...Consequences of Accounting During the 2008 Financial Crisis Group 3 October 4th, 2011 Actors in the 2008 Financial Crisis U.S. Government European Union o Commission o Political figureheads Banks o U.S. o E.U. International Accounting Standards Board (IASB) Investors and External Regulators 10/3/11 2 Actors in the 2008 Financial Crisis (US Government) o Generally mentioned indirectly in the news articles o Not in the forefront of the case, as banks were driving policy o Presumably, wanted to allow U.S. banks to appear and remain competitive In the case of the financial crisis, being competitive meant not showing large losses on financial reports. Therefore, some leniency in accounting (e.g., use of Fair Value Accounting “FVA”) was allowed. Specific mechanism: move an asset from balance sheet (where assets must be valued at market price) to bank book until “maturity” of the assets 10/3/11 3 Actors in the 2008 Financial Crisis ( European Union „Commission & Figureheads“ ) European Commission o Reluctant to change accounting rules o Technical advisory International Accounting Standards Board (IASB) did not see FVA as a legitimate accounting technique o Agreed to FVA only under political pressure E.U. Figureheads (i.e., heads of state) o Initially, wanted to rely on advice of IASB o After the collapse of AIG and increasing use of FVA by banks in U.S., the EU figureheads had to allow banks in E.U. to have the same tool for their...
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...Prohibition plays an immense role during this time. Due to the ratification of the 18th amendment, America is a changed place. There are many different point of views on it and there are many components to prohibition. It affects millions of people in both negative and positive ways. Even in the novel. Many references are brought up throughout the story on it. Prohibition, also known as the Noble Experiment, and the Volstead Act is an Amendment to the constitution put forward by an American Senate. It is meant to ban alcohol. The sale and manufacturing of alcohol is now illegal. During these times alcohol abusing was a huge issue, and many feel alcohol had no benefits. The purpose of the institution of prohibition was to lower crime and corruption, reduce social problems, lower taxes needed to support prisons and poorhouses, and to improve health and hygiene in America. Also for the benefit of a lot of companies. Such as restaurants, candy companies, land owning companies and even non alcohol beverage companies. But all has...
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...Bill of Rights and Amendments Bill of Rights and Amendments The Constitution provides that an amendment may be proposed either by the Congress with a two-thirds majority vote in both the House of Representatives and the Senate or by a constitutional convention called for by two-thirds of the State legislatures. Since the President does not have a constitutional role in the amendment process, the joint resolution does not go to the White House for signature or approval. The original document is forwarded directly to NARA's Office of the Federal Register (OFR) for processing and publication. The OFR adds legislative history notes to the joint resolution and publishes it in slip law format. The Archivist submits the proposed amendment to the States for their consideration by sending a letter of notification to each Governor along with the informational material prepared by the OFR. The Governors then formally submit the amendment to their State legislatures. When a State ratifies a proposed amendment, it sends the Archivist an original or certified copy of the State action, which is immediately conveyed to the Director of the Federal Register. The OFR examines ratification documents for facial legal sufficiency and an authenticating signature. If the documents are found to be in good order, the Director acknowledges receipt and maintains custody of them. The OFR retains these documents until an amendment is adopted or fails, and then transfers the records to the National Archives...
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...History of the United States I AMH 1010 CRN 10800, December 1, 2014 Wood, Gordon. The Radicalism of the American Revolution. Vintage Books, a Division of Random House, Inc., New York, 1991 Gordon Wood describes the American Revolution as a journey from paternal colonialism to an egalitarian democracy. His contention is that the American Revolution does not seem to have the same kinds of causes that Revolutions usually display. There were no big social wrongs, no class conflict, no severe poverty, or gross inequitable distribution of wealth. Wood claims our revolution was not about independence as most history books claim but about the radical transformation of the American society. Monarchy In this section the author describes the structure of colonial America in the 1750s and 1760s. In colonial society, authority and liberty flowed from the structure of personal relationships. Society was held together by networks of personal loyalties, obligations and dependencies. In this hierarchical society, the elite or aristocrats ruled. The aristocrats (also called gentlemen) used their wealth and their hereditary advantages to keep the common people as dependents. The aristocrats lived a life of leisure which meant that they were not expected to labor. Their income was supposed to come from their landed estates. They used these landed estates to control the issuance of government offices and created laws that would keep their estates in the family. Most estates were passed on to...
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...in the early 1940s almost everyone dug wells. He noted that his father and mother would walk several miles to Songsong Village to fetch pails of water from a dug-up well that had supplied the entire village before European contact, as well as during the Spanish, German, and Japanese occupations. He described it as “fresh,” “cold,” and “sweet.” He again lamented, “Oh, how I miss those days.” Uncle Ben’s recollections raise concerns regarding the future of freshwater in the CNMI and groundwater use and management in particular. Almost four decades after the CNMI adopted its Constitution, it still does not recognize or protect traditional and customary Chamorro rights and practices specific to groundwater. As the CNMI proposes an amendment to its blood quantum requirement, it should consider more stringent protections for its groundwater so...
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...Americans do not have an accurate sense of what really happened during the late 1700’s, and as a nation we should appreciate what our founding fathers went through. Wolf explains how most Americans disregard the Declaration as just a piece of paper, where as it actually holds a greater amount of significance than we give credit to. The essay draws on the collective differences of America’s years as a colony-versus now-and how the ideals have morphed. In the late 18th century while The United States was still under British rule, the thought on everyone’s mind was freedom. It was a common goal all Americans had, regardless of race and social background. We wanted the Brits out of our country! As Americans, we had long paid our dues, and we wanted to be liberated. We felt constrained as a nation, and we were willing to shed blood to be free. Wolf talks about how nowadays we simply do not feel that strong towards being free, and as a result we can not relate to what it was like when the British were ruling. Though the it has been many generations since we gained our independence, as a nation we are facing a modern day form of oppression. Censorship. As a country, the first amendment says we have a right to freedom of speech. Though this fundamentally sounds fantastic, there are many “regulations” imposed on this concept which is slowly turning the United States into a censored nation. These regulations may not be imposed directly by the government, however an independent...
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...(see course home page) **You will be tested on all of this material on the respective quizzes Native Americans (Read this for quiz 1) “ The First Americans” (Not a link…go to the assigned website) European Society (Read this for quiz 1) Colonial Era/Exploration and Discovery The Significance of 1492 European Commercial and Financial Expansion Slavery and Spanish Colonization The Meaning of America The Black Legend Colonial Era/17th Century (Read below for quiz 1) European Colonization North of Mexico Spanish Colonization English Settlement Colonial Era/17 century (Read below for quiz 2) English Colonization Begins Life in Early Virginia Slavery Takes Root in Colonial Virginia Founding New England The Puritans The Puritan Idea of the Covenant Regional Contrasts Dimensions of Change in Colonial New England The Salem Witch Scare Slavery in the Colonial North Struggles for Power in Colonial America Diversity in Colonial America The Middle Colonies: New York Fear of Slave Revolts The Middle Colonies: William Penn’s Holy Commonwealth The Southernmost Colonies: The Carolinas and Georgia Colonial Administration (Read below for quiz 2) No readings th Road to Revolution (Read for quiz 3) Colonial America/18th Century The The The The The The Emergence of New Ideas about Personal Liberties and Constitutional Rights Great Awakening Seven Years’ War Rise of Antislavery Sentiment Fate of Native Americans Road to Revolution American Revolution (Read for quiz 3) Entire Chapter on American Revolution...
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...unavailability of adequate research facilities, leading to a prevalence of greater disinterest among the Board members, marked by low attendance, being witnessed during the meeting sessions of the Committee. Hence, an urgent call of action is required for maximum engagement of Parliamentary role in Foreign Policy formulation. Context The domain of foreign policy holds critical value for a country like Pakistan which is located at the crossroads of Great Powers like Russia & China. In addition, it also provides a route to Central Asian states which are endowed with massive reserves of oil & natural gas, providing significant economic incentives. Being a key ally of US in the on-going ‘War on Terrorism’ also enhances its strategic significance. As stated earlier, the Parliament’s role in the field of Foreign Policy had always been eclipsed by the Executive and the military circles. The blurring of boundaries between issues of national & international stature demand a greater participatory role from the Parliament to influence these policies. In fact, the Parliament has the legitimate authority to have its say on such matters which, however, should be limited to ‘soft-core mandating’. Yet...
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...it brought about controversies, it discouraged greenough’s interest in art. 2 (b). The 19 federally recognized native American tribes in southern California are; the Barona band of mission Indians, campo kumeyaay nation, inaja-cosmit band of Indians, jamul Indian, la jolla of luiseno Indians, la posta band of mission Indians, los coyotes, Manzanita band, pala band of cupeno Indians, pauma band of mission Indians, Mesa Grande band, Viejas band, Sycuan band, Santa Isabel band, san Pasqual band, Rincon band, Pala band, mesa Grande band The Chemehuevi Tribe is one of the Native American tribe in the southern California which is federally recognized. The Chemehuevi is an Indian majored term that means ‘those who play with fish’’. In the mid 18th century, the Federal government declared them a public domain when the Chemehuevi lost their traditional lands. The authority developed the Chemehuevi valley in the early 19th century which was meant to reserve the massive acres of the tribe’s mother country. The tribe was later relocated to Parker vicinity when their tribe was grabbed. In the mid 19th century, the congress gave the tribe, the right...
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...Social Gospel = liberal movement within American Protestantism that attempted to apply biblical teachings to problems associated with industrialization. It took form during the latter half of the 19th cent. under the leadership of Washington Gladden and Walter Rauschenbusch, who feared the isolation of religion from the working class. They believed in social progress and the essential goodness of humanity. The views of the Social Gospel movement were given formal expression in 1908 when the Federal Council of the Churches of Christ in America adopted what was later called "the social creed of the churches." Advocated in the creed were the abolition of child labor, better working conditions for women, one day off during the week, and the right of every worker to a living wage. With the rise of the organized labor movement in the early 20th cent. the Social Gospel movement lost much of its appeal as an independent force. However, many of its ideals were later embodied in the New Deal legislation of the 1930s New Nationalism was Theodore Roosevelt's Progressive political philosophy during the 1912 election. He made the case for what he called the New Nationalism in a speech in Osawatomie, Kansas, in August 1910. The central issue, he argued, was human welfare versus property rights. He insisted that only a powerful federal government could regulate the economy and guarantee social justice. Roosevelt believed that the concentration in industry was not necessarily bad, if the industry...
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...King Cotton It was a slogan used by southerners to support the secession of the South from the North as the money obtained from cotton export would support the Confederacy. It would also support countries such as Britain and France to support the Confederacy as opposed to the North as the economies of these countries heavily depended on the textile industry. It was a failure as other countries did not want to get into the conflict. In foreign affairs, the South had been initially confident of the power and influence of “King Cotton,” the crop that accounted for more than half the value of U.S. exports before the war. Confederates felt that the importance of cotton would force diplomatic recognition from the Federal government and European countries. Neither the commissioners sent abroad in 1861 nor the permanent envoys who replaced them were able to secure recognition from Great Britain, France, or any other European power. The South was able, however, to buy considerable war matériel and several fast ships that destroyed much Federal shipping on the high seas. South = one crop economy By 1840 - 50% of US exports was cotton / was providing 50% of the world supply / providing 75% of England’s supply 1/5 of workers tied to the textile industry but cotton also drives northern economy - needs cotton for textiles (supporting abolition and making $ off slavery). Different economies of the North and South between 1815-1861 North: Industrial Abolition slavery No need...
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...• Robert Livingston • War of 1812- Military conflict between US and Britain following revolution about unresolved issues: trade restrictions, etc. • Tecumseh- Native American leader of the Shawnee and a large tribal confederacy; opposed US in war of 1812. • John Quincy Adams- sixth president; whig. • Empire of Liberty- theme developed first by Thomas Jefferson to identify America's world responsibility to spread freedom across the globe. Jefferson saw America's mission in terms of setting an example, expansion into the west, and by intervention abroad. • Transportation Revolution- early 1800s, development of steamboats, canals, and railroads. Faster transport of people, products, and knowledge. • National Road- First major improved highway in the United States to be built by the federal government. Connection between the Potomac and Ohio Rivers and a gateway to the West for thousands of settlers. • Communication Revolution- Samuel Morse invented telegraph. • The Market Revolution- improvements in how goods were processed and fabricated as well as by a transformation of how labor was organized to process trade goods for consumption. • Porkopolis- Cincinnati was the country's chief hog packing center, and herds of pigs traveled the streets. • Labor theory of value- The value of a commodity is only related to the labor needed to produce or obtain that commodity and not to other factors of production • Second Party System- 2 party system • Democrats-...
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...Period/Date(s) | Description and Significance of the People/Event(s) to American History | 1) Describe three different American Indian cultures prior to colonization. | 1421-15211492-1504 1541- 1937 | Aztec Indians: They were located in central Mexico and they spoke Nahuati language. In 1520-1521 Small pox hit, between 10% and 5o% of population was affected. The government was a system of tribute. They believed in human sacrifice. Eastern woodland cultures were along the Atlantic coast mostly during the summer time. During winter they were forced to diverse because of how many people to be fed and the weather. They were mostly small villages during the summer time. The English settlers were most likely to encounter the Algonquian-Speaking Indians. They were the Plains Indian and they were located where Kanas, Oklahoma, and Texas. They had villages up to 20 houses. For their government they had council circles but it is unclear what they actually did. | 2) The effects of British colonization on the Native Americans. | 1492-1810 | There were many affects from the British colonization on native Americans. They were forced to be slaves if they did not die from diseases, because not having freedom they decided to kill them self or if it was a women were pregnant they had abortions. | 3) The evolution of the socio-political milieu during the colonial period, including Protestant Christianity’s impact on colonial social life. | 18th an 19th century | There were many...
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...American History Timeline Part III Tricia Bilbrey Grand Canyon University HIS 221 June 10, 2012 American History Timeline Part III Timeline Part III Instructions: Complete the matrix by providing the Time Period/Date(s) in column B, and the Description and Significance of the People/Event(s) to American History in column C. See complete instructions in the Syllabus for the Module 5 assignment entitled, “Timeline Part III.” NOTE: The timeline project does not need to be submitted to turnitin. NOTE: Please write your answers in a clear and concise manner. Limit your submission of the Timeline Part III to a maximum of 13 pages (not including a reference page). Be sure to cite all sources. Major Event/Epoch in American History Time Period/Date(s) Description and Significance of the People/Event(s) to American History 1) The evolution of the causes of World War I. 1914-1918 Serbians protested the Austrians in Bosnia thus causing the assassination of Archduke Franz Ferdinand of Austria-Hungary. This event set off the war between Austria-Hungary and Serbia. Mutual defense alliances caused an explosion in several countries supporting the others. Russian as an ally of Serbia mobilized causing Germany to react through Belgium, pulling Britain into the war. The governments of Germany and Austria-Hungary were very militaristic and aggressive when...
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...Assignment 1 How was the south changed? The chief accomplishment of the new south was the expansion of textile production, as the number of cotton mills grew from 161 to 400. There was also an increase in the lumber industry, coal production, and tobacco growth. Although, the majority of southern farmers were not flourishing, which caused sharecropping and tendancy to increase between blacks and whites. The bourbons perfected a political alliance with northern conservatives and economic alliance with northern capitalists. They also reduced state expenditures and public debt. Attitudes about race became more strongly felt and the prospect of an electoral alliance between poor whites and blacks that could threaten the power structure became a possibility, so the southern states came up with various ways to disenfranchise blacks. Also, “Jim Crow” laws were enacted to mandate public separation of the races. Legalized segregation reinforced the notions of white racial superiority and African-American inferiority, creating an atmosphere that encouraged violence, and during the 1890s lynching’s of blacks rose significantly. Define the New West. After 1865, the federal government encouraged western settlement and economic exploitation. The transcontinental railroads opened the western half of the nation to economic development and created an interconnected national market. Needing rapid communication, companies built telegraph lines along the railroad as the track was laid...
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