E.B. Whites Prophetic 1948 Essay That Anticipated 9/11

In the first paragraph, drawn from the opening of Here Is New York, E.B. White approaches the city through a simple pattern of classification. In the next two paragraphs, taken from the end of the essay, White hauntingly anticipates the terror that would visit the city more than 50 years later. Notice Whites habit of putting keywords in the most emphatic spot in a sentence: the very end. This is an excerpt from Whites piece on New York first published in 1948.  Here Is New York also appears in Essays of E.B. White (1977). Here Is New York There are roughly three New Yorks. There is, first, the New York of the man or woman who was born there, who takes the city for granted and accepts its size, its turbulence as natural and inevitable. Second, there is the New York of the commuter — the city that is devoured by locusts each day and spat out each night. Third, there is New York of the person who was born somewhere else and came to New York in quest of something. Of these trembling cities, the greatest is the last — the city of final destination, the city that is a goal. It is this third city that accounts for New York’s high strung disposition, its poetical deportment, its dedication to the arts, and its incomparable achievements. Commuters give the city its tidal restlessness, natives give it solidity and continuity, but the settlers give it passion. Whether it is a farmer arriving from a small town in Mississippi to escape the indignity of being observed by her neighbors, or a boy arriving from the Corn Belt with a manuscript in his suitcase and a pain in his heart, it makes no difference. Each embraces New York with the intense excitement of first love, and each absorbs New York with the fresh eyes of an adventurer, each generates heat and light to dwarf the Consolidated Edison Company. The city, for the first time in its long history, is destructible. A single flight of planes no bigger than a wedge of geese can quickly end this island fantasy, burn the towers, crumble the bridges, turn the underground passages into lethal chambers, cremate the millions. The intimation of mortality is part of New York now; in the sounds of jets overhead, in the black headlines of the latest editions. All dwellers in cities must live with the stubborn fact of annihilation; in New York, the fact is somewhat more concentrated because of the concentration of the city itself, and because, of all targets, New York has a certain clear priority. In the mind of whatever perverted dreamer might loose the lightning, New York must hold a steady, irresistible charm. Selected Works by E.B. White Every Day Is Saturday, essays (1934)Quu Vadimus? or, The Case for the Bicycle,   essays and stories (1939)One Mans Meat, essays (1944)Stuart Little, childrens fiction (1945)Charlottes Web, childrens fiction (1952)The Second Tree From the Corner,   essays and stories (1954)The Elements of Style,   by William Strunk (1959)Essays of E.B. White (1977)Writings From The New Yorker, essays (1990)

Metacognition Essay Example - 695 Words

Metacognition Essay I feel I have come a long way my tenth grade year. My writing has gotten so much better and I can write essays of much better quality now. Things have gotten better like punctuation, thesis, and analysis. To begin with, my punctuation has gotten a lot better. I made a lot of errors during the beginning of the year and I am starting to make a lot less. Also, my thesis statements have gotten tremendously better. At the beginning of the year they were really boring. As the year began to progress, the statements got more interesting and creative. My analysis throughout essays have gotten better. I am much better now at determining things like theme, tone, and finding many literary devices. I can also set up my essays†¦show more content†¦Another one of my major flaws is having the incorrect point of view. I need to make sure I go over an essay a couple times because I normally add incorrect point of view the first time. During the second semester, I had a fav orite and least favorite project. My favorite was the song presentation. It was something I really enjoyed because I love music and being able to do a project on something I love is so much fun. I enjoyed it because I got to find literary devices, establish tone and theme, and find parts in the song to back up my claims. I really enjoy finding literary devices, whether it’s in a song or poetry, and it is one of my favorite things to do in English. I also liked finding the tone and theme. The theme is always fun to find because there are normally so many possibilities and you get to try to find one that fits the best. The project that I liked the least was the persuasive outline. I didn’t have a problem with it as I was doing the project, and I actually found it rather interesting, but I had to present it in front of the class. Presenting things in front of the class is my least favorite thing to do. I enjoy most of the projects up until the point where I step in front of the class. I think I have earned and A or a B this semester. I know most of the material and I that feel I can use it appropriately. After all of the essays and projects this year I feel that I have gained so much knowledge in English and I thinkShow MoreRelatedTransferring Knowledge907 Words   |  4 Pagesa participant in a Principles of English Composition class that was intellectually challenging whilst still maintaining the expectations of a first year English class. In the semester of English 1113, the class discussed discursive practices, metacognition, critical reflection, and strategies to transfer knowledge that has been gained to other events in our lives. Learning about the structures of discourses and how writing is constructed specifically to the context by which the writing is producedRead MoreQuestions On Teaching And Learning1631 Words   |  7 PagesTeaching metacognitively 1. Teaching for metacognition To find out what are my pupils’ metacognitive behaviours when solving problem, I had to introduce them to the concept of metacognition and to model what it means to be metacognitively aware when solving mathematical problems. In order to show how metacognition works in problem solving, I found thinking aloud protocols very useful. Aimed to uncover thought process, they are one of the primary building blocks to students’ success at all levelsRead MoreUnderstanding The Framework For Success869 Words   |  4 Pagesand/or fields in which the writer is interested. Sixth, Flexibility adapts to situations, expectations, or demands. This habit Approach writing assignments in multiple ways, depending on the task and the writer’s purpose and audience. Finally, metacognition refers to the ability to monitor thinking processes or problem solving and determine whether the solution worked well. It is one of the qualities of a good reader. When I was in high school, I heard a teacher asked students to map out their ownRead MoreThe Final Objective In The Fys Syllabus Is The Ability1334 Words   |  6 PagesThe final objective in the FYS syllabus is the ability for students to think metacognitively. Metacognition is the ability to think about one’s thinking or the ability to â€Å"†¦plan, monitor, and assess one’s understanding and performance.† (Chick). To see the importance of metacognition, one must first imagine a student who cannot think metacognitively. This means that the student would not be able to determine where they are academically and what fields they excel in and which they do not. They alsoRead MoreThe Information Processing Model ( Woolfolk And Margetts 2016 ) Essay1601 Words   |  7 Pageslecture and in Woolfolk and Margetts 2016), explain why you found the learning situation difficult. What strategies, drawn from the readings and lecture, would you now put in place to impro ve such a situation if you faced it again in the future. This essay will briefly describe a past academic learning experience that I found difficult. I will use elements of the Information Processing Model (Woolfolk Margetts, 2016) to help explain why the difficulties occurred and to uncover different strategiesRead MoreThe Knowledge Of One s Self Essay1635 Words   |  7 Pagescognitive process, it helps them to fully understand how their brain interprets information and how they can retain that information, leading to a clear advance in their academic performance. Many strategies can be used to develop the skill of metacognition, but the main ones include questioning one’s thought process, using and organizing one’s notes in a way to effectively collect the information that was given, and developing a level of critical thinking when analyzing material. A student that isRead MoreKey Aspects Of Effective Communication1476 Words   |  6 Pagesand fellow researchers. I assumed this would have been very different for both. This topic identified another theme where your communication skills change depending on the audience. These themes will be further explored and analysed throughout the essay. This interview was valuable to my knowledge as I was able to implement the communication skills recently learnt in PYB007 and get an insight into the connection these skills have with my intended future profession. Relating to the content of theRead MoreAn Unconventional Paper on an Unconventional Childrens Tale1651 Words   |  7 PagesAn Unconventional Paper on an Unconventional Childrens Tale A Very Old Man With Enormous Wings: A Tale For Children by Gabriel Garcia Marquez is a lot of things. Its a great story, its a satire on organized religion, its a perfect example of magical realism, and - to be brief - much more, but one thing it is not is a conventional tale for children.1 When one thinks of childrens tales, what does he/she think of? Perhaps the images that are conjured up are princes and princesses, magicRead MoreReflection Of The Confucius A Chinese Philosopher s Saying Essay1604 Words   |  7 PagesReflective Practice I would like to start my essay by sharing the Confucius a Chinese philosopher’s saying: By three methods we may learn wisdom: first, by reflection, which is noblest; second, by imitation, which is easiest; and third by experience, which is the bitterest. Confucius (551 BC - 479 BC) Chinese Philosopher Definition of Reflective Practice: This practice is one of the oldest theory that experienced by ancient Greeks over 2500 years ago as a concept of intention in exploration of truthRead MoreGucci Mane: a Thug Life7811 Words   |  32 PagesA. Livingston Metacognition is one of the latest buzz words in educational psychology, but what exactly is metacognition? The length and abstract nature of the word makes it sound intimidating, yet its not as daunting a concept as it might seem. We engage in metacognitive activities everyday. Metacognition enables us to be successful learners, and has been associated with intelligence (e.g., Borkowski, Carr, Pressley, 1987; Sternberg, 1984, 1986a, 1986b). Metacognition refers to higher

Power goes to teachers students and discipline Essay Example For Students

Power goes to teachers students and discipline Essay For at least two decades discipline has been at or near the top of the list of public concerns about our schools.1 Nor should this surprise us; developing the mix of foresight, judgement, and self-control that enables (or perhaps just constitutes) discipline is an important task of childhood. As long as schools are places where part of a childs education takes place, helping children develop discipline will be one of the problems that is, legitimate tasks that schools face. However, when used in school-talk, discipline often is translated into terms of control and power, not development or education. Discipline is often, perhaps usually, synonymous with classroom management. This sense of discipline-as-control will not seem strange to anyone who has read Michel Foucault, especially his Discipline and Punish.2 On his view, when we begin talking of the problem of discipline, we are really asking about the power relationships3 that exist within schools. Specifically, we should be asking what form of power4 we face, for power is multi-faceted. Foucault analyzes two forms of power in detail: sovereign and disciplinary. So let us examine each in turn. As Foucault describes in the first part of Discipline and Punish, sovereign power is that form expressed in recognizable ways through particular and identifiable individuals. The nodes of this form of power are the king, the prince, and the agents thereof. These individuals are visible agents of power, known by others and by themselves to be such. Sovereign power is also typified by the intermittency with which it is exercised. It assesses taxes, enforces the law by exacting penalties for violations thereof, raises armies in time of war, and so on. But each of these cases where sovereign power flexes is discrete; it acts in response to a certain set of circumstances and through a specific and identifiable agent or set of agents. When sovereign power operates, we know that we have been acted upon, in what ways, and by whom. The complement to this is the understanding that most of ones life is beyond the control of the sovereign. It is more difficult to ascertain the precise nature of disciplinary power since one of its distinguishing features is the swiftness and lightness with which it acts, thus rendering it substantially less visible than sovereign power. Briefly, we can state three differences: (1) sovereign power operates through specific visible agents; disciplinary power is diffuse in its operation, coming from everywhere and acting on everyone; (2) because of its visibility, sovereign power is susceptible to resistance, while disciplinary power, invisible and all-pervasive, is difficult to locate, and therefore difficult to resist; and (3) while sovereign power affects only a small portion of an individuals life, disciplinary power affects virtually all aspects of living, subjecting everyone to the possibility of surveillance at all times. First of all, the disciplinary society controls not through the direct application of power by the sovereign or his agent, but through an impersonal and invisible gaze. The efficiency of disciplinary power is closely related to its invisibility compared with the visible sovereign. For disciplinary power to be effective, it is the subject, not the power, which must be seen. This relationship of visibility and invisibility is reciprocal; for the subject to be disciplined, it must be visible, at least potentially, to the disciplinary gaze, and know itself to be; at the same time, the gaze must actually be invisible so that it is effective even when it is not actually turned on an individual. Its totalizing power lies precisely in its universal potentiality, combined with the impossibility of verifiability. The second advantage gained when the dominant form of power shifted from sovereign to disciplinary results from the key elements of its effectiveness: lightness, speed, and subtlety, which result in invisibility.5 This invisibility of disciplinary power makes resistance and/or revolt against it substantially less likely and more difficult than was the case with sovereign power. This is simply because there is no single or visible locus of disciplinary power against which to direct ones resistance; disciplinary power is simply everywhere.6 In one sense, this might seem to make resistance easier there are so many opportunities to resist. .ua5ece038e14dd1925cc551d2d612f673 , .ua5ece038e14dd1925cc551d2d612f673 .postImageUrl , .ua5ece038e14dd1925cc551d2d612f673 .centered-text-area { min-height: 80px; position: relative; } .ua5ece038e14dd1925cc551d2d612f673 , .ua5ece038e14dd1925cc551d2d612f673:hover , .ua5ece038e14dd1925cc551d2d612f673:visited , .ua5ece038e14dd1925cc551d2d612f673:active { border:0!important; } .ua5ece038e14dd1925cc551d2d612f673 .clearfix:after { content: ""; display: table; clear: both; } .ua5ece038e14dd1925cc551d2d612f673 { 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; } .ua5ece038e14dd1925cc551d2d612f673:active , .ua5ece038e14dd1925cc551d2d612f673:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua5ece038e14dd1925cc551d2d612f673 .centered-text-area { width: 100%; position: relative ; } .ua5ece038e14dd1925cc551d2d612f673 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua5ece038e14dd1925cc551d2d612f673 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua5ece038e14dd1925cc551d2d612f673 .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; } .ua5ece038e14dd1925cc551d2d612f673:hover .ctaButton { background-color: #34495E!important; } .ua5ece038e14dd1925cc551d2d612f673 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua5ece038e14dd1925cc551d2d612f673 .ua5ece038e14dd1925cc551d2d612f673-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua5ece038e14dd1925cc551d2d612f673:after { content: ""; display: block; clear: both; } READ: Objections to the first formulation of Kant's Cate Essay But power .

Washington Mutuals Covered Bonds free essay sample

Wa ashingt Mu ton utuals C Covered Bond ds September of 20 was not a calm time fo the world’s capital mark 008 or s kets. On Sept tember 7 fede erallybacke mortgage loan compani Freddie M and Fann Mae were placed into c ed l ies Mac nie conservatorsh by hip the U. S. governme a move de ent, esigned to sta abilize the em mbattled lenders. On Mond day, Septemb 15, ber global investment bank Lehma Brothers filed for Cha an apter 11 bank kruptcy protection. Broa US ad equity market inde y exes dropped by as much as 5 percent as rumors s d h t spread about potential liqu uidity crises at other majo financial in or nstitutions. A slight marke recovery th following d was attrib et he day buted to rum mors that the Federal Reserve was wo e orking on a ba ailout for the insurance co e ompany Ame erican Intern national Grou (AIG). We will write a custom essay sample on Washington Mutuals Covered Bonds or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 1 up Ea arly on the morning of Sep m ptember 16, W Washington M Mutual’s cove ered bonds tr raded down to 75, from 83. 05 the pre evious day (see Exhibit 1 Washingto Mutual (W 1). on WaMu) was one of the la argest saving and loans in the Unite States. Its covered bon program, i gs ed nd initiated two years earlier just r, before the housing market had begun a precipitous slid consisted of â‚ ¬6 billion in covered b e g d de,bonds outsta anding. Like many large ba m anks, WaMu was now in c considerable d distress. Th situation at WaMu had deteriorated in recent mo he t onths, with th bank repor he rting $6 billion loss n for ye ear-to-date June 2008. By e early Septemb WaMu’s covered bond had dropp by around 13% ber, ds ped d from January, as investors fore i ecast a possib distressed acquisition or seizure o the bank b the ble d of by Feder Deposit Insurance Co ral I orporation (F FDIC). With the chaos of September 15-16, the b f bonds appea ared to have dropped fur rther. Yet, ev ven at these prices, the b bonds were s still at a prem mium  relativ to the bank unsecured debt, which was trading as low as 30 c ve k’s d cents on the d dollar. Co overed bonds were new instruments in the Unite States, hav s ed ving been iss sued by only two y dome estic banks to date (Bank of America and WaMu) Could the low prices o these bonds be o k ). of justifi by the poor fundamen outlook a WaMu? An even if the bonds were cheap, might they ied ntal at nd e t drop f further? Thes questions w se were on the m minds of many analysts stu y udying the situ uation at WaM Mu. Covered Bonds Co overed bonds were fixed i s income obligations issued by a financi institution and secured by a d ial n dpool o mortgages or other asse They diffe of ets. ered from mo ortgage backe securities ( ed (MBS), in whi an ich issuer would pool mortgages, p r pass them thr rough to a sp pecial-purpos vehicle, and then allocate the se d return from that vehicle to inv ns v vestors. In the case of cove e ered bonds, t underlyin mortgages were the ng kept o the balance sheet of the issuer. The m on e mortgages ser rved as collat teral for the covered bonds In a s. standard mortgage e-backed secu urity, the inve estor in the se ecurity had re ecourse only t the mortgag in to ges Professo Daniel B. Bergs ors stresser and Robin Greenwood and R Research Associate J James Quinn prepa ared this case. This case was develop from s ped publishe sources. HBS ca ed ases are developed solely as the basis for class discussio Cases are not in s on. ntended to serve as endorsements, so s ources of primary data, or illustratio of effective or in y ons neffective managem ment. ght nt Harvard College. T order copies or request permission to reproduce mat To n terials, call 1-800-545-7685, Copyrig  © 2009 Presiden and Fellows of H write Ha arvard Business Sc chool Publishing, Booston, MA 02163, o go to www. hbsp or p. harvard. edu/educators. This publica ation may not be digitized, photoco opied, or otherwise reproduced, poste or transmitted, w ed, without the permis ssion of Harvard Bu usiness School. 209-093 Washington Mutuals Covered Bonds the pool; an investor in a covered bond had recourse to the issuer, as well as a claim that was secured by the mortgages. 2 The mortg ages collateralizing the covered bond were called the â€Å"cover pool†. Covered bonds were typically structured so as to receive a rating of AAA or AA from the major rating organizations (AAA denoted instruments of the highest quality). One important difference between covered bonds and MBS was that the set of mortgages securing the covered bond were dynamic; in contrast, mortgages comprising a MBS remained static once the security was issued. In the case of a covered bond, mortgages that experienced delinquencies were generally substituted out of the pool, with performing mortgages replacing them. Just as the individual mortgages in the cover pool were dynamic, the total size of the cover pool was dynamic as well. The amount of overcollateralization (i. e., the extent to which the size of the cover pool would exceed the face value of the covered bonds) would adjust dynamically depending on the financial health of the issuer. Exhibit 6 shows how recently, as WaMu had been downgraded by the major rating agencies, the â€Å"Asset Percentage† used to calculate the sufficiency of the cover pool had been reduced from 86. 6% to 67. 0%. Thus with $7. 78 Billion in bonds outstanding under the covered bond program, the required size of the cover pool for the WaMu covered bonds had risen from roughly $8. 98 Billion (8. 98 x 86. 6% = 7. 78) up to $11. 61 Billion (11.61 x 67. 0% = 7. 78). Covered bond trustees usually relied on the ratings agencies to establish the quality of the underlying collateral. 3 In recent market turmoil, this task had become more difficult. As mortgage default rates increased, the ratings agencies became increasingly conservative in assigning value to mortgage pools, valuing them at substantial discounts to face value. A variety of models could be used to assess the market value of a mortgage pool, all considered measures of asset quality such as the loan-to-value ratio and the credit quality of the borrowers as summarized by their FICO scores. 4 In the event of a collateral downgrade, the trustee would ask the issuer to replenish assets in the pool. The inability or refusal to update assets at the trustee’s request would constitute issuer default. While new in the United States,5 covered bonds were a long-standing part of the housing finance system in Europe, dating back to bonds issued in 1769 in Prussia. In Continental Europe these bonds, called ‘Pfandbriefe’ or (‘Pledge letters’) in the German-speaking countries, amounted to â‚ ¬2. 1 trillion (see Exhibit 2). By 2008, covered bonds were the second largest fixed income market in Europe. 6 Part of the recent growth could be tied to Basel II banking regulations, coming into full effect in 2008. Torsten Althaus, head of the European covered bonds at credit rating agency Standard and Poors, explained: â€Å"With Basel II aligning regulatory with economical capital requirements, there are fewer incentives to use securitization for regulatory arbitrage. [†¦] Consequently, as there are fewer incentives to move assets off-balance-sheet, retaining assets on-balance-sheet allows issuers to fuel further covered bond issuance. †7 Covered bonds were predominately held by European investors and had generally been viewed as being extremely safe. This view derived in part from the high credit quality of the issuers, in part from the high value of the cover pool assets, and in part from the fact that the status of covered bonds in many European countries was enshrined in specific legislation. This gave covered bond investors a high level of confidence that, should an issuer default, they would be able to successfully enforce their legal claim to the assets in the cover pool. The low perceived risk of covered bonds had led many investors to view the bonds as a ‘rates-plus’ product – effectively a yield-enhanced substitute for sovereign debt. 8 2 Washington Mutuals Covered Bonds 209-093 Rating Covered Bonds The three major credit rating agencies all had specific approaches to rating covered bond issues. Broadly speaking, the ratings approaches focused on ‘notching’, or raising, the credit rating of the bond above the credit rating of the issuer in order to reflect the greater protection of the cash flows promised under the covered bond program. Although the methodologies differed by agency, all three implicitly linked the rating of the covered bond sponsor to the rating of the issue. Fitch Rating Methodology:9 Fitch started with credit quality of underlying sponsor. Fitch assumed that bonds had recourse to the underlying issuer, so the credit quality of the issuer would provide a floor for the credit quality of the covered bond. Starting from this floor, the credit rating was then ‘notched’ depending on the ‘discontinuity factor,’ which essentially reflected the bankruptcy remoteness of the assets in the covered pool. To calculate the discontinuity factor, Fitch looked at the strength of the asset segregation mechanism. One important factor was whether the overcollateralization of the covered bonds was kept out of reach of the unsecured creditors until the covered bonds had been fully repaid. In practice, this could be accomplished through the legislative framework under which the bonds were issued, or through protections built into the structure of the bond. In countries like Germany and France, covered bonds were governed by and issued under specific legislation. This legislation governed the structure of the instruments and the treatment of investors and collateral in the event of default. Covered bonds issued in the United States were issued under the general US contractual law environment, rather than any specific legal statute. In the Fitch rating approach, a low discontinuity factor implied complete separation; a high discontinuity factor implied that distress at the sponsor would result in delays or payment problems for the covered bond. In practice, very few covered bonds had a discontinuity factor of zero. Consider for example the case of Coreal Credit, a German Bank with a BBB- default rating, with a set of covered bonds that were 17. 8% overcollateralized by mortgage assets. Fitch calculated a discontinuity factor of 11. 7%, leaving the covered bond with a rating of AA, a notch below the highest rating. Another issue considered by Fitch was the difficulty bonds faced in replacing the swap agreement, which matched the payments on the bonds with the payments from the mortgages. This hedge could be disrupted by a default at the issuer level, and Fitch adjusted the discontinuity factor in line with the likelihood of disruption. These hedges were important because payments under the bonds often failed to match the currency, timing, or interest rate exposure of payments from the underlying mortgage. Moody’s Rating Methodology:10 Moody’s based their credit rating on a â€Å"joint-default analysis. † Moody’s model simulated the performance of the covered bond each month through maturity. The probability of issuer default in each month was based on the issuer credit rating. This probability in each month was multiplied by the relevant loss to give the expected loss to covered bond investors in each month. The resulting number was the expected loss on the covered bond, which was the source of the bond’s rating. The factors affecting the rating were divided into the issuer credit rating, which affected the issuer’s probability of default, the credit quality of the cover pool, the costs likely to be incurred in refinancing the cover pool in the event that the issuer defaulted, and market risks. Market risk was based on the likely impact of interest rate and currency movements during the period after the default, and reflected the possibility of disruptions in the swaps that were in place to hedge those risks. Standard and Poor’s Methodology:11 Standard and Poor’s focused on the probability of timely payment, rather than explicitly on default of the sponsor. Standard and Poor’s identified four 3 209-093 Washington Mutuals Covered Bonds contributors to the covered bond’s rating: (i) the legal framework, (ii) the quality of the collateral, (iii) the cash flows, especially losses due to credit, maturity, and currency mismatches, and payment delays and servicing costs imposed by disruption at the issuer, and (iv) the degree of overcollateralization. While it was possible that the covered bond was delinked from the rating of the issuer, in practice Standard and Poor’s recognized that default scenarios would likely impose significant payment delays, thereby linking the rating of the issuer with that of the issue. Washington Mutual Washington Mutual was the largest savings institution and 6th largest depository finance institution in the United States. Founded in 1889, the bank had survived the Depression and the savings and loans scandals of the 1980s. By late 2006, the bank had amassed assets of $346 billion, with $214 billion in deposits. Exhibits 3a and 3b show select financials. WaMu offered a range of financial services typical to savings and loan institutions, including: home and home equity loans; multi-family and other commercial real estate loans; credit facilities and cash management for small businesses; credit cards, annuities and insurance products; as well as securities and brokerage services. 12 Historically, WaMu had been a regional bank, with retail banking operations in California and the U. S. Northwest. However, starting in the 1990s, the bank undertook a major expansion initiative, led by CEO Kerry Killinger. Part of the expansion occurred through a series of acquisitions. In 1999, for example, WaMu purchased Long Beach Financial, a Californiabased lender specialized in subprime mortgages – loans to borrowers with poor credit. 13 Over the course of a few years, WaMu increased its retail banking network from 412 stores on the West Coast in 1996 to 1,700 locations across the country by 2003. 14 WaMu became known as a particularly aggressive lender, willing to extend loans even to clientswith low incomes or poor credit histories. 15 In 2003, as part of this WaMu’s expansion, the bank introduced an advertising campaign backed by the slogan â€Å"The Power of Yes. † While some of WaMu’s loans were financed by the bank’s large deposit base, the majority were securitized –i. e. , pooled and packaged – and then sold to the secondary market. Sustained by a buoyant housing market, Wamu shareholders collected substantial profits between 2000 and 2004 (see Exhibits 3a and 3b). In 2004, for example, U. S. home prices appreciated by nearly 20 percent. Urban areas in California, Florida, Nevada, and Arizona experienced particularly rapid price appreciation. In an environment of rapid housing price appreciation, a borrower who suffered a decline in household income could avoid default by selling or refinancing the home. As housing prices rose, WaMu expanded its product mix from home loans and home equity loans into lines of credit, subprime mortgages, and other real estate products. WaMu was an early seller of mortgage products known as â€Å"option ARMs,† which were adjustable rate mortgages that offered low initial payments designed to escalate over time. For WaMu, these loans were attractive because they carried high fees, and allowed the bank to state profits for interest payments that borrowers had not paid yet. In 2003, adjustable rate mortgages comprised about a quarter of WaMu’s lending portfolio; by 2006, about 70 percent. 16 Housing prices in most U. S. markets peaked in 2005, as shown in Exhibit 4. As housing prices leveled off in 2006 and began to fall in 2007, (see Exhibit 4), WaMu profits initially remained relatively flat. In 2006, WaMu posted profits of $3. 5 billion on $13. 5 billion in total revenue. Nevertheless, the bank took some precautionary measures, cutting jobs in an effort to contain costs. 17 It was in this environment of cooling home prices that WaMu turned to the covered bond market in late 2006. 4 Washington Mutuals Covered Bonds 209-093 WaMu’s Covered Bond Program WaMu entered the covered bond market in September 2006 with a dual-tranche 4B EUR issue. 18 One tranche followed closely by analysts was a â‚ ¬2 billion 5-year fixed rate issue, maturing on September 27, 2011. The bond paid a coupon of 3. 875 percent and was not callable.  19 At the time the bond was issued, WaMu was the only covered bond issuer outside of Europe. (The remaining covered bonds were issued in May 2007 and matured in 2014). WaMu’s covered bonds were popular with investors – the initial placement of the bonds was four times oversubscribed. 20,21 While it was impossible to tell the exact identities of the current holders of the bonds, it was widely speculated that the Euro-denominated bonds had ended up with European pension funds and banks. The covered bonds initially traded at a yield to maturity of 3. 90%, compared to the yield on a 5-year German government bond of 3.62%. LIBOR, the average dollar denominated interbank rate was 5. 40% and EUROIBOR, the average interbank lending rate denominated in Euros was 3. 06%. The covered bonds were issued by WM Covered Bond Program (WMCB), a statutory trust organized in the State of Delaware. The covered bonds were secured by a series of mortgage bonds issued by WaMu Bank and purchased by WMCB, who sold the bonds via a placement agent to institutional investors. The mortgage bonds, in turn, were secured by a pool of residential mortgage loans owned and serviced by WaMu Bank. The covered bonds could also be secured by â€Å"substitution assets† pledged by WaMu Bank. 22 Exhibit 5 summarizes the structure of Washington Mutual’s covered bond program. Under the terms of the covered bond program, each series of mortgage bonds was held as collateral for a separate series of covered bonds, and would secure only that series of covered bonds. However, if Washington Mutual Bank were to default on any of its mortgage bond obligations, each series of the covered bonds would share pro rata in any proceeds from the cover pool. As holder of the mortgage bonds, WMCB was required to use the proceeds to pay interest and principal on the related series of covered bonds. However, as the covered bonds were denominated in Euros, WMCB first had to swap the dollar proceeds from the mortgage bonds into Euros. The swap program, typical of covered bond programs, was used to manage timing and currency mismatches between payments to the covered bond holders and payments from the underlying portfolio of mortgages. The asset monitor of the cover pool periodically applied an â€Å"asset coverage test† to check that the mortgages in the pool would be sufficient to pay the interest and principal on the covered bonds. A breach of the asset coverage test would constitute default for WaMu Bank, which would then allow the monitor (who also, in this case, acted as a trustee) to enforce its interest over the cover pool. Provided that WaMu Bank preserved investment grade status, the asset coverage test would be performed annually or anytime that a substitution was made in the cover pool. But, as WaMu Bank had recently been downgraded, the program required that the asset coverage test be performed monthly. The Asset coverage test: If on any â€Å"determination date†23 the adjusted aggregate loan amount was less than the aggregate principal amount of all outstanding mortgage bonds, then WaMu Bank was required to add additional eligible mortgage loans. The adjusted aggregate loan amount was the lower of (a) the sum of the Loan-to-Value current balance of each mortgage loan in the cover pool, which was itself the lower of (i) the unpaid principal balance and (ii) the indexed valuation of the loan multiplied by 0.75; and (b) AP times the sum of the â€Å"adjusted current balance† of mortgage loans in the cover pool, which itself was the lower of (i) the unpaid principal balance of the respective 5 209-093 Washington Mutuals Covered Bonds loan, and (ii) the index value of the mortgage loan. Indexed valuations were based on regional housing indices. 24 AP deno ted the â€Å"asset percentage,† usually 93 percent, although this figure could be revised downwards if the ratings agencies felt that expected loss rates on the underlying mortgages could be higher. The expected losses would be based on Standard and Poor’s or Fitch, two of the three ratings agencies. Some analysts felt that the ratings agencies had been increasingly cautious in recent months, revising upwards loss rates on mortgage backed loans. As shown in Exhibit 6, the asset percentage had been lowered to 67 percent. Under the terms of the covered bond program, WaMu Bank was not allowed to merge or consolidate with any other persons or entity, or to change its bank holding company status, unless the new entity acquired all assets of the issuer and agreed to the punctual payment of principal and interest on the mortgages bonds. Distress at WaMu WaMu’s 2007 first-quarter profit, reported in April, showed a roughly 20% decline relative to Q1 2006. At the time, the U. S. economy was approaching a sharp decline in housing starts and sales, and the business press warned against an inevitable run of foreclosures. CEO Kerry Killinger spoke publicly of â€Å"unprecedented deterioration† in the subprime-mortgage market. Inventories of unsold homes were reaching their highest levels in eighteen years, with the supply of single-family homes on the market, which had averaged six months historically, reaching 10 months nationally. In California, the supply of single-family homes in inventory stood at 15 months. By December 2007, WaMu’s stock price reached a low of $13. 07,25 as the bank cut its dividend by 73%. 26 Throughout banking and financial services, evidence pointed to sector-wide failure: In February, leading London bank HSBC, whose American mortgage unit HSBC Finance had originated the majority of U. S. subprime mortgages, announced $11 billion in write-downs to offset anticipated losses related to failed loans. 27 In March, Bear Stearns shut down two of its hedge funds, in the midst of large losses.

Monologue on crooks free essay sample

Life is really hard at the moment. I was ‘aving the time of me life on Saturday night wiv that big bindlestick whats his name? ( scratch back, stroke chin, sigh) Ahhhh Lennie thats it. Well anyway we was just sittin’ and talkin’ and talkin’ and sittin’ ‘bout this amazing place that George and Lennie was going to hav’. It gave me hope it did to get out this bloody place, start a fresh life and maybe just maybe be treated like a real guy for a change. (imagine it, rest chin on hands) I really thought this would happen I really did and Candy perked up as well saying he would pay for it with his compensation for his hand. But then blommin’ Lennie has to go and mess it all up that crazy bastard He goes (sigh) and has to kill Curley’s wife. I heard it all happenin’ from inside me shed, Curley’s wife was bragging on about bloody anything to try and get Lennie into trouble! Then starts talking about her hair and Lennies touchin’ it and strokin’ it and I start hearin’ these muffled screams and I thought they was in me head but then there was a little snap and he must of snapped her neck! (sigh) Curley went bloomin’ crazy and started shouting an’ swearin’ and throwing things. We will write a custom essay sample on Monologue on crooks or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page They had all gone to find Lennie and sort him out. It was all silent and I closed me eyes for a little nap when from a distance I heard a single, muffled but still there, gun shot. Candy came shufflin’ back into my place scratchin’ his stump and tells me things I didn’t want to here. ‘ He’s dead Crooks they killed him. He didn’t know what he was doing poor little sod and now George has gone and shot him I thought they were friends Crooks I really did and I thought George was better than that Lennie even ‘ad Carlton’s gun an’ George just took it off him like a lamb. Anyways I’d better be off’ And Candy left me in deep thought

50 Great Argumentative Essay Topics for Any Assignment

50 Great Argumentative Essay Topics for Any Assignment SAT / ACT Prep Online Guides and Tips At some point, you’re going to be asked to write an argumentative essay. An argumentative essay is exactly what it sounds like- an essay in which you’ll be making an argument, using examples and research to back up your point. But not all argumentative essay topics are created equal. Not only do you have to structure your essay right to have a good impact on the reader, but even your choice of subject can impact how readers feel about your work. In this article, we’ll cover the basics of writing argumentative essays, including what argumentative essays are, how to write a good one, and how to pick a topic that works for you. Then check out a list of argumentative essay ideas to help you get started. What Is an Argumentative Essay? An argumentative essay is one that makes an argument through research. These essays take a position and support it through evidence, but, unlike many other kinds of essays, they are interested in expressing a specific argument supported by research and evidence. A good argumentative essay will be based on established or new research rather than only on your thoughts and feelings. Imagine that you’re trying to get your parents to raise your allowance, and you can offer one of two arguments in your favor: You should raise my allowance because I want you to. You should raise my allowance because I’ve been taking on more chores without complaining. The first argument is based entirely in feelings without any factual backup, whereas the second is based on evidence that can be proven. Your parents are more likely to respond positively to the second argument because it demonstrates that you have done something to earn the increased allowance. Similarly, a well-researched and reasoned argument will show readers that your point has a basis in fact, not just feelings. The standard five-paragraph essay is common in writing argumentative essays, but it’s not the only way to write one. An argumentative essay is typically written in one of two formats, the Toulmin model or the Rogerian model. The Toulmin model is the most common, comprised of an introduction with a claim (otherwise known as a thesis), with data to support it. This style of essay will also include rebuttals, helping to strengthen your argument by anticipating counterarguments. The Rogerian model analyzes two sides of an argument and reaches a conclusion after weighing the strengths and weaknesses of each. Both essay styles rely on well-reasoned logic and supporting evidence to prove a point, just in two different ways. The important thing to note about argumentative essays as opposed to other kinds of essays is that they aim to argue a specific point rather than to explain something or to tell a story. While they may have some things in common with analytical essays, the primary difference is in their objective- an argumentative essay aims to convince someone of something, whereas an analytical essay contextualizes a topic with research. If all goes well, your essay could be in a book like this! What Makes a Good Argumentative Essay? To write an effective argumentative essay, you need to know what a good one looks like. In addition to a solid structure, you’ll need an argument, a strong thesis, and solid research. An Argument Unlike other forms of essays, you are trying to convince your reader of something. You’re not just teaching them a concept or demonstrating an idea- you’re constructing an argument to change the readers’ thinking. You’ll need to develop a good argument, which encompasses not just your main point, but also all the pieces that make it up. Think beyond what you are saying and include how you’re saying it. How will you take an idea and turn it into a complex and well thought out argument that is capable of changing somebody’s mind? A Strong Thesis The thesis is the core of your argument. What specific message are you trying to get across? State that message in one sentence, and that will be your thesis. This is the foundation on which your essay is built, so it needs to be strong and well-reasoned. You need to be able to expand on it with facts and sources, not just feelings. Research A good argumentative essay isn’t just based on your individual thoughts, but research. That can be citing sources and other arguments or it can mean direct research in the field, depending on what your argument is and the context in which you are arguing it. Be prepared to back your thesis up with reporting from scientific journals, newspapers, or other forms of research. Having well-researched sources will help support your argument better than hearsay or assumptions. If you can’t find enough research to back up your point, it’s worth reconsidering your thesis or conducting original research, if possible. How to Come Up With an Argumentative Essay Topic Sometimes you may find yourself arguing things you don’t necessarily believe. That’s totally fine- you don’t actually have to wholeheartedly believe in what you’re arguing in order to construct a compelling argument. However, if you have free choice of topic, it’s a good idea to pick something you feel strongly about. There are two key components to a good argumentative essay: a strong stance, and an assortment of evidence. If you’re interested and feel passionate about the topic you choose,you'll have an easier time findingevidence to supportit, but it's the evidence that's most important. So, to choose a topic, think about things you feel strongly about, whether positively or negatively. You can make a list of ideas and narrow those down to a handful of things, then expand on those ideas with a few potential points you want to hit on. For example, say you’re trying to decide whether you should write about how your neighborhood should ban weed killer, that your school’s lunch should be free for all students, or that the school day should be cut by one hour. To decide between these ideas, you can make a list of three to five points for each that cover the different evidence you could use to support each point. For the weed killer ban, you could say that weed killer has been proven to have adverse impacts on bees, that there are simple, natural alternatives, and that weeds aren’t actually bad to have around. For the free lunch idea, you could suggest that some students have to go hungry because they can’t afford lunch, that funds could be diverted from other places to support free lunch, and that other items, like chips or pizza, could be sold to help make up lost revenue. And for the school day length example, you could argue that teenagers generally don’t get enough sleep, that you have too much homework and not enough time to do it, and that teenagers don’t spend enough time with their families. You might find as you make these lists that some of them are stronger than others. The more evidence you have and the stronger you feel that that evidence is, the better the topic. Of course, if you feel that one topic may have more evidence but you’d rather not write about it, it’s okay to pickanother topic instead. When you’re making arguments, it can be much easier to find strong points and evidence if you feel passionate aboutour topic than if you don't. 50 Argumentative Essay Topic Ideas If you’re struggling to come up with topics on your own, read through this list of argumentative essay topics to help get you started! Science Should fracking be legal? Should parents be able to modify their unborn children? Do GMOs help or harm people? Should vaccinations be required for students to attend public school? Should world governments get involved in addressing climate change? Technology Should Facebook be allowed to collect data from its users? Should self-driving cars be legal? Is it ethical to replace human workers with automation? Should there be laws against using cell phones while driving? Has the internet positively or negatively impacted human society? Sports Should college athletes be paid for being on sports teams? Should coaches and players make the same amount of money? Should sports be segregated by gender? Should the concept of designated hitters in baseball be abolished? Should US sports take soccer more seriously? Religion Should religious organizations have to pay taxes? Should religious clubs be allowed in schools? Should â€Å"one nation under God† be in the pledge of allegiance? Should religion be taught in schools? Should clergy be allowed to marry? Health Should minors be able to purchase birth control without parental consent? Should the US switch to single-payer healthcare? Should assisted suicide be legal? Should dietary supplements and weight loss items like teas be allowed to advertise through influencers? Should doctors be allowed to promote medicines? Government/Politics Is the electoral college an effective system for modern America? Should Puerto Rico become a state? Should voter registration be automatic? Should people in prison be allowed to vote? Should Supreme Court justices be elected? Ethics Should sex work be legalized? Should Columbus Day be replaced with Indigenous Peoples’ Day? Should the death penalty be legal? Should animal testing be allowed? Should drug possession be decriminalized? Economic Should unpaid internships be legal? Should minimum wage be increased? Should monopolies be allowed? Is universal basic income a good idea? Should corporations have a higher or lower tax rate? Education Are school uniforms a good idea? Should PE affect a student’s grades? Should college be free? Should Greek life in colleges be abolished? Should students be taught comprehensive sex ed? Arts/Culture Should graffiti be considered art or vandalism? Should books with objectionable words be banned? Should content on YouTube be better regulated? Is art education important? Should art and music sharing online be allowed? Speaking from authority is great for enhancing your argument- as is being a cat. How to Argue Effectively A strong argument isn’t just about having a good point. If you can’t support that point well, your argument falls apart. One of the most important things you can do in writing a strong argumentative essay is organizing well. Your essay should have a distinct beginning, middle, and end, better known as the introduction, body and opposition, and conclusion. This example follows the Toulmin model- if your essay follows the Rogerian model, the same basic premise is true, but your thesis will instead propose two conflicting viewpoints that will be resolved through evidence in the body, with your conclusion choosing the stronger of the two arguments. Introduction Hook Your hook should draw the reader’s interest immediately. Questions are a common way of getting interest, as well as evocative language or a strong statistic Background Don’t assume that your audience is already familiar with your topic. Give them some background information, such as a brief history of the issue or some additional context. Thesis Your thesis is the crux of your argument. In an argumentative essay, your thesis should be clearly outlined so that readers know exactly what point you’ll be making. Don’t explain all your evidence in the opening, but do take a strong stance and make it clear what you’ll be discussing. Body Claims Your claims are the ideas you’ll use to support your thesis. For example, if you’re writing about how your neighborhood shouldn’t use weed killer, your claim might be that it’s bad for the environment. But you can’t just say that on its own- you need evidence to support it. Evidence Evidence is the backbone of your argument. This can be things you glean from scientific studies, newspaper articles, or your own research. You might cite a study that says that weed killer has an adverse effect on bees, or a newspaper article that discusses how one town eliminated weed killer and saw an increase in water quality. These kinds of hard evidence support your point with demonstrable facts, strengthening your argument. Opposition In your essay, you want to think about how the opposition would respond to your claims and respond to them. Don’t pick the weakest arguments, either- figure out what other people are saying and respond to those arguments with clearly reasoned arguments. Demonstrating that you not only understand the opposition’s point, but that your argument is strong enough to withstand it, is one of the key pieces to a successful argumentative essay. Conclusion Conclusions are a place to clearly restate your original point, because doing so will remind readers exactly what you’re arguing and show them how well you’ve argued that point. Summarize your main claims by restating them, though you don’t need to bring up the evidence again. This helps remind readers of everything you’ve said throughout the essay. End by suggesting a picture of a world in which your argument and action are ignored. This increases the impact of your argument and leaves a lasting impression on the reader. Key Tips A strong argumentative essay is one with good structure and a strong argument, but there are a few other things you can keep in mind to further strengthen yourpoint. Focus When you’re crafting an argument, it can be easy to get distracted by all the information and complications in your argument. It’s important to stay focused- be clear in your thesis andhone in on claims that directly support that thesis. Be Rational It’s important that your claims and evidence be based in facts, not just opinion. That’s why it’s important to use reliable sources based in science and reporting- otherwise, it’s easy for people to debunk your arguments. Don’t rely solely on your feelings about the topic. If you can’t back a claim up with real evidence, it leaves room for counterarguments you may not anticipate. Make sure that you can support everything you say with clear and concrete evidence, and your claims will be a lot stronger! What’s Next? No matter what kind of essay you're writing, a strong plan will help you have a bigger impact. This guide to writing a college essay is a great way to get started on your essay organizing journey! Brushing up on your essay format knowledge to prep for the SAT? Check out this list of SAT essay prompts to help you kickstart your studying! A bunch of great essay examples can help you aspire to greatness, but bad essays can also be a warning for what not to do. This guide to bad college essays will help youbetter understand common mistakes to avoid in essay writing! Have friends who also need help with test prep? Share this article! Tweet Melissa Brinks About the Author Melissa Brinks graduated from the University of Washington in 2014 with a Bachelor's in English with a creative writing emphasis. She has spent several years tutoring K-12 students in many subjects, including in SAT prep, to help them prepare for their college education. Get Free Guides to Boost Your SAT/ACT Get FREE EXCLUSIVE insider tips on how to ACE THE SAT/ACT. 100% Privacy. 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Global business Essay Example | Topics and Well Written Essays - 2500 words

Global business - Essay Example But the issue is: Is it good strategic planning to use the per capita income and consumption data vis-a-vis population size as a basis of forecasting the size of a countrys market? This paper attempts to explore this proposition and to determine whether indeed it is or whether there are other better approaches that can help the international marketer make better decisions in entering a foreign market. Per capita income is derived from the concept of gross domestic product, which is the standard measure of an economys total output (Baumol and Blinder 2001). But such output only make sense if producers can sell them; therefore the concept of aggregate demand is relevant. Aggregate demand is the total amount that all consumers, business firms, government agencies, and foreigners wish to spend on all of a countrys goods and services. It also depends on consumer incomes, government decisions, and events or developments abroad. Aggregate demand can be broken down into the following: b. Investment spending. This is the total amount that firms expend on physical assets such as land, factories, machinery and equipment, and inventories. . These assets add to productive capacity, leading to additional demand for goods and services. By adding up all these components, we are able to obtain the aggregate demand and we can summarize it as the sum of all consumption, investment, government purchases, and net balance of exports and imports. Sommers (1993) and other economists take the view that the total output of an economic system is exactly equal to the total demand in the system, and that the GDP can also be referred to as gross domestic expenditure. From this aggregate is derived the concept of national income - which is the total income of all individuals in the economy. It is defined as the sum of the incomes that individuals in the economy earn in the form of wages, interest, rents, and profits. It