Thursday, January 30, 2020

State of the U.S. economy for the first half of 2008 Essay Example for Free

State of the U.S. economy for the first half of 2008 Essay In the first half of 2008, four things are pummeling the typical American: the housing bust, the credit crunch, higher fuel and food costs and, most recently, a weakening labor market. The unemployment rate rose to 5. 1% in March, while the private sector lost jobs for the fourth month in a row. Consumer confidence is in a 26-year low. Feeling poorer and with fewer people prepared to lend money, consumers are cutting back. Seeing that consumer spending accounts for 70% of American demand, makes it more difficult for the economy especially when it is coupled with a collapse in the once mighty construction industry. The International Monetary Fund (IMF) now officially predicts an American recession in 2008. (The Economist). For the first time, Federal Reserve Chairman Ben Bernanke conceded that the U. S. economy may slip into recession but said growth should pick up later this year as the impact of interest rate cuts and other emergency steps take root. Bernanke told a congressional panel that the economy appeared to be growing, but warned it could shrink in the first half of 2008 as housing and financial markets remain distressed despite dramatic Fed interest rate cuts and emergency lending (Reuters). Volatility and crisis were the watchwords of the U. S. economy in 2007 buffeted by rising oil prices and the subprime mortgage crisis. Their combined impact stretched into 2008 especially in the first half, slowing economic growth. The impact of these factors was felt in the broader economy undermining both business investment and consumer confidence. The U. S. Chamber of Commerce appears to be more optimistic predicting modest growth averaging about 2% in the first half of the year, an improvement over a weak fourth quarter of 2007. Growth should increase to 2. 5% in the second half, as the housing sector bottoms out. Job growth will continue, albeit at a relatively slow pace-with the unemployment rate rising slightly above 5%. Corporate profits should improve as 2008 progresses and business investment will pick up modestly by the middle of the year. Export growth will continue to brighten the overall economic picture. Inflation will be in the moderate range, making further interest rate reductions less likely as the year progresses (US Chamber of Commerce). As 2008 progressed, many Americans experienced a growing despair as they watched their largest asset- the family home- decline in value. The United States is experiencing its worst housing recession in more than 15 years. Underscoring the breadth of the real estate recession, sales of existing homes fell in 45 states and Washington D. C. and prices dropped in more than half the metro areas it tracks according to the National Association of Realtors. In fact, homes are selling at a price 24% less than year ago as foreclosures continue to increase dramatically at 57% in Southern California. The slide in sales are predicted to persist and prices will likely fall throughout 2008, according to a majority of economists surveyed last month by USA TODAY (Knox). The housing downturn is spreading more broadly through the economy. Employers are shedding jobs, consumer confidence and spending have been shaken, and lenders have pulled back. If not for stronger demand for U. S. goods brought on by a weaker dollar, the economy would be in worse shape. To cushion the effect of the on-going crisis, the Federal Reserve has slashed interest rates, promised more cuts if the economy stays weak and perhaps most importantly sharply reduced the odds of financial-market catastrophe by extending its safety net to investment banks. The Federal Reserve has lowered benchmark interest rates by three percentage points to 2. 25 percent since mid-September to help put a floor under an economy hit hard by a housing slump and credit market turmoil. Bernanke said those rate cuts and other emergency measures to thaw frozen credit markets should promote growth over time. Also, Bernanke staunchly defended the Federal Reserves decision last month to broker JPMorgan Chases (JPM) takeover of investment bank Bear Stearns, (BSC) including approval of a loan backed by $30 billion of Bear Stearns assets. According to Bernanke, â€Å"A Bear Stearns default could have sparked a chaotic unwinding affecting the overall economy. Given exceptional pressures on the global economy and financial system, the damage caused by a potential Bear Stearns default could have been severe and extremely difficult to contain† (Kirchhoff). In retrospect, if the Federal Reserve did not intervene bankruptcy was inevitable which might have caused the U. S. and global markets to collapse. Even though the economy is slowing, inflation, boosted by skyrocketing energy and food prices remains a concern and constraint for the central bank. Another factor would be the declining value of the dollar; if the dollar buys less, inflation rises. The Federal Reserve data show that the U. S. dollar has declined about 10 percent over the past year against a trade-weighted basket of currencies from major U. S. trading partners. Moreover, the dollar sank to new lows against the euro in the days following March 4, 2008 after a series of dour reports on the U. S. economy and expectations that the Federal Reserve will continue slashing interest rates. Indeed, with the falling of the dollar, prices of all the things bought are rising. The Producer Price Index for one month was up 1. 1% in March with the price of wheat and rice up at least 100 percent than last year. The price of oil reached $114 a barrel and gasoline is also at a new high of $3. 38 per gallon. Purchases of crude oil jumped, reflecting increases in the number of barrels bought and a record price surpassing $100 a barrel on the New York Mercantile Exchange early this year. The U. S. is the worlds biggest consumer of crude oil and higher fuel costs are making imports more expensive (Bloomberg). America is in fact the worst food and energy inflation in two decades and consumers take a direct hit. The pace of job losses in America has been relatively mild compared with previous downturns. However, data showed the economy during February shed the biggest amount of jobs in nearly five years. Because of the high fuel prices, budget airlines are bleeding and are filing bankruptcies resulting to further job losses. Frontier airline was the fourth airlines to do so in just two weeks. There is also slow spending in malls everywhere as increasing number of consumers struggling to make ends meet causing retailers such as Sharper image, Levitz Furniture and stores like Ann Taylor, Zales Jeweler and Footlocker to close. General Electric (GE), second largest company on Earth, reported a 6% loss in income for the first quarter. It was a surprise result that rattled Wall Street with the stocks of GE experiencing its worst one-day loss since the 1987 crash. GE had a lot of trouble selling commercial real state and people are not buying appliances. Economic figures indicate a weakening economy. The Energy Information Administration (EIA) forecast that U. S. real gross domestic product would contract from $11. 577 trillion in the fourth quarter of 2007 to $11. 563 trillion in the first quarter of 2008, then decline to $11. 542 trillion in the second quarter. U. S. Stock prices continue to slip, with the blue chip Dow Jones industrial average closing down at the 12,000-level. Prices for U. S. government bonds also fell, as did the value of the dollar. As waves of bad news began to wash in- foreclosures, tumbling dollar, falling retail sales and more recently investment bank rescues- exporters were the only thing keeping the national nose and lips above the recessionary waters. The decline in the value of the dollar relative to other currencies, notably the euro, has helped make U. S. goods less expensive for overseas buyers and therefore more attractive. This fuelled a healthy global demand for U. S. products and services resulting to earnings from exports rising to a new record (Chandra). So what can be done in order to address the crisis? The government should introduce a fiscal stimulus, which would help create new jobs in 2008, and induce consumer spending through tax rebates in order to keep the economy moving. To try and keep the subprime-mortgage crisis from escalating, the Federal Reserve should propose changes for loans including requirements that creditors should strictly verify a prospective borrower’s income and assets before providing actual loans. The government must offer mortgage advice to homebuyers who may not have understood the risks. Often borrowers did not even realize that their monthly payment would rise if interest rates went up. Subprime borrowers on adjustable interest rates, whose mortgages make up just 7% of the total, accounted for more than 40% of the foreclosures begun in the fourth quarter of last year (The Economist). And if the subprime mortgage crisis gets worse, the government should consider a possible bailout for the housing market. For a long-term solution, a new version of a deliberate program to build up the middle class must be instituted similar in nature with postwar programs like the G. I. Bill, interstate highway system and other measures with job-creating investments in biomedical research, alternative energy, roads, railroads and education (McIntyre). The G. I. Bill, created after World War II, was one of America’s most successful investments. According to the 1988 report for Congresss Subcommittee on Education and Health of the Joint Economic Committee by 1952, the US government had spent $14 billion (1952 dollars) on educational and job training benefits for 7. 8 million veterans. Of these funds, $7 billion was spent on college and graduate school for 2. 2 million G. I. ’s. ? The first benefit from this investment was increased growth in the economy. The report calculated that about 40 percent of those who took advantage of the G. I. Bill would not otherwise have been able to attend college. The extra output those people created in the economy amounted to $35. 6 billion (1952 dollars after factoring out inflation) over the next 35 years. America is in the bleak of a recession and a sound economic plan should be in place to cushion its effect. References Chandra, Shobhana. â€Å"U. S. January Trade Deficit Rises 0. 6%; Exports Gain (Update6)†. Bloomberg. 29 April 2008. 29 April 2008. http://www. bloomberg. com/apps/news? pid=20601087refer=homesid=aynvcWrnI 8w. Doggett, Tom. â€Å"UPDATE 2-U. S. economy to contract in 1st half of 2008 –EIA†. Reuters. 11 March 2008. 2 May 2008. http://www. reuters. com/article/oilRpt/idUSN1148909720080311. Kirchhoff, Sue. â€Å"Fed chief Bernanke defends Bear Stearns deal†. USA Today. 4 April 2008. 2 May 2008. http://www. usatoday. com/money/economy/2008-04-02-bernanke economy_N. htm . Knox, Noelle. â€Å"Falling home sales problem spreads to 45 States†. USA Today. 14 Feb 2008. 2 May 2008. http://www. usatoday. com/money/economy/housing/2008-02-14 housing-q4 nar_N. htm. McIntyre, Jamie â€Å"Tenth anniversary of the Gulf War: A look back† CNN. com In-depth specials Gulf War. 16 Jan. 2001. 24 April 2008. http://archives. cnn. com/2001/US/01/16/gulf. anniversary/index. html. MoneyNews. â€Å"Treasury: Economy May Improve in 2nd Half 2008†. MoneyNews . 24 April 2008. 2 May 2008. http://moneynews. newsmax. com/money/archives/articles/2008/4/24/085350. cfm. Subcommittee on Education and Health of the Joint Economic Committee (1988). A Cost Benefit Analysis of Government Investment in Post-Secondary Education Under the World War II GI Bill. The Economist. â€Å"Getting it right on the money†. The Economist. 3 April 2008. 8 April 2008. http://www. economist. com/displaystory. cfm? story_id=10958702. US Chamber of Commerce. â€Å"The Economy in 2008†. US Chamber of Commerce. 2 May 2008.

Wednesday, January 22, 2020

Essay on the Metamorphosis in Pride and Prejudice -- Pride and Prejudi

Metamorphosis in Pride and Prejudice   Ã‚   As the story develops in Jane Austen's novel, Pride and Prejudice, the reader is witness to a shift in attitude between the principle characters. The chapter in which Elizabeth Bennett's reactions to Mr. Darcy's letter are explored provides valuable insights into this metamorphosis.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The first description of Elizabeth's state upon perusing Fitzwilliam Darcy's revelatory missive is characteristic of Austen when relating heavy emotion: she doesn't. "Her feelings as she read were scarcely to be defined," she tells us (Austen 233). Of course, all this negation of representational skills is purely for dramatic effect, and Miss Austen goes on to provide a full account of every aspect of Elizabeth's emotional upheaval per her reading of the letter, but not, however, without using the device again in the second paragraph, in treating the subject of the truth about Mr. Wickham. Elizabeth's feelings are conveyed as having been "...yet more acutely painful and more difficult of definition." Said difficulty is indeed short lived, as the next sentence reads, "Astonishment, apprehension, and even horror, oppressed her" (Austen 233).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Wickham segment of the chapter, spanning pages 234, 235, and the better part of 236, is significant not so much in its development of Wickham's character, as in what it does to Elizabeth. After the aforementioned astonishment et. al., Elizabeth momentarily engages in denial ("This must be false! This cannot be! This is the grossest falsehood!" (Austen 233)) but eventually her intellectual faculties regain their footing and she settles down to a second "mortifying perusal of all that related to Wickham, and command[s] herself ... ... character about whom we can care, in the midst of a narrative which is not a chore to read. Works Cited Auerbach, Nina. "Waiting Together: Pride and Prejudice." Pride and Prejudice. By Jane Austen. Ed. Donald Gray. New York: Norton and Co., 1993. pp. 336-348. Austen, Jane. Pride and Prejudice. 1813. Ed. Donald Gray. New York: Norton and Co., 1993. Harding, D. W. "Regulated Hatred: An Aspect in the Work of Jane Austen." Pride and Prejudice. By Jane Austen. Ed. Donald Gray. New York: Norton and Co., 1993. pp. 291-295. Johnson, Claudia L. "Pride and Prejudice and the Pursuit of Happiness." Pride and Prejudice. By Jane Austen. Ed. Donald Gray. New York: Norton and Co., 1993. pp. 367-376. Mudrick, Marvin."Irony as Discovery in Pride and Prejudice." Pride and Prejudice. By Jane Austen. Ed. Donald Gray. New York: Norton and Co., 1993. pp. 295-303.

Tuesday, January 14, 2020

Just Lather That’s All

Just Lather, That’s All: principles vs. actions In Hernando Tellez’s Just Lather, That’s All; despite given the opportunity to greatly help the revolutionists, the Barber cannot murder Captain Torres because the act goes against his moral beliefs. Even killing an evil man is beyond his personal principles. On the other hand, Captain Torres is more than capable of killing the Barber, but his arrogance prevents him. His intentional provocation of the Barber tests the revolutionist; he knows the potential danger, but refuses to accept the possibility as he believes he cannot be killed by such a simple man.Morality and arrogance prevent both characters from killing each other; their principles mean more to them than their duties. The Barber cannot kill Captain Torres, because he finds murder ethically ugly. After the horrible hanging of the revolutionists by Captain Torres, he becomes horrified and contemplates killing the man: â€Å"And how easy it would be to kill him. And he deserves it. Does he? No! † (par. 12) The Barber is certain that murdering Captain Torres is â€Å"easy† for him, but his morality puts him in hesitation, which is clearly shown as he contradicts himself: â€Å"[Torres] deserves [to die].Does he? No! † The Barber thinks that â€Å"no one deserves to have someone else make the sacrifice of becoming a murderer† (par. 12), even if that â€Å"one† is a ruthless executor like Captain Torres. The word â€Å"sacrifice† emphasizes the Barber’s hate for murderers, as it shows that someone must give up his moral principles and turn into a monster in order to become a murderer. The Barber has to sacrifice the joy of perfecting his job by committing the most shameful mistake a Barber can make – opening a customer’s pores and emitting blood. Blood† is the word that the Barber doesn’t like: â€Å"out of his neck a gush of blood would spout onto the sheet†¦ the blood would keep inching along the floor†¦ineradicable†¦like a scarlet stream. † (par. 12) The Barber’s disgust for blood, which symbolizes guilt, is manifested as he describes how once â€Å"blood† spouts, it will spread and never stop: â€Å"ineradicable†. In other words, the feel of guilt will be in him forever. The Barber thinks that killing Captain Torres while he is shaving for him and his eyes are closed is cowardly of him: â€Å"Captain Torres’ murderer.He slit his throat while he was shaving him a coward. † (par. 12) The Barber clearly hates blood and murder; he does not even kill the most brutal man. He realizes he will be called a â€Å"murderer†; an awful word that will always haunt him. He will be perceived as a â€Å"coward† for killing a brutal but defenseless man. However he claims that he is â€Å"a revolutionary and not a murderer† (par. 12) which is ironic since revolutionists are known to do anything even if it threaten their lives, in order to stand up for their beliefs.But the Barber is not willing to become a villain like Captain Torres: â€Å"I don’t want to be a murderer, no sir†¦I don’t want blood on my hands. Just Lather, that’s all. † (par. 13) The repetition of the word â€Å"blood† emphasizes how â€Å"blood† (guilt) is the first image that comes to the Barber’s mind when he thinks about murder. His morality makes him take the decision and that is to let the captain go. The Barber doesn’t want guilt or blood. He only wants to do his job: â€Å"just lather that’s all. † Simultaneously, Captain Torres can easily kill the Barber but his conceit tempts him to test the Barber.He can’t stand the idea of a normal man being able to kill him. He taunts the Barber by talking about the people he has captured and how they will all be executed soon. He wants to provoke him to find out if the revolutionist can kill him or not. â€Å"Not one of them comes out them comes out of this alive, not one,† (par. 5) says Captain Torres, knowing that the Barber is sympathetic toward the rebels. Captain Torres repeats â€Å"not one† to indirectly threaten the Barber; he tries to scare the Barber to find out if the man is brave enough to commit the murder or not after this threat.At the end, Captain Torres telling the Barber that he knows his secret shows how arrogant he is; instead of killing or capturing the man after exposing him, he walks away Captain Torres and the Barber fail in killing each other because of the Barber’s ethicalness and Captain Torres’ vanity. The Barber killing someone is out of question even if it is someone ruthless like Captain Torres. Captain Torres’ pride controls his actions to make him not help but test the Barber instead of killing him.

Monday, January 6, 2020

Shakespeares Biography Essay - 826 Words

SHAKESPEARE’S BIOGRAPHY Shakespeare’s Biography nbsp;nbsp;nbsp;nbsp;nbsp;William Shakespeare was a great writer who lead a very interesting life. In fact, he is often though of as â€Å"the greatest write of his time.† nbsp;nbsp;nbsp;nbsp;nbsp;As a child, William Shakespeare started his education at around the age of â€Å"six or seven at Stratford grammar school, also known as the King’s New School of Stratford-upon-Avon.†(Brooke pg23) It would be most likely that Shakespeare’s lessons would focus around â€Å"Latin composition and the study of Latin authors like Seneca, Cicero, Ovid, Vigil, and Horace.†(Brooke pg23) Shakespeare’s schooling did not last long however, when he was removed from school at the age of thirteen due to†¦show more content†¦Not much is known about Anne and her children around this date, except for the death of her son, Hamnet, at the age of eleven on August 11, 1596. William Shakespeare was left without an aire, but by this time he had already left for England to start his career. nbsp;nbsp;nbsp;nbsp;nbsp;As mentioned before, Shakespeare had an early period of his life which led from his withdrawal from grammar school, to his marriage to Anne Hathaway, which is commonly referred to as his â€Å"lost years.† Now comes the second section of his life where not much is heard of him and is also likewise known as his â€Å"lost years.† This period lasted seven years, from the time he left his family in Stratford to the time he had become an established actor by the end of 1592. It is thought that during this time â€Å"he practiced his skills and may have even been recruited by the Leicester’s or Queen’s Men.†(Bentley pg 14) Many of his plays had already become well known, such as Henry VI, The Comedy of Errors, and Titus Andronicus. When the theatres were closed from 1592 to 1593, during this time, Shakespeare wrote many non-dramatic poems. When the Earl of Southampton saw his work, he immediately gave Shakespeare the support he needed. With the Earl’s help, Shakespeare returned back to the theatre in 1594. â€Å"He then became so immersed with his work that he was more involved in the theatre than anyone else. He now shared ownership of the Globe.† (MabillardShow MoreRelatedBiography of William Shakespeare2130 Words   |  9 Pagesall written by a man named William Shakespeare. Now a household name, Shakespeare wrote a great number of plays and poems during the Elizabethan era. His work is studied by students everywhere, and his tales of adventure, comedy, and romance enjoyed by many. However, what if another author truly deserves the credit for his literature? Debated by historians for centuries, Shakespeare’s authorship has been challenged using a multitude of evidence. William Shakespeare was born in 1564 in Stratford-upon-AvonRead MoreWilliam Shakespeare Biography Essay1691 Words   |  7 PagesWhat was Shakespeare Biography? Who was William Shakespeare? Where was he born? Where did he go to school? How did William Shakespeare live his life from the beginning to the ending? William Shakespeare’s life became a great mystery with lack of evidence to support any findings. His schooling, his family and parents will be revealed in my paper. Who were William Shakespeare’s parents? The parents of Mr. Shakespeare were John Shakespeare and Mary Arden Shakespeare. Mary Arden married WilliamRead MoreEssay on Biography of William Shakespeare2736 Words   |  11 PagesBiography of William Shakespeare William Shakespeare was born on April 23, 1564. He was baptized on April 24, 1564, in Stratford-upon-Avon, Warwickshire. He was the third of eight children born to John Shakespeare and Mary Arden, three of whom died in childhood. John was a well-known merchant and Mary was the daughter of a Roman Catholic member of the gentry, or high social position. The house where Shakespeare spent his childhood stood adjacent to he wool shop in which his father plied a successfulRead MoreWilliam Shakespeare: A Brief Biography651 Words   |  3 Pages William Shakespeare is arguably the most well known and successful author is the history of literature. Little is known about Shakespeare’s childhood and is what questions he’s existence. Besides the lack of knowledge of his childhood, Shakespeare lived a successful adult life. His plays changed the english language language forever. In all of his success, people still doubt he ever existed. William Shakespeare’s birth is unknown but church records show that he was baptised on April 26, 1564Read MoreBiography of William Shakespeare Essay762 Words   |  4 PagesWilliam Shakespeare was born on April 23rd 1564 in Stratford-upon-Avon and died on April 23rd 1616; he was 52 years old when he died and was buried in the Stratford church. His father was John Shakespeare and died in 1601; his mom was Mary Arden and died in 1608. He married to Anne Hathaway the daughter of a farmer. They got three children: Susanna who was born on 1583 and two twins a boy which is Hammet and a girl which is Judith. Susanna was the eldest child and she didn’t have any education, sheRead MoreBiography of William Shakespeare Essay example483 Words   |  2 PagesBiography of William Shakespeare William Shakespeare was allegedly born in Stratford-upon-Avon, on April 23, 1564. He was baptized in the Holy Trinity Church on April 26, of that same year. His father, John Shakespeare, was a Glover and leather merchant and his mother, Mary Arden, a landed heiress. William was the third of eight children in his family. John Shakespeare had an outstanding run of success as a merchant, and later as anRead MoreA Brief Biography of William Shakespeare617 Words   |  3 PagesWilliam Shakespeare, the man of many artistic talents, is still quite a mysterious figure in today’s world, mainly because of the lack of records on this man; but also because of his writings. According to what little the Holy Trinity Church had documented on William Shakespeare, the legal and business transactions including some theatrical and Court documents as well as his life’s work, can be used to put the little bits of information given to us to see the basic overview of this man’s life, useRead MoreBrief Biography of William Shakespeare1433 Words   |  6 PagesThe Life of William Shakespeare William Shakespeare was a very dynamic playwright and writer. He enjoyed history which was shown through his writing. He excelled at writing many kinds of different genres of plays. He especially enjoyed tragedy and history. The reason William Shakespeare remains well known today is because he was a brilliant playwright which was clearly influenced by his childhood and culture. William Shakespeare was born in Stratford, England. On April 23, 1564, he was supposedlyRead MoreBiography of William Shakespeare1709 Words   |  7 PagesWilliam Shakespeare: Real or Fake? Introduction Who is the real Shakespeare? There are those who insist that William Shakespeare is the author of the many works attributed to him and reports state that there are those who believe some type of conspiracy exists to protect the real name of the author of those works. Claims state that there is no evidence to document William Shakespeare of Stratford as the author and that he did not have the aristocratic background, education, or knowledge to haveRead MoreA Very Brief Biography of William Shakespeare1609 Words   |  6 PagesWilliam Shakespeare William Shakespeare, man with intelligence, creativity, and with great passion for love, was one of the most prestige playwright, poet, and actor from the British Literature. He contributed his whole life writing some of the finest and well known plays and poems that are still highly valued in the present literary world. Shakespeare’s conventional themes for most of his plays and poems are about universal matters such as love, jealousy, and beauty which were common focus during