The Financial Crisis Of 2007 - 1646 Words

The most recent financial crisis of 2007 was felt throughout the world, and brought about huge economic consequences that are still being felt to this day. Within the United States, the crisis undoubtedly resulted in a surge in poverty and unemployment, a significant drop in consumption, and the loss of trust in the capitalist economic system. Because of globalization, this crisis was felt through the intertwined global markets, affecting underdeveloped countries even more. Historical events from the past have taught us that financial crises such as the one we suffered during 2007 have occurred a vast number of times. From Mexico to Thailand, these financial crises have resulted in contagion worldwide, and have caused governments to†¦show more content†¦Banks would lend money to these prospective home buyers without checking the amount of incoming and concurrent assets that they owned in order to see if they would be able to repay the loan. These loans were then pooled and sold off to government financial institutions such as Fannie Mae and Freddy Mac. Slowly, the homeowners were unable to repay their loans, which forced them to either sell their homes at a lower price or foreclose, between September 2008 and September 2012 alone, 3.8 million U.S. property owners lost their homes (Balaam, 196). This severely increased the mortgage loss rates for both lenders and investors; it became known as the subprime mortgage crisis. Eventually, government financial institutions whom had bought these pooled mortgages filed for bankruptcy soon after, which had a chain-effect reaction throughout the entire economic system both in the U.S. and around the world. Thus, it created what is now known as the most recent financial crisis. The U.S. government immediately issued emergency loans and tried to increase the money supply, they extended these emergency loans to over 700 banks in order to incentivize home, student, auto, and small business loans (Balaam, 19 4). By the end of 2008 the stock market in the United States and Europe had suffered loses of over 40%; losses that until recently have recovered (Balaam, 194). The economic crisis resurged feelings of loss and insecurities that were to some

The Ages Of Poetry Essay - 1143 Words

nbsp;nbsp;nbsp;nbsp;nbsp;The English Romantic poets of the 19th Century had a conception about nature that, over a century later, appears in the poetry of today. These poets have had a significant influence on the attitude and vocabulary a contemporary poet uses. Among the contemporary poets, Dana Gioia, in his two poems, quot;Becoming a Redwood,quot; and quot;Rough Country,quot; has drawn on the idea of the innocence and untainted part of nature that parallels the Romantic poetry of William Wordsworth and William Blake in their poems quot;Nutting,quot; and quot;The Tyger.quot; Also, Gioia has captured the wild-like and untamable demeanor of nature that many English Romantics have similarly captured. Finally, Gioia uses†¦show more content†¦The landscape of the nature in this rough country is not welcoming to humans tread, just as the quot;Tygerquot; in William Blakes poem would not be. In Gioias quot;Becoming a Redwood,quot; a wild and untamed animal is also found in this p assage, quot;Something moves nearby. Coyotes hunt / these hills and packs of feral dogs. / But standing here accepts all that.quot; (19-21) Both the Tyger and the coyote have the instinct that embodies nature and both are wild animals. Gioia draws on the Romantic conception that there is wild freedom found in nature. nbsp;nbsp;nbsp;nbsp;nbsp;This concept of wild freedom and untamable nature can be more clearly seen through the diction of the poems. Wordsworth writes, quot;At thorns, and brakes, and brambles, -- and, in truth, / More ragged than need was! Oer pathless rocks, / Through beds of matted fern, and tangled thickets, / Forcing my way, I came to one dear nook / Unvisited.quot; (13-17) In Gioias quot;Rough Country,quot; he uses words like quot;tangledquot; (10) and quot;twistingquot; (13) and quot;thorn thick underbrush,quot; (13) all of which Wordsworth uses in his poemShow MoreRelatedWriting Poetry Around The Age Of Twenty1257 Words   |  6 PagesWhen I became â€Å"serious† about writing poetry around the age of fifteen, I thought it was only a matter of time before I was discovered for the genius I was. My example was Rimbaud, the visionary French poet, discovered in his teens, celebrated by the literati of his time, some of whom -- literally -- fell in love with him; one of t hem even shot him in a pique of passion. Rimbaud’s light burned bright, he took Paris by storm, seized his world and made it his oyster, set it on fire, and painted itRead MoreAlfred Tennyson, often regarded as the chief representative of the Victorian age in poetry.1422 Words   |  6 PagesThe Victorian age was an age where many changes occurred socially, economically, and industrially. People began to explore into areas such as the earth, the human body, and how to benefit the daily lives of individuals. English literature was also something that was beginning to be developed. Historically, it began when Queen Victoria was anointed to the thrown in 1837 and brought a new prosperity to England. She held the throne for 63 years which is the longest monarch to hold the thrownRead MoreSummary of Medieval and Renaissance Criticism1505 Words   |  7 PagesThe period between the Classical Age and the Renaissance is vaguely named the Middle Age or the Medieval Age. In England, this period spans eight centuries and historians place it from the year of composition of Beowulf in 725 AD to 1474 AD when Caxton published the first book ever printed. The only standard work that dealt with Medieval Criticism is English Literary Criticism: The Medieval Phase by J.W.H Atkins published in 1952. One major development in this age is the adoption of ChristianityRead MoreCritical Appreciation Of T. S. Eliot s The Metaphysical Poets1382 Words   |  6 PagesEliot that the phrase ‘metaphysical poetry’ has been used as a term of abuse or as a label of a quaint and pleasant taste. He raises a question whether the so-called metaphysical poets formed a new school or movement or whether it was just a mere continuation of some older tradition. Eliot states that it is quite difficult to define metaphysical poetry as well as to explain the characteristics, which differentiate metaphysical poetry from other kinds of poetry. It is also very difficult to find preciseRead MoreHindi as a Language1451 Words   |  6 PagesHindi poetry took its form and since then it has been constantly modified. History of Hindi literature as a whole can be divided into four stages: Adikal (the Early Period), Bhaktikal (the Devotional Period), Ritikal (the Scholastic Period) and Adhunikkal (the Modern Period). Adikal- Adikal starts from the middle of the 10th century to the beginning of the 14th century. The poetry of this period has been divided into three categories Apabhramsha Poetry, Heroic Poetry and Miscellaneous Poetry. ApabhramshaRead MoreThe Golden Age Of Heian1553 Words   |  7 PagesDorf Samantha Ms. Lee Global History 23 March 2015 The Golden Age of Heian Periods of time with peace and stability politically and religiously, paired with flourishing arts, are called Golden Ages. One thriving, revolutionizing time like this occurred in Heian, Japan from 794 to 1185 C.E., under the rule of the Fujiwara family. Succeeding the Nara period, many aspects of the Heian culture, such as Buddhism and the writing system, were borrowed from China. However, in this time, Japan took thoseRead MoreThe Road Not Taken By Edgar Allan Poe And Robert Frost1081 Words   |  5 PagesAllan Poe and Robert Frost influenced my thorough love of different styles of literature, particularly poetry. To the masses, Edgar Allan Poe and Robert Frost only share job titles, but the two poets share many similarities within their writing. Personally, I read pieces from both authors over the course of my schooling experience. I admired Robert Frost’s poem, â€Å"The Road Not Taken† from a young age, and that particular stole my heart since the first read. â⠂¬Å"The Raven,† became one of my favorite poemsRead MoreHe Went Anything But Gentle Essay1664 Words   |  7 PagesMost contemporary American poetry is characterized by themes of love, death, and family. Dylan Thomas’ poetry, however, does not fall into the typical contemporary mold. Instead of merely writing about social and intellectual issues using free verse, as most of his contemporaries did, he wrote with overwhelming passion and intensity about his own life in strict poetic forms. One of his most famous poems is a villanelle, â€Å"Do not go gentle into that good night†, which he wrote about his dying fatherRead MoreThe Legacy of E.E. Cummings1201 Words   |  5 Pagesfather was a professor at Harvard, leading Cummings to attend Harvard from 1911-1915 (Poetry for Students vol.3). At a young age Cummings showed a strong interest in poetry and art. His first published poems appeared in the anthology â€Å"Eight Harvard poets† in 1917. During WW1 Cum mings volunteered for the French-based ambulance service and he spent four years in an internment camp in Normandy on suspicion of treason (Poetry for Students vol.3). When Cummings returned to New York, he pursued painting butRead MoreThe Silver Age Of Russia1318 Words   |  6 PagesThe Silver Age in Russia was an important era for Russia, as well as the rest of the world. More freedom allowed the art movement to surge and also to take up some European ideas. Painting, architecture, ballet, poems, short stories, playwriting were a few of the artistic avenues taken. I will focus on poetry, naming the groundbreakers of the Silver Age, their techniques, breakthroughs and their works. The Perestroika years renewed interest in the Russian culture. People were accustomed to folklore

The Need to Introduce Flexible Benefit Plans for Employees Free Essays

The employees of today†s workforce are divers. With such a workforce at hand, an employer must have a flexible benefit plan to match the composition of its employees. Flexible benefit plans are a written plan under which employees of a company are allowed to choose two or more benefits consisting of cash and qualified benefits (Everett Miller, 1994). We will write a custom essay sample on The Need to Introduce Flexible Benefit Plans for Employees or any similar topic only for you Order Now Some benefits offered under a flexible benefit plan are health care, dental, reimbursement accounts, life insurance, accidental death and dismemberment coverage, long-term disability, vacation, retirement savings, spouse accidental death and dismemberment coverage, and dependent care (Kleiner Sparks, 1994). A young couple can be assured that their jobs not only meet the daily needs of their growing family, but that their children are covered for very little cost in their own employer-provided hospitalization and health care insurance. A worker employed by the same organization, approaching retirement, can choose benefits that will maximize his/her retirement income as much as possible. With his/her own children grown-up, he/she needs to attend only to his/her own needs. Also known as â€Å"cafeteria plans,† the organization offering a choice of applicable benefits to their employees ensures that the benefits for which they pay are the most useful for each of their employees. Costs are rising in almost every area of benefit provision and administration. The organization is able to secure more favorable rates for those benefits used, if the organization is not required to provide the same service to each employee (Webster, 1996). Employee benefit plans have had a long history, and can be traced back to 1794, when the first profit-sharing plan was created by Albert Gallatin in his glassworks in Pennsylvania (Kleiner Sparks, 1994). Another notable benefit plan includes those made by the American Express Company in 1875 with the first private pension plan, and the first group annuity contract issued in 1921 by the Metropolitan Life Insurance Company (Kleiner Sparks, 1994). These early benefit plans were only the beginning of the benefit packages. As it turns out, the Social Security Act of 1935 gave employees across the country a legal framework that supported the development of many forms of employee benefits. Very few employers provide full family health care coverage at no cost to the employee in today†s world, but everyone can save when they provide that coverage only to those who need it. Even though the employee almost always shares the cost now, the employer still provides the major portion of the cost of health care insurance. In today†s increasingly competitive business climate, everyone is forced to operate as efficiently as possible. The advantage to the organization and employees of having a flexible benefit plan is clear. Businesses are not required to pay for services its employees will never seek. For instance, pediatric care was provided across the board in one organization, a significant numbers of the company†s leadership were well past the point of needing that type of coverage for their family (Webster, 1996). Flexible benefit plans can be a very important tool for recruiting new employees and retaining current employees. Also, the costs of administering such plans may be offset to a large extent by the payroll tax savings generated when employees convert previously taxable compensation and income into a nontaxable fringe benefit tax (Everett Miller, 1994). Flexible benefit plans also provide the employee with the advantage of being able to ensure that benefits chosen are those that best meets their needs. The primary advantage of flexible benefit plans is that the employer and employee receive certain tax advantages. This depends on the types of programs the employee chooses. In some cases, the employee may choose cash rather than any benefits at all, but that option is dependent on company policy. For instance, many companies offer pay in lieu of off the job vacation time, but other companies insist that employees take their accrued vacation time. Another advantage of flexible benefit plans is the ability of the organization to shift some of the cost of benefits to the employees who use them, while simultaneously offering tax advantages in other areas such as 401K plans. Any benefit that is not paid in cash, but is treated as such, is taxable to the employee, but the employee tax liability decreases the employer†s. Any benefit that does not satisfy the nondiscrimination clause of the Internal Revenue code is taxable (Webster, 1996). Other benefits are nontaxable either to the employee or to the employer. To be nontaxable, the benefit must be a qualified benefit under Section 125. Such qualified benefits include accident or health plans, disability benefits, accidental death and dismemberment benefits, the first $50,000 of group term life insurance, a group dependent care assistance plan, and a group legal services plan (Webster, 1996). A disadvantage of flexible benefit plans is that employees are often overwhelmed by the numerous choices a plan may have to offer. In many cases, companies are contracting accountants, financial planners, investment counselors and other consultants to help employees wade through the vast array of options (Jurek, 1995). Such consultant use increases the employers† costs of providing the flexible benefits plans, but employers believe the guidance is needed. As for the IRS, it only requires organizations make flexible benefit plans available to all employees, not explain the intricacies of all options. Employers† that provide flexible benefit plans show the desire to in increase employees† loyalty to the company. In an increasingly tight labor market and faced with the necessity of operating as efficiently as possible, in order to remain competitive, employers view the flexible benefit plan as a tool to enhance employee morale. Flexible benefit plans are also used to improve employer-employee relationships, reduce overall costs of providing benefits, and reduce the incidence of employee turnover (Leonard, 1994). Replacing an employee can cost more than the annual salary of that employee, so it is to the employer†s advantage to retain as stable a workforce as possible (Leonard, 1994). From both the employer and the employee point of view, flexible benefit plans make sound financial sense (Kleiner Sparks, 1994). These plans provide a way for employers to control and budget benefit cost. At the same time, it is also a way for employees to enhance their benefits while paying expenses with pre-taxed dollars. How to cite The Need to Introduce Flexible Benefit Plans for Employees, Essay examples