The Poverty Stricken People Of Canada Social Work Essay

The Poverty Stricken People Of Canada Social Work Essay One of the first microsystem reasons for destitution would be if an individual originated from a devastated family. This is an inclining factor that an individual is probably going to become devastated themselves, if their group of source was poor also. The greater part the kids in the United States living in destitution grew up to be ruined, while 1 of every 4 grew up to have a low financial status and 1 out of 3 in Canada (Corak, 2006). Likewise, as indicated by the content Social Inequality: Patterns and Processes fourth ed., by Martin Mager, low parental pay, may bring about less fortunate quality instruction, proceeding with the cycle by making it hard to get a sufficient line of work because of absence of training. That absence of instruction turns into a sustaining factor, which keeps up the cycle (Mager, 2008). Another reason for destitution now and again might be separation or single parenthood. This would be an accelerating cause on the grounds that together a couple on two livelihoods might have the option to help a kid, nonetheless, isolated they might not have the salary to give as they did already. As indicated by an investigation done in Ottawa, kids in single parent homes are bound to get devastated, particularly when there was more than one youngster living in the home (Fleury, 2008). Much of the time, one parent may have remained at home to think about kids and the family unit, while the other worked, implying that parent would be subject to the next parent. On the off chance that a separation happens, the reliant parent no longer has the other parent to help them, and they might not have business, making it extremely simple for them to fall into neediness. One more reason for destitution is habit, which can be both an encouraging and a propagating cause. Addictions can frequently prompt loss of work and abuse of accounts which can welcome on and sustain the issue of destitution. Lawrence M. Mead says in spite of the fact that neediness isn't a dependence, it is regularly brought about by and causes compulsion. Dependence has a distinct stream impact on neediness. In the event that one has a fixation, for instance, to a medication, it turns into the most significant thing in their life, all their cash goes to buying the medication, all their time is committed to scoring and taking medications, which implies, they may not go to class or work, or their conduct makes them be excused, which means they have no methods for a pay. The addicts salary would go towards drugs, and not different necessities, or they would not have a pay by any stretch of the imagination, leaving them in neediness. In conclusion, a reason for destitution is regularly obligation and poor obligation the board. It is conceivable to live with some obligation and not need to live in neediness, be that as it may if obligation isn't overseen appropriately and turns out to be more than one is equipped for managing, it can prompt destitution. 4,000,000 Americans would fall beneath the government destitution line if the intrigue they pay on their Visas and other customer obligations were deducted from their wages says a San Francisco Chronicle article. These individuals are known as the obligation poor (Abate, 2009). These individuals, despite the fact that they may not resemble the cliché poor, they in fact don't have the way to get the necessities of life and, sooner or later are confronted with liquidation and the loss of their home. Microsystem Consequences A microsystem result of destitution is low confidence. It is clear kids living in a tough situation purchasing the most recent patterns, their folks may not drive the most pleasant vehicle or drive a vehicle by any stretch of the imagination, possibly they don't have a washer and dryer thus in some cases they need to abandon clean garments for a period. Their folks can't stand to place them in music exercises or sign them up for sports groups. A few kids, who are flexible would not let this prevent them from being certain, in any case, not all kids comprehend that they are not on a level playing field, so to talk and accept that it is a shortcoming in themselves and not imbalance inside the framework and feel that their own value is straightforwardly identified with their budgetary worth. A youngster with the devices to succeed is bound to succeed and on the off chance that they succeed, they become progressively sure, making them bound to face more challenges, with a probability of succeeding again and expanding their certainty more. Now and again, kids in neediness come up short on those devices, or need to work more enthusiastically for them, which means they don't prevail as frequently, diminishing their confidence (Eric J. Swamp, 2010). Harassing is another result of neediness that frequently obliges low confidence. Kids in destitution are frequently tormented. As indicated by an examination done in the UK, low-pay youngsters are frequently the objective of tormenting in wealthier zones, in light of their financial status (Branigan, 2007). One out of 13 youngsters in a worldwide investigation of 35 nations and in excess of 162 000 kids announced tormenting due to their financial status. The imbalance among young people from low financial foundations puts them at a more serious hazard for harassing. Adolescents that are from schools and living in nations where there is a greater hole between financial gatherings are at higher danger of being tormented. Neediness likewise hugy affects childrens physical turn of events. One out of ten Canadians is influenced by food uncertainty which has a relationship to unexpected weakness (Kirkpatrick, 2008). Without appropriate eating routine, youngsters will come up short on the supplements they have to grow ideally, and may even get over or under weight. Studies show youngsters with a reasonable eating routine are wiped out less regularly than kids with poor sustenance (Kirkpatrick, 2008). Families will be unable to bear the cost of clinical costs or medicines that would keep their youngster from disease or decrease the impacts of an ailment or injury, causing weakness. Likewise, guardians in low-pay homes may think that its increasingly hard to bear the cost of important fixes in the family unit that would guarantee their childs security. Pregnant moms living in destitution likewise represent a hazard, in the event that they can't bear the cost of sufficient pre-birth care. Neediness affects psychological wellness, too. Youngsters from low financial foundations were more than twice as liable to experience the ill effects of tension and despondency as their partners from better financial statuses (Mark Lemstra, 2008). Kids from low-salary families, not just have the typical pressure a kid would have, many devastated kids know about their families hardships and have created tension about bills and obligations and food security, and sentiments of misery about their circumstances and need positive sentiments of self-esteem. Other than influencing physical and psychological wellness, social improvement is additionally an outcome of neediness. Destitution affects the advancement of social abilities in youngsters. Kids living in neediness regularly have less fortunate language aptitudes and less created adapting abilities, which thus impacts the nature of their associations with peers (Lisa Fiorentino, 2004). Kids living in neediness additionally have less open door for social association because of the reality they can't bear to be a piece of extra-curricular gatherings that help create social abilities and support peer connections. Without the cash to manage the cost of a similar social open doors youngsters in low-salary homes can't create social aptitudes as effectively, so destitution is an unmistakable effect on social turn of events. Intellectual debilitation has additionally been refered to as a result of neediness. As indicated by explore, youngsters who are malnourished will endure intellectual lacks and kids living in neediness are bound to be malnourished than the individuals who are white collar class or rich. Additionally, kids who are poor are less prepared to investigate their condition meaning they are not accepting the equivalent mental incitement or their condition is less invigorating (Brown, 1996). Guardians are additionally less ready to stand to place their youngsters in exercises or buy things like books and PCs that would help animated subjective turn of events. In this manner, there are different reasons why destitution has an impact on psychological improvement including ailing health, and absence of chance for mental incitement. Another lamentable outcome of neediness is misuse and disregard. As indicated by inquire about from the NSPCC: ladies from poor youth homes were twice as liable to have endured misuse or disregard (77 percent versus 38 percent), and the affiliation was much all the more hitting with different types of misuse, with a three-overlay increment: 45 percent of those from poor youth homes had encountered more than one type of misuse contrasted and 15 percent who had encountered no destitution. (NSPCC, 2008) Destitution can put a ton of anxiety on families making guardians increasingly helpless to turning out to be culprits and kids progressively powerless and liable to be misled. Absence of assets likewise makes it progressively hard to furnish kids with their essential needs, which doesn't generally comprise a charge of disregard, be that as it may, if the parent is utilizing youngster government assistance assessment and kid support for individual use and not to accommodate the kid it is disregard. Neediness can likewise affect ones individual qualities and convictions. Childrens qualities and convictions are influenced by their financial status. From individual experience, being exceptionally poor growing up, I had a specific worldview. I accepted that well off individuals were the adversary and that they didn't esteem me since I was poor. I additionally didn't esteem training particularly on the grounds that I didn't trust I would have the chance to head off to college or college, in light of the fact that my folks couldn't stand to assist me with paying for it. I learned not to esteem cash and do with less. Family was imperative to me, since I invested such a great amount of energy at home, because of the reality I was unable to bear to be in any exercises or on sports groups. It is clear a youngster from a poor home contrasted with a family from an affluent home would have an altogether different point of view. Mesosystem Causes Absence of assets is an encouraging reason for neediness. There is an absence of moderate lodging and absence of administrations accessible to battle

Premium-price Milk in the Company Coca-Cola Essay - 5

Premium-value Milk in the Company Coca-Cola - Essay Example In the dairy case, the milk is additionally liberated from lactose, and it will be sold while cold. The creation line targets offering the milk in different forms, for example, entire milk, without fat, chocolate, and decreased fat renditions. The choice of delivering this item came up when the Coca-Cola Company understood that the deals of carbonated beverages kept on declining in the United States. The principal issue it planned to address is the decrease in deals of its unique item. Another issue is planned for tending to is the way that it is created when the greater part of the purchasers are fixated on all items protein. As indicated by inquire about by NPD Group look into firm, around 71% of the customers state that they need a greater amount of the proteins in their eating routine. 3) Analyze a portion of the key (full scale or potentially smaller scale) ENVIRONMENTAL FACTORS that brought about Coca-Cola propelling this new item. Note: for this, you should peruse the part that manages the advertising condition. Steve Jones, who is the CEO of Fairlife, made a solid contention when he demanded that however Coca-Cola fills the role of circulating the milk, it doesn't play any job in the genuine creation of the milk and that it has nothing to be engaged with what happens on the dairy ranches. He includes that individuals who have been alluding to it as Coke Milk ought not since it is really not. The sole employment of Coke, as per him, is the appropriation of the milk and ensuring that the milk is on the rack. The market investigation and condition for the Coca-Cola’s Fairlife item appear to be some way or another preferring while somewhat it isn't such a great amount on their side. The open door for the organization in the wake of thinking of this item is they have extremely restricted rivalry since this is a strange division. Once more, having a decent brand name universally, Coke hopes to sell its milk item everywhere throughout the world thatâ will, thusly, favor the development.

22 Top Career Marketing Communication Strategies for 2015

22 Top Career Marketing Communication Strategies for 2015 The long-awaited Findings of 2014 Global Career Brainstorming Day: Trends for the New the Next in Careers has been released by the Career Thought Leaders Consortium! This report summarizes the findings of a November 14, 2014 meeting of 150 career professionals from six countries who brainstormed “best practices, innovations, trends, new programs, new processes, and other observations that are currently impacting, and are projected to impact, global employment, job search, and career management.” The section that most interests me in the report is “Career Marketing Communications,” which includes resumes, cover letters, social media profiles and other career marketing communications. Here are some of the findings and advice you’ll want to keep in mind: Content Powerful, consistent branding is essential in resumes and across all job search messages and materials. Taglines with a candidate’s USP (Unique Selling Proposition) are becoming more common. Great resumes tell stories with testimonials and other unique information that “connects the dots” for readers. Keep resumes short and snappy, with smart, strategic use of SEO/keywords! Infographics, hyperlinks, graphs and charts are all fair game on resumes! Resume content may evolve to address behavioral questions. Mailing addresses may be omitted from electronic resumes (this reduces the risk of identity theft)â€"but consider including them on paper versions. Short, half-page cover letters are most frequently submitted in the form of an email. Use a punchy subject line to capture interest! LinkedIn profiles should almost always be written in the first person. Make sure your resume is readable on mobile devices. Craft your job marketing messages with an organization’s culture in mind. Is the organization conservative/traditional? Casual? Dynamic? Strategy Send your resume by snail mail to stand out â€" especially with older hiring managers. Don’t skip the thank you letter! It will make you stand out. Send a thank you email (it’s fast) and follow up with snail mail to make an impression. LinkedIn Premium is not recommended except to human resources professionals and recruiters. (I would add that anyone wanting to pursue leads from those who view their profile would also benefit.) The portfolio approach for career marketing documents is valuable, in particular for technology and engineering fields. 30/60/90 plans will be requested by more and more employers. Applying to jobs on job boards is discouraged. Instead, identify the jobs on the job boards, then go to LinkedIn or the company’s website to network with key decision-makers. Networking and referrals are still king for getting into a company. 80% of jobs are found by networking! Apply to jobs if you meet at least 75% of their requirements. 100% is not required. Company Context Companies understand a LinkedIn profile is an essential networking tool. Employees can be less afraid of their companies’ becoming suspicious when they update their profiles. Companies are sourcing candidates directly from LinkedIn, and using recruiters less. A large network on LinkedIn is attractive to many companies. Resumes are still important documents, distinct from LinkedIn profiles! If you are engaged in a job search, take this report to heart and create your career success! To read more about the New and the Next in Video Bios, Web Portfolios; Job Search Job Boards, Networking, Interviews Hiring, Career Planning Management, Personal Branding, and other important career topics, see Findings of 2014 Global Career Brainstorming Day: Trends for the New the Next in Careers.

Revenue in Print Media - 1648 Words

REVENUE IN PRINT MEDIA Print production is measured on its quality, timeliness and effectiveness, whether its a brochure or packaging or a magazine advertisement. But when something in the production process goes wrong, it can not only cause delays but also increase cost and impact quality. The challenge for print buyers is to manage print jobs efficiently through procurement and production while guaranteeing consistent quality and on-time in-budget completion. This requires specialized expertise. Digital technology is increasingly competing with print media by opening access to endless sources of news. It may now seem that the need of the reader to buy a newspaper for news and the need of the advertiser to advertise in it, is slowly†¦show more content†¦Modern newspapers must be compact, a less-is-more approach would help cut newsprint, printing, distribution and other costs that do not add to the journalism. As for the revenue to sustain print media, it will have to come from a high degree of integration between the static and the dynamic mediums. For example, a dynamic browser tool-bar may aggregate news from different sources, allowing not only targeted advertising but also for charging micro-payment from readers. In the true sense of the word no two media can be rivals. New technology rarely replaces the previous technology completely. As both print and digital media is completely dependent on computers for their production process it would be easy for both to be complementary to each other. The wise perspective would be one of digital and print media rather than digital vs print media. The economic downturn has thrown up a challenge and an opportunity for the print media to transform itself. Costs involved in production of print media : Costs of Self-Publishing †¢ You have to learn about it all yourself. This can be fun. Its also a lot of work, and can cost quite a bit. †¢ Publishing company startup costs include: o ISBN prefix, equipment and software for layout printing—approximately $1000 o Learning curve means expensive mistakes. o ~$500-1000 minimum startup promotion per book. †¢ Minimum economical print run is 2000 copies at $3-10 per book: $6000-$20,000 commitmentShow MoreRelatedMajor Media Companies Continue For Dump Newsprint1043 Words   |  5 PagesCourse: Comm 233 Subject: Major Media Companies Continue to Dump Newsprint Journals: The New York Times, 8/10/14 (Print is Down, and Now Out) http://www.nytimes.com/2014/08/11/business/media/media-companies-spin-off-newspapers-to-uncertain-futures.html?_r=0 The Atlantic 8/11/14 (A Terrible Year for Newspapers, a Good Year for News) http://www.theatlantic.com/business/archive/2014/08/a-terrible-year-for-newspapers-a-great-year-for-news/375859/ SUMMARY OF PRINT IS DOWN, AND NOW OUT Recently,Read MorePrint Is Not So Fast1573 Words   |  7 PagesA Forbes magazine article titled â€Å"Print is Dead? 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The Enhanced Green House Effect Essay example - 1724 Words

The Enhanced Greenhouse Effect For the past ten thousand years the earth’s climate has been extremely good and beneficial to mankind. Today however , major changes are taking place. Humans beings are changing the face of the entire planet by destroying the rain forests and pumping our pollutants into the air and water. Some of these gases are very toxic and they are destroying our ozone layers which allows life to exist on earth These things are changing the make-up of the earth’s biosphere and its heat balance in a very negative way. nbsp;nbsp;nbsp;nbsp;nbsp;Global Warming is an increase in the earth’s temperature due to the use of fossil fuels and other industrial processes, leading to a buildup of green house gasses. It†¦show more content†¦As of yet, no sign of climate change has happened yet that can be blamed on the green house effect. The Greenhouse Effect is the roll that the atmosphere plays in insulating and warming the earth’s surface. The atmosphere is the part of the earth that is covered by a thin blanket of gasses. Nitrogen and oxygen are the main gasses in our atmosphere. We would not be able to survive without oxygen. When the sunlight hits the earth it turns to heat or infrared energy. Some of this heat energy is absorbed by soils, plants, and water on the earth’s surfaced. A lot of this is reflected back toward space, but not all. Carbon dioxide and other similar gasses absorb this heat, and prevent it from going back to space. Carbon dioxide absorbs this heat and warms the atmosphere. It is like a window in a car on a summer day. The glass lets in sunlight but keeps the heat from escaping, like a glass or plastic window in a greenhouse traps heat and protects plants from the cold. This is the greenhouse effect. The Carbon Cycle is a natural process of carbon dioxide entering the air. It is present in some kinds of rocks and in coral reefs. 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The Global Financial Crisis and the Imf Free Essays

string(121) " rate fell below the Taylor rule, that is the interest rate what historical experience suggest policy should be adapted\." Table of Contents 1. 0 Objectives2 2. 0 Introduction2 3. We will write a custom essay sample on The Global Financial Crisis and the Imf or any similar topic only for you Order Now 0 Types of Financial Crisis2 3. 0. 1 Banking Crisis2 3. 0. 2 Speculative Bubble3 3. 0. 3 International Crisis3 4. 0 Causes of the Financial Crisis 2007-20083 4. 0. 1 Loose Monetary Policy. 3 4. 0. 2 Global Imbalances. 4 4. 0. 3 Credit Boom. 5 4. 0. 4 Asset Bubble. 5 4. 0. 5 Financial Innovation5 5. 0 Impact of Financial Crisis6 5. 0. 1 Impact to U. S Financial System. 6 5. 0. 2 Economic Growth Rates. 6 5. 0. 3 Personal Finances of US Citizens. 7 5. 0. 4 High Unemployment Rate. 5. 0. 5 Impact on the IMF9 6. 0 Policy Response9 6. 0. 1 Term Auction Facility (TAF). 9 6. 0. 2 Economic Stimulus Act 2008. 10 6. 0. 3 Initial Cuts in Interest Rate. 11 7. 0 IMF Response to the Crisis12 8. 0 Conclusion14 9. 0 References15 1. 0 Objectives Objective of this topic is to giving a scope about the recent global financial crisis 2007 which discussing about the causes and impacts of the crisis and focusing mainly in the United States. Then, it will focus on the policy response of the country towards t he crisis. Role of the International Monetary Fund (IMF) is also given attention to understand how it works as the ‘international lender of last resort’. 2. 0 Introduction Financial institutions which play an important role in the economy, act as intermediaries between borrowers and lenders. Channelling of funds to individuals or firm that have bright investment opportunities takes place in the financial markets. Without financial intermediaries, it is difficult for companies to operate business. The economy also cannot operate efficiently if the financial system does not perform the role well. Systematic risk is a risk that could be failures of financial institution that freezing up capital market and eventually reduces the supply of capital to the economy. The United States experienced this systematic failure during 2007 and continues to struggle its consequences until 2009. Financial crisis occur when an economic encounter recession or depression caused by lack of liquidity in financial institution. In this circumstances, financial institutions lose huge part of their value. Financial crisis is not the same as economic crisis which affect the entire economy. A financial crisis can occur in a single sector and not always affect other sectors. The causes of financial crisis are different with the type of crisis. The financial crisis 2007-2008 started in August 2007 as a subprime mortgage crisis concentrated in the United States. The crisis became global but originally started in the financial sector of the United States and soon became global economic crisis. Mostly economies in the world were affected by this crisis because the United States economy can be thought as powerful economy in the world. 3. 0 Types of Financial Crisis . 0. 1 Banking Crisis Banks normally function by providing deposit accounts to people who want to make savings and it can be withdraw anytime. The banks then use these deposits to make loans and charge interest to borrower which are paid over a long period of time. If all the depositors want to withdraw money at one time, the banks will face lack of cash flow and will be bankrupt. This situation is called banking c risis. 3. 0. 2 Speculative Bubble Some people buy stock by speculating the price, hoping that price of the stock will increase in the future. Therefore, if most investor buy stock speculatively, chances that the stock price will increase are be very high. When all the investors want to sell at the same time, then the price will likely to fall. When price of a stock is more than its current price plus dividends and interest, then the stock is said to show a bubble. 3. 0. 3 International Crisis This crisis occurs when a country is forced to devalue its currency. This can happen either because of speculative attack or a country is default in paying its debt. When this occurs, all countries that were trading with this country will be affected. Investors also will lose the value of their investment because the currency has been devalued to lower rate. 4. 0 Causes of the Financial Crisis 2007-2008 4. 0. 1 Loose Monetary Policy. Monetary policy implemented by the Federal Reserve plays an important role in determining the interest rate. It is believed that loose or weak monetary policy implemented by the U. S Federal Reserve is among the cause to the crisis. After the internet or dotcom bubble in 2000, loose monetary policy is applied by the U. S Federal Reserve. The federal funds rate dropped from 5. 8% in January 2001 to 1. 73% in January 2002 and remained low for several years as shown in chart 1. This policy thus encourage U. S consumption, reduced savings and created high current account deficit. The Federal Reserve had made mistake by its decision to keep the federal funds rate too low for too long. The policy therefore responsible for creating the credit boom and housing bubble. In other words, with a low federal funds target, banks take advantage on cheap funding and made cheap loans available. From year 2000 to 2006, total debt outstanding for the U. S has increased by $13. 5 trillion. The debt to GDP ratio is increased to 350%. This high level of debt made firms and households more exposed to adverse economic shock. Other than that, the Federal Reserve and regulators made mistake in the failure to control the poor underwriting standards in the mortgage markets. The poor underwriting practices can be seen through no down payments, no verification of income, asset and occupation by borrowers. Credit that was widely available suggested poorer loan quality. Chart 1: Loose monetary policy Source: Adapted from The Economist Chart 1 shows that the actual interest rate fell below the Taylor rule, that is the interest rate what historical experience suggest policy should be adapted. You read "The Global Financial Crisis and the Imf" in category "Essay examples" The line slopped downward to 1 percent in 2003 to 2004 and then rises until 2006. The Taylor rule line shows what interest rate would have be if the Fed followed the policy that worked well since the early 1980. 4. 0. 2 Global Imbalances. The recent financial crisis happens when there is much liquidity in world capital markets. It is due to the large payment imbalances between the main countries and regions in the world economy. Global imbalances occur when there is huge and continuing current account deficit in the United States. The current account deficit is financed by plenty of flows of capital from emerging and oil exporting countries. As the consequences, the global imbalances encourage financial activity that would not be effective in long time without the development of deep global financial markets. High levels of global liquidity happens when countries such as China built up current account surpluses and foreign exchange reserves, maintaining artificially low exchange rates and a positive saving investment balance. Because of this liquidity level, global real interest rates fell which contributed to credit expansion and rising asset prices that drives to the crisis. 4. 0. 3 Credit Boom. Credit boom happens when banks and mortgage brokers encouraged mortgage sales because they earned fees in proportion to the volume of mortgages they wrote. Banks earned large fees by securitizing mortgages, selling them to capital markets in forms of mortgage backed securities (MBS) and collateral debt obligations (CDO). Since banks distributed these mortgages to capital markets as asset backed securities, it has low risk upon the process. Compared to corporate bonds that had low interest rate during the time, these complex and risky products is highly demanded by institutional investors such as hedge fund and insurance companies. Mortgage sales expanded even to those who could not afford them as the banks only focused on earned large fees. When the housing price bubble evaporated or interest rates rose it turned out to be large defaults. Home sales peaked in late 2005 meanwhile home construction spending and housing prices decline in early 2006. When the subprime mortgage crisis started in 2007, the entire market began to collapse. The crisis began in the United States, but because the mortgage based financial products has been spread around the world it soon became global financial crisis. 4. 0. 4 Asset Bubble. Another factor to the financial crisis is an asset bubble that leads to unsustainable leverage. Before the start of the crisis, the U. S government implemented a public policy that encourages homeownership. Because of low interest rate, it has led to mortgage lending and households were encouraged by the banks to borrow causing asset (house) price to increase. The borrowing is allowed up to the full value of their property with little regard to their ability to service the debt. Borrowing is encouraged because of the low interest rate made by monetary policy makers. The demand for housing is related to money market interest rates. Thus, the accommodative policy conducted by the Federal Reserve contributed to the build up of housing demand and asset prices. The term sub-prime mortgage come when lending activities is also approved to people who did not meet the credit requirements that may default to payments. 4. 0. 5 Financial Innovation. Usually, banks and other agents innovate to avoid regulation and boost returns by taking greater risks. When asset prices increase more rapidly, innovation also accelerates as expected gains grow larger. The main innovation is the process of securitization. This complex ‘securitized’ pools of loans promising high returns with low risk. Thus, in the United States, ballooning mortgage loans to riskier borrowers provided the basis for an ever-larger inverted pyramid of structured products. As the housing prices increasing, lenders provide mortgage lending easily. However the mortgage were securitised, that is repackaged and sold as financial instruments to investors for immediate cash. This led to excessive and irresponsible mortgage lending. The institutions that originated the mortgages such as commercial banks, savings and loans eventually did not holding the mortgages because it has been sold to investors by the investment banks. This innovation has caused massive distortions in incentives and risk management in the financial organizations. It was an instrumental in strengthen the increase in leverage. Starting in 2003, banks involve rapidly in financing activities, investments and hedging operations that hard to assess risks. When asset prices began to fall, financial organization brought down together and spread panic among investors worldwide. This development has caused massive distortions in incentives and risk management arrangements within financial organizations. 5. 0 Impact of Financial Crisis 5. 0. 1 Impact to U. S Financial System. The U. S government has closed 22 banks including Lehman Brothers, Washington Mutual and Indymac. Other than that, it has rescued Freddie Mac, Fannie Mae, Bear Stearns and created a bailout fund around $700 billion to purchase stakes in effected banks. This step is taken in order to restore confidence in the financial markets. However, this $700 billion Troubled Asset Relief Programme (TARP) failed to restore market confidence. Nearly $8. 5 trillion or around 60% of its gross domestic product has been committed by the U. S government to prevent the collapse of its financial system. 5. 0. 2 Economic Growth Rates. The effect of 2007 crisis can be seen clearly on the downturn economic growth globally. As shown in Figure 1, countries in the world are experiencing a downturn in economic activity as the effect of financial crisis. These declines in economic activity have been followed by losses of trillions of dollars in equity markets and a credit squeeze that are affecting households and businesses worldwide. Financing activities such as world trade and oil exploration has been slow during the time of crisis. As shown in chart 2 below, real growth rate measured by GDP across the world has been decreased. Real growth rate in reported by the World Bank is 3. 9% in 2007 dropped to 1. 3% in 2008. As the crisis became worsen, economic growth dropped much lower rate to -2. 2% in 2009. The U. S economy has a large proportion in world economy therefore it has slightly similar trend in the growth rate. The U. S real growth rate in 2007 is 1. 9% dropped to -0. 4% and -3. 5% in 2008 and 2009 respectively. Chart 2: GDP – real growth rate (%) Source: Adapted from World Bank data 5. 0. 3 Personal Finances of US Citizens. People have struggled to repay their debts as the direct consequences of the financial practices that produced the crisis. The value of house dropped dramatically for individuals who owned house before the crisis broke out. This caused some people repaying mortgages that are worth more than the current value of their house. Eventually, many people ended up losing the house that they bought in years before the crisis broke out. There were high rates of foreclosure in some area of the United States as borrowers cannot repay the loans. Other than that, individuals in the US also suffered from the loss of growth and income that their savings and investments would have produced. This is because interest rates for savings have dropped sharply. Investors and companies experiencing losses as the stock in many companies dropping rapidly. Retirement plans that are usually based on mutual funds and performance of the stock market results not as they had planned as the stock market crashed. They may need to work longer or retirement plans is less than expected before. Moreover, it has become more difficult to borrow money. While expensive loan services have been expanded, people find it hard to obtain low cost loans or credit cards. 5. 0. 4 High Unemployment Rate. The US gross domestic product which is the total amount of goods and services produced by the country was reduced as the effect of the crisis. Companies in the country struggled to cope with the crisis, however lots of people have lost their jobs. Based on chart 3, the uneployment rate grew from 4. 7% in 2006 to 10% in 2010 which was the highest rate in the last few decades. In addition to lose income, unemployment made it worse for many people because it has become difficult to find new job. Many companies are not willing to hire new employer and even a fresh graduates have to compete to find employment. This become a serious problem for many young citizens in the country. Chart 3: Unemployment rate in the US Source:Adapted from U. S. Bureau of Labor Statistics 5. 0. 5 Impact on the IMF The damage caused by the financial crisis is a challenge for the IMF. This is because, its financial resource is not in line with the global economy over the past decade. The United States and other advanced industrial economies are at the center of the crisis. However, the IMF would not have enough resources to provide financial assistance if these countries seek for help. Therefore, the IMF resources need to be increase or the risk would become worse in the future. 6. 0 Policy Response 6. 0. 1 Term Auction Facility (TAF). The Term Auction Facility is introduced in December 2007 so that banks can borrow from the Fed easily. Thus the banks can bid directly for funds from the Fed. This is because investors are not willing to lend when afraid about the condition of many financial institutions affected by the crisis. Consequently bank funding markets were put under severe pressure. The main objective of the TAF was to reduce the spreads in the money markets and in that way increase the flow of credit and lower interest rates. As a result, the TAF helped by encouraging the distribution of liquidity when bank funding markets were under stress. The spread between the London interbank offered rate (Libor) and the overnight indexed swap (OIS) for loans of one-month maturity or longer increased to unusually high levels in the late 2007. It is believed that the increase in the Libor–OIS spread is caused by the heightened risk perceived by investors at the time. Since Libor affects interest rates on a wide variety of loans and securities (for example, home mortgages and corporate loans), the sudden spike in the spread was disruptive to the debt market and negatively affected the economy. The chart 4 and the table below also showed six announcements related to the TAF program. Chart 4: The TAF facility provided term funding through periodic auctions to eligible depository institutions. By providing term funds to banks at regularly scheduled auctions, the TAF may have assured lenders of continued access to future funding and thereby reduced their uncertainty regarding anticipated funding needs. The TAF was a facility designed by the Federal Reserve during the crisis to improve liquidity conditions in various asset markets that is crucial to improve short term funding market. . 0. 2 Economic Stimulus Act 2008. The Economic Stimulus Act 2008 is a response made by the government through several package totalling over $100 billion to individuals and families in the United States. The economic stimulus is designed to boost the U. S economy and prevent further recession. In this programme, the government provide tax rebates to low and middle income taxpayers and tax incentiv es to stimulate business investment. The purpose of the incentives is that the people will have more money to spend thus increase consumption and the economy. By doing so, the government would expect that it will recover the economy. However it is not as hoped because they spend little although the incentives were given. This can be shown through chart 5. The top line shows personal disposable income increased at the time of rebate. However, the lower line shows consumption did not increase as expected. Chart 5: Increase in income 6. 0. 3 Initial Cuts in Interest Rate. The third policy response to the crisis is sharp reduction in the federal funds rate. When the crisis began in August 2007, the rate was 5. 25% and went down to 2% in April 2008 due to the cut. The lower interest rate then reduced the size of adjustable rate mortgage that was cause of the crisis. The most significant effect of this response is the depreciation of dollar and rise in oil price. In the early 2008, oil price increased almost two fold from $70 per barrel in 2007 to over $140 per barrel. High oil price hit the economy as gasoline price increased dramatically and automobile sales plunged. On the other side, the policy reduction in the federal funds rate that cuts interest rate helped raise oil and other commodity prices thus prolonged the crisis. Exchange rate also has influence to the rise of oil price. As shown in chart 6, reduction of the federal funds rate at top line in July 2007 drives the oil price at the bottom line upward until July 2008. Chart 6: Cut in interest rate and increase in oil price 7. 0 IMF Response to the Crisis The main role of the IMF is to identify the risks that threaten global economic and financial stability and to develop policy responses. The IMF has a worldwide membership and its mandate is to promote economic and financial stability. It is has been provide forum for discussion of international economic issues and help to reach solution on policy responses. In response to the financial crisis, the IMF boosted their lending to developing countries to help them cope with the crisis and to sustain the economic recovery. To meet ever increasing financing needs of countries hit by the global financial crisis and help strengthen global economic and financial stability, the Fund has greatly expanding its lending capacity since the start of the global crisis. It has done so both by obtaining commitments to increase quota subscriptions of member countries and securing large temporary borrowing agreements from member countries, including recent pledges of $456 billion. Countries affected by the crisis can borrow funds from the IMF. Other than that, there is also debate about reforming the IMF. The reformation issues focus on the need to balance the traditional functions of providing short-term financial assistance and promoting external balance stability in member countries. To achieve the objective, there is a need for a wider responsibility of crisis prevention, supporting financially for countries that, although not suffering actual reserve shortage, are in danger of external shocks and liquidity runs. This measure would prevent more severe impact to member countries as the effect of financial crisis. Since year 2008, the Fund has introduced effective instruments to prevent sudden falls in investors’ trust and the eruption of liquidity crises. As a result, borrowers were able to cope with the global crisis, avoiding large scale banking crises and disruptive exchange rate movements and protecting social spending. To prevent the crisis, the IMF has lending arrangements signed by the IMF and low and middle-income countries during the crisis. These lending arrangements take part from January 2008 and June 2010. The size of the loan arranged by the IMF is larger for country that is more exposed to the crisis especially for large country. As a result this measure can prevent more severe contagion of the crisis to other countries. 8. 0 Conclusion The U. S. economy has suffered a few major shocks in recent years during the crisis. At the start, these shocks include a large declining in house prices and a spike in the prices of oil and other commodities. The decline in house prices reduced the value of mortgage backed securities. Because of leverage, this threatened the ability of many of financial institutions, including major investment banks. These shocks have combined to put the U. S. conomy and many economies throughout the world into a global financial crisis and a deep recession. It is likely the worse since the Great Depression in 1930sRegulatory failure is a main responsibility for the crisis. It is shown that weak regulatory in the financial system leaving the consumers inadequately protected. To cope with this crisis, the IMF had played an effective role. It has come out with a financial assistance by providin g loan arrangements to the member countries. However, the financial crisis of 2007 therefore raises doubts in faith of the world financial system and in free enterprise. The financial system has to take appropriate measures and reform to improve the situation in the future. 9. 0 References Acharya, V. V. , Philippon, T. , Richardson, M. , Roubini, N. (2009). The Financial Crisis of 2007-2009: Causes and Remedies. Barrell, R. , Davis , P. E. (t. t). The Evolution of the Financial Crisis of 2007-8. National Institute of Economic and Social Research. Blundell-Wignall, A. , Atkinson, P. , Lee , S. H. (2008). The Current Financial Crisis: Causes and Policy Issues. Financial Market Trends OECD, 1-21. Campello, M. , Graham, J. , Harvey, C. R. (2009). The Real Effects of Financial Constraints: Evidence from a Financial Crisis. NBER Working Paper Series. Carmassi, J. , Gros, D. , Micossi, S. (2009). The Global Financial Crisis: Causes and Cures. Journal of Common Market Studies, 47(5), 997-996. Cecchetti, S. G. (2009). Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis. Journal of Economic Perspectives, 23(1), 51-75. Crotty, J. (2008). Structural Causes of the Global Finacial Crisis: A Critical Assessment of the ‘New Financial Architecture. Didapatkan dari http://scholarwork. mass. edu/econ_workingpaper Driehaus, R. H. (2010). The Crisis of 2008 and Financial Reform. Qualitative Research in Financial Markets, 2(3). doi:10. 1108/17554171011091728 Goodhart, C. A. (t. t). The Regulatory Response to the Financial Crisis. 2009. Didapatkan dari http://hdl. handle. net/10419/26302 Hellwig, M. (2008). Systematic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage financial Crisis. Ivan, P. (2008). Financial Crisis 2008. Saw Centre Financial Studies No. 5. Merrouche, O. , ; Nier, E. (2010). What Caused the global Financial Crisis? Evidence on the Drivers of Financial Imbalances 1997 – 2007. IMF Working Paper. Mishkin, F. S. (1999). Global Financial Instability: Framework, Events, Issues. The Journal of Economic Perspectives, 13(4), 3-20. Didapatkan dari http://links. jstor. org/sici? sici=0895-3309%28199923%2913%3A4%3C3%3AGFIFFEI%3E2. 0. CO%3B2-D Obstfeld, M. , ; Rogoff, K. (2009). Global Imbalances and the Financial Crisis: Products of Common Causes. Reinhart, C. M. , ; Rogoff, K. S. (2009). The Aftermath of Financial Crises. NBER Working Paper Series. Rogoff, K. (1999). International Institutions for Reducing Global Financial Instability. Journal of Economic Perspectives, 13(4), 21-42. Didapatkan dari http://links. jstor. org/sici? sici=0895-3309%28199923%2913%3A4%3C21%3AIIFRGF%3E2. 0. CO%3B2-3 Sanford, J. E. , ; Weiss, M. A. (2009). The Global Financial Crisis: Increasing IMF Resources and the Role of Congress. Congressional Research Service, 1-19. Sikka, P. (2009). Financial crisis and the silence of the authors. doi:10. 1016/j. aos. 2009. 01. 004 Taylor, J. B. (t. t). The Financial Crisis and the Policy Respenses: An Empirical Analysis of What Went Wrong. 2008. How to cite The Global Financial Crisis and the Imf, Essay examples

Love Is Never Silent Essay Example

Love Is Never Silent Essay First off I would like to say that I really liked this movie. It was very informative and was well put together. I didn’t know what to expect coming to watch it, but now I understand why this movie was chosen and explains a lot about how families with deaf parents go about their daily lives and all the circumstances they go through. I would recommend this movie to everyone because I think it would make everyone understand a lot more about the Deaf Culture and it was an awesome film. I learned quite a few new things from this movie, that if you are deaf and lose your hand or fingers that you are basically an outsider to both the deaf and hearing world. I didn’t really think about that happening, but I now understand that having all your fingers and being able to show expression are really important. Another thing that I learned is back when this movie was made how deaf didn’t sign in front of hearing. This action showed me how explicit they wanted to keep their lives and how they communicate. I also learned that the separation between the two worlds has greatly reduced, compared to back then I would say we understand a lot more. After watching this video it left me with a couple questions. First off, like in the movie when the young lady hurt her hand, if she had lost it couldn’t she just finger spell? I know that would take a lot more time but don’t see how she would be considered an outsider if she still can communicate. We will write a custom essay sample on Love Is Never Silent specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Love Is Never Silent specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Love Is Never Silent specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Was signing in front of hearing really hidden? I understand that no one wants to be looked at as different but at the age of Mr. and Mrs. Ryder and the circumstance would you say this was a common way to react for a little while? (not to tell their daughters husbands mother and brother they can’t hear) This movie made me understand more about how life is different and how hard it would be as a hearing child to have to be the voice for your family. I don’t think my way of thinking changed after this video, I just learned a lot more and it made me understand how hard it must have been back in the Depression when the worlds weren’t so open to each other. After viewing this movie and being a student of ASL I understand a lot more about Deaf Culture and saw firsthand how they lived their lives amongst the hearing. That to me was very intriguing. It’s always nice to be able to put on someone else’s shoes and live and learn what they go through, no matter who they are or what obstacles they face. Not saying that I now know what it’s like, but I definitely understand more after viewing this movie. Their were many parts of the film that impacted me a lot but one of them was when Margaret got married and moved away. She was the family’s voice and now she was gone. This part got to me because being in her position I don’t know how I would have reacted. I know that I would want to live my life but probably would have had to live close to my parents and still be able to help them out.