The Great Recession Of 2008 Was A Worldwide Economic Downturn

The Great Recession of 2008 was a worldwide economic downturn that impacted the global economy. Economists consider the economic decline as one of the most damaging recessions that occurred since the Great Depression of 1930’s. Several documentations and research regarding the recession have been made to make a better understanding of the economic downturn in 2008 as well as the global economy as a whole. The book used as reference in this essay, the Diary Of A Very Bad Year: Confessions of an Anonymous Hedge Fund Manager, captured the events corresponding to the length of the Great Recession through separate interviews of an anonymous hedge fund manager (HFM). The interviews contain information shared by HFM that describes the Great†¦show more content†¦HFM’s experience as a hedge fund manager gives value into this information and the authority to describe what started the crisis. The advantage that follows from the source regarding this idea is that it record ed information that described the creation of the mortgage bubble in the financial market, and the damage dealt to the financial system when the mortgage market crashed from a finance expert. The disadvantage is that the subprime market might not be the only reason of the misallocation of resources, given the fact that HFM’s hedge fund was involved in the subprime market which might have formed a biased opinion on that matter (18-19). The nature of the source does not complicate the idea of the cause of the crisis, although concluding that the subprime market was the main cause could complicate the subject. This clearly shows that the idea of the misallocation of resources within the book had negatively impacted the financial system that built the momentum of the economic decline. Another main idea in the book is the linkages of the financial system to the real economy during the recession. In the duration of the financial crisis, unemployment as well as job loss increased, w age eroded, and companies and businesses closing were in significant numbers (66; 83). In a more specific example, the Reserve PrimaryShow MoreRelatedThe Courage Of Act Memoir Is Essential Reading For People Who Wants You Know What Happened At Federal Open844 Words   |  4 PagesThe Courage to Act memoir is essential reading for people who wants to know what happened at Federal Open Market Committee meeting on Aug. 5, 2008. It invokes comparisons to the Great Depression and at the same time suggests that Shucks, it was not all that great, was not a depression or anything (Bernanke). But Bernanke is persuasive in arguing that it was pretty damned high i.e. terrible and he and his members at the Fed deserve credit for the fact that it wasn t a heck of a lot greater. BernankeRead MoreQuestions On Common Sense Economics1494 Words   |  6 PagesCommon Sense Economics provides an excellent introduction to the study of economics, and particularly its many key principles, including the â€Å"twelve key elements,† â€Å"seven major sources of economic progress† and â€Å"twelve key elements of practical personal finance.† The most compelling section of the text deals with financial insecurity and its dependence on quickly escalating personal debts. Indeed, Gwartney et al. note that the ratio of household debt to disposable personal income reached 135% inRead MoreThe Crisis Of The 1929 Stock Market Crash1378 Words   |  6 PagesIn July 2007, the United States were kicked off by the subprime mortgage crisis, emphasized by the banking and financial crisis of 2008. The global economic crisis called the Great Recession followed in 2008. It has been famously regarded as preventable by the memory of the Great Depression in the late twenties. The stock market crash of â€Å"Black Thursday† on the 24th of October 1929 marked the end of the â€Å"Roaring Twenties†, temporary period of prosperity and endless hope in the United States. B utRead MoreUnderstanding the Economic Recession in America Essay1165 Words   |  5 PagesThe economic recession of the late 2000s has been called the greatest economic downturn our country has faced since the Great Depression. American businesses and banks are failing, foreclosures are spreading like wildfire, and unemployment numbers have reached double digits. Under our current president, many are optimistic, but many others are fearful for the future. Economists have different speculations regarding the causes of the â€Å"Great Recession†. Some blame it on higher prices for necessitiesRead MoreThe Financial Crisis Of 2007-20081419 Words   |  6 PagesAn excess of regulation, rather than an insufficiency of it, was the principal cause of the recent credit crunch. The financial crisis of 2007–2008, also known as the Global Financial Crisis and 2008 financial crisis, is considered by some economists such as Nouriel Roubini, professor of economics and international business at New York University, Kenneth Rogoff, professor of economics and public policy at Harvard University, and Nariman Behravesh, chief economist and executive vice president forRead MoreFrom Celtic Tiger to the Financial Crisis in Ireland1735 Words   |  7 Pagesof Ireland during a period of rapid economic growth starting in the second part of the 1990s and ending in approximately 2007-2008. During that time Ireland experienced a boom which transformed the country from one of the poorest states in Europe into one of the wealthiest. The term Celtic Tiger was first coined by an Irish economist Morgan Stanley and derives from East Asian Tigers: South Korea, Singapore, Hong Kong and Taiwan which experienced a similar economic boom to that of Ireland in the lateRead MoreGlo bal Financial Crisis : Its Causes And The Global Responses Essay1592 Words   |  7 Pageshave begun in July 2007 with credit crunch, when a loss of confidence by the US investors in the value of sub-prime mortgages caused a liquidity crisis. On the other hand, due to the big changes that took place over the last 20 to 30 years in the worldwide economy and the influence of 2007 financial crisis, it has re-emerged as one of the hottest topics on the agenda of accounting standards setters both under United States of America (USA). Generally Accepted Accounting Principles (GAAP) and internationalRead MoreCollapse Of The Us Mortgage Crisis1709 Words   |  7 PagesDuring 2008, a series of economic disasters led to a worldwide debt crisis. All over the world, interest rates were at a record low. These low rates â€Å"fuelled domestic spending and spurred inflation in wages and goods† which encouraged people to take out loans and spend money they did not have (The Causes: A Very Short History of the Crisis). These easy credit conditions led to a debt bubble that inevitably burst with worldwide consequences. Following the collapse of the US mortgage market, LehmanRead MoreThe Great Recession of 20082062 Words   |  9 PagesAbstract A recession is full-proof sign of declined activity within the economic environment. Many economists generally define the attributes of a recession are two consecutive quarters with declining GDP. Many factors contribute to an economys fall into a recession, but the major cause argued is inflation. As individuals or even businesses try to cut costs and spending this causes GDP to decline, unemployment rate can rise due to less spending which can be one of the combined factors whenRead MoreThe Great Depression Of The 1930s Essay1689 Words   |  7 PagesCrisis of 2008 in Comparison to the Great Depression of the 1930s Introduction The economic crisis’ of the 1930s and 2000s greatly impacted the United Sates (U.S) and the world. The Great Depression and Global Crisis were both major economic crisis’s the originated in the United States and spread to foreign markets around the world. The Great Depression is regarded as the biggest economic downturn, due to many factors like the stock market crash. The Global Crisis on the other hand, was a more recent

Poems Poetry and Free Verse Poem - 774 Words

Poetry Journal Project **Due Monday, February 4, 2013** You will create a poetry journal. It will contain 20 poems. Each poem will contain one of the items below. You may not use the same poem twice. You may not use any poem we have read in class. 1. Rhyme (any kind) 11. Free Verse Poem 2. Imagery 12. Narrative Poem 3. Simile 13. Lyric Poem 4. Metaphor 14. Consonance 5. Alliteration 15. Assonance 6. Personification 16. Refrain 7. Hyperbole 17. Allusion 8. Extended Metaphor 18. Near rhyme 9. Onomatopoeia 19. End rhyme 10. Symbolism 20. Internal rhyme Each poem must include the title and poet. For each poem, you must also include where you found†¦show more content†¦Grammar, spelling, punctuation, and content all| |count. | Your journal must be typed. Each poem must be on its own page; if you need two pages for the five poems you choose to do the analysis on, you may use more than one page. Your journal must be bound like a book when turned in. They can be put in a binder with clips, tied together, stapled, etc. Your journal must have a cover. I will not accept journals that are not formatted correctly. If your journal looks suspiciously like another student’s (same poems, same analysis, etc.) both/all of you will receive a 0 and a referral to administration for academic dishonesty. The journal is worth 300 points and is weighted at 35% of your grade. Poetry Presentation and Reflection Paper **Presentations scheduled for February 12, 13, and 14. **Presentation Reflection Paper due February 21. Poetry Presentation (100 points) Choose one of the poems you included in your poetry journal. You may not choose song lyrics for this†¦it must be a poem! Prepare a 5 minute presentation of that poem for the class. A typical presentation will include 1) an introduction of the poem, including some information about the author and a brief introduction of the poem itself; 2) reading the poem; 3) your personal analysis of the poem (why you chose it, what you like about it, what is specialShow MoreRelatedThe Poem Caged Bird 1147 Words   |  5 PagesELA8_SB_U6_L7_LC Introduction and Objective If you were asked to formally discuss this excerpt from â€Å"Caged Bird,† what might you say about this poem? Does the poem follow conventions? Would it be considered a sonnet? Is there a rhyme scheme? Does it use a specific meter? Today, we’re going to look at discussing poetic conventions and examining how poems break conventions. Today s lesson objective is: âž ¢ Students will demonstrate command of the conventions of Standard English when speaking basedRead MoreAnalysis Of `` Stopping By Woods On A Snowy Evening `` Essay1278 Words   |  6 PagesPoetry in All Its Forms Poetry’s stellar form allows people to creatively observe the boundaries of depth. Forms of poetry are equal in difficulty; a portion of humankind might consider a sonnet difficult, in contrast others find it to be elementary. A poem I admire is called â€Å"stopping by woods on a snowy evening† by Robert Frost (Frost, R. 1922). As I marvel at the simplicity of this poem, I find it no wonder that it’s considered a masterpiece with the words so beautifully painted inside theRead Morepoetry terms slide 11277 Words   |  6 Pagesimaginative response to experience reflecting a keen awareness of language. Types of Poetry †¢ Ballad – Songlike poem; tells a story †¢ Lyric - musical verse; expresses observations feelings of a single speaker. †¢ Haiku - 3-line verse form. First 3rd lines have five syllables; 2nd has 7. Topic is always nature †¢ Limerick – a rhymed nonsense poem of five lines. Types of Poetry †¢ Sonnet - 14 line lyric poem (usually unrhymed iambic pentameter) – Petrarchan (Italian) octave sestet; octave statesRead MoreThe Form And Type Of A Poem1162 Words   |  5 Pagestype of a poem is just as important as the words within that poem. Judith Ortiz Cofer, a poet, understands this. Cofer has lived in many different types of environments: she has lived in Puerto Rico, New Jersey, and Georgia. With all this moving around, it is clear that Cofer had many run-ins with gender and racial stereotypes. These experiences influenced many of her poems in which she writes about gender and racial stereotyping. The theme that she conveys lies within the words of the poem, but itRead MoreAnalysis Of Emily Dickinson And Postmodernism Essay1656 Words   |  7 Pagesand worked in. This is, to say, that postmodernism has a very distinct aesthetic that comes to mind when the word is brought up. However, it’s not all flashy and wild; in fact, before the concept of modernism even came into being, Emily Dickinson’s poetry was using and addressing postmodern elements b oth accurately and effectively. While it doesn’t necessarily illustrate all the elements that are typically present within â€Å"postmodern work† as it’s come to mean today, her writing exhibits distinct andRead MoreStopping By Woods On A Snowy Evening By Robert Frost Essay1256 Words   |  6 Pagesof poetry are equal in difficulty; humankind might consider a sonnet difficult, in contrast others find it to be elementary. A poem I admire is called â€Å"stopping by woods on a snowy evening† by Robert Frost. (Frost, R. 1922). Marveling at the simplicity of this poem, no wonder it’s considered a masterpiece! Words are beautifully painted inside the text. I would consider this poem to be free style. Poetry conforms to its own set of rules; however, rules in free verse are exiguous. Free verse carriesRead MoreConfessionalist Characteristics Of Allen Ginsberg And The Beat Generation1540 Words   |  7 PagesConfessionalism and Beat poetry. There are many commonalities between these movements, and often, authors and works from the Beat movement incorporate various Confessionalist characteristics. Allen Ginsberg, one such author, combined both Confessionalism and Beat poetry in a variety of his works, including Howl and Kaddish. The Confessionalist aspects of Allen Ginsberg and his works, such as Howl, were heavily outweighed by the Beat aspects in his work. The Beat poetry movement began in the 1950sRead MoreAnalysis Of Poetry By Marianne Moore Poetry721 Words   |  3 PagesPoetry has been an form of lyrical expression for centuries. Poems have a way of invoking a multitude of emotions in readers. Generally, if a poem is well received by the reader/readers, it can give them a sense of intense importance or emotional attachment to the poem. However, bad poetry can have the opposite effect on a reader, and completely turn them away from poetry all together. Twenty century poet, Marianne Moore, challenges this response to poetry in her poem â€Å"Poetry†. Moore discusses theRead MoreUnderstanding Poetry By Robert Penn Warren And Cleanth Brooks1400 Words   |  6 PagesAs defined by Robert Penn Warren and Cleanth Brooks in his book ‘Understanding Poetry’ published in 1978, â€Å"poetry is a kind of saying. It is a kind that many people, until they become well acquainted with it, feel is rather peculiar and even use less. They feel this way for two reasons: the â€Å"way of saying† and the â€Å"nature of the said.† As for the way of saying, the strongly marked rhythms, the frequent appearance of rhyme, and the figurative language may seem odd and distracting; and as for the â€Å"natureRead MoreAnalysis Of The Poem My August Guest By Robert Frost Essay1378 Words   |  6 Pagesanalysis of two distinct poems, written by different authors. The emphasis will be on the physical elements, or structure of the poetry, less on the meaning. In the first poem â€Å"My November Guest† by Robert Frost, we will discuss the formal analysis, which includes the style, metre, rhyme, figurative language, etc. In the second poem â€Å"You Called Me Corazon† we will discuss the formal analysis as well. In Robert Frost’s â€Å"My November Guest†, the first thing you will notice about the poem is that it consists

The Harbinger of Things to Come free essay sample

To see how similar the cause of collapse of both Laventhol amp; Horwath and Andersen, let’s examine these two cases from two perspectives. a. From the clients’ side The last straw which led to the demise of these two CPA firm were PTL club to Lamp;H and Enron to Anderson. PTL Club had a very weak internal control. As it is pointed out in the case, whenever Jim Bakker needed money, he could just simply make a board member introduce a resolution for a bonus. Auditors could not find necessary documents to support expenses and revenue. Compensation was excessive far beyond the regulation of IRS. (Louwers, 867-872) Enron was engaged in aggressive accounting practices. It took advantage of the deregulation to inflate energy price. It utilized off-balance sheet financing vehicle to make its financial statement look far better than it was supposed to be. Both PTL Club and Enron were very risky clients. (Shirur, 4) b) From the CPA firms’ side Lamp;H and Anderson knew that they were walking on the tightrope. However, for profit’s sake, they chose to close their eyes and took the risk. Lamp;H was surrounded by allegations due to their aggressive approaches on their audit work. As for Anderson, it took in 17 out of 58 Lamp;H’s clients after Lamp;H’s fall, which was close to double of all the clients being taken in by any other Big Six (Read, 6). This behavior was a strong indication that Lamp;H and Anderson shared the same philosophy which was to earn the most out of the hole of regulation and law. 2) No. According to the Analysis of Lamp;H’s Clients by Subsequent Auditor, Anderson took in the most numbers off clients of Lamp;H, which is 17 out of 107 among 33 CPA firms. Lamp;H and Anderson had very similar management philosophy. They pushed to get the most. It is the result of market economics. Hence, government should play a significant role in putting regulation and law in place to prevent such things from happening. 3) The problem lies not on how audit reports should be used but on what quality audit reports should possess. In the PTL Club case, red flags were obvious which included but not limited to hazards internal control, far-beyond-reasonable lavish lifestyle of Jim and Tammy, and secret account. These red flags were enough to trigger an in-depth investigation or extensive auditing procedures. However, nothing was done until Mr. Baker’s extramarital tryst. In this case, the only way to prevent such behavior is to keep to the 10 basic Auditing Standards and improve the ethical awareness of the profession. ) AU Section 560 defines Subsequent Events as â€Å"events or transactions occur subsequent to the balance-sheet date, but prior to the issuance of the financial statements, that has a material effect on the financial statements and therefore require adjustment or disclosure in the statements. †(AU Section 560) The time line of Hamp;L’s audit of PTL Club is: End of fiscal year (May 31, 1984), Audit Completion Date (Dual dated as August 31, 1984 and October 24, 1984). Based on the timeline and the above definition of subsequent events, I believe that it is a subsequent event. But whether Deloitte needed to evaluate the sales occurring after the balance sheet date of May 31, 1984 depends on the materiality of the over sales occurring during May 31, 1984 and October 24, 1984. It was said that over sales occurred shortly after May 31, 1984. Then how big was the over sales between May 31, 1984 and October 24, 1984? Was the number material enough to subject to disclosure? It was an issue required judgment. Between 1984 and 1987, $158 million was contributed as the (74,000+66,000=140,000) partnerships though the limit of the sale of memberships was only (25,000+30,000=55,000). The actual sales were almost triple of the limit. However, how was the over sales allocated. Was the over sales occurred between May 31, 1984 and October 24, 1984 significant enough to subject to disclosure? We have no clues from the information provided. But given that Jim Bakker was all the time utilized the good reputation of PTL Club’s audit, Deloitte had reasons to exercise reasonable professional skepticism and did an in-depth investigation, not to mention that Deloitte expressed a going- concern on the draft of 1984 audit report concerning current assets of only $8. million against $28. 5 million current liabilities and all the other red flags signaling possible fraud. As for Lamp;H, since limited number of partnerships was widely published, it had no excuse for not being acknowledged this issue. As a CPA firm, it just exercises due professional care in the performance of the audit and the preparation of the audit report. 5) High risk, high return. Companies willing to accept high-risk clients are striving to provide the so-called value-added service to its clients. They choose to push the edge of law and regulation to earn high return. This is the nature of market economy. 6) Bonus-approval procedure in PTL Club was a joke. Documentations for large amount of expenditure were lost. Careful inspection of records and documents alone would be able to reveal PTL’s financial problems or at least put them in a position to confess to some of the fraud. Analytical procedure would also help to uncover the â€Å"Ponzi† scheme of the lifetime partnerships. Contribution of partnership between 1984 and 1987 was $158 million.