Walter White matured rapidly Essays

Walter White matured rapidly Essays Walter White matured rapidly Essay Walter White matured rapidly Essay Essay Topic: Bad Boy a Memoir Walter White in his memoir remembered a characteristic calm before the storm on that September night of 1906. White wrote, â€Å"My sister and I had casually commented upon the unusual quietness †¦ But as I remember it, no other sense of impending trouble impinged upon our consciousness. † In his more mature years, Walter White began to explain himself via a fictionalized account of the 1906 riot. And through the voice of Mimi Daquin, the character in his novel, he related the painful experience, â€Å"†¦on September 22, 1906†¦Mimi saw the mob gather steam and beat to death a bootblack near Five Points. She saw a white employer whisk two black employees to safety by rushing them in his cart right through the mob. † When the fury of the white man was fully vented this is what happened according to Dorsey: The riot began in the downtown area and spread to encompass the black neighborhoods of Darktown and Brownsville. Black citizens experienced property destruction, physical terror, and murder at the hands of their white peers. Before the riot ended, at least twelve Atlantans were dead, hundreds of thousands of dollars worth of property had been destroyed, and seventeen units of the Georgia State militia – among more than six hundred soldiers – had been assigned to the city. I Learn What I Am Puberty is the age where many young boys find themselves in a suspended animation in trying to discover their identity. To some it is a crisis stage and to many it is a turning point in their lives. As in the case of Walter White he did not only learned of his true identity much like a superhero would in a time of great difficulty and anguish. In his case though it came as an eyewitness to a terrible crime committed by a fellow human being to another. And the only excuse for such evil deed is the color of their skin. They have the same design, structure, ability to feel and understand. The only difference is the way nature chose to color their skin and for Walter White this is unacceptable and does not give any reason for white men to abuse black people. In that short three days of mayhem Walter White matured rapidly. His recollection of that period of time was written down: â€Å"I know the night when, in terror and bitterness of soul, I discovered that I was set apart by the pigmentation of my skin (invisible tough it was in my case) and the moment at which I decided that I would infinitely rather be what I was than †¦ be one of the race which had forced the decision upon me. † It is difficult to really know what Walter White was able to fully experience during those bleak times but it could be argued that he saw: 1. The savagery of his fellow white Americans who allowed emotions than reason to override their mental capability in the time of the riot. 2. The lies that were perpetuated just so two white people can satisfy their desire for power. 3. The disenfranchisement of a race that did nothing to deserve such treatment. 4. The insecurity of the white man to integrate with the black man does not show superiority but inferiority in the moral sense of the word. All these put together made Walter White decide that he is not white but in fact he is black. The world became a better place because of that bold decision. Walter White did not behave like the mob in which a person seeks protection from the group. He stood tall alone, in fact he stood in the middle between the black folks and the white folks. In that solitary space his bravery should be marveled upon. Conclusion The Negro race has suffered many injustices from the time that they were captured and sold as slaves many centuries ago. It was such a perplexing tale of man dominating not the beasts of the earth and all the things that contain in it but fellow humans. What is more perplexing though is the slow process of emancipation, from removing them from the fields and into a real liberation where they will be considered as equals among men. W. E. B. du Bois, founder of the NAACP, knew morality was on the Negro’s side, thus he asserted, â€Å"†¦we must strive for the rights which the world accords to men†¦Ã¢â‚¬  Still it was a slow process, a procedure that sometimes get to be expedited by men of will and character. Into the ranks of this few good men is Walter Francis White who crossed the line and joined his Negro brothers although society forbade him to do so. Not minding of the persecution and ridicule that surprisingly came from both sides, Walter White was indefatigable in his fight to achieve racial equality in American society. His baffling behavior and change of affiliation from a White American male in the racially prejudiced South into an African American male was explained by a life changing event that happened when he was in his puberty. Many people in this age experience profound changes but what happened to Walter White was beyond the physical and went deep into the spirit and soul. After the 1906 riots Walter White began the journey into becoming a Negro by choice. As a white man he was able to infiltrate the white world and vice versa. He was able to bring a whole different perspective in the Black’s struggle for inequality. His insight became so valuable because he had the rare opportunity to go where a few can enter. From the highest echelons of U. S. governance into the deepest parts of Black communities Walter White gathered information and interacted with people to become an influential leader of the NAACP. He used the NAACP, as a tool to influence others and make changes that would not have happened if things were left on its own. Walter White died not from a Klu Klux Klan’s bullet, nor from the frenzied swing of a rioter but from a health condition that snuffed his life at a relatively early age. Yet his legacy lives on. The greater degree of freedom experienced by present day African Americans, they owe to men like White who did not consider it a loss to be identified with a persecuted race. There were those who still question the motives of Walter White. There were those who were still unsure up to this day on what to make of him. It is the opinion of the proponent that one should spend less time in analyzing something beyond reach. But instead to focus on the practical ways on which average Americans can emulate the example of this great person, a man called White. Bibliography Dorsey, Allison â€Å"To Build our Lives Together: Community Formation in Black Atlanta†, Atlanta: University of Georgia Press, 2004. Janken Kenneth. â€Å"Walter White: Mr. NAACP†, New York: New Press, 2006. Tuttle, William. â€Å"Race Riot†. IL: University of Illinois Press, 1996. White, Walter, F. â€Å"A Man Called White†, Atlanta: University of Georgia Press, 1995.

An Overview of Early Childhood Education

An Overview of Early Childhood Education Early Childhood Education is a term that refers to educational programs and strategies geared toward children from birth to the age of eight. This time period is widely considered the most vulnerable and crucial stage of a persons life. Early childhood education often focuses on guiding children to learn through play. The term commonly  refers to preschool or infant/child care programs. Early Childhood Education Philosophies Learning through play is a common teaching philosophy for young children. Jean Piaget developed the PILES theme to meet the physical, intellectual, language, emotional and social needs of children. Piagets constructivist theory emphasizes hands-on educational experiences, giving children the chance to explore and manipulate objects. Children in preschool learn both academic and social-based lessons. They prepare for school by learning letters, numbers, and how to write. They also learn sharing, cooperation, taking turns, and operating within a structured environment. Scaffolding in Early Childhood Education The  scaffolding method of teaching  is to offer more structure and support when a child is learning a new concept. The child may be taught something new by employing things they already know how to do. As in a scaffold that supports a building project, these supports can then be removed as the child learns the skill. This method is meant to build confidence while learning. Early Childhood Education Careers Careers in early childhood and education include: Preschool Teacher: These teachers work with children ages three to five who are not yet in kindergarten. The educational requirements vary by state. Some require only a high school diploma and a certification, while others require a four-year degree.Kindergarten Teacher: This position may be with a public or private school and may require a degree and certification, depending on the state.Teacher for First, Second, and Third Grades: These elementary school positions are considered to be part of early childhood education. They teach a full range basic academic subjects to a class rather than specializing. A bachelors degree is required and a certification may be needed, depending on the state.Teacher Assistant or Paraeducator: The assistant works in the classroom under the direction of the lead teacher. Often they work with one or more students at a time. This position often does not require a degree.Childcare Worker: Nannies, babysitters, and workers at childcare centers usually perf orm basic duties such as feeding and bathing in addition to play and activities that may be mentally stimulating. An associates degree in early childhood development or a credential may result in a higher salary. Childcare Center Administrator: The director of a childcare facility may be required by a state to have a bachelors degree in Early Childhood Education or a certification in Child Development. This position trains and supervises the staff as well as performing the administrative duties of the facility.Special Education Teacher: This position often requires additional certification beyond that for a teacher. The special education teacher would work with children who have special needs, including mental, physical, and emotional challenges.

Hazard and Vulnerability Analysis Essay Example | Topics and Well Written Essays - 500 words

Hazard and Vulnerability Analysis - Essay Example Hazard vulnerability analysis is defines as the identification of potential disasters or emergency situations and the effects, both direct and indirect, that these situations may have on operations (Cutter 9). The main purpose of hazard and vulnerability analysis is to help the affected community to make the right choices that will help them address the vulnerabilities that they face. The analysis also helps in mitigating hazards and in the preparation for response and recovery efforts. Every emergency program should have a mechanism for hazard and vulnerability analysis (Wisner, Blaike and Cannon 17). In order to make accurate predictions for future events, it is important that the analysts collect the relevant information from different sources. This information should be relevant to the current situation and it should help in the creation of mitigating measures. The kind of data that should be collected during analysis includes everything about the nature and the causes of previous events. The frequency and/or intensity of previous disasters, as well as their magnitude should be included in the analysis. Information about the effects that the disaster may have had in a given area is also important for the purpose of analysis of the current situation (Turner and Kasperson 37). When the data has been collected, it is easy for the analyst’s to map the location of the potential and past hazards. This way, it easy to get information through the use of satellite images, aerial photography and remote sensing technology (Cutter 52). Predictive information can be derived from hydrology, seismology, meteorology and volcanology data. This kind of information can be found in most government agencies and some private institutions (Wisner, Blaike and Cannon, 47). Other data can be found in core databases to help in decision making (Turner and Kasperson 42). The business sector is most likely to be affected by earthquakes. This is because

Economic Impacts of World Cup Football in South Africa Coursework

Economic Impacts of World Cup Football in South Africa - Coursework Example The South Africa World Cup is one of such world cup football that experienced a massive turnout of people from everywhere. This paper examines the real impacts of the tournament through a well-calculated impact assessment or measurement.In measuring the economic impacts of an event, certain tools or methodologies are applied in order to undertake a relevant and appropriate economic activity. During impact measurement or assessment, it is important to first identify the need for the entire process. Why it is considered necessary to outline the outcome of a particular event? This is done through screening. In screening, the need to understand the influence the event had on a particular sphere is outlined. The analysis of the event should appraise the event and the activities associated with the event and with the whole process. It determines whether there is a need to make improvements or necessary changes. After the screening, there is the need to develop an effective framework of the event relationship with the receptors in the environment of operation.   This is a high-level assessment that establishes the relationship between the two factors (the event itself and the environmental receptors through an interaction medium). Scientific judgment is employed alongside applying the previous event the same as the one in question.An analysis of the existing conditions past the events is undertaken. This helps to relate the current existing conditions and the conditions than before the event. As such, relevant parameters are applied in order to establish whether there is a difference between the two conditions and if there is a difference, is it positive or negative? The affirmatives prove the worth of the event in as far as the sphere on the subject is concerned. After identifying the conditions, it is then important to evaluate the significance of the impact. The impact should be able to relate to certain positives of the sphere concerned or at least create certai n negative situations that affect in any way.

Dubai Property Market Economic Theory

Dubai Property Market Economic Theory With this dissertation what I would like to achieve is the following: I will carry out extensive research on the economic theory behind booms and bursts. I will look at some of the booms and bursts throughout history. I will attempt to make my own economic model behind what caused a boom and its subsequent burst and see if this model can be applied to the economic situation of the property market in Dubai. If a number of variables existed that suggested a burst might be coming, why was nothing done to stop it? 1.2: A brief history of Dubai Thirty years ago almost all of modern Dubai was desert. In the mid 18th century a small nomadic group settled there and built a small town. This small towns underlying asset being pearls. The pearl trade attracted people from all over the middle east, all with dreams of prosperity. The town was named Daba after a local locust that consumed everything it encountered. This rapidly growing town was soon acquired by the Gunships of the British army. Britain maintained control of the area until 1971(The Independent2009). In 1971 Dubai and five surrounding sheikhdoms (Abu Dhabi, Al Fujayrah, Ajman, Umm al Qaywayn and Sharjah) agreed on a federal constitution and became The United Arab Emirates or UAE. In February 1972 a seventh Sheikhdom, Ras al Khaymah joined the UAE. At this point Sheikh Zayid Ibn Sultan Al Nuhayyan of Abu Dhabi became the first president of the UAE. The ruler of Dubai, Sheikh Rashid ibn Said Al Maktum was named vice president, and his eldest son, Sheikh Maktum ibn Rash id Al Maktum, the prince of Dubai, became prime minister. In 1990 Sheikh Maktum succeeded his father as ruler of Dubai and as vice president and prime minister of the UAE (Library of Congress2007). It was around 1971, as the British were leaving that oil was first discovered. However to say that Dubai relied on oil for its growth would be wrong. Dubai had very little oil relative to its neighbouring emirate Abu Dhabi. So Sheikh Maktum had to diversify. He used oil revenues to create something he thought sustainable. Israel used to boast it made the desert bloom; Sheikh Maktum resolved to make the desert boom (The Independent 2009). It became a hub for tourism and financial services, Attracting capital and expertise from all over the globe. He invited the world to come tax free, and people came in their millions. A city seemed to descend from the heavens in thirty years. Would it be sustainable? (Source : The Independent, The Dark side of Dubai, 7 April 2009) (Source: Country Profile : UAE. Library of Congress Federal Research division, July 2007) 1.3: From Boom to bust over night. I arrived in Dubai in 2007 at a point when it was said that a third of the worlds construction equipment was in Dubai. It was the second fastest growing city in the world (second to Moscow) and appeared to be one big construction site. Skyscrapers were appearing over night to cater for increases in demand in property. However, a large part of this demand for property was merely speculatory. Investments in property appeared to be highly attractive and beneficial, especially to foreign investors earning in non dollar currencies. I say this because the dirham is pegged to the dollar (3.75 dhms per US Dollar). It was around late 2007 early 2008 that the dollar reached its weakest point making property in Dubai cheaper to people earning pounds for example. People also assumed that the dollar would one day appreciate; therefore giving investors that extra incentive. Dubais popularity was rapidly increasing and it was booming in the true definition of the word. However in September of 2008 things changed. See the following line graph of average residential sales prices to appreciate the extent of the crash. Figure 1 Residential sale prices (AED/ft2) Source: Landmark Advisory Board 2010. As you can see in Q408 both the average price of apartments and villas plummet from a mutual peak of 1500 AED/ft2 to around 900 AED/ft2 from one month to the next. This is a massive average decrease of 40 percent. I will attempt to demonstrate why this rapid increase in residential prices occurred and its subsequent decline and decide whether the boom and bust can be considered a bubble bursting in its true economic definition. Literature Review The Economic Theory and History behind Bubbles 2.1 An introduction to bubbles Essentially an economic bubble is an increase in the price of an asset or stock above its fundamental value and its subsequent decrease in value and implosion on the bubble is referred to as a burst. When asset prices increase speculators are overwhelmed by a sense of euphoria, chasing short term capital gains. A phenomenon that former chairman of the federal reserve Alan Greenspan memorably called irrational exuberance (Nial Ferguson, The Ascent of Money). Contrarily, when speculators primitive instincts turn from greed to fear, the bubble created by the initial irrational exuberance can burst with astonishing abruptness; almost overnight. Charles Kindleberger defined a bubble as a sharp rise in price of an asset or a range of assets in a continuous process, with the initial rise generating expectations of further rises and attracting new buyers generally speculators interested in profits from trading in the asset rather than its use or earning capacity. The rise is usually followed by a reversal of expectations and a sharp decline in price often resulting in financial crises (Bubble, Bubble, Wheres the Housing Bubble?) The initial boost in augmentation of the economy acts as a catalyst for both lenders and investors optimism about the future and asset prices rise swiftly. Nial ferguson refers to investors as an electronic herd, happily grazing on positive returns one moment, then stampeding for the farmyard gate the next (Nial Ferguson, 2008, 2009). 2.2 Bubbles in History The big ten economic bubbles (Charles P Kindleberger, Robert Z Aliber 2005) 1. The Dutch Tulip Bulb Bubble 1636 2. The South Sea Bubble 1720 3. The Mississippi bubble 1720 4. The late 1920s US stock price Bubble 1927-29 5. The increase in bank loans to Mexico and other developing countries in the 1970s 6. The bubble in real estate and stocks in Finland, Norway and Sweden 7. The bubble in real estate and stocks in Thailand, Malaysia, Indonesia and several other Asian countries 1992-97 8. The bubble in real estate and stocks in Thailand, Malaysia, Indonesia and several other Asian countries 1992-97 9. The increase in foreign investment in Mexico 1990-93 10. The Bubble in over the counter stocks in the United States 1995-2000. Also known as the .com bubble Over and over again asset, security and stock prices have reached unsustainable highs and subsequently come crashing down. From boom to bust, this process is consistently associated with ruthless insiders exploiting asymmetries of information attempting to make a profit at the cost of first time investors. In Dubai, every three months or so Emaar one of the big real estate developers (of which it is alleged that the absolute ruler of Dubai, Sheikh Mohammed has a thirty percent stake) released property for sale at increasing prices, almost instigating the bubble themselves very similar to what John Law (a convicted murderer and gambling addict) did with shares of the joint stock company named Company of the West (Compagnie dOccident) which resulted in the Mississippi bubble of 1720(Nial Ferguson, 2008, 2009). All these bubbles in History have followed similar paths; Nial Ferguson believes it possible to dissect all bubbles into five stages. 2.3 Nial Fergusons Five Stage Model (Nial Ferguson, 2008, 2009) 1. Displacement: An incident or innovation in the economy that generates new and lucrative possibilities for investors/speculators. Kindleberger refers to this as the expansion stage of the business cycle (Charles P Kindleberger, 2005). In the cases of the Dutch Tulip Bulb, The South Sea and Mississippi Bubbles this displacement was the creation of the Joint Stock Company. In the case of the US .com bubble the displacement or expansion was innovations in technology like the internet. In Dubai It could be argued that the displacement stage of the bubble was when developments were open for sale to foreign investors as opposed to previously when only locals could purchase land and property. This initial process causes a rise in spending which leads to inflated prices and increased consumption which combined translate to economic growth. 2. Euphoria/overtrading: Rising expected profits induce the appreciation in value of assets and shares. Investment soars because credit is in abundance. In Japan in the eighties Japanese investors had access to mountains of credit made available by nave bankers that didnt even contemplate a crash and the Japanese went on an investment spree. In the US in the 1990s, during the time preceding the crash .dom companies had access to almost infinite funds from venture capitalists with distorted perceptions of the future profitability of these firms (Charles P Kindleberger and Robert Z Alibir). Dubai was the same pre crash credit was very accessible; I will asses this further in my analysis segment of the dissertation. 3. Mania/bubble: The anticipation of rapid, easy capital gains entices first time investors and unscrupulous, esoteric brokers cater for this demand, in a ruthless attempt to sell assets and shares before a crash, which a seasoned broker is capable of predicting. 4. Distress: Insiders become aware that prices of assets and shares exceed their fundamental values and exploit the asymmetries of information by selling at profit. 5. Revulsion/discredit: prices begin to plummet and the electronic herd stampedes to exit the market causing the bubble to implode. The value of commodities bonds, stocks, land, buildings and houses decline to levels that are 30 to 40 percent below peak prices (Charles p kindleberger and Robert Z . Aliber, 2008, 2009), this adheres perfectly to residential duelling prices in Dubai (refer to figure 1). (Nial Ferguson, 2008, 2009). The Fundamentals behind this model are asymmetric information, availability to rapid, relatively cheap credit and the capability of capital to flow freely over geographical borders. This five stage model is accurate but basic. I will now progress to more specific models in detail behind the creation and existence of economic bubbles. 2.4 The Hyman Minsky model of instability in the supply of credit. This model created by Hyman Minsky can be used to explain financial fragility in economies. Minsky focuses on changes in the availability of credit. During periods of growth the supply of credit increases and during economic slowdowns this supply decreases. In times of growth, usually following an economic displacement like mentioned in Nial Fergusons model, investors feel more confident about the profitability of a number of investments and seek to finance these investments with credit. In the meantime, lenders become more enthusiastic about providing credit, even for investments, that prior to the expansion, had appeared too risky they become far less risk averse, reducing minimum down payments, minimum margin requirements. For individual lenders the cost of borrowing has to remain competitive too to maintain market share. However, when the mood changes, the economy slows down and fear kicks in, investors act much more cautiously. Lenders react similarly and their risk averseness increases and they supply less credit. Minsky believed that these cyclical changes in the availability of credit are a major catalyst to financial instability and are a factor in causing bubbles (Charles p kindleberger and Robert Z . Aliber, 2008, 2009). I am certain that minskys model was apparent in Dubai and definitely a defining factor of the recent burst. I will go on to prove this in the critical analysis part of the dissertation. Minsky also mentions an over-estimate of prospective returns, or excessive leverage (Charles p kindleberger and Robert Z . Aliber, 2008, 2009) during the euphoric period. Speculation suggests the acquisition of assets for the capital gain from expected surges in their value as opposed to income generated by one of these assets or for their use. The income generated by an asset or the use of an asset is considered to be the fundamental value of an asset and in bubbles the prices of assets fluctuate far from their fundamental values. This point is made clearer in the next part of the literature review. Minsky also states that a sense of euphoria or depression in one country maybe contagious in another country. I believe that the recent housing bubble in the United States and its subsequent burst influenced the real estate bubble in Dubai and was a significant cause of the crash. 2.5 Fundamental Value Researchers seem to concentrate on one of the following elements when considering a bubble: rapid appreciation of assets, overly optimistic predictions of future prices, a discrepancy between price and fundamental value and obviously a vast depreciation of assets when the bubble pops (Margaret Hwang Smith and Gary Smith, 2006). Karl Case and Robert Shiller believe that A tendency to view housing as an investment is a defining characteristic of a housing bubble (Margaret Hwang Smith and Gary Smith, 2006). However, Margaret Hwang Smith and Gary Smith, in their 2006 journal titled Housing, Housing, where is the housing bubble? disagree. They argue that housing can be considered a legitimate investment and that the best way to spot a bubble is to determine the discrepancy between the actual prices of houses and the fundamental value of these houses. Speculators in general do not make an attempt to calculate the underlying value of a house, they respond to expected capital gains. Margaret Hwang Smith and Gary Smith define a bubble as a scenario where the equilibrium price of an asset is higher than the present value of the anticipated cash flow from the asset (Margaret Hwang Smith and Gary Smith, 2006). Nonetheless, fundamental values may rise rapidly (for example an increase in population and therefore an incre ase in the acquisitions of houses for their use as opposed to expected capital gains, or an increase in rent) may stimulate a legitimate increase in the prices of houses. Equilibrium house prices may also increase rapidly and not necessarily be considered a bubble if their actual price is lower than their underlying fundamental value. They state that the real defining characteristic of a bubble is when equilibrium market prices cannot be answered for by the assets anticipated cash flow. Case and Shiller refer to the real estate market as being populated by amateurs making infrequent transactions on the basis of limited information and with little or no experience in gauging the fundamental value of the properties they are buying and selling'(Margaret Hwang Smith and Gary Smith, 2006). If this is true and I believe it was, in Dubai, to a certain extent (through knowing investors on a personal level) how can one expect for fundamental values to equal market prices? Most agents within the real estate market i.e. brokers, buyers and sellers seem to use what is known as comps when dealing within the real estate market. Comps are the latest sale prices of homes with similar specifications within the same area. Comps tell us how much other individuals are prepared to pay but not whether these prices are justified by the fundamental value (Margaret Hwang Smith and Gary Smith, 2006). Attempting to demonstrate whether market prices differ from fundamental prices isnt easy. Figures for average real estate prices are infamously imperfect. This is mainly due to the fact that houses are not homogenous in their specifications and environments. However, the National City Corporation use a multiple regression which considers a ratio of house prices to household income in a given area to mortgage rates, population density, the ratio of household income in the given area to the national average and historical prices to determine how much actual prices deviate from their real values (Margaret Hwang Smith and Gary Smith, 2006). The reason a ratio of house price and household income is used is based on theory by Karl case and Shiller that argue that housing prices are a bubble waiting to pop if the average investor is priced out of the market'(Margaret Hwang Smith and Gary Smith, 2006). There are problems with this model e.g. the historic house prices may not be based on fundamental value. Some economists including Edward Leamer argue that if house prices have increased in a larger proportion than rents a bubble exists (Margaret Hwang Smith and Gary Smith, 2006). I will attempt to look at rents versus house prices in my critical analysis section of the dissertation to determine whether this was apparent in Dubai. I will also attempt to look at the population density because I believe that it is relevant to fundamental value because an increase in population causes an increase in the demand for residential properties that will be used as dwellings. Minsky stated that a fundamental value of an asset was to do with is use and the income (rent) generated from the asset. 2.6 A brief look at the recent financial crisis in the USA. Hyman minsky stated in his interpretation of a bubble that euphoria or depression in one country can be contagious and spill over into another. I believe that the bursting of the real estate bubble in the states and the subsequent lack of worldwide credit was highly influential in the bursting of Dubais housing bubble. As per usual the great real estate and leverage bubble in the US of 2007 was instigated by a pervasive macroeconomic displacement. Prior to the 2000s banks would give loans to home owners and keep those loans as assets in their books (Burton G. Malkiel, 2010). However, post 2000 the entire banking system changed. Banks carried on issuing loans for mortgages but instead of holding them as assets on their books they would keep them for a short period of time and then sell them on to investment banks who would bundle different loans with different credit ratings into mortgage backed securities, also known as collateralized debt obligations (Burton G. Malkiel, 2010). Loans are split into different risk classes or tranches. So, low risk loans and high risk loans are bundled together and sold as one financial product which was deemed a good investment. This caused deterioration in lending standards (Burton G. Malkiel, 2010). Employees in charge of originating loans to clients were reckless when assessing the risk of the individuals potential default especially when dealing with subprime mortgages because they knew that the bank was only going to hold these loans for a short period of time and then pass them on. Insurance companies were also insuring subprime loans with credit default swaps because they were too nave to foresee mass defaults. These innovations in the banking system made credit easily accessible to individuals who may have not been considered credit worthy before these changes (subprime). Many financial institutions held vast amounts of these new bundled securities based around mortgages and held less equity backed securities and increased their leverage ratios (Burton G. Malkiel, 2010) making them very vulnerable in the case of a crash. Highly accessible credit at attractive rates due to lowered lending standards led to a huge bubble in the prices of houses. The inflation adjusted price of a commonplace home was roughly identical in 1999 as it was in 1899; however, between 2000 and 2006 real home prices doubled (Burton G. Malkiel, 2010). This is portrayed in the following line graph based on data from the Case-Shiller home price index in the US. Figure 2 Case-Shiller Home price index, 1989 = 100. Source: (Burton G. Malkiel, 2010) As you can see from the graph there is a rapid ascent in prices from around 2000 followed by a quick fall in prices starting in 2007. Prices began to decline and euphoria turned to fear. Houses were worth less than the amount of money owed to the banks and individuals began to default in mass. With massive amounts of defaults occurring, the value of the bundled mortgage backed securities or collaterized debt obligations (cdos) decreased rapidly. Many highly leveraged financial institutions holding long term assets financed by the short term mortgage backed securities did not have sufficient liquidity to continue to function (Burton G. Malkiel, 2010). All credit markets were frozen, excluding the US Treasury securities markets and financial institutions did not have sufficient liquidity to cover their short term debts. In the case of a bank an example of a short term debt is a deposit and people began to fear for their deposits and runs on banks happened in the US and UK institutions with vast amount of money invested in the US housing market e.g. Northern Rock. The US government was forced to bail out a number of financial institutions to prevent a total financial collapse (Burton G. Malkiel, 2010). Banks all over the world became cautious about lending money. Amlak finance Dubai stopped lending money all together and I think this was significant in the bursting of the bubble; it ties in directly with Minskys model of cyclical changes in the supply of credit. Panic struck and a worldwide financial crisis ensued. 3 Critical Analysis In this section of my dissertation I will evaluate real life data and literature about the situation in Dubai. What caused the rapid increase in price in the housing market? and what caused the resultant rapid decline in prices. 3.1 Displacement. Economists appear to agree that every bubble starts with a displacement. A macroeconomic change, or innovation, that induces pervasive adjustments in how agents within the economy behave and perceive the future. It can also be considered a paradigm shift. In the case of the .com bubble the displacement was the availability of the interweb to mass users. In the case of the recent housing and leverage bubble of the US the displacement was innovations in the banking system and the creation of new bundled financial products and collaterized debt obligations. In Dubai I believe that there were three displacing factors: The first displacing factor occurred in May 2002. Dubai was never rich in oil like its neighbouring emirate Abu Dhabi so it focused on creating a hub for tourism and commerce. It also promoted the development of real estate. In 1997 publicly quoted Emaar Properties and Al Nakheel Properties were setup (http://realestate.theemiratesnetwork.com/articles/freehold_property.php). In 1998 emaar started developing the Dubai Marina and the Emirates Living Community; however, properties within these developments were released on leasehold contracts which mean that properties are leased out for ninety years as opposed to being owned freehold. These developments were not successful in the market. People were sceptical about the leasehold contracts. Things changed in May 2002 when the crown prince General Sheikh Mohammed bin Rashid Al Maktum implemented a new law, stating that ex pats were able to buy property in certain areas of Dubai. The following graph shows all transactions from 1994. The graph is based on data from REIDIN.com a company that provides data and information covering all deals and transactions in Dubai since 1973. The company is an exclusive partner of the Dubai Land Department the real estate registry for the emirate. (REIDIN, DUBAI FOCUS, 2010) Figure 3 Quantity of transactions in Dubai from 1994 (Reidin.com, DubaiFocus, 2010) The graph shows that as of the changes in law about the ownership of real estate from 2002 there is not a significant increase in the quantity of transactions. In fact, there is a decline in transactions until 2005 when quantity of transactions increase rapidly from there onwards. I would still, however, consider the innovations in the legislation behind the ownership of property a displacement because without the changes, ex pats would never have been able to own property on a freehold basis and the bubble would never have happened. I say this because the vast majority of investments into the property market have come from expatriate sources. See the following chart which depicts the value of transactions by nationality. Figure 4 Value (AED) of property transactions by nationality from 1973 (Reidin.com, DubaiFocus, 2010) As you can see from the chart foreign investment is very significant in value and this could never have happened if the changes in legislation had not been made. Also, cross border transactions are a key in the creation of a bubble and as you can see from figure 4 cross border transactions are huge. Another displacing factor was hype generated by the media about talks of a new GCC currency called the Khaleeji. Talks were being had about the possibility of the UAE, Saudi Arabia, Oman, Qatar, Kuwait and Bahrain creating a new currency for their states. These talks were being had around 2006/2007 and nothing was ever finalised but if it was to happen, especially at a point in time when the dollar was weak, this new currency would be valued higher than the specific currencies of the gulf states and investments in these countries would appear even more attractive to speculators as they would rise in value from the creation of a new currency. This ties in with the next displacing factor which is the weakness of the dollar due to financial fragility in the US. In the Spring of 2006 the dollar weakened dramatically due to financial instability in the US. Towards the end of 2006 it looked as if the exchange rate was rising towards $2. In April 2007 the Dollar depreciated to over $2 and on the 27th of July 2007 it got to $2.06 the weakest it has been since 1981, it continued to fluctuate around $2 for the next five months and on the 9th of November 2007 it was $2.11. After this point, on average, the pound began to decline in value as the global recession hit the UK. The importance of this analysis about the dollar exchange rate is that it shows that from around 2006 until 2008 the dollar was relatively weak compared to the pound. Transactions for Real Estate were booming during this period as portrayed in figure 3 and a huge portion of these transactions were fuelled by investment from the United Kingdom as portrayed in figure 4. I therefore believe that the weak dollar was statistically significant in the increase of transactions from UK investors. The exchange rate of the Dollar versus the Indian Rupee shows a similar story. From around January 2007 the dollar declines in value against the rupee to a peak of around 39 rupee to the dollar. Compare this to a value of around 55 rupee in 2003. Again the weakness of the dollar compared to the Indian rupee can be argued to have catalysed vast investment from Indian investors from 2006 as the dollar was depreciating until late 2008 when the global crisis begun to have consequences on other nations e.g. India and the UK. I therefore consider this a displacement which lead to increases in transactions, increases in prices of property and overly optimistic expected prices. Refer to graphs of the dollar exchange rates versus the pound and rupee in the appendix section of the dissertation. 3.2 Euphoria/overtrading If you refer back to Nial Fergusons five stage bubble model you will see that after a pervasive macroeconomic displacement in the economy, if it is tending towards a bubble situation, an economy will experience euphoria, also referred to as overtrading. Rising expected profits induce the appreciation in value of assets and shares. Investment soars because credit is in abundance. If you refer back to figure 1 you will see that prices begin to rise steadily from 2005/2006. The number of transactions also increases rapidly from around the same period. Nial Ferguson also talks about the abundance of credit; this too ties in with minskys model of the pro cyclical supply of credit. It implies that many of these transactions were fuelled by credit or leveraged. Again this is similar to what was happening in the US before their crash. The following line graph shows the percentage of residential transactions fuelled by credit or leveraged. I have also included the percentage of residential transactions that are classed as other. I have put other transaction types into the equation because a substantial amount of transactions are classed as other. other refers to transactions that are none of the following transaction types: sale, mortgage, leasing, valuation, grant, rent, compensation and pre-registration. Im not entirely sure as to what types of transaction would be considered as other. This, I will consider a limitation in my data; however, this is data provided by a governmental entity and censorship is alive and well in Dubai. Figure 5 Percentage of residential transactions leveraged with credit. What figure 5 shows is a steady increase in the percentage of transactions fuelled by credit until 2006 when there is a vast decline in this percentage and a continuous decrease until 2009. I wonder if the global credit crunch caused by the US crash hit Dubai much earlier than people thought, however why did prices not stop falling until late 2008/2009?. There is a visible pattern here; as transactions leveraged by mortgages decreases, transactions classed by Dubai Land Department the real estate registry for the emirate as other increase. This appears to be rather dubious in my opinion; maybe the global credit crunch hit Dubai but in an attempt to maintain high prices until ruthless inside investors with asymmetries of information could leave the market with huge profits the quantity of transactions was kept high by the government, who have invested interests. Emaar Properties and Al Nakheel Properties are publicly quoted companies but ownership is predominately by wealthy governme ntal authorities. We all know that OPEC controls the supply of oil to maintain high prices; maybe something similar happened with property in Dubai. Nial Ferguson does mention ruthless inside investors have played a significant role in past bubbles; I think this could be apparent here. (Nial Ferguson, 2008, 2009). The graph shows that vast amounts of credit were used to leverage investments until 2006 when the amount declines rapidly. Probably because banks were influenced by the credit crunch in the US and feared they may have inadequate liquidity. I will analyse the pro cyclical supply of credit in a later section of my dissertation. 3.3 Mania/Bubble and distress Nial Ferguson refers to the next the next stage as mania or bubble, where first time investors are enticed to the market and seasoned investors who can predict a crash scramble to sell their investments at a profit before the crash. If you refer back to figure 3 that shows the quantity of transactions I would say that the mania/bubble stage was occurring from 2007 to 2008 at when the quantity of transactions are skyrocketing. At this point too, prices are still very high (refer back to figure 1). The closer to late 2008 the sillier the investment, as bubble bursts in october 2008. Therefore transactions around about this time have to be from first time investors who cannot see a crash. This is referred to by Nial ferguson as the distress period. 3.4 Revulsion/discredit Prices begin to plummet and the herd stampedes to exit the market causing the bubble to implode. This is apparent in late 2008 and 2009. Transactions stay high (Figure 3) but prices are declining rapidly (40 percent on average). So, investors are struck by fear and rush to sell properties even if it is done at significant los

Analysis of Langston Hughes Poetry

Steven R. Goodman AASP100 England May 5, 2010 Reaction #2 Langston Hughes Poetry A Literary Analysis of â€Å"The Negro Speaks of Rivers† The Harlem Renaissance can be considered as â€Å"the cultural boom† in African-American history. Spanning from the 1920s into the mid-1930s, the Harlem Renaissance was an apex in African-American intellectualism. The period is also recognized as the â€Å"New Negro Movement†Ã¢â‚¬â€named after the 1925 anthology by Alain Locke. Alain LeRoy Locke was an American educator, writer, and philosopher, who most consider as the father of the Harlem Renaissance. Historians recall him as a leader and chief interpreter of the movement. In his anthology, he brings out a montage of works by many well-known Africans and African-Americans including such figures as Langston Hughes, Zora Neale Hurston, Jacob Lawrence, Richmond Barth, William Grant Still, Booker T. Washington, W. E. B. Du Bois, Ralph Bunche, and John Dewey (Locke). One of these figures wrote one of the most profound poems still read today. Langston Hughes was an American poet whose most prominent works came out during the Harlem Renaissance. The poem, â€Å"The Negro Speaks of Rivers† was Hughes’ first published poem and it was his signature too. Only 17 years old when he wrote it, Hughes created the poem while he was on a train headed to Mexico where he would live with his father for a year. As his train crossed the Mississippi River, he was astonished by how beautiful the river was and the thought of how that river had a role in maintaining slavery in America came into his mind and he started writing. Let’s start off with the title. The title has the term â€Å"negro† in it. Now how can we identify this? Well, the term â€Å"negro† tells us about the time period which takes us back to the early 20th century when â€Å"negro† was self-identifiable with the black community for that is the term that they adopted. However, we see that the term is only used in the title which places emphasis on its overall collective meaning of the ideas it portrays. Now let us dive into the poem. There are two metaphorical themes in this poem and they are â€Å"rivers† and â€Å"darkness. † In line one, the Hughes says, â€Å"I’ve known rivers. † In this line, â€Å"I,† the speaker, is standing for the entire black community throughout history. All of the rivers mentioned in the poem constitute as part of an extended metaphor that is comparing the souls of black people to the ancient, wise, and great rivers of the Earth (Shmoop). In the line two, the simile, â€Å"as ancient as the world,† is constructed to emphasize the comparison of the age of the rivers to the age of the Earth. In line three, we see rivers being used as a metaphor to depict the rivers of blood that flow through human veins. So the flow of blood in veins is compared to the flow of rivers. In line for, Hughes creates a simile comparing how deep his soul is to how deep the rivers are. Now as we get to line five the story of the path of the black community in history unfolds. In line five we start off with the first river, the Euphrates River, which is supposedly where all life began; known as the cradle of civilization. Hughes notes that he bathed in the Euphrates when dawns were young. This symbolizes that there was peace and freedom. Line six entails the black community’s journey into central western Africa. In line six we continue with the second river, the Congo River, where he built his hut and it lulled him to sleep. The black community is still undergoing peace and freedom. They are building a civilization. In line seven we see Hughes going into the third river, the Nile River. Now in line seven, we can certainly say that freedom hasn’t necessarily stopped, but history has shown that black people amongst white people, and yellow people were slaves and all participated in the building of the pyramids. Lastly, Hughes enters into the fourth and final river, the Mississippi River. Hughes describes here the moment in history when Abraham Lincoln sailed the Mississippi River and he witnessed the horrors of slavery at its finest. In this same line, Hughes has the river come alive when he describes the river singing. In lines nine and ten Hughes creates some imagery when he tells of how the sun setting on the Mighty Muddy Mississippi R. changed its color to gold. He also personifies the river when he depicts it having a â€Å"bosom† acquiring feminine attributes. The second theme of â€Å"darkness† can only be seen when literally picking away at the poem. We see that Hughes is very descriptive when he introduces darkness and light throughout the poem. In lines nine and ten we see Hughes describing how the Mississippi R. oes from â€Å"muddy† to â€Å"golden† as the sun departs and the night arrives. So we can also take from this as muddy being a metaphor for skin color when talking about slavery. Once the river becomes golden, slavery is abolished and slaves are freed. As we view the word â€Å"dusky† when describing the nature of the rivers, the metaphor can be not just for skin color, but also to remind our reader about the author’s past which haunts him. In line 13 the poem ends with â€Å"My soul has grown deep like the rivers. † What can we take from this? Everytime the black civilization moves to a different point in time, the rivers get deeper, as well as the black man’s soul. The author has seen the upbringing of civilizations, he has contributed in building the pyramids, and he has witnessed slavery being abolished. This poem is a time machine of events. In conclusion, Langston Hughes was a New Negro because as a voice for the black community, through his poetry he influenced other people to take pride in their heritage, culture, and triumphs noting racism when needed while showing pride in the black community. Alain Locke. † The #1 Site for African American Literature – Books, Novels, Authors, Movies, Resources, Discussion and More African Diaspora. Web. 06 May 2010. http://aalbc. com/authors/Alainlocke. htm. â€Å"The Negro Speaks of Rivers Symbolism, Imagery & Wordplay. † Shmoop: Study Guides & Teacher Resources. Web. 06 May 2010. http://www. shmoop. com/negro-speaks-of-rivers/symbolism-imagery. html.

The Insider Secret on Literary Journalism Essay Topics Revealed

The Insider Secret on Literary Journalism Essay Topics Revealed The author has the freedom to explore their private viewpoint on the topic issue. Clarke claims that literature and journalism have various criteria for the reality. Journalism has to be true but writers of fiction are permitted to lie. Literary journalism is a kind of nonfiction that combines factual reporting with a number of the narrative tactics and stylistic strategies traditionally related to fiction. Citizen journalists don't have to abide by such code. The fact of the matter is that the access to citizen journalism is simply too tempting for the media to pass up. Journalism ethics is a vital part in ensuring that the info published is reasonable to all (Stovall, 2005). Acts of journalism is now able to be performed by anybody. While it's true that journalists are communication professionals, the reverse doesn't hold true. For instance, a news anchor may also play the function of a journalist or camera man. Others originate with the expert press. In reality, literature can't be confined to an educational curriculum. Journalism has to be true whereas writers of literature are permitted to lie. Utilizing the overall framework outlined within this lesson, you may set your own grading rubrics for any essay assignment. A 4 to a single teacher may be a 3 to another. Literature essay topics enable you to narrow back on a sure idea or detail, it's important to pick the essay topics you're interested in. Essays have to be written in English. A narrative essay permits a writer to have a topic and write from their own private perspective. It is permissive in terms of choosing the topic. The narrative paper permits the writer to talk about the subject in a personal story. Indicate the facets of the book you plan to cope with. Morality has a collection of unsolved problems, the solution on which usually presents a selection. If you'd like excellent paper essay examples, reach out to us here today and we're going to do our very best to supply you with the most suitable aid. To get the maximum grade for your essay, you need not just to fill it with pertinent info and dependable facts or examples from your own personal life. Obviously, you may select any other topic. The central goal of any introduction is presenting the most important idea of your definition essay, in different words, you are to state clearly what it is that you're likely to define. Ozarks technical community college delivers affordable prices. Even though you may make a normal story sound spectacular using the proper words and the appropriate technique, more than often the topic receives the credit for a valuable bit of work. There are many things worth sharing. The method by which the story appears to be this believable yet at the exact same time so fantastical is explained. As it enables them to make up everything they want. Keep practicing, you are going to get there. Learn which of the topics, you presently have a fairly good background on which will make it possible for you to have a relative edge. Attempt to prevent making it chatty. It isn't important how his opinion is going to be understood afterwards, since such written work doesn't claim to define the reality. Write in such a fashion, that you are going to be interested to read it. Describe ways that all kinds of prejudice and bias are or aren't interconnected in your viewpoint. It's personal enough, it permits you to play with words, and it's both interesting and edifying for the general public. As a consequence of it, businesses have lost workplace creation and tasks are merged because of the high technology. If some points would take an excessive amount of time, it is far better to exclude them. Ally you need to do is to correctly submit your order instructions and produce the payment. An excellent start is a guarantee of succeeding. Use transition words to earn your text coherent and simple to read. So, it's a remarkable foundation for assorted epic stories! Bear in mind that editing is a collaborative procedure. Be certain to add screen shots or photos to improve the report.