Which Factor Was Most Responsible For The Financial Crisis

Which factor was most responsible for the financial crisis The financial crisis from2007 to 2008 is considered the worst financial crisis since the Great Depression of the 1920s and destroyed the U.S. economy severely. It led the housing prices fell 31.8%, the unemployment rate rose a peak of 10% in the United States. Especially the subprime market, began defaulting on their mortgage. Housing industry had collapsed. This crisis was not an accident, it caused by varies of factors. The unregulated securitization system, the US government deregulation, poor monetary policies, the irresponsibility of 3 rating agencies, the massed shadow banking system and so on. From my view, the unregulated private label mortgages securitization is the main contribute factor which led the global financial crisis in 2008. Why this factor was most responsible The private label mortgage securitization collected a series of assets – most of them are high-yield junk bonds, mortgage securities, credit-default swap with varying degrees of risk. The securitization of subprime mortgages was attractive to investors due to high interest rates and high return features. More and more financial institutions started to sell private label mortgage securitization, including banks, insurance companies and so on. In 2006, the CDO market ranged from $0.5 trillion to $2 trillion (boundless. Com). Also, by 2007, about 70% of subprime borrowers used hybrid adjustable-rate mortgages (ARMs). Meanwhile, the 3Show MoreRelatedSupply Shocks : A Common Phenomenon1661 Words   |  7 Pagessupply of a commodity (Lewis Mizen 2000). The essay aims at analyzing and describing the role of supply shocks in models of optimal discretionary monetary policy and reflecting on the application of the shocks to help central bankers in the financial crisis of 2007 to 2008. Optimal Discretionary Monetary Policies Optimal discretionary policies are initiatives that aim at improving the net worth of a market or economic situation. The optimal discretionary monetary policies are policies that ensureRead MoreReasons For The Year / 08 Deepened Financial Crisis Of The European Union ( Eu ) And Critically Assess1138 Words   |  5 Pages2007/08 deepened financial crisis in the European Union (EU) and critically assess its response to its crisis. Introduction As a whole, the regulation of banking institutions and financial markets are considered as a debatable issue. Banking is considerably the most deeply regulated industry within the financial sector which is also one of the heavily regulated sectors in the economy. Many financial systems are disposed to periods of lack of stability. However, in the result of the crisis of 2007, inRead Morecase 1 Essay758 Words   |  4 Pagesregarding the preparation and retention of audit workpapers. Which party â€Å"owns† audit workpapers: the client or the audit firm? Workpapers is the connecting link between the client’s accounting records and auditor’s report. Rule 501 – Acts Discreditable of the AICPA Code of Professional Conduct explains the ethical requirements related to auditor’s working papers and client records. The preparation of workpapers depends on several factors, such as nature of auditing procedure being performed, theRead MoreThe Financial Crisis Caused By The Foreclosure Crisis1534 Words   |  7 PagesBefore the pre-2008 economic recession era, people were ignorant of what was bound to happen. Life was a party. Incomes were steadily rising: most people in every financial class had a credit card, a family to support, and an opportunity to do so by moving into the biggest house they could find. Mortgage loans were given out to anybody with a heartbeat and credit rating, this is called a subprime mortgage. If somebody wanted a new home they could get it, no matter if they could afford it or not.Read MoreThe Financial Crisis Of 2007-2008928 Words   |  4 PagesDefine: Introduction The Financial Crisis of 2007-2008 was considered to be the worst financial crisis since the Great Depression in the decade preceding World War II. The Global Financial Crisis threatened large range of the financial organizations. Although the central banks and other banks were trying to keep away from the crisis, the stock market still suffered a huge decline internationally. Other than the global stock market, the house market was also influenced greatly, causing the unemploymentRead MoreFinancial Crisis Related On The Subprime Mortgage Market And The U.s. Housing Market1713 Words   |  7 Pages b. RELIANCE Another component of fraud crimes is reliance. For the government to prevail on fraud charges, it has to establish reasonable reliance on the alleged misrepresentations or omissions. Most financial crisis related investigations focused on mortgage backed securities that banks sold consisted of subprime mortgages that are doomed to be defaulted. The misrepresentation argument goes that banks failed to disclose the low quality of the mortgages and substantial risks of default thatRead MoreU.s. Electricity Revolution And California Electricity Crisis What Should Chinese Energy Market Learn?1675 Words   |  7 Pagesrevolution and California electricity crisis-What should Chinese Energy market learn? The energy issues have long been complicated and highly discussed for energy affects many aspects of the modern society and people’s daily lives, e.g. oil prices, energy reserves, monthly electricity bills etc. Since my father is working in the Investment and Marketing department of China Citi Bank, I was encouraged to read energy-related reports and journals from the newspapers when I was growing up. Later on I becameRead MoreThe Mortgage Crisis And Attendant Real Estate Collapse Of The Late 2000s Crisis1543 Words   |  7 PagesThe mortgage crisis and attendant real estate collapse of the late 2000’s was disastrous for numerous homebuyers and ushered in a time of economic hardship for many in the United States. This crisis laid bare problematic industry practices, some predatory and others merely short-sighted, as well as buyer behaviors that were both financially unviable and psychologically damaging. In spite of the havoc wreaked by the real estate collapse, we ca n learn valuable lessons by examining the buyer behaviorsRead MoreFinancial Crisis And Its Effects On The World Of Finance1336 Words   |  6 PagesAND SITUATION According to many experts, this was one of the most severe financial crises in our history since 1930. This crisis was so complex that was known throughout the world under many names, such as â€Å"the Great Recession†, â€Å"the financial crash of 2008†, â€Å"the Trouble Asset Relief Program bailout†, and â€Å"the Great Panic† (Biegelman Bartow, 2012). Whatever its name, this crisis undoubtedly disorder the world of finance dramatically. This financial chaos, now turned into a recession, had the misfortuneRead MoreCauses for 1980s Debt Crisis Essay905 Words   |  4 PagesIntroduction: This paper is mainly focusing on the historical background and causes of debt crisis in late 1970s and 1980s. The debt crisis was know as financial crisis and defined as a point of a countrys foreign debt accumulation exceed its earning power and the country has no ability to repay the debt. The readily identification of debt crisis was Mexico’s inability to serve its outstanding debt of $80 billion debt. And the situation continue to worsen, and one year later, by October 1983

Organ Harvesting in China Essay - 1401 Words

â€Å"No one has come out of there alive – Witnessed at Sujiatun Concentration Camp†. A photographer working for The Epoch Times in 2006 laid this caption under a photo he had taken to support his article. It was reported in the article how executed prisoners had become the primary source of body organ transplants. Still to this day in China, organs are being removed from the bodies of Falun prisoners without consent from anyone, to be used as donor organs for patients in need. The moment they find someone in need, the prisoners are immediately made victims. The process works something like this: In China, the hospital notifies you in advance that they have located a donor. On average you will receive one or two weeks’ notice. The hospital†¦show more content†¦(The Weekly Standard†¦) The act of killing prisoners, to fulfill the demand for organs creates situations where the donor is no longer viewed as a human being but as a commodity. The attention that China has received as a result of the charges raised by the Falun Gong organization has many people talking about the moral/ethical implications that are associated with this situation. The moral/ethical dilemma is that because there is a shortage of people who are volunteering for organ donations, that it is ok for prisoners who are locked away and labeled a menace to society, to be killed and have their organs removed for less fortunate. Logic being that these prisoners will spend the rest of their lives behind bars anyway, so why not use them to save the lives of people who have been given the injustice of a fail organ. (Human Rights Watch 6:9) The problem with Chinas using its prisoners organs for transplant operations is that China is not giving their prisoners the opportunity to give their consent. China is reportedly killing the prisoners and taking their organs without bothering to seek the approval from neither the prisoner nor their family. According to Chinese law, a corpse cannot be used for dissection or organ transplantation purposes unless the consent of the person whose body is to be used orShow MoreRelatedOrgan Shortage Around The World2101 Words   |  9 PagesIn the 21st century, it is obvious to the world that there is an organ shortage around the world. Many thousands, hundreds of thousands of people are waiting for organs to save their lives. There are just not enough organs to be spread around to the people who urgently need them. The global response to this problem is very different throughout different countries. Some countries are harvesting organs, some executing prisoners, some paying people to do nate, some allowing people to sell them on theRead MoreThe Global Problem of Harveting Organs1734 Words   |  7 PagesThe harvesting of organs is a huge problem worldwide. The sale of organs may result in an individual being murdered simply for his or her organs (Hongda.) In order to buy food impoverished families only choice may be to sell their organs (Callahan.) Those who are precipitants of organs coming from Inmates are taking huge health risk. Jeff Testerman, author of â€Å"Organs of Condemned sought for Transplant†, stated â€Å"The prison population is such a high-risk group, particularly for hepatitis and AIDSRead MoreOrgan Trafficking Essay1551 Words   |  7 Pagestotal, Im worth about $300,000 on the organ market. The organ trade is one of the fastest growing and least enforced trafficking crimes throughout the globe today (Glazer 341). Sarah Glazer claims in Organ Trafficking that 5,000 to 10,000 of the 100,000 transplanted organs are obtained illegally each year (341). Although the laws passed and organizations founded have delayed the escalation of organ trafficking, the selling and distribution of compensated organs should remain illegal and suppressedRead MoreOrgan Trafficking : A Large Problem1446 Words   |  6 PagesIllegal organ trafficking has become a large problem all over the world. The traffickers are commonly attacking the poor and promising them money but it never ends up being the correct amount. Commonly doctors and pharmaceutical companies overlook the illegal trade of the organs because they receiving money from the transplants. Organ trafficking takes place in three broad categories. The first one is organ traffickers will force or trick the individual into giving up an organ. Secondly the victimRead MoreOrgan Trafficking2239 Words   |  9 Pagestheir turn to receive an organ from an organ donor posthumously. Often patients won’t survive to see their name rise to the top of the list, this is the fear t hat organ traffickers feed on. In many places around the world one can purchase organs, which are often taken from the poor and helpless through trickery and coercion by international rings of traffickers. But why is it that with all the advancements in modern medicine, demands for replacement kidneys due to organ failure continues to riseRead MoreOrgan Donation Is A Sensitive, Heartbreaking Worldwide Predicament941 Words   |  4 PagesOrgan donation is a sensitive, heartbreaking worldwide predicament. There are currently over 80,000 people waiting on organs. Regrettably, the criteria for donating organs is rigorous, as well as tedious and strict. Furthermore, several ailments â€Å"such as having HIV, actively spreading cancer, or severe infection† would exclude an individual from being able to donate organs (WebMD, 2015). In order for someone to be a donor they must be between the age of seventeen and their early seventies. They alsoRead MoreAssignment 2 Essay1008 Words à ‚  |  5 Pagesï » ¿ Question 1 : Explain how utilitarianism might provide a defense for Roche and how a rights-based ethic might instead condemn Roche’s drug trials in China. Which of these two approaches is stronger or more reasonable? Explain the reasons for your answer. Answer 1: Utilitarianism is as a view that holds that actions and policies should be evaluated on the basis of the benefits and costs they will impose on society. A utilitarian would argue that Roche was respecting the Chinese laws by first testingRead MoreEssay on Treatment Using Stem Cells655 Words   |  3 PagesAdult stem cells can turn into many, but not all, cells, allowing these cells to be used in the treatment of some problems. Because of this, adult stem cells are often considered â€Å"multipotent†. Embryonic stem cells can become any type of cell and any organ, creating great optimism in medical fields. Because of this, embryonic stem cells are often considered â€Å" pluripotent†. Although there are great developments that can come out of stem cell research, there exist many problems that concern many, but notRead MoreThe Causes Of Life1453 Words   |  6 Pagesare okay with their body parts being used for science, as in this case, or to save lives. This case ende d with the patient receiving a hefty sum of money, and the courts decided that even though a patient gives permission for testing of their skin, organs, cells and so on, they still have legal rights to these samples and they are ultimately still their property. However, what if this case would have gone differently? Would this open the door for more doctors to just use samples as they see fit? TheRead MoreThe Ethics Of Habitual Criminal Offenders2112 Words   |  9 PagesIn this research paper, I will further elaborate on the ethics involving habitual criminal offenders in whether or not they should eligible to receive a life-saving organ transplant. Google defines habitual criminal offenders as people who were convicted of a new crime and was previously convicted of a crime(s). In a multitude of US states, there are the habitual offender laws in place to discourage such happenings, but it still happens and as of 2016, there are roughly 1.6 million people in federal

David Sculptures Essay Example For Students

David Sculptures Essay David, who was destined to be the second king of Israel, destroyed the Philistine giant Goliath with stone and a sling. Donatello, Verrocchio, Michelangelo, and Bernini each designed a sculpture of David. However, the sculptures are drastically different from one another. Each one is unique in its own certain way. Donatello, whose David was the first life-size nude statue since Classical times, struck a balance between Classicism and the realism by presenting a very real image of an Italian peasant boy in the form of a Classical nude figure. Although Donatello was inspired by Classical figures, he did not choose a Greek youth in his prime as a model for his David. Instead, he chooses a barely developed adolescent boy whose arms appeared weak due to the lack of muscles. After defeating Goliath, whose head lies at Davids feet, he rests his sword by his side, almost to heavy to handle. It seems almost impossible that a young boy like David could have accomplished such a task. David himself seems skeptical of his deed as he glances down towards his body. Apparently, Davids intellect, faith and courage made up for his lack of build Fichner-Rathus 331-332. We will write a custom essay on David Sculptures specifically for you for only $16.38 $13.9/page Order now Verrocchio, who also designed a sculpture of David, was the most important and imaginative sculptor of the mid-fifteenth century. This figure of the youthful David is one of the most beloved and famous works of its time. In Verrocchios David, we see a strong contrast to Donatellos treatment of the same subject. Although both artists choose to portray David as an adolescent, Verrocchios brave man appears somewhat older and excludes pride and self-confidence rather than a dreamy gaze of disbelief Fichner-Rathus 334. Donatello balanced realistic elements with an idealized Classically inspired torso whereas Verrocchios goal was absolutely realism in minute details. The sculptures also differ in terms of technique. Donatellos David is mainly a closed-form sculpture. The objects and limbs are centered around an S-curve stance, which balanced his human form. Verrocchios sculpture is more open. For example, the bared sword and elbow are sticking out, away from the central core. Donatellos graceful pose had been replaced in the Verrocchio, by a jaunty contrapposto that enhances Davids image of self-confidence Fichner-Rathus 334. Michelangelo was yet another artist who sculpted David. His reputation as a sculptor was established when he carved his David at the edge of twenty-seven from a single piece of relatively unworkable marble. Unlike the Davids of Donatello and Verrocchio, Michelangelos David is not shown after conquering his enemy. Instead, he is portrayed as a most beautiful animal preparing to kill-not by savagery and brute force, but by intellect and skill Fichner-Rathus 345. Cast over his shoulder is Davids sling, and the stone is clutched in his right hand, his veins in chief anticipation of the fight. Michelangelos David depicts the ideal youth who has just reached manhood and is capable of great physical and intellectual feats, which is part of the Classical tradition. Michelangelos sculpture is closed in form, like Donatellos David. All the elements move firmly around a central axis Fichner-Rathus 345. Finally, there is Berninis David, which is notably different from those of Donatello, Verrocchio and Michaelangelo. Bernini emulated neither Donatellos triumphant boy victor nor Michaelangelos posturing adolescent. His hero is full-grown and fully engaged-both physically and psychologically-as he takes aim and twists his tensed, muscular body a split second before slinging the stone, grasped in his left hand. David stands alone, but Goliath is simplicity envisioned directly behind the viewer. As a viewer, we are tempted to duck. It is the anticipation of violent action that heightens this confrontation as Davids latent power is momentarily arrested Scribner 66. .ua023e7131213309bf042fb73cdec860b , .ua023e7131213309bf042fb73cdec860b .postImageUrl , .ua023e7131213309bf042fb73cdec860b .centered-text-area { min-height: 80px; position: relative; } .ua023e7131213309bf042fb73cdec860b , .ua023e7131213309bf042fb73cdec860b:hover , .ua023e7131213309bf042fb73cdec860b:visited , .ua023e7131213309bf042fb73cdec860b:active { border:0!important; } .ua023e7131213309bf042fb73cdec860b .clearfix:after { content: ""; display: table; clear: both; } .ua023e7131213309bf042fb73cdec860b { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua023e7131213309bf042fb73cdec860b:active , .ua023e7131213309bf042fb73cdec860b:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua023e7131213309bf042fb73cdec860b .centered-text-area { width: 100%; position: relative ; } .ua023e7131213309bf042fb73cdec860b .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua023e7131213309bf042fb73cdec860b .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua023e7131213309bf042fb73cdec860b .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua023e7131213309bf042fb73cdec860b:hover .ctaButton { background-color: #34495E!important; } .ua023e7131213309bf042fb73cdec860b .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua023e7131213309bf042fb73cdec860b .ua023e7131213309bf042fb73cdec860b-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua023e7131213309bf042fb73cdec860b:after { content: ""; display: block; clear: both; } READ: The Statue of David by Michelangelo-A Masterpiece EssayPresent in this sculpture are three of the five characteristics of Baroque art: motion, a different way of looking at space and the introduction of the concept of time. Donatello and Verrocchio depicted David at rest after he killed Goliath, Michaelangelo, by contrast, presented David before the battle, with the tension and emotion evident in every vein and muscle. Bernini does not depict David before or after the fight. Instead, he shows him in the process of the fight. This represents the element of time in his work. The views are forced to complete the action that David has begun for us. With Davids positioning, a new concept of space comes into play. No longer does the figure remain still in a Classical contrapposto stance, but rather extends into the surrounding space away from a vertical axis. This movement outward from a central core forces the viewer to take into account both the form and the space between and surrounding the forms-in order to appreciate the complete composition Fichner-Rathus 360. In order to understand the sculpture fully, we must move around the work. As we move, the views of the work change drastically. As you can see, the works sculpted by Donatello, Verrocchio, Michelangelo and Bernini differed drastically. Donatello presented David as a young boy who seemed incapable and amazed at his feat. Verrocchios David, although an adolescent, appears somewhat older and has more self-confidence than Donatellos David. Michelangelos David has just reached manhood and is capable of great physical feats, like defeating Goliath. Finally, Berninis David is a full grown man. He, like Michelangelos David, also appears to be strong, brave and gifted enough to slaughter Goliath.

Is Business Strategy A Mixture Of Luck And Judgement, Opportunities An

Is Business Strategy A Mixture Of Luck And Judgement, Opportunities And Design, Or More Of An Art Than A Science? Strategic Management Management Essay Subject :Strategic Management Topic :Is Business Strategy A Mixture Of Luck And Judgement, Opportunities And Design, Or More Of An Art Than A Science? Abstract Firms or companies today face a broad array of risks, problems and issues internal to them and external factors relative to increased international competition due to globalisation. Thus, strategic management is an activity necessary to be undertaken by firms who want to sustain their existence in todays highly competitive environment. Firms need to develop strategies as they are managements game plan for growing the business, staking out a market position, attracting and pleasing customers, competing successfully, conducting operations, and achieving targeted objectives. Strategic management is the set of managerial decisions and actions that determines the long-run performance of a firm. The question however arises as to whether strategic management is an art or a science or that it is simply a mixture of luck and good judgement. Introduction Firms or companies today face a broad array of risks, problems and issues, be they strategic, operational, financial, customer, vendor, competitor, to name a few. Moreover, concerns about increased international competition brought about by the rapid globalisation phenomenon abound not only in the US but also in Europe with the further expansion of the European Union and in Asia and Latin America due to increased economic integration in these regions. Management experts therefore have argued time and again that firms or companies should respond to environmental changes, such as increased competition, by engaging in more systematic planning to anticipate and respond to changing and unforeseen events. The reason for this argument is because formal strategic planning has been seen to enhance a firms performance. Thompson et al (2006) explain that a firms strategy is its management game plan for growing the business, staking out a market position, attracting and pleasing customers, competing successfully, conducting operations, and achieving targeted objectives. Thus, a firms strategy indicates the choices its managers have made about the specific actions it is taking and plans to take in order to move the company in the intended direction and achieve the targeted outcomes. In one way or another, a firms strategy is partly the result of trial-and-error organisational learning about what worked in the past and what did not. It is also partly the product of managerial analysis and strategic thinking about what actions need to be taken in the light of all the circumstances surrounding the firms situation. This paper explores the idea that business strategy is a mixture of luck and judgement, opportunism and design, others argue that strategy is more of an art than a science. In particular it examines the roles of strategic management in planning an organisations future development buy developing knowledge and practice in the application of strategic management concepts and techniques. IS BUSINESS STRATEGY A MIXTURE OF LUCK AND JUDGEMENT, OPPORTUNITIES AND DESIGN, OR MORE OF AN ART THAN A SCIENCE? Wheelen and Hunger (2008) define strategic management as that set of managerial decisions and actions that determines the long-run performance of a corporation or firm. Accordingly, it includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control. In short, strategic management emphasises the monitoring and evaluation of external threats and opportunities in light of a firms internal strengths and weaknesses. As Hoffman (Spring 2007) puts it, strategic managements seeks to align the firms activities with its external environment. At the heart of this management approach is the strategic planning system (Hoffman Spring 2007). Included in this system is the strategic management process. The strategic management process, he explains, is the full set of commitments, decisions and actions required for a firm to achieve strategic competitiveness and earn above-average returns. Hanson et al (2008) explain that a firms first step in the strategic management process is to analyse its external and internal environments to determine its resources, capabilities and core competencies. These, they say, are the sources of its strategic inputs. With this information, the firm develops its vision and mission and formulates its strategy. To implement the strategy, the firm takes actions