Category: Essay Writing

Topic: Reflective Journal

| September 25, 2014

Topic: Reflective Journal

Order Description

The purpose of the Journal is to assist you:
• to document your development and progress in this unit,
• process your learning and insights by focusing on particular points of interest,
• use a process to improve self awareness, and
• gather information and learning that you can critically reflect on.
Your journal should have descriptive, reflective and analytical elements. These will be further discussed in class. It would
be useful if you get into a habit of writing down your reflections, observations, and questions on a regular basis, be it daily,
weekly or after each class.
In deciding what to write in the Journal consider the following as they relate to the themes in the unit and how they may relate
to: your daily experiences at work, interactions with other people in Australia and overseas, your travels and experiences,
other units you are enrolled in, the media, etc. You are expected to write informally and in the first person.
If you are having writer’s block you can consider the following questions (as relating to this unit), what did I learn today? What
did I find interesting? What was puzzling, difficult or unexpected? What were my learnings from my experience (positive and
negative)? What else do I need to know? How can I turn a situation around using what I now know? How can I apply my
theoretical knowledge to a particular situation? Have my assumptions and perspectives changed as a result of this
experience? If so, how? How can I apply what I have learnt to my life and future career?

Resources
You can use the seminars, your readings, general class discussions, class exercises, stories told, and any other relevant
media as base material for your journal.
Marking criteria
Marks will be allocated on the basis of critical thinking and questioning, written expression, structure, content, reflections, and
referencing.

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Economic questions.

| September 25, 2014

Poverty – 30 Days: Living on Minimum Wage
The television show 30 Days: Living on Minimum Wage is a heart-wrenching peek into
the life that millions of Americans experience everyday. You will learn how difficult it
is, not only financially, but also emotionally and physically to live on minimum wage.
Watch the show as a group.
Submit written answers, totaling to two pages, to two of the questions. Credit will be given
based on a clear demonstration of effort and thoughtfulness. Be prepared to talk about all
questions.
1. Discuss how Morgan and Alex’s outlook on the possibilities of earning the needed
$1,000 per month changed as the show progressed.
2. What would it feel like to not have enough money to be able to eat whenever you
wanted to? How would you handle the stress of living on minimum wage? How do you think
you would feel if you could not go to the doctor when you were sick? Or someone you love
could not get the medicine they need to get better?
3. What were the three points that Senator Kennedy was trying to make about the
benefits of increasing the minimum wage?
4. How did you feel when you saw that the minimum wage has not gone up since 1997,
but Congress has given themselves $27,000 in raises since that time? On your own do some
research to find what’s happened to the minimum wage since 1997.
5. Discuss options for people living on minimum wage in <community>- where can
they go for help?
6. What effect does working such long, exhausting hours have on Morgan’s and Alex’s
relationship?
7. Discuss the stresses that are prevalent in working poor families:
Divorce
Hunger
Alcohol abuse
Domestic violence
Lack of healthcare services
Unsafe housing for family
Unreliable transportation
Arguments about money and spending habits
8. How did it feel for Alex when she discussed feeling so alone and isolated from the
world around her?

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Topic: research essay

| September 25, 2014

Topic: research essay

Order Description

This piece of assessment asks you to undertake “normal” academic research regarding the issue, chosen by you, that is of importance in the context of international

affairs. You ought to choose the same issue as that which you examined in the first piece of assessment. You can choose another issue if you wish, but please discuss

this change you’re your tutor before submission of your essay. Your essay must examine the causes and consequences of your chosen issue. Remember also that the

research carried out for this essay will be relevant to the 3rd piece of assessment in this unit; the Report.

The basic requirements for the Essay
• The research essay should be around 1,500 words long;
• Your essay must explain the causes and consequences of your chosen issue;
• The essay must follow the format laid out in the ‘Essay Guide’, which is available online for this module. Most importantly, your essay must have a central argument

that is clearly stated in the introduction to your essay (here, about what the most significant causes and/or consequences of your issue are);
• It is essential that essays are submitted with full referencing and we recommend using the Harvard system. In addition, you must make an effort to use and reference

academic literature in your essay – websites, newspapers, and magazines are not enough;
• You must submit your Essay no later than 5pm on Friday the 19th of September.
Further guidance regarding this piece of assessment will be provided within tutorials. Any student who does not fully understand these requirements should seek further

advice at the earliest opportunity.

Assessment criteria
Your result in this piece of assessment will depend upon whether or not you achieve the following:
• advance a clear and persuasive central argument and deploy critical analysis in order to develop and support that argument;
• organize your essay so that it is clear and coherent and so that it supports your argument;
• thoroughly research the topics addressed in your essay and critically evaluate the literature and arguments that you examine;
• present your essay professionally, reference the assignment completely (ideally, using the Harvard system) and express yourself clearly, in a scholarly style and

language.

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Topic: Comparison between Compassion and Self Centeredness

| September 25, 2014

Order Description

Comparison between Compassion and Self Centeredness based on barbara lazear aschers essay on homelessness and david foster wallaces essay This is water. Discuss David

foster Wallace’s contention that we have a “default setting” of selfcenteredness and reconcile it with the idea of compassion and the fact that we are social animals.

What in your view is the definitive human trait; self centeredness or compassion? Compare and contrast and then elaborate on how it doesn’t matter whether someone is

doing a compassionate act for self centered reasons as long as others can profit from it.

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Latin American Revolution in Film

| September 25, 2014

Latin American Revolution in Film

Project description
FINAL GUIDED PROJECT. For this assignment, the student is asked to search out a minimum of THREE research articles, TWO primary sources, and TWO films on a topic

focused on Latin American revolutions.

You are encouraged to let your interests and creativity guide you in the research for your topic; however, the research must be focused on a 20th or 21st century Latin

American revolution. You must be prepared to briefly (2 mins) present and discuss your proposed research topic. Be sure to highlight possible films and the types of

sources with which you intend to work.

*please choose a topic that is simple and fulfill the assignment topic( don’t choose complicated topics). And please support your argument with a supporting detail.

Try to make the essay as straight forward as possible.

In approximately 3 pages, you must address the following:
1) Explain the subject of your paper and why you chose it, including the driving concerns or questions explored in the essay.
2) Relate your topic to previous discussions and assigned readings from class.
3) Bibliography that distinguishes between primary and secondary sources.

In approximately 5 pages total, you must create:
1) An analytical chronology of your topic (3 pages)
2) An annotated bibliography of your sources (2 pages)

• Give a descriptive title (Who/What; When; Where) to your chronology
• You must cite your sources by using footnotes or endnotes; Chicago or MLA styles are preferred.

Format: Your grade will be based upon the overall organization of your paper, the clarity of writing, the existence of an argument, and support for your argument. It

is in your best interest to proofread your text carefully.
• 10-12 pages in length (excluding bibliography)
• Bibliography
• Double-spaced; 12 size TNR font; 1-inch margins; Page numbers
• Give a descriptive title (Who/What; When; Where)
• You must cite your sources by using footnotes or endnotes; Chicago or MLA styles are preferred.

Sources: All sources must be from different authors and directors and appear in different academic journals. In addition, articles should be between 20-30 pages in

length. Do not use book reviews or review essays. You may use films assigned in class, but are strongly encouraged to seek alternative film sources. Also, assigned

course readings may be referenced, but will not satisfy minimum source requirements for this assignment.

Content:
1. Your paper should introduce your topic, the film, articles, and primary sources by authors/director and titles, and then summarize how the film, articles, and

primary sources fit into your topic.

2. The bulk of the essay should examine, critique, and compare/contrast the major arguments of each author and film. In addition, you should discuss the types of

sources the authors use to support their arguments (statistical data, oral history/interviews, images, government reports, etc.) and compare/contrast these sources to

each other, to the films, and to the primary source(s) you found.

3. In conclusion, judge the validity of the historical arguments presented in each source.

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ES

| September 25, 2014

•    2-3 pages
•    double spaced
•    times new roman
•    standard 1 inch margins
•    Try to just use readings from our course—if you do use outside source material for this paper, do make sure you properly site it in the text and in a workcited

page. Use the format of your choice (MLA, APA, Chicago…etc.). If you use readings from our class, you will not need to cite it beyond introductions. Example: ‘In

Collins text, ‘Toward a New Vision,’ she…”
•    Keep the focus of your essay on the comic itself – avoid the temptation to research the author and structure your essay around his life and intentions for the

comic, for example.
•    Your essay can flush out several topics, or you can use this opportunity to go in depth, pivoting around one major topic/issue/question at hand. Do you best,

however, to ground everything you do under one claim, even if it’s a broad one.
•    Please email me if you have any questions as you write.

Feminist Critique of Wonder Woman #1 (this is in bblearn, labeled “Marston_Wonder Woman: And Introductory History”) We have done feminist critiques of advertising—you

will apply those same strategies here.

Before you get started, I strongly recommend looking at Purdue University’s great explanation of feminist criticism. They do a nice job outlining the critical

perspective necessary for such a work along with some general framing questions.

https://owl.english.purdue.edu/owl/resource/722/11/

Consider the general questions on Purdue’s website, but also consider the following. Again, you don’t need to answer all these questions, or even most of them. The way

you frame your paper is up to you.

Just like an analysis of an advertisement, your feminist critique will be able to utilize everything the text provides—the language of course, but also consider the

visual representations of people, places, the way they’re positioned, their body types…consider the roles they take on…consider all these things as a commentary on the

position of women in the 1940’s and 1950s.

If an alien came down and found this comic, what might they deduce about what it means to be a woman or man in this culture?

Does the comic challenge traditional notions of femininity in some ways, but reinforce/reproduce others?

Does the comic offer any underlying messages/arguments about class or race? Nationality? Sexuality?

Considering the context of this comic, arriving at the tail end of first wave feminism, but before the second wave, is there anything present in the comic that sheds

light on the political and social position of women during this time?

How does the comic embrace and/or challenge dualistic thinking?

46 CHAPTER II: BECOMING A WOMAN IN OUR SOCIETY
the sweet innocent girl who grows up and becomes the passive helpless woman.
Elisa Davila describes how she learned to be a “good girl” in a patriarchal and sexist
society. Developing an understanding of the different standards imposed for men’s
and women’s behavior, Davila challenged them, creating a life in the United States
that resonates with her own needs for self-fulfillment. However, she reminds us that re-gardless of where she is or what she does, she is still subject to being judged

by artificial
ideals of womanhood. Ana Grossman and Emma Peters-Axtell, both 14 years old, are
determined to make a difference in the world by challenging stereotypic notions about
girls. In “Not a Pretty Girl,” Ani DiFranco squarely defies the idea of women as deco-rative, fragile, and in need of rescuing.
9
The Problem That
Has No Name
BETTY FR1EDAN
Gradually I came to realize that the problem that
has no name was shared by countless women in
America. As a magazine writer I often interviewed
women about problems with their children, or their
marriages, or their houses, or their communities.
But after a while I began to recognize the telltale
signs of this other problem. I saw the same signs in
suburban ranchhouses and split-levels on Long
Island and in New Jersey and Westchester County;
in colonial houses in a small Massachusetts town;
on patios in Memphis; in suburban and city apart-ments; in living rooms in the Midwest. Sometimes
I sensed the problem, not as a reporter, but as a
suburban housewife, for during this time I was also
bringing up my own three children in Rockland
County, New York. I heard echoes of the problem
in college dormitories and semi-private maternity
wards, at PTA meetings and luncheons of the
League of Women Voters, at suburban cocktail
parties, in station wagons waiting for trains, and in
snatches of conversation overheard at Schrafffs.
The groping words I heard from other women, on
quiet afternoons when children were at school or
on quiet evenings when husbands worked late, I
think I understood first as a woman long before
I understood their larger social and psychological
implications.
Just what was this problem that has no name?
What were the words women used when they tried
to express it? Sometimes a woman would say “I feel
empty somehow… incomplete.” Or she would say,
“I feel as if I don’t exist.” Sometimes she blotted
out the feeling with a tranquilizer. Sometimes she
thought the problem was with her husband, or her
children, or that what she really needed was to re-decorate her house, or move to a better neighbor-hood, or have an affair, or another baby. Sometimes,
she went to a doctor with symptoms she could
hardly describe: “A tired feeling…. I get so angry
with the children it scares me…. I feel like crying
without any reason.” (A Cleveland doctor called it
“the housewife’s syndrome.”) A number of women
told me about great bleeding blisters that break out
on their hands and arms. “I call it the housewife’s
blight,” said a family doctor in Pennsylvania. “I see
it so often lately in these young women with four,
five and six children who bury themselves in their
dishpans. But it isn’t caused by detergent and it isn’t
cured by cortisone.”
Sometimes a woman would tell me that the feel-ing gets so strong she runs out of the house and
walks through the streets. Or she stays inside her
house and cries. Or her children tell her a joke, and
she doesn’t laugh because she doesn’t hear it. I
Dominant Ideas About Women 47
talked to women who had spent years on the ana-lyst’s couch, working out their “adjustment to the
feminine role,” their blocks to “fulfillment as a
wife and mother.” But the desperate tone in these
women’s voices, and the look in their eyes, was the
same as the tone and the look of other women, who
were sure they had no problem, even though they
did have a strange feeling of desperation.
A mother of four who left college at nineteen to
get married told me:
I’ve tried everything women are supposed to do—
hobbies, gardening, pickling, canning, being very
social with my neighbors, joining committees, run-ning PTA teas. I can do it all, and I like it, but it
doesn’t leave you anything to think about—any
feeling of who you are. I never had any career
ambitions. All I wanted was to get married and have
four children. I love the kids and Bob and my home.
There’s no problem you can even put a name to.
But I’m desperate. I begin to feel I have no person-ality. I’m a server of food and putter-on of pants
and a bedmaker, somebody who can be called on
when you want something. But who am I?
A twenty-three-year-old mother in blue jeans
said:
I ask myself why I’m so dissatisfied. I’ve got my
health, fine children, a lovely new home, enough
money. My husband has a real future as an elec-tronics engineer. He doesn’t have any of these feel-ings. He says maybe I need a vacation, let’s go to
New York for a weekend. But that isn’t it. I always
had this idea we should do everything together. I
can’t sit down and read a book alone. If the children
are napping and I have one hour to myself I just
walk through the house waiting for them to wake
up. I don’t make a move until I know where the rest
of the crowd is going. It’s as if ever since you were
a little girl, there’s always been somebody or some-thing mat will take care of your life: your parents, or
college, or falling in love, or having a child, or mov-ing to a new house. Then you wake up one morn-ing and mere’s nothing to look forward to.
A young wife in a Long Island development
said:
I seem to sleep so much. I don’t know why I should
be so tired. This house isn’t nearly so hard to clean
as the cold-water flat we had when I was working.
The children are at school all day. It’s not the work.
I just don’t feel alive.
In 1960, the problem that has no name burst like
a boil through the image of the happy American
housewife. In the television commercials the pretty
housewives still beamed over their foaming dish-pans and Time’s cover story on “The Suburban
Wife, an American Phenomenon” protested: “Hav-ing too good a time … to believe that they should
be unhappy.” But the actual unhappiness of the
American housewife was suddenly being reported —
from the New York Times and Newsweek to Good
Housekeeping and CBS Television (“The Trapped
Housewife”), although almost everybody who
talked about it found some superficial reason to dis-miss it. It was attributed to incompetent appliance
repairmen (New York Times), or the distances chil-dren must be chauffeured in the suburbs (Time), or
too much PTA (Redbook). Some said it was the old
problem—education: more and more women had
education, which naturally made them unhappy in
their role as housewives. “The road from Freud to
Frigidaire, from Sophocles to Spock, has turned out
to be a bumpy one,” reported the New York Times
(June 28, 1960). “Many young women—certainly
not all—whose education plunged them into a
world of ideas feel stifled in their homes. They find
their routine lives out of joint with their training.
Like shut-ins, they feel left out. In the last year, the
problem of the educated housewife has provided
the meat of dozens of speeches made by troubled
presidents of women’s colleges who maintain, in the
face of complaints, that sixteen years of academic
training is realistic preparation for wifehood and
motherhood.”
There was much sympathy for the educated
housewife. (“Like a two-headed schizophrenic…
once she wrote a paper on the Graveyard poets;
now she writes notes to the milkman. Once she
determined the boiling point of sulfuric acid; now
she determines her boiling point with the overdue
repairman The housewife often is reduced to
screams and tears No one, it seems, is appre-ciative, least of all herself, of the kind of person she
becomes in the process of turning from poetess into
shrew.”)
48 CHAPTER II: BECOMING A WOMAN IN OUR SOCIETY
Home economists suggested more realistic
preparation for housewives, such as high-school
workshops in home appliances. College educators
suggested more discussion groups on home man-agement and the family, to prepare women for the
adjustment to domestic life. A spate of articles
appeared in the mass magazines offering “Fifty-eight Ways to Make Your Marriage More Exciting.”
No month went by without a new book by a psychi-atrist or sexologist offering technical advice on find-ing greater fulfillment through sex.
A male humorist joked in Harper’s Bazaar
(July, 1960) that the problem could be solved by
taking away women’s right to vote. (“In the pre-19th Amendment era, the American woman was
placid, sheltered and sure of her role in American
society. She left all the political decisions to her
husband and he, in turn, left all the family deci-sions to her. Today a woman has to make both the
family and the political decisions, and it’s too
much for her.”)
A number of educators suggested seriously that
women no longer be admitted to the four-year col-leges and universities: in the growing college crisis,
the education which girls could not use as house-wives was more urgently needed than ever by boys
to do the work of the atomic age.
The problem was also dismissed with drastic
solutions no one could take seriously. (A woman
writer proposed in Harper’s that women be drafted
for compulsory service as nurses’ aides and babysit-ters.) And it was smoothed over with the age-old
panaceas: “love is their answer,” “the only answer
is inner help,” “the secret of completeness—
children,” “a private means of intellectual fulfill-ment,” “to cure this toothache of the spirit—the
simple formula of handing one’s self and one’s will
over to God.”
The problem was dismissed by telling the house-wife she doesn’t realize how lucky she is—her own
boss, no time clock, no junior executive gunning for
her job. What if she isn’t happy—does she think
men are happy in this world? Does she really,
secretly, still want to be a man? Doesn’t she know
yet how tacky she is to be a woman?
The problem was also, and finally, dismissed by
shrugging that there are no solutions: this is what
being a woman means, and what is wrong with
American women that they can’t accept their role
gracefully? As Newsweek put it (March 7, 1960):
She is dissatisfied with a lot that women of other
lands can only dream of. Her discontent is deep,
pervasive, and impervious to the superficial reme-dies which are offered at every hand. . . . An army
of professional explorers have already charted the
major sources of trouble From the beginning
of time, the female cycle has defined and confined
woman’s role. As Freud was credited with saying:
“Anatomy is destiny.” Though no group of women
has ever pushed these natural restrictions as far as
the American wife, it seems that she still cannot
accept them with good grace…. A young mother
with a beautiful family, charm, talent and brains is
apt to dismiss her role apologetically. “What do I
do?” you hear her say. “Why nothing. I’m just a
housewife.” A good education, it seems, has given
this paragon among women an understanding of
the value of everything except her own worth
And so she must accept the fact that “American
women’s unhappiness is merely the most recently
won of women’s rights,” and adjust and say with
the happy housewife found by Newsweek: “We
ought to salute the wonderful freedom we all have
and be proud of our lives today. I have had college
and I’ve worked, but being a housewife is the most
rewarding and satisfying role… . My mother was
never included in my father’s business affairs …
she couldn’t get out of the house and away from us
children. But I am an equal to my husband; I can
go along with him on business trips and to social
business affairs.”
The alternative offered was a choice that few
women would contemplate. In the sympathetic
words of the New York Times: “All admit to being
deeply frustrated at times by the lack of privacy, the
physical burden, the routine of family life, the con-finement of it. However, none would give up her
home and family if she had the choice to make
again.” Redbook commented: “Few women would
want to thumb their noses at husbands, children
and community and go off on their own. Those who
Dominant Ideas About Women 49
do may be talented individuals, but they rarely are
successful women.”
The year American women’s discontent boiled
over, it was also reported {Look) that the more than
21,000,000 American women who are single,
widowed, or divorced do not cease even after fifty
their frenzied, desperate search for a man. And the
search begins early—for seventy per cent of all
American women now marry before they are
twenty-four. A pretty twenty-five-year-old secre-tary took thirty-five different jobs in six months in
the futile hope of finding a husband. Women are
moving from one political club to another, taking
evening courses in accounting or sailing, learning to
play golf or ski, joining a number of churches in suc-cession, going to bars alone, in their ceaseless search
for a man.
Of die growing thousands of women currendy
getting private psychiatric help in the United States,
the married ones were reported dissatisfied with
their marriages, the unmarried ones suffering from
anxiety and, finally, depression. Strangely, a num-ber of psychiatrists stated that, in their experience,
unmarried women patients were happier man mar-ried ones. So the door of all those pretty suburban
houses opened a crack to permit a glimpse of un-counted thousands of American housewives who
suffered alone from a problem mat suddenly every-one was talking about, and beginning to take for
granted, as one of those unreal problems in Ameri-can life that can never be solved—like the hydrogen
bomb. By 1962 the plight of the trapped American
housewife had become a national parlor game.
Whole issues of magazines, newspaper columns,
books learned and frivolous, educational confer-ences and television panels were devoted to the
problem.
Even so, most men, and some women, still did
not know that this problem was real. But those who
had faced it honestly knew mat all the superficial
remedies, the sympathetic advice, the scolding
words and the cheering words were somehow
drowning the problem in unreality. A bitter laugh
was beginning to be heard from American women.
They were admired, envied, pitied, theorized over
until they were sick of it, offered drastic solutions or
silly choices that no one could take seriously. They
got all kinds of advice from the growing armies
of marriage and child-guidance counselors, psy-chotherapists, and armchair psychologists, on how
to adjust to their role as housewives. No other road
to fulfillment was offered to American women in die
middle of the twentieth century. Most adjusted to
their role and suffered or ignored the problem that
has no name. It can be less painful, for a woman,
not to hear the strange, dissatisfied voice stirring
within her. [1964]
10
A Work of Artifice
MARGE PIERCY
The bonsai tree
in the attractive pot
could have grown eighty feet tall
on the side of a mountain
till split by lightning.
But a gardener
carefully pruned it.
It is nine inches high.
Every day as he
Whittles back the branches
the gardener croons,
It is your nature
to be small and cozy,
domestic and weak;
how lucky, little tree,
to have a pot to grow in.
With living creatures
one must begin very early
to dwarf their growth:
the bound feet,
the crippled brain,
the hair in curlers,
the hands you
love to touch. [1973]

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Topic: Article Review

| September 25, 2014

Topic: Article Review

Order Description

Judith Sargent Murray, “On the Equality of the Sexes” (1790)

How does her essay make the case for the education of women? Is this an early statement of feminism?

Judith Sargent Murray, “On the Equality of the Sexes” (1790)

Murray (1751-1820) wrote many essays and plays, including this classic call for education for women. She knew many of the leaders of the newly independent United

States, and even George Washington and John Adams read her work.  How does her essay make the case for the education of women?  Is this an early statement of feminism?

Is it upon mature consideration we adopt the idea, that nature is thus partial in her distributions? Is it indeed a fact, that she hath yielded to one half of the

human species so unquestionable a mental superiority? I know that to both sexes elevated understandings, and the reverse, are common. But, suffer me to ask, in what

the minds of females are so notoriously deficient, or unequal. May not the intellectual powers be ranged under these four heads – imagination, reason, memory and

judgment. The province of imagination hath long since been surrendered to us, and we have been crowned and undoubted sovereigns of the regions of fancy. Invention is

perhaps the most arduous effort of the mind; this branch of imagination hath been particularly ceded to us, and we have been time out of mind invested with that

creative faculty. Observe the variety of fashions (here I bar the contemptuous smile) which distinguish and adorn the female world: how continually are they changing,

insomuch that they almost render the wise man’s assertion problematical, and we are ready to say, there is something new under the sun. Now what a playfulness, what an

exuberance of fancy, what strength of inventive imagination, doth this continual variation discover? Again, it hath been observed, that if the turpitude of the conduct

of our sex, hath been ever so enormous, so extremely ready are we, that the very first thought presents us with an apology, so plausible, as to produce our actions

even in an amiable light. Another instance of our creative powers, is our talent for slander; how ingenious are we at inventive scandal? what a formidable story can we

in a moment fabricate merely from the force of a prolifick imagination? how many reputations, in the fertile brain of a female, have been utterly despoiled? how

industrious are we at improving a hint? suspicion how easily do we convert into conviction, and conviction, embellished by the power of eloquence, stalks abroad to the

surprise and confusion of unsuspecting innocence. Perhaps it will be asked if I furnish these facts as instances of excellency in our sex. Certainly not; but as proofs

of a creative faculty, of a lively imagination. Assuredly great activity of mind is thereby discovered, and was this activity properly directed, what beneficial

effects would follow. Is the needle and kitchen sufficient to employ the operations of a soul thus organized? I should conceive not, Nay, it is a truth that those very

departments leave the intelligent principle vacant, and at liberty for speculation. Are we deficient in reason? we can only reason from what we know, and if an

opportunity of acquiring knowledge hath been denied us, the inferiority of our sex cannot fairly be deduced from thence….
how is the one exalted, and the other depressed, by the contrary modes of education which are adopted! the one is taught to aspire, and the other is early confined and

limitted. As their years increase, the sister must be wholly domesticated, while the brother is led by the hand through all the flowery paths of science. Grant that

their minds are by nature equal, yet who shall wonder at the apparent superiority, if indeed custom becomes second nature; nay if it taketh place of nature, and that

it doth the experience of each day will evince. At length arrived at womanhood, the uncultivated fair one feels a void, which the employments allotted her are by no

means capable of filling. What can she do? to books she may not apply; or if she doth, to those only of the novel kind, lest she merit the appellation of a learned

lady; and what ideas have been affixed to this term, the observation of many can testify. Fashion, scandal, and sometimes what is still more reprehensible, are then

called in to her relief; and who can say to what lengths the liberties she takes may proceed. Meantimes she herself is most unhappy; she feels the want of a cultivated

mind. Is she single, she in vain seeks to fill up time from sexual employments or amusements. Is she united to a person whose soul nature made equal to her own,

education hath set him so far above her, that in those entertainments which are productive of such rational felicity, she is not qualified to accompany him. She

experiences a mortifying consciousness of inferiority, which embitters every enjoyment….
Will it be urged that those acquirements would supersede our domestick duties. I answer that every requisite in female economy is easily attained; and, with truth I

can add, that when once attained, they require no further mental attention. Nay, while we are pursuing the needle, or the superintendency of the family, I repeat, that

our minds are at full liberty for reflection; that imagination may exert itself in full vigor; and that if a just foundation is early laid, our ideas will then be

worthy of rational beings. If we were industrious we might easily find time to arrange them upon paper, or should avocations press too hard for such an indulgence, the

hours allotted for conversation would at least become more refined and rational. Should it still be vociferated, “Your domestick employments are sufficient” – I would

calmly ask, is it reasonable, that a candidate for immortality, for the joys of heaven, an intelligent being, who is to spend an eternity in contemplating the works of

the Deity, should at present be so degraded, as to be allowed no other ideas, than those which are suggested by the mechanism of a pudding, or the sewing the seams of

a garment? Pity that all such censurers of female improvement do not go one step further, and deny their future existence; to be consistent they surely ought.

Elizabeth Cady Stanton, “Declaration of Sentiments” (1848)
Stanton (1815-1902) was young when she wrote the historic declaration for the Seneca Falls convention, the first women’s rights convention in American history, held in

New York state in 1848.  This is perhaps the most famous document in the history of American women, even though it was controversial and rejected by many women as well

as men at the time.  How does the declaration make use of the form of the U.S. Declaration of Independence to argue that men have abused or oppressed women?  What

demands for change does the declaration make?

When, in the course of human events, it becomes necessary for one portion of the family of man to assume among the people of the earth a position different from that

which they have hitherto occupied, but one to which the laws of nature and of nature’s God entitle them, a decent respect to the opinions of mankind requires that they

should declare the causes that impel them to such a course.
We hold these truths to be self-evident: that all men and women are created equal; that they are endowed by their Creator with certain inalienable rights; that among

these are life, liberty, and the pursuit of happiness; that to secure these rights governments are instituted, deriving their just powers from the consent of the

governed. Whenever any form of government becomes destructive of these ends, it is the right of those who suffer from it to refuse allegiance to it, and to insist upon

the institution of a new government, laying its foundation on such principles, and organizing its powers in such form, as to them shall seem most likely to effect

their safety and happiness. Prudence, indeed, will dictate that governments long established should not be changed for light and transient causes; and accordingly all

experience hath shown that mankind are more disposed to suffer. while evils are sufferable, than to right themselves by abolishing the forms to which they are

accustomed. But when a long train of abuses and usurpations, pursuing invariably the same object, evinces a design to reduce them under absolute despotism, it is their

duty to throw off such government, and to provide new guards for their future security. Such has been the patient sufferance of the women under this government, and

such is now the necessity which constrains them to demand the equal station to which they are entitled. The history of mankind is a history of repeated injuries and

usurpations on the part of man toward woman, having in direct object the establishment of an absolute tyranny over her. To prove this, let facts be submitted to a

candid world.
The history of mankind is a history of repeated injuries and usurpations on the part of man toward woman, having in direct object the establishment of an absolute

tyrranny over her. To prove this, let facts be submitted to a candid world.
He has never permitted her to exercise her inalienable right to the elective franchise.
He has compelled her to submit to laws, in the formation of which she had no voice.
He has withheld from her rights which are given to the most ignorant and degraded men–both natives and foreigners.
Having deprived her of this first right of a citizedn, the elective franchise, thereby leaving her without representation in the halls of legislation, he has oppressed

her on all sides.
He has made her, if married, in the eye of the law, civilly dead.
He has taken from her all right in property, even to the wages she earns.
He has made her, morally, an irresponsible being, as she can commit many crimes with impunity, provided they be done in the presence of her husband. In the covenant of

marriage, she is compelled to promise obedience to her husband, he becoming, to all intents and purposes, her master–the law giving him power to deprive her of her

liberty, and to administer chastisement.
He has so framed the laws of divorce, as to what shall be the proper causes, and in case of separation, to whom the guardianship of the children shall be given, as to

be wholly regardles of the happiness of women–the law, in all cases, going upon a flase supposition of the supremacy of man, and giving all power into his hands.
After depriving her of all rights as a married woman, if single, and the owner of property, he has taxed her to support a government which recognizes her only when her

property can be made profitable to it.
He has monopolized nearly all the profitable employments, and from those she is permitted to follow, she receives but a scanty remuneration. He closes against her all

the avenues to wealth and distinction which he considers most homorable to himself. As a teacher of theoloy, medicine, or law, she is not known.
He has denied her the facilities for obtaining a thorough education, all colleges being closed against her.
He allows her in church, as well as state, but a suborinate position, claiming apostolic authority for her exclusion from the ministry, and, with some exceptions, from

any public participation in the affairs of the church.
He has created a false public sentiment by giving to the world a different code of morals for men and women, by which moral delinquencies which exclude women from

society, are not only tolerated, but deemed of little account in man.
He has usurped the prerogative of Jehovah himself, claiming it as his right to assign for her a sphere of action, when that belongs to her conscience and to her God.
He has endeavored, in every way that he could, to destroy her conficence in her own powers, to lessen her self-respect, and to make her willing to lead a dependent and

abject life.
Now, in view of this entire disfranchisement of one-half the people of this country, their social and religious degradation–in view of the unjust laws above

mentioned, and because women do feel themselves aggrieved, oppressed, and fraudulently deprived of their most sacred rights, we insist that they have immediate

admission to all the rights and privileges which belong to them as citizens of the United States.
In entering upon the great work before us, we anticipate no small amount of misconception, misrepresentation, and ridicule; but we shall use every instrumentality

within our power to effect our object.  We shall employ agents, circulate tracts, petition the State and National legislatures, and endeavor to enlist the pulpit and

the press on our behalf.  We hope this Convention will be followed by a series of Conventions embracing every part of the country.

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Essay 1, Exam 1

| September 25, 2014

Essay 1, Exam 1

Answer the questions below.
o    In order to answer this essay you must
    Read/listen to  the information suggested in this document
    Watch a 50+ minute video -http://www.pbs.org/wgbh/pages/frontline/meltdown/view/
    Research your own secondary resources
    Incorporate our PowerPoint lecture, “Financial Instruments.”
o    I will grade this “essay” based upon whether you have included a detailed summary of all of the above sources.  Therefore, either footnote your information or

clearly state, “According to X……….”  Make sure I understand that you have read and listened to all of the information.
o    Remember, Blackboard will not allow you to submit your essay after Tuesday, September 23 – Your grade will be a zero if you attempt to answer the questions

after that date.
o    Complete your questions in a word document – Answer each question individually.  Do not combine your answers.  Then submit your answers by attaching your

document.  Attachment of the essay can be done any time prior to  September 30, 8:00 AM

The objective of this essay is

We recently experienced the worst recession since the Great Depression.  Some say that the recovery changed our economy from a capitalistic society to one where we saw

a reason for government intervention.  In 2008 banks and other financial institutions in the United States and other countries needed bailout money to survive. They

were “too big to fail.”  Businesses saw no reason to grow because people were not spending.  People were not spending because unemployment was over 10%.  People,

businesses, and banks were afraid to spend.  Credit was not available to banks, corporations, and people. The housing market collapsed.  The government had to step in.

The United States was not the only country impacted.  Nearly every developed economy went into a recession.

As economists we must understand how and why did this happen; and just how bad was it;

As an economist we must understand these institutions were too big to fail; thusore needing a government bailout and what can we do to prevent this from happening

again.

As economists we must understand how the government had to become involved to insure the free fall of the economy would not result in another depression.

As economists we must learn from this experience and better understand how to proceed in the future.

According to economists the recession lasted eighteen months – from late 2007 to June of 2009. Yet, 54% percent of American adults polled by NBC News and the Wall

Street Journal think America is still in a recession. This after the recession technically ended nearly five years ago.  Why do some people feel we still exist in a

recessionary economy?

Your sources -

50+ minute Frontline video must be listened to in order to answer the following questions and to contribute to a discussion.

http://www.pbs.org/wgbh/pages/frontline/meltdown/view/

Please read the timeline of events below.

Current events regarding banks and regulations

•    http://www.huffingtonpost.com/2014/08/05/too-big-to-fail-living-wills_n_5652769.html

•    http://dealbook.nytimes.com/2014/07/19/in-a-subprime-bubble-for-used-cars-unfit-borrowers-pay-sky-high-rates/

•    http://economistsview.typepad.com/economistsview/2014/05/are-banks-too-large.html

•    http://www.nytimes.com/2014/08/03/business/big-banks-still-a-risk.html?emc=eta1

1. Why did the Federal Reserve decide to lower interest rates in the early 2000s; thus, making money easily and cheaply available?  Explain this in terms of economic

concepts of supply and demand.

2.  What is the definition of a housing bubble (research definition?)  Why did the value of houses increase prior to 2008?  Remember, the reason why house prices rose

is multi-faceted.  Include all reasons.

3.  What are sub-prime loans?  Why did banks sell their sub-prime mortgages?  What is happening now with subprime loans?

4.  Why did the housing bubble burst?  Again, a multi-faceted answer.

5.  Define collateralized debt obligations?  Who sold them and who bought them?  Why did people/banks/governments/investors want to buy these financial investments?

6.  The problem came when credit dried up, banks failed, businesses stopped.  Watch the above video.  Describe the domino effect of bank failures.  Who failed.

Explain the concept of “too big to fail.”

7.  Why did the Federal Reserve decide to intercede?  What did they do?

8.  At the time of the initial bank failures, who was the chairman of the Federal Reserve, who was the head of the Treasury, and who was our president?

9. GREED, POOR OVERSIGHT AND LACK OF RESPONSIBILITY CAUSED THE RECESSION OF 2008 – WHO WAS GREEDY, WHO DIDN’T REGULATE.  List all parties that were greedy

10.  Briefly discuss three ways the government intervened or at least wanted to intervene.   See PowerPoint, “Federal Regulations.”  Include the specifics of the

Dodd-Frank Bill.

11.  Based upon the current event links above, what is the current status of our banks?  Make sure you incorporate all links.

GREED, POOR OVERSIGHT CAUSED THE RECESSION OF 2008

PRIOR TO THE 2008 RECESSION, THERE WAS ANOTHER RECESSION IN THE 1990’S.  AS A RESULT OF THAT RECESSION, THE FEDERAL RESERVE LOWERED INTEREST RATES TO STIMULATE GROWTH.

THUS, MORTGAGE RATES AND CREDIT CARD RATES WERE LOW…….PEOPLE COULD BUY, BUY, BUY…..AND THEY DID

A.     Years 1995 – 2001 – What lead to this prior recession?
•    In the early 1990’s it became clear to investors and speculators that the internet had created a wholly new and untapped international market, IPOs of internet

companies started to follow each other in rapid succession. Sometimes the valuations of these companies were based on nothing more than just an idea on a single sheet

of paper. The excitement over the commercial possibilities of the internet was so big that every idea which sounded viable could fairly easily receive millions of

dollars’ worth of funding. The basic principles of investment theory with regard to understanding when a business would turn a profit, if ever, were ignored in many

cases, as investors were afraid to miss out on the next big hit. – Hundreds of companies were formed weekly.  People heavily invested in these companies even though

most were not making money, investors thought they had potential.  This demand for dot.com companies drove up the price of stock way beyond the worth of these dotcoms.

Many of these companies failed and investor lost money.  The stocks they bought in these companies at a higher price were now worth very little or the company failed.

•    In addition to the burst of the dot.com bubble, American programming jobs were outsourced, which led to widespread unemployment.
•    Combine this with the 9-11 attack, the economy came to a stand-still.

B.     Years 2000 – 2003 – How did the government react to stimulate growth again?
o    The Federal Reserve (our country’s central bank whose responsibility is to oversee banks and the economy) reduced the Fed Funds Rate (which we will discuss

later but is the rate that banks charge each other for money and is tied to the lowest rate that a consumer and/or business can get a loan) was lowered from  6.5% to

1%.  They did this to stimulate the economy.  If interest rates are low, people will buy and the economy will grow.  Lower interest rates made mortgage rates cheaper,

and demand for homes began to rise, sending house prices up.

GREED, POOR OVERSIGHT AND LACK OF RESPONSIBILITY CAUSED THE RECESSION OF 2008 – WHO WAS GREEDY, WHO DIDN’T REGULATE

•    People were greedy.  Credit was cheap because the Federal Reserve policy was to reduce the interest rate at which people could borrow – see “B”   Why bother

saving????  Consider people and businesses want to make money.  They are looking for the best return on their investment.  Why should they save? Credit was easily

available.

o    Housing bubble – Between 1997 and 2006 the price of a typical house rose 126%.  Buying a house became the best investment – where else can your investment

increase in value this much!!!  If you take out a mortgage and buy a house and the prices of houses are going up, the worth of your house is less than your mortgage –

this is a good investment. More and more homes were bought on speculation – homes bought at a low price and sold shortly after at a higher price. More and more people

bought a second vacation home.  But…..like the dotcoms, at some point the housing bubble will burst…..but when?

o    Because most of the desirable, qualified customers dried up; they all had homes. Banks offered subprime mortgages (credit quality of borrower was lower than

prime.)  Subprime mortgages were 10% of all mortgages until 2004 then went up to 20% in 2005 and 2006.  Prior to the 21st century banks were very cautious about to

whom they would give a mortgage or credit to because they held onto the mortgage and/or credit instrument.  It was in their best interest to make sure the person was

credit worthy banks required a credit score of 620 and a down payment of 20%; during the housing boom they would settle for 500 or less and no money down. Other than

supply of qualified buyer shrinking, why did the banks lower their standard?

o    The government passed some legislation to loosen standards so that the poorer sector could buy homes. In the mid-1990s, new governmental policies were enacted

that contributed to a relaxing of standards for mortgage loans. In 1995 the Community Reinvestment Act was modified to compel banks to increase their mortgage lending

to lower-income households.  To meet the new requirements of the Community Reinvestment Act, many banks relaxed their mortgage lending standards. Research has shown

that home ownership helps pull people out of poverty.  However, the bottom line is that people should be able to have the capability to pay the mortgage.

o    Along came a new financial vehicle – Mortgage-Backed Securities. Banks longer held the risk of a mortgage, they sold these mortgages, and other credit loans to

investors (people, states, pension funds, etc.) and/or organizations like Fannie Mae in investment securities called mortgage- back securities
    Banks no longer had to hold the mortgages; they could now transfer the risk of these mortgages to investors.  Mortgage-backed securities (MBSs) are simply

shares of a home loan sold to investors. They work like this: A bank lends a borrower the money to buy a house and collects monthly payments on the loan. This loan and

a number of others — perhaps hundreds — are sold to a larger bank that packages the loans together into a mortgage-backed security. The larger bank then issues

shares of this security, called tranches (French for “slices”), to investors who buy them and ultimately collect the dividends in the form of the monthly mortgage

payments. These tranches can be further repackaged and sold again as other securities, called collateralized debt obligations (CDOs). Home loans in 2008 were so

divided and spread across the financial spectrum, it was entirely possible a given homeowner could unwittingly own shares in his or her own mortgage

    With the introduction of MBSs, lenders no longer assumed the risk of a loan default. They simply issued the loan and promptly sold it to others who ultimately

took the risk if payments stopped. And since MBSs created early on were based on mortgages granted to the more dependable prime borrowers, the securities performed

well. They performed so well that investors clamored for more. In response, lenders loosened their restrictions for mortgage applicants and borrowed heavily to create

cash flow for loans in order to create more mortgages. Without mortgages, after all, there are no mortgage-backed securities.

o    Because they were offering mortgages to less desirable people, banks were offering non-traditional mortgages.  They offered low introductory rates and minimal

initial cost or adjustable rate mortgages (interest rate on the note is periodically adjusted based on a variety of indices).  This made it more difficult to know what

your mortgage payments might be in the future and……if you can afford these payments. A high percentage of these subprime mortgages, over 90% in 2006 for example, were

adjustable-rate mortgages.

Because interest was so cheap savings were zero.  Credit cards, mortgages, and other types of loans were marketed and used aggressively.  U.S. households had become

increasingly indebted, with the ratio of debt to disposable personal income rising from 77% in 1990 to 127% at the end of 2007, much of this increase mortgage-related.

People, businesses and banks became highly leveraged. The definition of leveraging is to borrowed capital for (an investment), expecting the profits made to be

greater than the interest payable
o    With short-term interest rates extremely low, investors could increase their return by borrowing at a low short-term interest rate and investing in higher

yielding long-term investments.  People borrowed more heavily to buy homes, investors borrowed money to buy mortgage-backed securities, etc.  Investments were more

readily bought on borrowed money.

Consumer debt relative to GDP increased from 46% to 73% in 2008

Years 2004 and 2006
•    The housing market started to slow.  People started to default on loans – why?
o    As we noticed above prices for everything, particularly houses were going up (little supply and strong demand because interest rates were so low forced prices

to rise.) To protect the economy from going into rapid inflation, the Federal Reserve raised interest rates 17 times – increasing the Fed Funds rate from 1% to 5.25%.

This increased the interest rates for borrowing.
o    This made mortgages more expensive; therefore demand for homes lessened
o    People with adjustable rate mortgages mentioned above found that because the interest rate that they paid was tied to the Fed Fund rate their interest rate due

on their mortgage went up.  People ` who over-extended their credit found the new mortgage rate too high.
o    The supply of homes increased because contractors had over produced homes because of the boom in prices of homes. This resulted in an overabundance of homes

available for sale; therefore, the price of the homes decreased
o    Over supply of homes lessened prices of homes
o    Foreclosures increased the supply of homes as well.  People found that their mortgages were higher than the worth of their home.  For example, a person who

bought a house at the peak of the Boom for $650,000 found that they could not sell the house for $650,000 because of the above mentioned over-supply of homes and the

demand for homes plummeted because of higher interest rates.  Many people over-extended themselves on their credit and/or lost their jobs resulting in homes being

foreclosed (the bank took ownership of the home due to non-payment of mortgages).
o    Between higher interest rates, over production of home, foreclosed homes, and less demand because of higher interest rates, the housing bubble burst.

HOW DID THESE TOXIC MORTGAGES BRING DOWN THE ECONOMY????

•    Banks are profit-making companies. They offer loans and charge interest.  All banks rely on home mortgages to make their profits to some degree (Some banks are

lend more to businesses others to home buyers.)  However, because of the housing bubble more and more banks found that offering more mortgages were very profitable.

The demand for mortgages was high and even if the payee could not pay the mortgage, the house at the time of nonpayment was worth more than the mortgage itself. These

mortgages were considered a great investment because they had little risk. Therefore, banks like Countrywide, Bear Stearns Mortgage Lending, Washington Mutual who

relied heavily on the mortgage markets to make a profit failed because the housing bubble had burst and they were now holding toxic mortgages – mortgages that could

not be paid.  When they repossessed the home (foreclosure,) the worth of the home was not as great as the mortgage…  -

o    The U.S. housing bubble would have been largely contained within the United States except for the creation of mortgage backed securities/collateralized debt

obligation (CDO.)  Investment banks an such as Goldman Sachs, Lehman Brothers, Merrill Lynch, Bear Stearns and organizations such as Fannie Mae and Freddie Mac bought

the mortgages (some good, some toxic, some not known how secure), and bundled them and sold them to investors – national, global, pension funds – anyone.  These bonds

were considered safe because if the original mortgage carrier (person who owns the home) defaulted, you could get your money back by selling the home.  The assumption

was that real estate prices would continue to rise.

o    These collateralized debt obligations were giving high credit ratings.  Given optimistic assumptions about housing prices not going down, the U.S. ratings

agencies Standard and Poors and Moody’s assigned the highest ratings (AAA, lowest risk) to these mortgage backed securities.  Investors thought they were safe

investments.  A lot of criticism has been directed at the rating agencies and underwriters of the CDOs and other mortgage-backed securities that included subprime

loans in their mortgage pools. Some argue that the rating agencies such as Moody’s and Standard and Poors should have foreseen the high default rates for subprime

borrowers, and they should have given these CDOs much lower ratings than the ‘AAA’ rating given to the higher quality tranches. If the ratings had been more accurate,

fewer investors would have bought into these securities, and the losses may not have been as bad.

o    Therefore, people, countries, companies, etc. who bought these collateralized debt obligations felt that they were a safe investment.  To add to their feeling

that these were safe.  Companies such as AIG and investment banks even offered insurance that people could buy to insure the security of these CDO’s.  Often Fannie and

Freddie offered guarantees on the mortgage backed securities that they sold.

o    Another player in spreading these toxic loans to all investors was people who dealt with derivatives.  We will discuss these later.  But consider this,

investors didn’t have to hold these CDOs, they could bet on their increase or decrease in wealth
Who owned the mortgages (good and toxic) – the banks retained some mortgages, investment banks still had some, Fannie and Freddie had some, they were sold to investors

as very secure investments.  People looking for a secure investment, bought them.  Therefore, pension fund operators, countries, other banks, states, anyone bought

these CDOs thinking that this was the stable factor in their investment portfolio. When home prices started to collapse in the latter half of 2007, a growing number of

homeowners were forced into foreclosure, and the securities backed by these mortgages started to default. The bad loans quickly started to erode the balance sheets of

financial institutions that had purchased MBS.
Hmmmmmm

CRASH – Between 2007 and 2008 American’s lost about l/4 of their income, S& P down 45%, Housing market dropped 20%.  Banks stopped lending to everyone – including

businesses.  They had too many toxic assets that they could not back.

Wasn’t anyone watching?  Why didn’t the banks, investment companies, Fannie and Freddie, or AIG have enough money to support their losses?   Also consider

•    In 2004 Security and Exchange–relaxed its capital rules for investment banks (how much money a bank needs to have on hand before they can loan)

•    Policy makers did not recognize the importance of investment banks and hedge fund operators in supplying money.  Investment banks were not regulated.

•    From 2004 to 2007 the top five investment banks significantly increased its financial leverage (buying things on credit with funds to back their assets if they

failed.)

To add to the injury, the price of oil nearly tripled 2007 2008 – Inflation increased.  People had less money to spend on consumer goods thus adding to the economic
slowdown.

Credit Crunch, Bank and Business Failures
By the fall of 2008 it became clear there was a major problem as house prices continued to fall, more and more people owed more than their homes were worth and

defaults and foreclosures were rising well beyond what the models had predicted would ever happen, it was beyond their worst case scenario.
Banks started to have severe capital and liquidity problems as home prices fell and their mortgage backed CDOs dramatically sank in value. Banks were in danger of

running out of money on any given day. People were pulling their money out of the banks and banks were desperately trying to find buyers and mergers before they went

bankrupt.
•    On March 16, 2008 Bear Stearns was sold to JP Morgan for $2 per share (later amended to $10). In January 2007 the price of Bear Stearns was $171 per share.
•    In July 2008 IndyMac failed becoming the second largest bank failure in US history.
•    On September 7, 2008, the government took over Freddie Mac and Fannie Mae.
•    On September 15, 2008 Lehman Brothers failed and that shook Wall Street and the financial world.
•    Washington Mutual failed on September 26, 2008 becoming the largest US bank failure.
At this time, banks were afraid to lend to each other or anyone else, this is what really started the Great Recession on Main Street. Companies use this borrowing to

finance their business. For example, Target will take a 30 day loan to pay for its inventories and payroll. Without any way to borrow as usual, the layoffs started.
Once the layoffs started, more people couldn’t pay for their mortgage causing more defaults and foreclosures. And the consumer stopped buying. Construction halted on

the building of new homes. The economy came to a halt causing the Great Recession to move from Wall Street to Main Street America
.
Financial Crisis Causes Global Recession
Credit is a crucial input for both households and firms; once it dried up, both business and consumer confidence plunged. Firms stopped investing and households

slashed spending. The combination of tumbling confidence and a loss of credit created the conditions for recession in the United States that quickly spread around the

globe. As the global financial crisis gained momentum, it became virtually impossible for the economy to avoid slipping into recession

Now that we’ve lived through a stock market decline in 2008-2009 that not only wiped out a decade’s worth of growth but also changed the face of Wall Street forever,

what have we learned
We’ve also learned that diversification means more than just stocks and bonds. The simultaneous decline of stocks, bonds, housing and commodities is a stark reminder

that there are no “sure bets,” and that a cash cushion could save the day when times get tough. The blind pursuit of profit with no thought to the downside is a

strategy that failed spectacularly.
We put a lot of trust in experts, including stock analysts, economists, fund managers, CEOs, accounting firms, industry regulators, government and a host of other

smart people. They all let us down. A great many of them lied to us, intentionally misleading us in the name of greed and personal profit
Derivatives, special investment vehicles, adjustable-rate mortgages and other new-fangled investments that may be too complex for the average investor racked up huge

fees for financial services firms and huge losses for investors

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f???b??k ??s?

| September 25, 2014

f???b??k ??s?

Most producers do not sell their goods directlyto final users. Between producers and final users stands one or more marketing channels, a host of marketing

intermediaries performing a v ariety of functions. Marketing-channel decisions are among the most critical decisions facing management. The company’s chosen channel(s)

profoundly affect all other marketing decisions. Companies use intermediaries when they lackthe financial resourcesto carry out direct marketing,when direct marketing

is notfeasible and when they can earn more by doing so. The most important functions performed by intermediaries are information, promotion, negotiation ordering,

financing, risk taking, physical possession, payment and title. Manufacturers have many alternativesfor reaching a market. They can sell direct or use one-, two-

orthree-level channels. Deciding which type(s) of channel to use calls for analysing customer needs, establishing channel objectives and identifying and evaluating the

major alternatives, including the types and numbers of intermediaries involved in the channel. Effective channel management calls for selecting intermediaries and

training and motivating them. The goal is to build a long-term partnership that will be profitable for all channel members. Marketing channels are characterised by

continuous and sometimes dramatic change. Three ofthe most important trends are the growth ofvertical marketing systems, horizontal marketing systems and multichannel

marketing systems. All marketing channels have the potential for conflict and competition resulting from such sources as goal incompatibility, poorly defined roles and

rights, perceptual differences and interdependent relationships. Companies can manage conflict by striving for superordinate goals, exchanging staff among two or more

channel levels, co-opting the support of leaders in different parts ofthe channel, encouraging joint membership in and between trade associations, employing diplomacy,

mediation or arbitration or pursuing legal recourse. Channel arrangements are up to the company, but there are certain legal and ethical issuesto be considered with

regard to practices such as exclusive dealing or territories, tying agreements and de_alers’ rights. -commerce has grown in importance as companies have adopted

‘brick-and-click’ channel systems. Channel integration must recognise the distinctive strengths of online and offline selling and maximise theirjoint contributions

Case study (Facebook case, answerfollowing questions) 1. Evaluate how Facebook may adapt the communication process in their international market (hint they are an on

line company). 2. How should a company like Facebook promote their offering?

2Mary is a bookkeeper employed by an accounting firm in Perth. She also carries on business, as a sole proprietor in Perth (during the weekends), selling second hand

books.

In the current income tax year, she received the following:

(1)    Gross salary from her employer – $60,000;

(2)    Interest derived from a bank deposit – $5,000;

(3)    A gift received under a will of a deceased relative – $20,000;

(4)    Qantas frequent flyer points received in relation to work-related travel     paid for by Mary’s employer – 50,000 points (at $1 a point). The points

can only be redeemed for free tickets for her only;

(5)    Proceeds from her business – $20,000; and

(6)    Compensation from her insurance company for loss by fire of her shop, which she owns in Perth, where she conducts her business – $150,000.

She has incurred allowable deductions totalling $3,000 in earning both her employment and business income.

She is eligible for a tax offset of $1,452.

Her employers withheld $7,966, as PAYG withholding, during the income tax year.

Based on the above facts, calculate Mary’s tax liability (or tax refund), including Medicare levy, for the current income year. Give brief reasons to support your

answers.

Answer

(i)    The word “income” is not defined in ITAA36 or ITAA97.

(ii)    Under Section 6-1(1) of ITAA97, a taxpayer’s assessable income “consists of ordinary income and statutory income”.

(iii)    Under Section 6-5(1) ITAA97, a taxpayer’s income will be “ordinary income” if it is “income according to ordinary concepts”.

(iv)    However, the term “income according to ordinary concepts” is not defined within the legislation.

(v)    Principles established through case law help determine whether an amount is ordinary income.

(vi)    Generally, a receipt falls within the term if it has a source and the courts have identified 3 main sources of income:

(a)    from personal exertion; or
(b)    from carrying on a business; or
(c)    from property.

(vii)    The courts have also established other characteristics of income according to ordinary concepts.

(viii)    The following will outline the principles or cases which would apply in determining whether each receipt is “ordinary income” under Section 6-5(1).

(1)    Gross salary from her employers – $60,000

Answer

(i)    Remuneration received by an employee in respect of employment is a classic example of income from personal exertion.

(ii)    Her salary would, therefore, be ordinary income under Section 6-5(1).

(2)    Interest derived from a bank deposit – $5,000

Answer

(i)    Interest is generally considered to be the price of money which is borrowed.

(ii)    Interest received is the return or compensation for the use or retention by one person of a sum of money belonging to another person.

(iii)    Interest derived from the bank would be considered to be a reward to the depositor for foregoing the use of the money.

(iv)    The interest would be ordinary income as a regular or recurrent receipt from property – Section 6-5(1).

(3)    A gift received under a will of a deceased relative – $20,000

Answer

(i)    A gift received under a will would not be ordinary income as there is no sufficient nexus with an earning activity, so it would be a pure windfall gain.

(ii)    However, it should be noted that any income subsequently derived from the gift may be assessable income.

(4)    Qantas frequent flyer points received in relation to work-related travel paid for by Mary’s employer – 50,000 points (at $1 a point)

Answer

(i)         The answer will depend on whether Qantas allows the points to be converted into money or money’s worth.

(ii)    As the frequent flyer points cannot be converted into money or money’s worth then they would not be ordinary income – Payne v FCT.

(5)    Proceeds from her retail business – $20,000

Answer

(i)    Proceeds from a business is a classic example of income from one of the sources recognised by the courts i.e from carrying on a business.

(ii)    The proceeds from business would, therefore, be ordinary income under Section 6-5(1).

(6)    Payment by insurance company for loss of shop by fire – $150,000

Answer

(i)    Compensation for loss of a capital asset is not assessable under     Section 6-5(1).

Therefore, the total amount of ordinary income received by Mary during the income tax year will be $85,000.

Mary’s tax liability for the current income year will be determined as follows:
Answer

(i)    A taxpayer’s income tax liability is determined according to the following formula as set out in Section 4-10(3) ITAA97:
Income tax = (taxable income x rate) – Tax offsets

(ii)    A taxpayer’s taxable income is determined according to the following formula as set out in Section 4-15(1) ITAA97:

Taxable income = Assessable income – Deductions

(ii)    Step 1: Calculate assessable income

Assessable income:
(i)    Salary                    $60,000
(ii)    Interest                    $  5,000
(iii)    Proceeds from business            $20,000
Total Assessable income                $85,000

(iii)    Step 2: Calculate deductions

Deductions                        $3,000
Total deductions                    $3,000

(iv)    Step 3: Calculate taxable income (Section 4-15(1)

$(85,000 – 3,000)                =    $ 82,000

(v)    Step 4: Multiply taxable income by 2013/2014 tax rates (Section 4-10(3)

$17,547 + 37% ($82,000 – $80,000)    =    $18,287

(vii)    Step 5: Calculate tax offsets

Tax offset                    =    $1,452

(viii)    Step 6: Calculate income tax liability (including Medicare levy)

$(18,287 – 1,452)                =    $16,835

Add: Medicare levy ($82,000 x 1.5%)    =    $  1,230
$18,065
Less: PAYG                        $   7,966
Total Tax Payable                    $ 10,099

These suggested answers to the Tutorial Paper are compiled for the Principles of Taxation Law  (LAW6300) unit. The material herein is of a selective nature and is

strictly for academic purposes only.

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| September 25, 2014

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