The Economic History of the United States of America

Introduction The United State of America has had a great trend in its economy. There have been depressions and recessions in the economy. 13 small group of farming economies joined in 1776 to form a large United States of America.Advertising We will write a custom research paper sample on The Economic History of the United States of America specifically for you for only $16.05 $11/page Learn More This resulted to a huge growth of the United States and it made a quarter of the world’s economy. The growth of the economy received a great boost from the political system, availability of natural resources and agricultural land that was very productive. The citizens had a big impact also since they were very innovative and entrepreneurial. This attracted so many people from all over the world to came and settle in the United States and made the human resources available. The arrival of Europeans in the United States led to alteration of the economy sinc e the people had to adopt the European way of life. The American Revolution led to war as the Americans were fighting for their rights and it affected the economy. The American Revolution started from 1775 to 1783. Economic Trends The United States of America faced recessions and depressions in its economy that affected the economy of the whole world. War has been one of the major causes of recession in the United States. In 1953, the rate of unemployment was at 5%. This was caused by the country trying to recover from the war. The unemployment levels went higher year by year and in 1957, it was at 6.2 %. The Federal Reserve used the money supply policy, which reduced the amount of money for businesses to expand, and as a result, there were no new job opportunities created. In 1961, the level of unemployment reduced by 1% because of president Kennedy’s effort to increase the government expenditure. This came at a time when people had lacked confidence in the government as man y banks were running out of money and many of them were closed. The most severe recession was experienced in 1973-75 were the rate of inflation was very high and adversely affected the whole GDP. The Vietnam War and the oil crisis caused this. The oil embargo announced by the organization of petroleum exporting countries (OPEC) affected the production of goods and services in the U.S (Taylor 2009, p. 45). By this time, much of the world was dependent on oil for everyday life and business function. The prices of oil escalated and it was followed by the lack of sufficient supply and this affected the American economy. The GDP dropped by 3.2 percent and the unemployment rate was very high that it hit 9% with the recession ending in March 1975.Advertising Looking for research paper on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More In 1979, the oil prices were sharply increased all over the world due to the Iranian revolution. Izurieta ( 2003, p. 15) argues that the Iran’s new regime exported the oils in small volumes at very high prices and the supply was not constant. This contributed to businesses operating at high operational cost that they were declared bankrupt in 1982. As a result, many people were left unemployed with unemployment rising 10.8 percent. During this period, the American Federal Reserve was using a very tight monetary policy in order to control inflation, which had contributed to the high level of unemployment. From 1980, the United State had adopted an economic expansion policy that affected the economy negatively since it raised the level of inflation. Between 1986 and 1989, the Federal Reserve increased the interest rates. These reduced the amount of cash flowing in the market since the borrowing power of people was affected by that move. In 1990, the price of oil went up again because of Gulf war. In addition, it caused the people to loose confidence with their government. The debts a ccumulated, consumer pessimists continued and savings and borrowing habits of the consumers changed (Izurieta 2003, p. 12). This led to another recession in 1990. In 2001 there was approximately of 10% decline in the volume of exports of both goods and services. This recession was also attributed to the sudden drop in housing investment, which was caused by the rise in the interest rates. The rates on mortgage rose from 6.75 % in 1998 to 8.5% in April 2000. This period is when the federal government was using the contractionary monetary policy, which increased its fund from 4.75 to 6.50 percent. The fall of dot-com bubble stocks and the cases of accounting scandal and fraud at Enron and other big companies was also one of the many causes of this recession (Izurieta 2003, p. 110). The great depression This was the biggest economic depression felt in the United States of America. Producers and sellers realized that their commodities were not bought and they decided to reduce their lev els of production and all this resulted to the fall of aggregate demand. The reduction of the production rate was being caused by the invention of American contractionary monetary policy. The policy had an aim of limiting the stock market speculation. The gold standard system spread the depression all over the world. High stock prices in 1928 and 1929 forced the Federal Reserve to increase the interest rates to control the prices. The construction and the automobile sector reduced spending due to the increase of the interest rates. Many investors in 1930 lost confidence in the commercial banks and they started demanding their money that they had deposited (Cooper 2008, p.7).Advertising We will write a custom research paper sample on The Economic History of the United States of America specifically for you for only $16.05 $11/page Learn More This forced banks to liquidate the loans with an aim of raising money to pay their customers. This whole process l asted for 2 years and caused a fifth of the banks to close. According to some economists, lack of confidence by the investors was caused by bad U.S. economic policies coupled with the debts during the 1920. They also argued that the Federal Reserve reduced the money supply, which was in favor of the gold standard policy. Franklin Delano Roosevelt who was the president at this moment relied much on the policies made by the eclectic group of advisers and refused to take ideas from an economist John Maynard Keynes who had proposed deficit spending to reduce the level of inflation. Another economist by the name Robert whales also criticized the need deal policy that was introduced by the eclectic group of advisors. He argued that the new deal programs increased the period of depression although Erick Rauchway differed with him. Tight policies of the Federal Reserve were to blame for them ensuring that there was less money supply in the economy, which boosted the level of unemployment. A n economist Jonathan Catalan blamed the government for failing to correct the action against the expansion of the level of money supply until it affected the economy largely (Cooper 2008, p. 28). During the time of the depression, all the performance determinants declined greatly. They included the production level, tax revenues and profits and wages levels among others. The reduction of all this factors resulted to a serious financial crises in the whole world. Some of these financial crises were caused by the Federal Reserve policies. Mr. Mariner Eccles who was the chair of the Federal Reserve in 1939 introduced a policy that would have introduced when the crisis was over but he never waited for that. He failed to understand that the policy that he introduced was supposed to be for a stable economy like the way the American economy is like right now. He needed to increase the level of money supply to create employment opportunities and stimulate investment. The government should h ave also increased there level of spending in the economy and this would have increased the job opportunities. The policy that he introduced that needed the commercial banks to keep 50% only of all deposit and to give the rest 50% to the federal resulted to the crises. This policy reduced the level of borrowing and consequently the banks raised the interest rates and reduced the economy (Krugman 2009, p. 8). The economic crises were also caused by the poor performance of large companies especially those who had invested in the internet industry. Later, the industry started to face instabilities, which led to the firms that had invested in them to collapse.Advertising Looking for research paper on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More The United States internal policies were the major cause of the financial crises. Today, president Barrack Obama the president of the United States of America has formed financial and microeconomic policies that are aimed at reducing the financial crises all over the world. The microeconomic policies involve reforming the health sector, making the transition to greener economy, increasing labor and the bargaining power among others. The other policies are the financial which includes, transforming financial firm incentive structure that induce excessive risk taking, extend regulatory oversight to the shadow banking system, restrict or eliminate off balance sheet vehicles (Krugman 2009, p. 23). To implement a financial pre-cautionary principle is among the financial policies that president Obama’s administration has prepared. This will be implemented for commodities and services to check whether they should in market. All these reforms are to reduce the excessive debt growth i n the boom period. The administration also wants to introduce a policy that restricts the growth of debt through cyclical capital requirement. It will control the expansion rate of financial assets. The move by the president of the United States to introduce those policies is to deal with the financial problems experienced in the world. All these economic crises have strengthened the radical forces to implementation of economic measures that will lead to long term and sustainable growth (Taylor 2009, p. 144). The united state of America follows a capitalist economic system that was first put forward by Adam Smith. Through the system, the free hand that implies the forces of demand and supply control the market and are necessary for the attainment of market equilibrium. Prices and quantities of products that are sold in the U.S economy are determined by the demand and supply of similar goods within the market. In addition to the capitalist system, the U.S. economy utilizes the Keynes ian theory and economics that relies on increased savings and investments in order to create wealth. During the great depression, many investors were forced to hoard their money and therefore went against the theory. This is what made the economy to stand still according to this philosopher. During that period of depression, he urged the government to increase its spending or increase the money supply in order to hold up the economy. Today his theory still holds since he warns against too much savings and the habit of under spending because these habits affects the process of distribution of wealth. The Federal Reserve should promote the monetary policy in order to reduce the level of inflation. This policy seeks to promote effectively the goals of maximum sustainable output growth and employment and set moderate interest rates. They should also form policies to deal with financial disruption and prevent them from affecting other non-financial sectors and finally they should stabili ze the exchange rate of the dollar to reduce its effect on the international markets (Federal Reserve 2011, p. 7). Conclusion The United States has faced by many economic phases as the rest of the world. Introduction of measures to deal with the economic crises will affect the whole world as has already been experienced because of the high oil prices. The biggest effect of the depression was on the level of unemployment. This is because it affected the businesses and the production firms there fore reducing the employment opportunities. The banks raising the interest rates also resulted to these. The level of unemployment rose, purchasing and consumer power dropped and the housing prices declined. The implementation of the economic regulation policies will reduce the impact these factors will have on the economy of the United States. List of References Cooper, G 2008, The origins of financial crisis: Central Banks, Credit bubbles, and the efficient market fallacy, Vintage Publishing , New York. Federal Reserve, 2011, ‘Monetary Policy and the Economy’. Web. Izurieta, A, 2003, ‘Economic slowdown in the U.S: Rehabilitation of fiscal policy and the case for a co-ordinated global reflation’. Web. Krugman, M 2009, ‘The great recession versus the great depression’, New York Times. Web. Taylor D 2009, Soul of a people: The WPA writers’ project uncovers depression America, McGraw Hill, New York. This research paper on The Economic History of the United States of America was written and submitted by user Isis Underwood to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Newcomers Settling the West in the Nineteenth Century essays

Newcomers Settling the West in the Nineteenth Century essays In the eyes of the early American colonists and the founders of the Constitution, the United States was to represent the ideals of acceptance and tolerance to those of all walks of life. When the immigration rush began in the mid-1800s, America proved to be everything but that. The millions of settlers would soon realize the meaning of hardship and rejection as newcomers, as they attempted to assimilate into American culture. For countless settlers, the struggle to arrive in America was rivaled only by the struggle to gain acceptance among the existing American population. First of all, between 1880 and 1920 almost twenty-four million settlers came to the United States. Between better salaries, religious freedom, and a chance to get ahead in life, were more than enough reasons for leaving their homelands for America. Because of poverty, no future and various discrimination in their homelands, the incentive to leave was increasing. During the mid-1800s and early 1900s, the labor and f arm hands in Eastern Europe were only earning very little money. Those lower wage earners in their homeland were stuck in lowest paid jobs and had no chances to upgrade themselves. Many left their homelands in search of a better life and soon, word got out on how great things were in America. The job recruiters form America hung posters and told stories about free land, a lot of opportunities to work for good money, and above all, the freedom to do as they wish. Many were aspired to come to the land of honey where all the streets were paved with gold." Fueled by the news of the California Gold Rush, they arrived in America looking to strike it rich with hopes of being able to send money back to their poor rural homes, or of returning to their country in a few years with newly acquired wealth. One of the largest groups ever to immigrate to the United States was the Chinese. In 1842 the British Empire defeated China in the first O...

What Warren Buffets eating habits can teach you about your career

What Warren Buffets eating habits can teach you about your career Have you ever heard the phrase â€Å"you are what you eat†? It may be a well-worn clichà ©, but it still contains an important point: your diet is a reflection of your behavior, habits, and routine, which all go a long way into how you operate in other facets of your life- including your career and professional pursuits. It’s true: looking at someone’s diet can give you a real glimpse into the rest of his or her life. According to a recent article by Entrepreneur, a good diet powers a strong mind, serves to properly fuel you as you pursue your daily goals, and helps boost your focus, memory, and sharpness. So, if you’re looking to get on the fast track to success, why not try to follow in the footsteps of someone who has already made it there?You couldn’t choose a more successful person to focus on than Warren Buffet, legendary investor and one of the world’s wealthiest individuals. It can be a challenge to quickly pinpoint why Buffet has ac hieved such stratospheric levels of success in a field where so many others have tried and failed, but perhaps a glimpse into his eating habits might help shed some light. Keep reading!It may surprise you that Warren Buffet is a self-proclaimed junk food junky. It’s true- when asked, he has no problem jokingly telling others that he has the diet of a typical six-year-old. Sugary sodas, processed meals, and snack foods that would not be considered â€Å"nutritious† factor largely into his daily eating routine. Not exactly what the average nutritionist would endorse if you want your mind and body working at their optimum levels.However, if you think this is a ringing endorsement of unhealthy eating habits and a green light for you to live on junk food in order to achieve your career goals, think again! While we aren’t saying that the secret to success lies at the bottom of a bag of potato chips or a glass of soda, there are some hidden lessons to be learned from h ow Warren Buffet makes eating choices in his life.Don’t follow trends.It’s tough to go through an entire day without hearing about the dangers of junk food and why eating all sorts of healthy meals or getting on the latest fad diets are essential for getting your life on track and keeping it there. In fact, it takes a really strong-willed person who marches to the beat of their own drummer to ignore these messages. And that’s part of what makes Buffet a success- he doesn’t follow trends when he eats or invests, he sticks to his instincts and what he knows best, and he thinks outside of the box when making decisions. You won’t see Buffet following the latest trends when he eats a meal or makes an investment decision, and not following the crowd has helped him achieve success.Pursue what you like.Buffet likes junk food and processed meals, so that’s what he reaches for when he’s hungry. Simple. His approach to life is a lot like his app roach to meal choices. He follows his passion and pleasures, one of which is investing, and it has helped him achieve sustained, long-term success over many decades. Buffet is well into his 80s and he’s still going strong!Eat quickly and get on with your life.Buffet does not spend a lot of time and effort on making complicated meal choices. When he’s hungry, he grabs something quick and close by and moves on to other more important tasks and challenges in his day. The truth is, there are a limited number of hours in a day, and successful people like Buffet would rather spend precious time working towards achieving goals than planning nutritious meals. The lesson here is make the most of your time and devote your energy towards achieving your goals.Here’s the bottom line- a diet full of junk food won’t make you an instant success like Buffet, but following the thought process he employs to various areas in his life, from food to investing, can help you ach ieve your goals. Staying focused and committed, following your instincts instead of trends, and pursuing your passion might be the right recipe for success in your life!

Dred Scott Essay Example | Topics and Well Written Essays - 500 words

Dred Scott - Essay Example In 1836, Emerson moved to Wisconsin which is now Minnesota where again slavery was prohibited under the Missouri Compromise. During their stay at Fort Snelling, Emerson acquired a slave Harriet Robinson which Emerson married. In 1843, Emerson died and his widow hired Scott out an army action when Scott first sought freedom for himself and his wife. He first attempted to buy his freedom from Mrs. Emerson for $300 but was declined. After the refusal, Scott turned to the courts for his freedom. The trial begun in June of 1847. He lost because he could not prove that he and his wife Harriet were owned by Mrs. Emerson. He then sought for retrial in 1850 at St. Louis circuit court which ruled that Scott and his wife were free. This decision however was overturned after two years when the Missouri Supreme Court reversed the decision of the lower court. Scott then elevated the case to a federal court, the United States Circuit Court in Missouri. Unfortunately, the court upheld the Missouri Supreme Court decision. Dred Scott now has to make his last appeal at the United States Supreme Court.   The majority of the justices however were pro-slavery being appointed by Presidents from the South where five came from slave-holding families. The main argument at the Supreme Court was whether Scott’s was indeed a citizen. The United States Supreme Court ruled in March of 1857 by Chief Justice Robert B. Taney who wrote also the decision of the court. The decision stated that since Dred was of African descent, a Negro, he was therefore not a citizen of the United States and it follows that he has no right to seek redress to the court for his freedom. At the same time, the decision also declared the Missouri Compromise of 1820which prohibited slavery in selected states to be unconstitutional. The Supreme Court decision was received with mix reactions.

Leadership Models Assignment Example | Topics and Well Written Essays - 1250 words

Leadership Models - Assignment Example In the 21st century and a greater part of the 19th century leadership has become an exercise void of coercion. Scholars have in the recent past; therefore, put forth lucrative ideas as to how one should describe leadership. The English philosopher Herbert Spencer states that society defines leadership; meaning leaders and their subsequent leadership traits are a product of pre-existing, existing and future societal rules, laws and norms. Granted, this description takes into account the subjective nature of all dynamic societies (Kellerman, 2004). Types of leadership Based on Herbert Spencer’s description it is imperative that there exists various forms of leadership to satisfy the different set of societal circumstances. There are, therefore, various forms of leadership styles that may occur in both the formal and informal setting. Discussed herein are four types of leadership: Autocratic leadership Bureaucratic leadership Democratic leadership Delegative leadership Transforma tional leadership I) Autocratic leadership Autocratic leadership is the form of leadership where the person in power exercises full control over individuals. Decisions are enforced by rewards and the fear of punishment. Also, communication tends to be primarily in one direction that is, from the leaders to the followers. The followers in this case have little control over matters even those very personal to them. This is because the leader allows very little or no input at all to the decisions they make (Clawson (2006). Application in work setting: Autocratic leadership does not provide for consultation and is, therefore, very beneficial when a project requires quick decision-making. Such projects are usually time sensitive or of weighty ethical significance such that one cannot afford to engage in controversial consultation. Change in society is inevitable but there are forces that hold it back. In a situation where quick change is needed this is the best form of leadership to adop t as it does not give room for stalling. The leader should be the most knowledgeable member of the group in order to cement their assertiveness. However, this form of leadership can cause followers to be subject to abuse by the leader. This is because the leader has so much power on their side. Secondly societies under this form of leadership are not cohesive as there is always conflict between the followers and the leaders. Finally, progression is hindered when autocratic leadership is in play. In most cases the leader makes decisions on their own, disregarding other peoples opinions that may be more lucrative hence hindering creativity (Kellerman, 2004). II) Bureaucratic Leadership In bureaucratic leadership, the leader is keen on ensuring that followers adhere to rules, regulations and procedures in an accurate and consistent manner. This leadership style emerges from the transactional theories, which base leadership on a system of rewards and punishments. The leader in this case expects that followers conduct themselves in a formal manner towards each other and even those outside their setting. The leader has certain distinct privileges that set them apart from the rest. This feature causes this form of leadership to be big on titles and roles. Adhering to the set rules results in reward while going against them may result in punishment or exclusion. This form of leadership flourishes over long periods and is, therefore,

Accounting and Corporate Governance Essay Example for Free

Accounting and Corporate Governance Essay The memo is to address the accounting maneuver of Lehman’s Repo 105 (or 108) from perspectives of accounting and corporate governance. The memo will illustrate the role of repo transaction in Lehman’s business model, analyze the accounting irregularities regarding repo by Lehman, observe auditors’ role in these irregularities, and discuss the corresponding accounting and corporate governance issues. In addition, the memo will provide recommendations on how to prevent financial institutions from abusing regulatory deficiencies by emphasizing on the importance of accounting regulation, auditors’ role, and business ethics. See more: Recruitment and selection process essay The major goal of Lehman’s Repo 105 is to temporarily remove troubled securities from its balance sheet while presenting favorable financial statements to its investors, creditors, rating agencies, and the public. By temporarily removing these securities from its balance sheet, Lehman made its leverage ratio much lower. With low leverage ratio, Lehman would keep its credit rating at high level and maintained its customers’ confidence. A repo, or sale and repurchase agreement, is an agreement in which one party transfers to another party as collateral for a short-term borrowing of cash, while simultaneously agreeing to repay the cash and take back the collateral at a specific point in time (SFAS 140). An ordinary repo should be treated as a financing transaction and should be accounted for as a secured borrowing. An ordinary repo is a commonly-used form of secured loan between financial institutions. In fact, repo does not have real economic substance. However, by the Repo 105 transactions, Lehman did the same in an ordinary repo, but because the assets value were 105 percent or more of the cash received, accounting rules permitted the transactions to be treated as sales rather than financing. Lehman aggressively employed Repo 105 transactions before reporting periods at the end of 2007 and the first two quarters of 2008. During the reporting periods, Repo transactions helped Lehman remove assets from balance sheet and use cash received to payback short-term loans. In addition, Lehman did not report any liabilities that reflected the obligation to repay the borrowed funds. After the reporting periods, Lehman would borrow funds to repurchases the transferred assets. Then these assets would be reversed on the balance sheet again. The consideration is whether Lehman’s accounting for Repo 105 violated the Generally Accepted Accounting Principal (the GAAP). Statement of Financial Accounting Standards No. 140 (SFAS 140) provides the accounting guidelines on repo transactions. A company is permitted to account for these transactions as sales only if the transferor surrenders control over the assets to transferees. To account for a repo transaction as a sale, all three conditions must be met: 1) the transferred assets must be isolated from the transfer, 2) transferee has right to pledge or exchange the assets, 3) the transferor does not maintain effective control over the transferred assets. A typical repo contract can easily meet the first two conditions. However, in order to take advantage of favorable accounting treatment as sales transaction, Lehman has employed some accounting maneuvers to meet the third condition. SFAS 140 (Paragraph 218) states that the transferor’s right to repurchase is not assured unless the repurchase price is 102 percent or less of the cash received, or the cash received is 98 percent or more of the value of the transferred assets. â€Å"The Board believes that other collateral arrangements typical fall well outside that guideline (FASB, 2000, p. 91). † The repurchase price of Repo 105 is 105 percent of the cash received, which is higher than the 102 percent guideline. As a result, Lehman could argue that Repo 105 did not meet the third condition of maintaining effective control, and then classified it as sales. Based upon the above analysis, Lehman’s accounting for Repo 105 seemed to be technically in compliance with the U. S. GAAP. However, Lehman’s bankruptcy examiner Anton R. Valukas (2010) provided evidence showing that Lehman intended to use Repo 105 to manipulate its 10-K and 10-Q financial reporting. Valukas argued that the classification of these repo transactions should be based on its economic substance rather than its form (such as the 102 rule). Since Lehman had clear intent to buy back the transferred assets under Repo 105, these transactions are clearly secured borrowing and should not have been recorded as sales. The obvious accounting irregularity is Lehman’s failure of disclosing Repo 105 transaction in its quarterly and annual financial reports. Valukas (2010)’ report indicates that Lehman’s SEC 10-K and 10-Q filing between 2000 to third quarter, 2007, regularly misrepresented some repo transaction as â€Å"secured borrowings† despite that it actually recorded as sales. In addition, Lehman never disclosed its involvement in Repo 105 its 10-K of 2007 and the first 10-Q of 2008 (Chang et al, 2011). In fact, Lehman has aggressively involved in Repo 105 during the end of 2007 and first two quarters of 2008, removing approximately by $38. billion in fourth quarter 2007, $49. 1 billion in first quarter 2008, and $50. 38 billion in second quarter 2008 (Valukas, 2010). It is clear that Lehman’s misrepresentation and failure of disclosure of its Repo 105 practice is material enough to mislead its investors, debtors, rating agencies and the public. As the auditor of Lehman Brothers, Ernst Young approved the use of Repo 105 transactions. These transactions were characterized as sales of assets and created a misleading picture of Lehmans financial position during the financial meltdown. Ernst Young said in a statement: â€Å"Our last audit of the company was for the fiscal year ending November 30, 2007. Our opinion indicated that Lehman’s financial statements for that year were fairly presented in accordance with Generally Accepted Accounting Principles, and we remain of that view. † Ernst Young would like the public to believe their responsibility for Lehman’s financial statements ends with the 2007 10-K. Actually, It does not. According to the examiner’s report, Ernst Young had just started planning for its year-end audit of Lehman when the firm collapsed into bankruptcy. Lehman remained an EY client until the bankruptcy in September 2008. This period included two more 10-Qs. But most troubling for the auditors could be allegations in the examiner’s report that Ernst Young did not inform the audit committee on Lehman’s board about a whistleblower who had expressed concerns about the repos to them. In a March 2010 letter to its clients, EY defended its audit work for Lehman. The letter states that Lehmans bankruptcy resulted from unprecedented adverse events in the financial markets, declining asset values, and loss of market confidence that caused a collapse in its liquidity. The firm believes the bankruptcy wasnt caused by accounting or disclosure issues, as Lehmans financial statements clearly portrayed it as a leveraged entity operating in a risky and volatile industry. † The most telling assertion in the complaint concerning EYs alleged misrepresentation of Lehmans compliance with applicable accounting standards is that EY didnt require the financial statements to reflect economic substance rather than just legal form. In other words, the complaint accuses EY of letting Lehman engage in transactions without business purpose in order to achieve a specific financial-statement result. The bankruptcy examiner said that the sole function of Repo 105 transactions as employed by Lehman was to reduce its publicly reported net leverage and net balance sheet. Although Lehman knew that none of its peer companies were using the same accounting tricks to arrive the leverage numbers, it continued to rely on the use of Repo 105 substantially, at a level that is much higher than the originally defined â€Å"materiality† level by the management. As a consequence, it left Lehman with heavy concentrations of illiquid assets which could not be monetized to meet its current obligations (Lehman Brothers Holding Inc. v. Debtors, 2010). The Examiner did not find supporting evidence to bring â€Å"colorable claims† (Lehman Brothers Holding Inc. v. Debtors, 2010) against Lehman’s directors, however, they should have better monitored the managers. And the examiner did find sufficient evidence to support a colorable claim against certain senior officers for breaching their fiduciary duties to shareholders and other stakeholders because they failed to inform the public and shareholders about the substantial use of Repo 105 by non-disclosure of related information and by filing materially misleading periodic reports, which risked the company with potential liabilities; and they also failed to advise the Board of Directors of the Repo 105 practice (Lehman Brothers Holding Inc. v. Debtors, 2010). The examiner also concluded that sufficient evidence existed that Lehman’s quarter? nd Repo 105 practice was material and should have been disclosed in the financial statements. In addition, Lehman had an obligation to disclose required information relate to Repo 105 in its MDA statement. In terms of accounting malpractice, Lehman’s external auditor, Ernst Young, was also held responsible for allowing Lehman’s financial reports to go unchallenged. Ernst Young well knew the practice of Repo 105 adopted by the company, but failed to review the volume and timing of Repo 105 transactions, and failed to access the materiality of information omitted regarding Repo 105 transactions. Furthermore, Ernst Young failed to conduct investigations with regard to the concern about Repo 105 raised by Matthew Lee, then-Senior President of Finance Division. In conclusion, corporate governance was lacking both internally and externally (Lehman Brothers Holding Inc. v. Debtors, 2010). The accounting irregularity of Lehman’s Repo 105 practice partly due to the deficiencies of accounting rules, however, integrity or accounting professionals as well as business ethics also play an important role in the accounting malpractice. In 2009, FASB issued SFAS 166 to amend SFAS 140. These efforts could close some loophole in accounting standards. Good corporate governance requires not only effective board and ethical top management, but also reliable accounting personnel and independent outside auditors, to properly perform their jobs and fulfill their responsibilities, to create the â€Å"check and balance† that can maintain the financial health of a company and at the same time to reduce agency cost. In case when one party went badly, the others could and should be there to detect the potential problems and to monitor and correct the mistakes. In summary, the ethical challenges faced by EY in deciding how to address issues with a long-standing and profitable client may be faced by many public accountants. In fact, accountants in all areas of the profession frequently face similar ethical issues of simultaneously complying with their duties for faithful service and loyalty to their employer or client while respecting their responsibilities to other stakeholders. Doing the right thing for all concerned may sometimes be an impossible assignment. Guidance such as the overarching principles of honesty, fairness, objectivity, and responsibility contained in the IMA Statement of Ethical Professional Practice will go a long way toward helping all accountants to do the right thing. Doing the right thing is always the best policy in the long run.

War of 1812 :: essays research papers

War of 1812: United States Wages War   Ã‚  Ã‚  Ã‚  Ã‚  The American Revolution did not mark the end of tensions and hostilities between Britain and the newly independent United States. Neither country was pleased with the agreements made at the conclusion of the American Revolution. Americans were angry with the British for failing to withdraw their British soldiers from American territory and their unwillingness to sign trade agreements favorable to the United States.   Ã‚  Ã‚  Ã‚  Ã‚  The division of land and the loss of the Ohio River Valley left Canada and Britain without access to the valuable fur trade. The Ohio River Valley was full of Amerindians that supported the British during the American Revolution   Ã‚  Ã‚  Ã‚  Ã‚  This American resentment grew even more during the French Revolutionary Wars (1792-1802) and the Napoleonic Wars (1803-15). Britain attempted to blockade the entire continent of Europe. France boycotted all British goods in any French territory; France later ordered their ports to any neutral ships that have visited a British port prior to arriving in a French port. Britain then ordered that all neutral ships must dock at a British port in order to acquire a license before traveling to Europe. Americans considered both countries’ actions a violation of their Neutral Rights; however, Britain had the more powerful navy and, therefore, dominated the seas. This created a deeper feeling of bitterness toward Britain.   Ã‚  Ã‚  Ã‚  Ã‚  Neutral Rights violations did not stop with British and French maritime policies. Many sailors in the British Royal Navy had deserted and immigrated to the United States; they served as sailors on American merchant ships. The Neutral Rights clearly states points regarding naval boarding and seizure: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Belligerents have the right to search for war material on neutral shipping during time of war, but cannot deny the right of trade among neutrals. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Belligerent armies are not to enter or engage in hostilities in a neutral nation and are subject to internment if they do so. Rumors of British Royal Navy ships searching, seizing and impressing British and American citizens from merchant ships ran wild throughout the United States. Impressment refers to the forcing of people into military service. In June 1807, all rumors were proved true; an American ship, the Chesapeake, was fired upon by a British vessel, the Leopard, after refusing to stop. This incident occurred well within U.S. territory.   Ã‚  Ã‚  Ã‚  Ã‚  In 1810, the Non-Intercourse Act expired and Congress created a law that permitted trade with either France or England, whichever nation first promised to stop harassing American shipping.

Muslims and non Muslims interactions in the world Essay

A Muslim is a person who claims to follow the Islamic teachings while Islam is the people ‘s way of life of the Muslims. The Qur’an is the source book of the Muslims and contains in it the message that Allah gave to his prophet. Islam’s beliefs, goals and values have been controversial in the modern world and the media has been reporting on it more so after the11th September 2001 in USA (Ahmad 2011). This has been followed by many misconceptions associated with their way of life. Islam continues to be practiced all over the world by the many diverse cultures. This paper will look into the countries that Islam is practiced and its effects to the general population residing in these countries. Some of these countries will include USA, India, Pakistan and others. This will lead to the differences between other main types of worship like Christianity and Judaism with Islam. Due to the diverse understanding of Islam by the people, there are different reactions from dif ferent groups in the world. Many of the misconceptions about Islam are due to lack of adequate knowhow of its beliefs mostly of the non-Muslim. Misconception on Islamic beliefs, goals and values The Quran teaches on the equality and the marrying those without husbands and being faithful to them. On the issue of inheritance, it is the sole duty of the man to work and provide for the family. The woman on the other side is to be provided and is not to support the family. This explains why men should have twice the amount of inheritance as compared to women. This clears the misconception that women are not valued in Islam. Another main misconception about Islam is that it is meant to the Arabs. This is because the Quran is written in Arabic and most of the Muslims are Arabs. This is a misconception because only 18 percent of the Muslims are Arabs. The country with the highest number of Muslims is Indonesia followed by Bangladesh both of which are not Arabic countries. Islam has spread in all corners of the world and does not include Arabs only, although the Quran was first written in the language. There is also the belief that Muslims kill innocent people in the form of holy war. The Quran teaches about the need to preserve life and no one should take away life apart from the one who gives it. Islam stands firm that a real Muslim will observe this order from the Quran and Sunnah. Anybody who does kill innocent people is not a Muslim by deeds, but by the word of the mouth. Many people in the world believe that the Muslim community worship a man by the name of Muhammad. On the contrary, it is lack of knowledge of Islamic teachings since he is only a messenger from Allah. Quran and Sunnah teach of a monotheistic Islam mode of worship and only a non-Muslim would argue that they do worship a prophet. The Quran continues to erase the misconception that they do not recognize Jesus. But the main truth is that the Muslims recognize Jesus, but not as the son of God, but as just one of the prophets that served Allah. Teachings of Islam and its effects in different countries According to Dabashi (2012), in the USA, Many of the Muslims believe that Religion is a vital part of their worship. Many of the Muslims pray every day with many praying the five Salah. Others attend the weekly religious meetings in the mosques and many of the Muslims in this country believe that it is not Islam only that can take people to the paradise. USA is characterized by many groups of Muslims with different beliefs. Some believe in Muhammad, angels, God and others in the judgment day. Women have their separate place of worship like in other countries, although women do not wear hijab mostly as compared to other countries. They have been seen negatively since the 11th September issue, but they have remained resilient and remain active in the economic and political activities. In the United Kingdom, the Muslim community has involved itself in the creative lifestyle as many are artists. The women have followed the fashion diversity of the country. They have raised Islam by use of creative arts and have even started a newspaper under their name. Many of them continue to be arrested, affected by diseases and poor educational levels. This shows how they have been neglected and seen as outsiders. India has experienced violence against the Muslims. This has been attributed to socio-political and historical reasons with the Hindus. This has been brought by competition in business where Muslims businesses are targeted plus they are seen as a political threat to the Hindus due to their increasing numbers (Dabashi 2012).) Pakistan’s population is made up of Muslims raging to 96 percent. There are Islamic schools that teach people on the modern education. Due to media influence, women have been forced to wear Hijabs. There has also reduction in the number of attacks due to the intervention of the government and agencies of intelligence.In the middle East part of the world, Muslim enjoys a huge following with Judaism and Christianity also having following but not as Islam. Sunni is the major part of the Muslim and Shi’a is the minority. Violence has always been there due to the two having conflicts on who is to lead the Muslims in general. Judaism in Middle East is commonly found in Israel while Christians migrated into the area long time ago. The number of Christians has been decreasing due to the persecution by the majority who are the Muslims.This is due to Jihad as anybody who does not believe in Allah deserves not to live. Relationship between Islam, Christianity and Judaism All the three religions have one God and are as a result of one father who is Abraham(Peters 2008). The source books are the Bible, Quran and Hebrew Tanakh. According to the Christians, Jesus Christ comes to reconcile people and forgive sins, in Islam was to spread the gospel while Judaism does not attach any relevant role of Christ. He is the second in the trinity born of a virgin in Christianity, a prophet sent by Allah for the Muslims and Judaism does not attach any relevant tittle but takes him as an ordinary Jew. In Christianity, sin is inherited from Adam, Muslims believe they were born without sin while Judaism does not show any knowledge of sin that is original. Interaction of Muslims and Non-Muslims Allah did not object to the idea of Muslims mixing with non-Muslims in the Quran. He, however,proposes that such a relationship should be to promote peace and order. For this reason, Muslims in the world mix freely with the non-believers. This is an exception of countries with different understanding of the non-Muslims who view them as not worth living for example in the Middle East. Islam teaches on peaceful coexistence and love to the mankind. This is the reason most of the Muslims in USA and Great Britain live in love with those who are not Muslims. They are taught not to take behaviors of the non-Muslims more so on the issue of dressing (Thomas et al 2009). Even when the enemies are against them, Islam teaches about finding amicable peaceful solutions and not war. Those who fight are not true Muslims, according to their belief and teachings. Muslim socializes with the non-Muslims to establish, compassion, justice and tolerance. They visit their sick, socialize during happy moment s, greetings in the form of handshake and hugging, sharing and giving them gifts. They also offer condolence messages when struck by a disaster. Conclusion Islam is a religion with a following in many countries in the world. Many of its believers are found in the Middle East part of the world. The religion has been full of misconceptions by the non-Muslims on their general beliefs and way of worship. Most of the people believe that women are not valued, that the Muslims do not recognize Jesus, Worship a person in the name of Muhammad and are mostly Arabs. These misconceptions are only to the people who do not know the teachings of the Quran. Islam is practiced by people of diverse cultures from USA to Great Britain, Pakistan and India. The teachings of Islam makes them relate well with the non-Muslims as it teaches on peaceful existence and love to the neighbors. Outline The research paper shows how Islam is a sensitive part of the general public in the country today. It has been associated with many misconceptions which are only false beliefs. The introduction in brief, explains the difference between Islam and Muslims and the different areas the paper will dwell on. The first part of the paper describes the main misconceptions that are there in the society. Many believe that Islam is a religion of the Arabs whereas the country with the highest number of Muslims is not Arabic speaking. There is also the misconception that Islam does not recognize Jesus and that it does not value women. It is also a misconception that Muslims worship a person. The second part shows the different areas and the reactions of Muslims towards the non-Muslims. These areas have different approach due to the diverse cultural beliefs in the areas. The third part describes the relationship among the three major religions which are Islam, Christianity and Judaism. This part shows a similarity among the three and some differences. This shows the different beliefs of the different groups in the different religions. This leads to the next part of the paper which is how the Muslims interact with the other groups which are not Muslims. This is based on the teachings of the Quran which insists on peace and love of the mankind. It also cautions on the influence of the non-Muslims to their beliefs and code of conduct. The conclusion concludes the main points that are discussed in the research paper. Reference Ahmad, S. D. (2011). Islam in perspective. S.l.: Authorhouse. Dabashi, H. (2012). Being a Muslim in the world: Rethinking Islam for a Post-Western History. Basingstoke: Palgrave Macmillan. Peters, F. E., & Esposito, J. L. (2008). The Children of Abraham: Judaism, Christianity, Islam: A New Edition. Princeton: Princeton University Press. Thomas, D., Roggema, B., Monferrer, S. J. P., Chesworth, J., & Azumah, J. (2009). Christian Muslim relations: A bibliographical history. Leiden: Brill. Source document

Kendrick Lamars Positive Influence Through His Song “Swimming Pools”

Jacob Standage Daniel Hogan English 99 5 November 2012 Swimming Pools by Kendrick Lamar Many people listen and like music just for the rhythm or the flow, but not many people realize what kind of a message some of these artists are trying to send to society through their lyrics. Kendrick Lamar or â€Å"K-dot†, the lyrical genius of today’s rap culture, is one of my all-time favorite artists in hip-hop and is one of the rappers that send these messages to their audience.Recently, one of K-dot’s popular new singles â€Å"swimming pools† got released rapidly throughout the world. This single impacted society positively inspiring teenagers and anyone else with a family member that has drinking problems to get through it and to never give up by relating himself in that same situation, and it also impacted older high school and college students by hazing the negative effects of alcohol and also by stating the false feelings alcohol portrays.Some of Kendrick Lama r’s lyrics can have positive effects for teenagers growing up with, or living with, parents and family that are irresponsible drinkers by inspiring the teens to push through it and not to give up when times could get bad. He is very successful at this because he can relate to anyone in this situation. I think that the name of â€Å"swimming pools† serves as a metaphor for how some people’s lives are so engulfed by alcohol that it’s like their constantly swimming in it.Kendrick himself in one of his lyrics states â€Å"now I done grew up round some people livin their life in bottles, granddaddy had the golden flask, backstroke every day in Chicago†. In stating â€Å"granddaddy had the golden flask† this is not to say that his grandpa is a classy drinker, but rather that he may be an enthusiastic drinker and with having enough time to pour liquor from a bottle into a flask, his granddaddy probably has a drinking problem. In other words, Kendri ck is explaining that his grandpa is one of those people that are engulfed in alcohol, relating to anyone else with this problem.Equally, â€Å"backstroke every day in Chicago†, explains how his grandpa is doing a backstroke in this swimming pool of liquor meaning that he is drinking every day and probably has a problem. Also, when he states â€Å"now I done grew up with some people living their life in bottles† he can be referring to his grandpa and everyone else around him being a bad influence. These two lyrics can inspire other teenagers in this situation to get through it and to inform them that they’re not the only ones dealing with these kinds of problems, also just not to give up when times get hard.Other than creating a positive impact on teenagers with alcoholic parents, Kendrick also sends a positive message to high school and college students by portraying how they may act, drinking at a party or anywhere else, by his own experiences. For example, â €Å"I was in the dark room, loud tunes, looking to make a vow soon, that imma get fucked up, fillin up my cup, I see the crowd move, changing by the minute, and the record on repeat†. Kendrick, by this lyric, puts the setting probably at a house party meaning he is probably targeting more of high school and college students.In this lyric, Kendrick is justifying that he is at a party and he is pretty much making a promise to himself that he is going to get irresponsibly drunk (just like college and high school students do when they’re at parties). Then, right after that lyric Kendrick finishes up with â€Å"took a sip and another sip, then somebody said to me, (hook) why are you only babysitting two or three shots? Imma show you how to turn it up a notch, first you get a pool full of liquor then you dive in it†.In other words, Kendrick is saying that he was sipping shots relatively moderately and then someone at the party sees him not slamming them down, so that person peer pressures him into taking more shots and not stopping until he is completely drunk. This is not to say that getting drunk is a good thing, but rather to inform high school and college students that getting peer pressured into drinking carelessly happens and precautions should be made. Getting peer pressured at parties happens because of the alcohol induced lifestyle reflecting itself onto others simply because it’s the cool thing to do.Kendrick also makes note of the false feelings alcohol can portray in his lyrics. In his second verse, this is proved by, â€Å"I think that im feelin the vibe, I see the love in her eyes†. Basically Kendrick is mocking the feeling of alcohol. He is probably one more shot away from death, but he is still â€Å"feelin the vibe†. He is telling his audience the false feelings alcohol gives people when they consume large amounts. In addition, he states â€Å"I see the love in her eyes† meaning this is another false feeling that alcohol may give people generally because when people are drunk , they are more attracted to women.These fake feelings can get anyone that consumes too much alcohol into danger simply because they think that they are ok but in reality no one is â€Å"ok† after consuming massive amounts of alcohol. This fake feeling can make people push themselves way past their limits and put their life at risk. In short, Kendrick is informing people that may not know what it’s like to be this drunk and encouraging them not to do so, affecting society positively. Believe it or not, the single â€Å"swimming pools† by Kendrick Lamar has a positive impact on society.People may disagree because of the negative context of the song, but if someone really looks into his lyrics, they might find themselves extremely surprised of what Kendrick is actually portraying. He inspires teens that have parents with drinking problems, portrays the negative effects of alcohol, and als o the false feelings alcohol gives drinkers. By doing this, he helps society become aware of the problems of drinking and also is a kind of inspiration to the teens and other people that abuse the use of alcohol. Works Cited Kendrick Lamar. â€Å"Swimming Pools (drank). † Good Kid m. A. A. d City. Interscope, 2012. CD.

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Definition of the Term LD50

Definition of the Term LD50 Definition: The median lethal dose of a substance, or the amount required to kill 50% of a given test population. LD50 is a measurement used in toxicology studies to determine the potential impact of toxic substances on different types of organisms. It provides an objective measure to compare and rank the toxicity of substances. The LD50 measurement is usually expressed as the amount of toxin per kilogram or pound of body weight. When comparing LD50 values, a lower value is regarded as more toxic, as it means a smaller amount of the toxin is required to cause death. The LD50 test involves exposing a population of test animals, typically mice, rabbits, guinea pigs, or even larger animals such as dogs, to the toxin in question. The toxins might be introduced orally, through injection, or inhaled. Because this testing kills a large sample of the animals, it is now being phased out in the United States and some other countries in favor of newer, less lethal methods. Pesticide studies involve LD50 testing, usually on rats or mice and on dogs. Insect and spider venoms can also be compared using LD50 measurements, to determine which venoms are the most deadly to a given population of organisms. Â   Examples: LD50 values of insect venom for mice: Honey bee, Apis mellifera - LD50 2.8 mg per kg of body weightYellowjacket, Vespula squamosa - LD50 3.5 mg per kg of body weight Reference: W.L. Meyer. 1996. Most Toxic Insect Venom. Chapter 23 in University of Florida Book of Insect Records, 2001. http://entomology.ifas.ufl.edu/walker/ufbir/.

Utilizing the Time Value of Money Essay Example | Topics and Well Written Essays - 500 words

Utilizing the Time Value of Money - Essay Example But do to some limitations of these tools other tools such as Profitability Index and Payback Period. The payback period determines the duration of the time it would take to recover the investment made initially. This will give us the number of periods it would take to breakeven for the initial investment made. The profitability index is used as well in investment decisions because it measures the value created per dollar invested. So if the PI shows a greater than 1 value, then it means that the investment is returning a greater amount than invested. These two techniques are used because they resolve the disadvantages of NPV and IRR methods. (Helmkamp, 1990) The first disadvantage of a NPV calculation is its dependency on the interest/discount rates. It is very difficult for the investor to know the correct discount rate since they can change though out the life of that investment making considerable differences on the decision. (Investopedia, 2008) Another issue with the discount rate is the differences in the risk factor of the investment. Since the risk can change, therefore the discount rate, this can make lives very hard in calculating NPV. (Investopedia, 2008) Another disadvantage lies in the facts that NPVs are just mathematics calculations that do not take into account the real options available for investment.