described that he had found the grounds of record of recent geological flood. In a cave in Yorkshire, castanetss of hyaenas buried in harden clay had been found to demo the hint of flood responded to the clime alteration. Furthermore, to corroborate the truth of the Biblical history: had we neer heard of such an event [ Noah s Flood ] . . . Geology of itself must hold called in the aid of some such calamity to explicate the phenomenon . However, Buckland did non believed that the cause of such calamity was supernatural, and the flood was merely one of those calamity happened in early history that punctuated the history of the Earth. Even earlier Lyell published his Principles, a group of geologists, known as Scriptural geologists, arose to dispute the spread theoreticians and other theological compromisers. This group insisted on a recent six-day creative activity and a world-wide Noah s Flood, harmonizing to scriptural creative activity. Granville Penn, in his book published in1822, Comparative Estimate of the Mineral and Mosaic Geologies, argued with instead sharp logic positions being barely distinguishable. George Bugg s two volume musical composition, Scriptural Geology ; or, Geological Phenomena Consistent Merely with Literal Interpretations of Sacred Scriptures, was published in 1826. Bugg abused Buckland and distinguished between even the pious Cuvier and Christian authors. Among those reacting was Adam Sedgwick, who with Buckland foremost espoused but subsequently, abandoned diluvialism. In his 1830 presidential reference to London s Geological Society, Sedgwick replied to the Mosaic geologists wi th a annihilating circular. When the first volume of Lyell s Principles was published in 1830, the Scriptural Geologists declared a pestilence on both houses as the great contention between uniformitarian and catastrophists began. Since so, the issue has been still alive in the go oning arguments about the rates of alteration and clip spans in the history of the development of species ( Appleman 36 ) . The American Response In recommending Cuvier s claim that catastrophes similar to the scriptural inundation repeatedly destroyed life and blossomed out species, Thomas Jefferson, referred to the fossil castanetss of mastodon and rejection its proposed extinction, wrote, Such is economic system of nature, that no case can be produced, of her holding permitted any on race of her animate beings to go replete ; of her holding formed any nexus in her great work, so weak as to be broken ( Appleman 35 ) . Agassiz believed that life progressed in stairss periods of discontinuity, in the push of supernatural force. In each period, it required geological calamity until the population of some species was wiped out ( Bowler 123 ) . In 1842, he postulated his ain type of calamity: Ice Age. Furthermore, to the antonym of what evolutionists insisted, Agassiz insisted that the location of the first member of each category in dodo record would be found at the highest degree, non the lowest suggested by the jurisprudence of geology ( Bowler 121 ) . Summary and Conclusion Plants cited Appleman, Philip: Darwin. Norton: 2001, 3rd Ed. Bowler, P. J. : Development, the History of an Idea. Univ. of Calif. Press: 2009, 3rd Ed. Johnson, P.E. : Darwin on Test: the Fossil Problem. Inter-Varsity Press: 1991, 45-62.

August 5 - Letter to a Public Official Essays - LGBT History

August 5 - Letter to a Public Official Essays - LGBT History Carl Levin 269 Russell Senate Office Building Washington, DC 20510 Dear Mr. Carl Levin: In the Book of Christ, the institution of marriages first purpose is referred to as for the mutual joy of two persons, though the people of Michigan still refer to the issue of same-sex marriage as a non-ethical (politically and religiously) action. Because the Book of Christ speaks so loosely of marriage and sodomy, Christians merely assume that the institution of marriage can only be between a man and a woman, and they back up this belief by saying that in the Book, all marriages were between a man and a woman. In the Book, women are seen as property, slaves, to their husband; hardly what we see as the institution of marriage in the modern world. Jesus Christ says only that divorce should be avoided, not that marriage cannot be between two of the same gender. There is no biblical justification that same-sex marriage is religiously unethical. As you can probably assume, I write to you today to address the issue of same-sex marriage in Michigan. As a strong Christian myself, I do not agree that the idea of love should be a political or religious debate. Americans take pride in how much we value equality, but where is the equality? Why should I be able to enjoy a life with the one I love merely because that person is a man, while another woman cannot do the same merely because she loves another woman? Equality is what drove immigrants to our nation, and now we are defying this unique quality of our country. America is a land of many cultures and ideas, acceptance of a broad range of people. These Americans are still Americans, whether they love their gender or the other, and nothing makes them any more of a monster than you and I. They are merely pursuing the life they choose, seeking happiness in their own way, whilst still not interfering with others; the pursuit of happiness, another value that sets America apart from ot her countries. It is time for change in Michigan. Every year, more national polls show that more people are supporting same-sex marriage. In a recent poll in our state, 44% of citizens supported same-sex marriage while only 42% opposed it (14% were unsure). These numbers have changed rapidly over the years, with more citizens openly supporting same-sex marriage in Michigan now more than ever. Ann Arbor was the first city in the country to pass a Gay Rights Ordinance (1972) and elect an openly gay official. This was 40 years ago when a much smaller amount of citizens showed support same-sex marriage. With more support now than ever, it is my hope that you will take action to start a movement to legalize same-sex marriage in our state. These people need the equality that each and every American is promised through our own Constitution. Thank you for taking the time to read this letter and considering my views on this issue. Sincerely, Alex Swim

The eNotes Blog Ten Presidential Ponderings Memoirs, Biographies, andMore

Ten Presidential Ponderings Memoirs, Biographies, andMore American history is a quagmire, and the more one knows, the quaggier the mire gets.  Ã‚   - Sarah Vowell Sometimes its fun to get into the muck of politics, so we thought that for Presidents Day this year, we would offer you some titles that offer insight, personality, behind-the-scences intrigue, and sometimes humor in consideration of the 44 men who have held the highest office in the land. 1.   Washington: A Life by Ron Chernow In this new biography, author Ron Chernow offers some insight that is new to many readers, including: Washington was the only major founder who lacked a college education. John Adams went to Harvard, James Madison to Princeton, and Alexander Hamilton to Columbia, making Washington self-conscious about what he called his â€Å"defective education.† By age 30 Washington had survived smallpox, malaria, dysentery, and other diseases. That Washington was childless proved a great boon to his career. Because he had no heirs, Americans didn’t worry that he might be tempted to establish a hereditary monarchy. Also available on Kindle. 2. John Adams by David McCullough From the Publishers Weekly Review:   Here a preeminent master of narrative history takes on the most fascinating of our founders to create a benchmark for all Adams biographers. With a keen eye for telling detail and a master storytellers instinct for human interest, McCullough (Truman; Mornings on Horseback) resurrects the great Federalist (1735-1826), revealing in particular his restrained, sometimes off-putting disposition, as well as his political guile.   This biography is also available on Kindle. 3. The Autobiography of Thomas Jefferson by Thomas Jefferson Jefferson, of course, was one of the primary authors of the United States Constitution.   Here, in his autobiography, the reader learns of his early life,  his political and personal influences,  and how he  viewed his  role in the founding of our nation. Also available on Kindle. 4. Team of Rivals: The Political Genius of Abraham Lincoln by Doris Kearns Goodwin In her 2006 study of Abraham Lincoln, Doris Kearns Goodwin manages to do something very nearly impossible: give readers a fresh take on one of the most written about figures in American history, Abraham Lincoln. She does so by examining Lincoln in relation to the three other men vying for the Republican nomination in 1860,  describing in vivid detail how  Lincoln managed to win and set himself apart from his rivals. Also available on Kindle. 5. Grant: Memoirs and Selected Letters From Library Journal: As historical documents, the significance of these papers is obvious, but the texts also score high points for the quality of the writing itself; Shermans reflections were hailed by Mark Twain as a model narrative that will last as long as the language lasts. The hub of the material, of course, focuses on the war years, but Shermans volume also contains memoirs of his pre-Civil War life in California, and unique to this edition is the inclusion of 175 of Grants personal letters. More than a reprint of readily available material, these volumes include the same scrupulously detailed notes on the text by recognized scholars that make the Library of America editions superior to their predecessors. This fine set belongs in most history collections. Highly recommended. 6. Colonel Roosevelt by Edmund Morris Like Lincoln, scores of books have been written about Americas 26th President, but Edmund Morris offers an intriguing take on this complex man. Colonel Roosevelt (2010) examines the part of the former presidents life that is not so laudable. Writing for Booklist, Brad Cooper notes that Wilsons work examines the sad part of TR’s life; this is the stage of his life story in which it is most difficult to accept his self-absorption, self-importance, and self-righteousness, but it is the talent of the author, who has shown an immaculate understanding of his subject, to make Roosevelt of continued fascination to his readers. In essence, this volume tells the story of TR’s path of disenchantment with his chosen successor in the White House, William Taft, and his attempt to resecure the presidency for himself. The important theme of TR’s concomitant decline in health is also a part of the narrative. We are made aware most of all that of all retired presidents, TR was the least likely to fade into the background. Also available on Kindle. 7. John F. Kennedy by Robert Dallek Another president who fascinates both critics and readers alike, Robert Dallek offers his interpretation of JFKs time in office in his 2011 biography. While some critics are disturbed that Dallek glosses over events in Kennedys life, like his womanizing, The New York Times Book Review praises the work  as (a)n intimate portrait indeedunexpected and important.This is nothing if not a profile in courage, and The New Yorker says that Dallek succeeds in this riveting and well-documented biography. Also available on Kindle. 8.   Around the World with LBJ: My Wild Ride as Air Force One Pilot, White House Aide, and Personal Confidant by Brigadier General James U. Cross For a very different insight into the presidency, consider picking up this acclaimed inside-look into the office and the man who was our 36th President, Lyndon B. Johnson.   Journalist and long-time PBS newman Bill Moyers highly recommends the memoir, saying, What a delightful, honest, and entertaining story Jim Cross tells. Here is a man who was so close to power he would come down with a cold if the President sneezed (and could have brought a lot of us literally down with him), but he never forgot his roots in rural Alabama. A man whose daddy worked for the Horseshoe Lumber Company grows up to serve the most powerful man in the world, and his account of that amazing journeysome of it scarily bumpy, as I can testifyis a birds-eye view, from the cockpit of Air Force One, of why character counts. Also available on Kindle. 9.   An American Life: The Autobiography by Ronald Reagan Hot off the presses (January 2011) is the re-issued autobiography of our 40th president, Ronald Regan. First issued in 1991, the autobiography has enjoyed a wide readership for ten years. San Francisco Chronicle says that Reagans charm, as displayed throughout this book, is incontestable; so is his grace under pressure, and The Washington Times calls  An American Life (o)ne of our classic American success stories. Also available on Kindle. 10.   Dreams from My Father by Barack Obama Published in 2007, Barack Obamas autobiography helped inform the American public about this candidate with the funny name and unusual background, and probably was a factor in his becoming our first African American  president.   Obamas story covers  Ã‚  his challenges with his parents,  his difficulties in finding racial identity, as well as  how he became a civil rights lawyer and a community organizer before making the decision to run for the presidency. â€Å"Provocative†¦Persuasively describes the phenomenon of belonging to two different worlds, and thus belonging to neither.† - The New York Times Book Review Fluidly, calmly, insightfully, Obama guides us straight to the intersection of the most serious questions of identity, class, and race.† - Washington Post Book World Also available on Kindle.

HOW TO BE AN EFFECTIVE SUPERVISOR Essay Example | Topics and Well Written Essays - 1000 words

HOW TO BE AN EFFECTIVE SUPERVISOR - Essay Example The supervisor should honor employees by setting aside time to attend them on weekly or daily basis and share with them if there is any problem, if there is any, the supervisor must find a way on how to help. Engage in regular meetings; hear employees’ triumphs and grievances. Use meeting sessions to discuss the organization’s success and find solutions to any new problem. Conflicts in the work place are common, and they may occur between a supervisor and employee or a client and the worker. Being a problem solver and an effective controller, the supervisor should remain to the facts and creatively think on how to handle the situation (Rue, 2010). The supervisor should at all the time avoid focusing on blame and emotions. Come up with the necessary steps to help solve the problem and let employees regain and resume to duties. As part of an effective supervisor, one should assist workers to transform their weaknesses to strength and competences. The supervisor should create awareness of the department which requires improvement. The supervisor should avoid showing unnecessary attention to weaknesses. Too much focus to employees’ weaknesses may result to reduced employee morale and discouragement. Appreciate employees’ work, which displays desired results (Rue, 2010). To be an effective supervisor one should design documents, which outline employee’s duties and responsibilities and who is to carry out which task. This delegation of responsibilities will save workers’ time and eliminate errors on tasks. Schedule sessions for training to employees. Create training manuals to help workers on performing tasks and at the same time allow sessions for question and answer for employees to learn new tasks (Rue, 2010). Planning is the key management function. It involves chalking out the future level of action and advance decision making. It closes the gap between where we are and where

Why Illegal Immigrants Must Follow the Law Essay

Why Illegal Immigrants Must Follow the Law - Essay Example These illegal immigrants have made America their home and many have raised families in this country. It is therefore necessary for them to be law abiding so that their stay in this country is not ended abruptly through deportation or if they are convicted of a crime, they do not end up serving time in jail. Whether their status in the United States is legal or illegal, it is their duty to abide by the law of the land because these laws have been passed to ensure that there is order in society. Illegal immigrants, no matter what their background is, should ensure that they abide by the law for the purpose of keeping order in society. Abiding by the law is very important because if the large number of illegal immigrants would were to get involved in illegal activities, then there would be a radical increase of the crime rates in the United States. This would make it very difficult for the law enforcement agencies at the federal, state and county level to contain crime and the order whi ch has been a part of the American society since this nation was created would be destroyed. Illegal immigrants should therefore follow the law to the latter as they found it and should avoid any activities which will put them on the wrong side of the law. This will not only ensure their own security but it will also ensure the security of all the people in the nation as a whole. Many immigrants in the United States are in the country illegally and because of this, they must be very careful not to break the law because this will bring the attention of the law enforcement agencies on them (Katel, 393 – 420). Breaking the law would be to their disadvantage because it would lead them to either serve time in a prison or get them deported back to their home countries, defeating their purpose of coming to the United States to improve their lives. I believe that the fear of deportation should be enough to make the illegal immigrants abide by the law so that they can keep their posit ions, although illegal, within the United States secure. However, the United States also has a duty to treat these illegal immigrants with the respect they deserve because whether we like it or not, the majority of Americans are not native to this land. America was founded as a refuge for those who were running away from persecution for their beliefs or for people who wanted to make better lives and have a new beginning, and that is the reason why America is said to be a nation of immigrants. Since most Americans hail from immigrant families, they should not look down upon or discriminate against the illegal immigrants because they also are looking for opportunities the same as their ancestors were. Furthermore, discriminating against illegal immigrants only drives them towards breaking the law through committing illegal activities in order to make a living. A major incentive for illegal immigrants to follow the law and not to commit any crime is for the purpose of preventing the ri se of a negative public opinion of them. This will enable them to rehabilitate the image of illegal immigrants being opportunistic people whose main purpose is to earn a living without any consideration for the welfare of the people of the country in which they have gone to work (Scarborough, M). Their following the law will enable a building of good will towards them from the American public and will deprive their critics of the argument that illegal immigrants in the United States are a security threat to the nation and that there is a need for them to be deported and stricter measures have to be put in place to ensure that there are no illegal immigrants in the country. The good public opinion will also ensure that there is social harmony in the country and not the aggressive debates

Impact of the Globalization on a More Even Distribution of Economic Essay

Impact of the Globalization on a More Even Distribution of Economic Activity - Essay Example II. Measuring Globalisation: It is very difficult to measure globalization basing on the movement of production factors. Dispersion of production happens in order to have more access to inputs and so also more access to the external markets. Since there are interdependencies between the factors such as direct investment flows generate exports and movement of knowledge and technology while exports can also generate technology transfers and new inflow of FDI, measuring the extent of globalization becomes a difficult task. However there are some indicators by which one can have a fair idea of extent of globalization. Some of them as cited in the OECD Handbook on Economic Globalisation Indicators are: A. Globalisation through FDI- 1. What is the FDI position (inward and outward) as a share of GDP 2. What is the balance of inflows and outflows of direct investment for a given country 3. What is the propensity to reinvest earnings (earnings/income) from direct investment 4. What is the share of foreign-controlled affiliates in economic output. B. Globalisation through Trade: 1. Share of total exports in GDP. 2. Average of exports in GDP. 3. Share of domestic final demand met by imports. 4. Share of GDP generated by total exports. There are many such indicators mention of which is beyond the purview of this essay. FDI1 is a good measure to know the extent of economic activities across the globe. "To create, acquire or expand a foreign subsidiary, MNEs undertake FDI. The total direct capital owned by non-residents in a given country each year constitutes the stock of FDI" (Navaretti & Venables, 3). As stated earlier that with a propensity of access to market and also access to inputs companies goes for cross border activities or disperses their business... This essay attempts to analyze the development of economic activities in various regions of the world under the influence of the globalization processes. After the year 1980 the world witnessed a new movement for the global economic integration, which was rapid rapid due to technological changes in various sectors. The unprecedented technological change in the transport and communication sector making the swift movement of goods and services, human resources and information on knowledge and technology across the globe at a cheaper cost is the main factor which continues to drive the globalization process. The changing attitude of the people and more liberal government policies contributed to deepen and widen the process of the economic integration by shifting the focus of the planners from national economies to an integrated world economy. With breaking of the trade barriers and changing of the economic policies of the nations across the world make the companies to become transnational by opening up subsidiaries to distribute the business processes throughout the world. Though the process of economic integration occurring at a faster rate in the developed countries but the same is yet to be achieved at rapid rate in developing world. What is needed for redressing global imbalances is a responsible multilateral effort, rather than pressure on parts of the developing world. A well-coordinated international macroeconomic approach would improve the chances of the poorer countries to consolidate their gains in growth performance

Should sick people pay more for health insurance Annotated Bibliography

Should sick people pay more for health insurance - Annotated Bibliography Example Gottlieb, Scott. How Much Does Obamacare Rip Off Young Adults? We Ran The Numbers. Here Are The  Results. Forbes. 28Th March 2014. Web. 9Th April 2014. Gottleb’s article in this study will act as a proof in showing how expensive insurances have turned out to be especially for the young beneficiaries. Therefore, its content will aid in backing varied statistics, which in intend to state in this argument contending the health insurances are too pricey whereby the state through its varied authorities ought to regulate. Since, not all Americans despite being legal or illegal citizens are capable of affording their current ratings. However, this source compared to others will not be among the main ones but as a backing reference meant to show how pricey health insurances have turned out to be. This is despite those involved in dispatching of health insurances including the government knowing sickness is not a permanent condition. I will also use this source in showing how the government has failed in regulating the cost of health in comparison to other states like that of Germany as depicted by Khazan’s article. From this recent article highlighting how a man was diagnosed with a testicular mass likely a cancer. Thus, he did not get proper care because he did not have a health insurance. I intend to use it in backing the argument on health insurance cover. This is to show how costly it has become in comparison to other states globally. This implies the US should intervene to regulate the price to be affordable to all civilians. This content discusses how one might be at high risk of death if he or she does not have a health insurance cover. I will use this content to cite how

Phase 1 Discussion Board 3 Essay Example | Topics and Well Written Essays - 1250 words

Phase 1 Discussion Board 3 - Essay Example Some of the management tools that aid the process of governing employee behavior include the code of conduct and ethical principles. Codes of conduct are clearly crafted rules that govern behavior of employees at the work place. The set of guidelines contain the dos and the don’ts of the organization. They further give a clear outline of appropriate disciplinary actions taken against an employee who contravene them. Ethical principles on the other hand refer to accepted behaviors. These are not written and have no mechanism effecting their compliance. Each society and profession has a number of acceptable behaviors and conduct to which every practitioner or member is required to abide by, failing to results to either lack of professionalism or gross misconduct. The ethical codes are in most cases reinstated in the codes of conduct of most professions (Davis, Giordano, & Licht, 2009). However, an individual is required to have a sense of responsive behavior in the conduct of bu siness transactions. Management in business refers to the coordinating, overseeing and supervising the activities in the organization with the aim of achieving the organization’s objectives. In doing this, the management ensures that all employees have the right mindset and are geared towards the attainment of the same. ... To a achieve this, the management must effectively and adequately understand the concept of management and the theories governing the same. Contingency theory of management postulates that each situation in the organization is unique and requires unique strategies to accomplish. This theory dictates that rather than having a universal approach to every situation, an organization should tailor make strategies for every situation. This way, the unique features of the situation are addressed. This is the most practical approach and is in most cases cost effective. Another theory of management that is equally effective is the systems theory. This theory views an organization as a system with four components that include input, transformational process, outputs, and feedback. Each of these four is integral to the attainment of the organizational objectives and must therefore be effectively coordinated. There are two types of organizational systems, the open, and the close system. A closed system does not interact with the external environment while and open system operates in constant interaction with the environment (Coon & Mitterer, 2011). Two theorists, Abraham Maslow and Douglas McGregor in analyzing the behavioral viewpoint of management hypothesized that human relations movements emphasize social factors at work resulting in group dynamics. It is common to find informal class groupings at a palace of work. These groupings are formed n the basis of mutual interest of the members. Despite being formal and irrelevant to the direct process production, the groups require effective management since they shape employee mindset. In such groups, employee come together especially at tea or lunch breaks and discuss social issues

Business plan Research Paper Example | Topics and Well Written Essays - 5000 words

Business plan - Research Paper Example Additionally, Qatar is all set to host the 2022 FIFA World Cup, which has generated tremendous publicity and interest about the country among tourists and soccer fans all over the world. The government of Qatar has currently aimed at boosting luxury tourism in the country. It has entered into an arrangement of joint visa with Oman whereby tourists visiting the country of Oman may also tour Qatar with no additional requirements. It also wants to be at the frontier of a very recent trend in luxury tourism in the Middle East – cruise tourism. ... The company Company overview Burj Qatar Cruises is a proposed business venture by four directors that would provide luxury cruising activities in the Gulf region, around the Arab countries of Qatar, Kuwait, Bahrain, the UAE, Oman, Yemen and Saudi Arabia. It seeks to attract High Net Worth (HNW) individuals from around the world who seek a de-stressing tour experience soaked in luxury. The target market of Burj Qatar Cruises would be upscale tourists from Europe, Asia and the Americas who have an annual income of $80,000 to $90,000. It would also target the young population, senior citizens who have recently retired and are looking for an adventurous experience, rich businessmen and honeymooners. The goal of Burj Qatar Cruises is to be the first one to bank on the Qatar government’s initiative to offer world-class luxury water cruising activity in the Gulf and become a formidable company that has widespread recognition, high brand value and immense customer satisfaction. Water cruising in the Gulf is currently limited to private cruising activity in small vessels called dhows and chartered luxury yachts that are organized by local tour operators and hotels in Qatar as well as other countries of the Middle East such as Dubai and Oman. Burj Qatar Cruises wishes to gain the first mover’s advantage by introducing full-fledged organized cruising in the Gulf in cruise ships that would give a luxurious experience to international tourists from the Americas, Europe and Asia. Company products and services Burj Qatar Cruises would offer top class luxury cruising services to tourists in Qatar. The first cruise ship that will be operational from 2014 would be

Should sick people pay more for health insurance Annotated Bibliography

Should sick people pay more for health insurance - Annotated Bibliography Example Gottlieb, Scott. How Much Does Obamacare Rip Off Young Adults? We Ran The Numbers. Here Are The  Results. Forbes. 28Th March 2014. Web. 9Th April 2014. Gottleb’s article in this study will act as a proof in showing how expensive insurances have turned out to be especially for the young beneficiaries. Therefore, its content will aid in backing varied statistics, which in intend to state in this argument contending the health insurances are too pricey whereby the state through its varied authorities ought to regulate. Since, not all Americans despite being legal or illegal citizens are capable of affording their current ratings. However, this source compared to others will not be among the main ones but as a backing reference meant to show how pricey health insurances have turned out to be. This is despite those involved in dispatching of health insurances including the government knowing sickness is not a permanent condition. I will also use this source in showing how the government has failed in regulating the cost of health in comparison to other states like that of Germany as depicted by Khazan’s article. From this recent article highlighting how a man was diagnosed with a testicular mass likely a cancer. Thus, he did not get proper care because he did not have a health insurance. I intend to use it in backing the argument on health insurance cover. This is to show how costly it has become in comparison to other states globally. This implies the US should intervene to regulate the price to be affordable to all civilians. This content discusses how one might be at high risk of death if he or she does not have a health insurance cover. I will use this content to cite how

Business plan Research Paper Example | Topics and Well Written Essays - 5000 words

Business plan - Research Paper Example Additionally, Qatar is all set to host the 2022 FIFA World Cup, which has generated tremendous publicity and interest about the country among tourists and soccer fans all over the world. The government of Qatar has currently aimed at boosting luxury tourism in the country. It has entered into an arrangement of joint visa with Oman whereby tourists visiting the country of Oman may also tour Qatar with no additional requirements. It also wants to be at the frontier of a very recent trend in luxury tourism in the Middle East – cruise tourism. ... The company Company overview Burj Qatar Cruises is a proposed business venture by four directors that would provide luxury cruising activities in the Gulf region, around the Arab countries of Qatar, Kuwait, Bahrain, the UAE, Oman, Yemen and Saudi Arabia. It seeks to attract High Net Worth (HNW) individuals from around the world who seek a de-stressing tour experience soaked in luxury. The target market of Burj Qatar Cruises would be upscale tourists from Europe, Asia and the Americas who have an annual income of $80,000 to $90,000. It would also target the young population, senior citizens who have recently retired and are looking for an adventurous experience, rich businessmen and honeymooners. The goal of Burj Qatar Cruises is to be the first one to bank on the Qatar government’s initiative to offer world-class luxury water cruising activity in the Gulf and become a formidable company that has widespread recognition, high brand value and immense customer satisfaction. Water cruising in the Gulf is currently limited to private cruising activity in small vessels called dhows and chartered luxury yachts that are organized by local tour operators and hotels in Qatar as well as other countries of the Middle East such as Dubai and Oman. Burj Qatar Cruises wishes to gain the first mover’s advantage by introducing full-fledged organized cruising in the Gulf in cruise ships that would give a luxurious experience to international tourists from the Americas, Europe and Asia. Company products and services Burj Qatar Cruises would offer top class luxury cruising services to tourists in Qatar. The first cruise ship that will be operational from 2014 would be

A History of Greece Essay Example for Free

A History of Greece Essay Western Civilization owes much of its development to Greek history because most of the current principles and knowledge of man was derived from this ancient culture. The foundations of mathematics, science, medicine, philosophy, politics and even the different forms of art nowadays were first established long before Christ was born in these Mediterranean islands. The Bronze Age (3000 BCE to 1100 BCE) Bronze became a heavily used metal in Greece during 3000 B. C. It was used to make different tools and ancient battle weapons that were all part of Greek daily life. The three great civilizations that are worth studying were born on different parts of Greece. The Minoans settled on Crete at around 2600 B. C. This community got its name from Minos, a legendary son of Zeus, who ruled Crete and rid it of sea pirates (Minos, 2007). By the year 2000 B. C. , these people were able to establish a very dynamic community life marked by favorable trade activities that helped make its citizens rich. The people of Minoa became known for their palaces and socio-economic political organization. The first evidence of Greek writing called Linear A, came from this period. There remain specific evidences that Minoans held great but peaceful influence over the islands of the Aegean despite being naval conquerors. At around 1500 B. C. , records seem to imply that a volcano on Santorini erupted which caused major earthquake and huge tidal waves that could have wiped out the Minoan civilization (Greeka, n. d. ). Mycaenaeans, another community evidenced to have come from the north in around 2000 B. C. , settled on the main island and became the center of trade after the reign of the Minoans. The previous centuries’ records show that these two civilizations had a complex relationship in that it had strong business connections to each other but were also competing in their dominance of the Mediterranean. However, with the sudden disappearance of the Minoan civilization, the Mycenaeans became the trade hub during the 1400 B. C. to 1200 B. C. with â€Å"much of the Minoan cultural tradition transferred to the main island† (Mycenaean Civilization, 2007). Some of their differences with the Minoans, however, were shown through their use of armors in battles and better fortified territories. Mycenaeans are also noted for their beards. The people of Mycenaea chose to live in smaller units or kingdoms but were united by one dialect. The story of the Trojan War seems to be based on some facts between the Mycenaeans and the â€Å"inhabitants of the Troad, or Troas, in Anatolia† which is now Turkey (Trojan War, 2007). There are indications that when Troad was afflicted by a terrible fire, the Mycenaeans wanted to conquer the city. The greatness of Mycenaean community ended at around 1200 B. C. when â€Å"crops began to fail and famine† gripped Greece (Ancient Greeks, n. d. ), This caused â€Å"peasant rebellions and internal warfare (Greeka, n. d. ). The Cycladic community began in the different isles of the Aegean which were in the middle of Crete and mainland Greece. The Cyclade area was a vital location because it was the Greece’s business connection to the rest of Europe and Asia from which the Greeks learned many of their agricultural practices. This time period was characterized by a very fast growth in population and very dynamic development in all aspects of society. Sculpture using marble and pottery were popular art forms during this period in this area of Greece. The Dark Ages (1100 B. C. to 800 B. C. ) The Dark Ages are called so because little evidence could indicate what happened during this time frame. There are some findings that Dorians, a Greek-speaking tribe from the North, may have caused the decline of Mycenaean civilization. â€Å"The Dorians kept power entirely to themselves, creating a ruling military class which they solely occupied’ (Dorian, 2007). It seems that the centralized systems were broken and that monarchies dominated the political structure. This period’s significant contribution to Greek history, however, seems to show that it was at this time when Homer wrote the Iliad which included the epic of the Trojan War (Greeka, n. d. ). Archaic Period (800B. C. to 500 B. C. ) During the Archaic Period, Aristocratic Republics replaced the political structure of Greek civilization and foreign influence abound. It is during this time that human and mythological figures began to appear in different art forms. The first Olympic game was held in 776 B. C. wherein a cook named Koroibas won the 600 foot race called stadion (The Games, n. d. ). These festivals were held for the God on Mount Olympus, Zeus. People felt that Greece at his point in time, was overpopulated and began to migrate to other European territories bringing with them their advanced culture. Coins became a currency at around 600 B. C. (Ancient Greek Civilizations, 2003) due to the influence of traders from Asia Minor where the first coin was supposedly made. Panathenaic festivals became popular sometime in 566 B. C. This very important occasion celebrated for numerous days sometime between July and August, supposedly Athena’s birthday, was well-anticipated because anyone can join except for slaves. It consisted of contests, processions and sacrifices (The Panathenaic Festival, n. d. ). Democracy Another very significant contribution of this period is the birth of democracy in Athens at around 508 B. C. There were two types of people in Greece. Men who were born in the city they resided in were called citizens while all other individuals are considered non-citizens. Only citizens have the choice of politicians and vote in plebiscites. There were large conventions called â€Å"The Assembly† that must be attended by at least 6, 000 citizens before it was considered official enough to be heard by the government. This meeting was done regularly wherein citizens may address their concerns regarding laws that needed to be implemented. A body of law-makers called Council was made up of 500 citizens which was changed annually. The members held the task of making new laws and debated on how these could be best implemented. Life in Greece There was an â€Å"agora† in the middle of each Greek city (Ancient Greeks, n. d. ) which was sort of like a town square wherein merchants can trade their various goods whether native or foreign. This was the center of commerce wherein anyone, even foreigners, was allowed to buy what they wanted. It was also where men may hang out to with friends, know the latest political announcement or trade views with foreigners. Very few women could be seen in the agora and they were mostly female slaves who have been sent by their rich masters to shop for market goods. The most important infrastructure of the city were built around the agora. Because of the hot climate, Greeks prefer to wear light clothes which are evidenced on the carvings that present-day archeologists have been able to study. Depending on the warmth, some men even prefer to wear only their loincloth. During cold weather, they place a cloak over their normal clothes which are tunics or â€Å"chitons† square shaped textile that are held at the shoulders using pins and around the waist by belts (Ancient Greeks, n. d. ). Women often wore a fancier shorter version called a peplos that was worn on top of the chiton. To take off boredom, these tunics were usually dyed and embroidered according to tastes. Protection for the feet was usually used when outside of the house and these came in the form of sandals and leather boots. Brooches and pins were necessary jewelry to fasten their chitons. The women adored every form of jewelry. The wealthy females also used make-up and allowed their slaves to fix their hair according to what was in fashion. At around 500 B. C. , men saw it fashionable to wear beards and short hair styles. Greek women family members usually shared the tasks of cooking but the wealthier ones could hire slaves to handle the responsibility. The diet was a merry mixture of fruits and vegetables during the summer and dried versions during the winter. Sometimes, the families are able to store enough fruit and make cheeses in summer months which could be enough to tide them over the winter. Those who were near the sea enjoyed its produce as long as the weather permitted a catch. Meat was considered to be an expensive food and the poor of society cannot afford it. When occasions do allow the impoverished to eat meat, they take advantage of the situation to eat every edible part†¦even the brains. The Role of Women in Greece Women enjoyed very little freedom in Greek society. Only wealthy women were allowed to get music or writing lessons at home. Only the rich seven year old boys were sent to the gymnasium (school) and returned after eight years to wait for another three years to become citizens. However, girls were not allowed to get education outside of the confines of her house. Much of a girl’s knowledge in music, dancing, cooking and weaving are imparted by their mothers. They were expected to follow whatever their husbands or fathers asked. A girl can get married even when she is just fifteen years old and is expected not to go back to her former home anymore. It is the wife’s responsibility to run the chores of the house and ensure the good services of the slaves. Because the streets were considered unsafe, most women are tied down to spend most of their time at home. Every now and then, the husband may give the woman a reprieve from boredom by taking her to the theater or allowing her to be accompanied outside the house by a male servant. Aside from doing housework, women made the clothes, blankets and whatever textile needs of their families. They also were expected to prepare the food needed for winter. How the Gods Influenced Greece The Greeks believed in many gods and built temples for each one. Each god was powerful up to a certain extent depending on what they ruled on: Poseidon was the god of the Sea, Hades ruled the underworld, Hera was the goddess of youth, Aris was the god of war, Athena was the goddess of wisdom, Apollo was the god of truth, and many more. Whenever misfortune beset them, the Greeks believed that these were caused by the gods’ anger. The temples were usually constructed on hilltops to show that the god or goddess was protecting their community. The area on which a temple is built is called acropolis. One can tell the riches of the city by looking at its temples. The wealthy ones built their temples using stone and had many different forms of artwork to beautify it. Each temple had a huge statue of the god or goddess. Athens built their statue of Athena using ivory and gold (Ancient Greeks, n. d. ). Sacrifice offerings such as food and animals were placed on a table within the temple before the individual pursues to worship his god in the courtyard which had an altar. Intellectual Growth in Greece Although the Greeks attributed most of the occurrences of their daily lives to the activities of the gods, at around 500 B. C. , they began to find out more about the world. Philosophers and many scholars who thirsted for more knowledge regarding mathematics, medicine, astronomy and geography lived during this time. Some of these famous people are Plato, who wrote about politics, Aristotle whose interest led him to discover many information on biology, Parmenides who hypothesized that the world was spherical, Archimedes who invented the Archimedian screw that spiraled irrigation to high farmlands and Phythagoras who is still popular in the mathematical arena for his right angles. The Abode Most homes in Greece at that time were made of stone or clay. There were bungalows and two-storey houses with roofs made of tiles or reeds. The flooring was also made of tiles to ensure the cool temperature inside the houses. These houses were built in the middle of courtyards with walls and a sturdy gate. Altars were not only found to be in the temples but also within the courtyards of the houses as well. This was where the family members can worship their gods and leave their food and wine as offerings. Wood was the primary element used to make furniture but these can sometimes be accentuated with ivory and different metals. More families lived in the rural areas compared to the cities wherein the rich usually prefer to reside. The wealthy may have residences in the city while their servants take the responsibility of maintaining their countryside homes. The poorer farmers had the help of the children to do the agricultural chores such as herding sheep and goats or ploughing the fields. Crops like grapes and olives grew well in the stony land but wheat to make bread had to be bought from Egyptians. These grapes either became raisins or wine while the olives became oil or pickles. Farmers also took care of farm animals because they are excellent sources of basic needs like clothing, milk and meat. The Persian Wars The Persian Wars began to affect Greek life in 490 BC, â€Å"with a Persian invasion in Greece led by Darius the Great of Thrace† (History of Ancient Greece, n. d. ). Darius’ army was almost crushed by his first attempt to conquer the Danube if not for the Ionian Greeks who were his allies at that time. However, this made the Ionians realize that they should rebel from the empire and they asked for the support of the other city-states to go against Persia. This started the popularly known Ionian Revolt. Only the Athenians gave ships to the effort and were able to win the war. The Persians proudly retaliated, recaptured their supremacy in the battle of Lade in 494 B. C. and destroyed the city of Miletus by massacring or enslaving the inhabitants (Setzer, n. d. ). Angered by the Athenian bravado, Darius sought to battle on mainland Greece at around 492 B. C. but the ship that held his army became badly hit by a storm. Another fleet was sent and this time, Eretria was completely destroyed. The next target was Athens and the army went onshore at Marathon which led towards Athens. The Athenians tried to ask Spartans for help but due to â€Å"a religious festival, the Spartans were detained, and the 10,000 Athenians had to face the Persians aided only by 1,000 men from Plataea† (Greco-Persian Wars, 2007). However, the Athenians under the leadership of ten generals including Miltiades, were able to block this attempt which made the Persians retreat and reorganize to try and attack from the Saronic Belf. They were surprised to find the Athenian army back in their territory and ready to fight them again. The Persians went back to Asia Minor, defeated. A runner was sent to Athens to deliver the good news and this was how the Marathon Race got its name (The Persian War, n. d. ). After a decade from the first attempt of invasion, Darius’ son, Xerxes took the throne of Persian Emperor and wanted to target Greece. His strategy involved less violence because instead of attacking head on, he decided it would be best to send envoys to start negotiating with the different cities to surrender without battle. He constructed a bridge at Hellespont and ensured that a canal was dug across the isthmus to protect his army from storms while rounding the Cape of Mount Athos (Setzer, n. d. ). He collected his troops from every satrapy (territory within the Persian Empire) which numbered about 150,000 of the best soldiers from Persia and Mede while his naval fleet had about 1200 ships that were prepared against an estimated 300 brave warriors from Athens and Sparta. The large army of the Persians resulted to a slower pace in their attack and this gave the Greeks a chance to plan out their defense (Greco-Persian Wars, 2007). The different cities of Greece held a meeting to plan their defense which resulted to the delegation of the army to Sparta while Athens was in-charge of the navy fleet under Themistocles, an Athenian statesman (Kreis, 2006). They also consulted the Delphic Oracle. The oracle of Delphi was at Mount Parnassus where a Pythia (woman supposedly used by the God Apollo as his medium) could be asked to predict answers to their questions (Roach, 2001). The Pythia foretold that they would lose the battle and that their only chance of success was through a wooden wall. There were so many interpretations that could mean â€Å"wooden wall† but in the end, the Athenians took it to imply that the wooden walls were their ships. The Spartans suggested that the only way to position themselves well against the great army of Persia was by blocking them at the Isthmus of Corinth. The Athenians and authorities from Central Greece did not agree because their territories will be pillaged by the Persians before they reach the Isthmus of Corinth. However, Evaenetus, commander of the 10,000 Hoplites who decided to help Greece agreed with Sparta and so the minute number of soldiers repositioned themselves at the Isthmus of Corinth. The Spartans and Hoplites were at an advantageous position in Thermopylae until a â€Å"traitorous Greek led a Persian force through the hills to the rear of the Greek forces† (Kreis, 2006) for a surprise attack that led to a massacre. On the naval side, the Athenians left their city which allowed the Persians to burn it. Themistocles realized that battling with the Persians in the open sea will make them lose because of their minute number. He realized that the only way to win against the Persians was to turn their large army into their own handicap. This he did in the Battle of Salamis – a very narrow strait between Athens and the Island of Salamis. â€Å"He sent his best slave to Xerxes to tell him that the Greek navy was retreating to the Isthmus of Corinth to form a combined force with the army† (Moerbeek, 1998). He tricked Xerxes by sending a misleading message that the time of the Persian army to attack was at hand. Xerxes then allowed his unsuspecting contingent to enter the strait between Athens and the island of Salamis where a surprise attack by the Greeks was waiting for them. This caused the eventual defeat of the Persians. By 479 B. C. , the Greek forces had all conquered the Persian army and navy (Kreis, 2006). Conclusion The fast paced development of civilization owes its foundations to the very intelligent and industrious Greeks. Every aspect of modern day life has its roots on Ancient Greek mathematics, logic, philosophy, science, art and even politics. Wars were intelligently won through cunning minds and not annihilating weaponry. Our modern world can truly learn so much just by looking at its past. References Ancient Greek Civilizations. (2003). In Minnesota State University Mankato Online. Retrieved June 11, 2007, from http://www. mnsu. edu/emuseum/prehistory/aegean/timeline. html Ancient Greeks. (n. d. ). In Anglia Campus Online. Retrieved June 11, 2007, from http://www. angliacampus. com/public/pri/history/greeks/index. htm Dorian. (2007). In Britannica Concise Encyclopedia. Retrieved June 12, 2007, from Encyclop? dia Britannica Online: http://www. eb. com:180/cgi-bin/g? DocF=micro/175/77. html Greco-Persian Wars. (2007). In Britannica Concise Encyclopedia. Retrieved June 12, 2007, from Encyclop? dia Britannica Online: http://www. britannica. com/ebc/article-9037907 Greeka. (n. d. ). Greece History: Stone Bronze Age. Retrieved June 11, 2007, from http://www. greeka. com/greece-stone-bronze-age. htm History of Ancient Greece. 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