Panama Canal Expansion

Expansion of the Panama Canal & Heartland Barge The Panama Canal enables the ships sailing from the Pacific Ocean to the Atlantic Ocean (and vice versa) to save time and fuel by avoiding the travel around the tip of South America. The savings in time equal half of the time previously taken by ships to do the same. The size of ships that are used in shipping containers has drastically increased due to the container revolution.To enable the new and bigger ships such as Maersk Triple E Class to pass through and to increase the toll that is collected on every ship, the Panama Canal Authority has decided to undertake the expansion of the Panama canal. This event has impacted world trade and companies all over the world. As of now, the New Panamax ships with drafts of 45 ft delivering containers from Asia to the east coast of the US cannot pass through the Panama canal and therefore dock at the ports of Los Angeles and Seattle on the west coast and transfer their containers to railroad com panies to transport the goods to the east coast.But when the expected expansion commences in 2015, some of these ships would be using the canal to directly reach the east coast of the US To get a piece of this action, several ports on the east coast have undergone upgrade and increased their depth to at least 50 ft to allow the New Panamax ships to reach their container port facilities. Although the U. S. Army Corps of Engineers (USACE) itself has indicated that deepening isn’t expected to increase the volume of container traffic coming through ports, the reality is that not deepening could cost the port a significant amount of volume, relegating it to â€Å"lower tier† port status.New Panamax vessels today make up 16% of the world’s container fleet, but account for 45% of the fleet’s capacity,†Ã‚  By 2030, new Panamax vessels will account for 62% of the capacity of the world's container fleet. The potential transportation cost saving of using new P anamax size vessels to ship agricultural products to Asia, through the Panama Canal may lead to an increase in grain traffic on the Mississippi River for export at Gulf ports. The shipping draft on the lower Mississippi River has enabled operations to 45 feet.However, this requires constant monitoring due to seasonal changes in siltation loads from flooding and deposits. This prompts the need for maintenance dredging to attain operational drafts. But the limitations on the USACE's federal allocated resources is limiting their capacity to properly maintain the 12,000 miles of waterways and 240 locks in the US. Heartland Barge (HB) highly values the ability to match the volume of goods flowing upstream of the Mississippi river system, with the volume of goods flowing downstream, thereby minimizing empty back haul movements.The goods moving downstream are grains mostly Soybean and Corn headed for China and other Asian countries. The goods moving upstream are fertilizers, petroleum prod ucts, aggregates namely stone and sand, and road salt for the Midwest coming from salt mines on an island in Louisiana that is not accessible by truck or rail. With the new Panamax vessels, the opportunities for HB will be varied, such as increased loadings per vessel, the potential for larger vessel sizes to be used, decreased canal transit time, and the potential for lower transport costs overall.HB owns 275 covered and open hopper barges, most of them manufactured post 2004 making its fleet relatively younger than the average barge in the US, and has three lines of business. Investment in newer and bigger barges will give HB a competitive advantage in its Barge line services business. Most barges in the US are above 25 years old and therefore the potential demand for new barge is high. The return on barge investment is 10-12% and has considerable tax benefits, making it an attractive investment option for individuals and companies, where they buy barges as an asset and let HB tak e care of the Barge Management.The Leasing and Sales division would benefit from the sales of new barges and helping investors buy or lease the barges. The Marine Consulting division will see a rise in business as more businesses would want to take advantage of HB's end to end solutions for barge transport. Hiring MBAs as consultants and training them would give HB leverage when the demand for HB's consulting division increases in the near future. Railroads cannot economically compete with barges on many counts.Barge transport costs 40-80 cents a bushel of grain whereas railroads cost an average of $1. 2 a bushel. The rail system does not have unlimited capacity on the network, which results in competitive pressure to operate over finite capacity. Because grain moves are more seasonal, railroads prefer to move consistently transported goods to better allocate resources. The heavier rail cars for transporting big sized containers can often operate over the lighter capacity rails but only at significantly slower speeds.The threat of transit tolls in the Panama canal increasing 47% over the toll structure of the past 5 years can be countered by loading a vessel to a 45 ft draft, compared to the 39. 5 ft draft of the current Panamax vessels. The river navigation system is old and aging, and for improvement projects that have been authorized, funding has not been appropriated. Improvements needed include dredging, highly efficient cranes, improving barge loading berths, automated gates, applied tracking of equipment through optical character recognition and GPS.Waterways Council Inc. is an organization lobbying the government for these reforms through the WRDA – Water Resource Development and RIVER – Reinvest in Vital Economic Rivers and Water bodies Acts. HB should support this organization in its efforts. References: http://waterwayscouncil. org/key-issues/improve-system-reliability-through-infrastructure-maintenance/ http://waterwayscouncil. org/la test-news/improve-reliability-news/harbor-deepening-what-happens-now/ http://www. usace. army. il/Media/NewsReleases/tabid/203/Article/2000/us-army-corps-of-engineers-releases-the-us-port-and-inland-waterways-modernizat. aspx http://southeastfarmpress. com/soybeans/panama-canal-expansion-could-boost-us-soybean-industry http://www. unitedsoybean. org/wp-content/uploads/Panama-Canal-Expansion-Impact-on-US-Agriculture. pdf http://www. npr. org/2013/01/10/168950808/mississippi-blues-when-the-river-doesnt-run http://www. engineeringnews. co. za/article/panama-canal-expansion-reaches-halfway-mark-as-waterway-bids-to-sustain-position-as-key-trade-gateway-2013-03-15

Bmw Swot Analysis Essay

Logo-BMW’s white-and-blue logo is recognizable worldwide, and recalls the company’s start as an aircraft engine manufacturer. It symbolizes a pilot’s view through a propeller as alternating white and blue segments. †¢Most successful multi-brand premium car manufacturer-BMW has three brands, BMW, MINI, and Rolls-Royce. They delivered 141,952 BMW, MINI and Rolls-Royce automobiles in 2007 and sales increased by 7. 4% from the previous year. †¢Super luxury Rolls Royce car-The Rolls-Royce phantom holds the number one position in the super-luxury car segment. The Phantom was launched in 1993, and the final assembly, as well as all-wood and leatherwork are custom made for each customer’s individual specifications. The plant where they are produced, the Goodwood plant in England, contains only two robots to paint the space frame body; all other work is done by hand, in keeping with the Rolls-Royce tradition. †¢Spends one of the highest revenues on R;D-BMW Group employs about 8,000 people worldwide within the research ; development (R;D) network and has invested millions of dollars over the years. They employ engineers, designers, model builders, computer experts, and scientists of various disciplines FIZ co-ordinates and optimize research activities across the group to create the BMW cars of the future. †¢Brand-BMW ranked in the top 20 most recognized global brands. BMW is now the only multi-brand automaker that utilizes a pure, premium brand strategy. The objective behind this strategy is to generate higher income per vehicle on the basis of products with a high intrinsic value and a strong brand image. Their brand ranked number 15 in 2006. Longevity-Bavarian Motor Works (BMW) was formed in 1916 after two small aircraft engine manufacturers merged. In 1923, BMW began to build motorcycles, then its first car in 1928. †¢Driving School-Many manufacturers have associations with driving schools; BMW runs its own. The BMW Performance Center, adjacent to the BMW Manufacturing facility in Spartanburg, attracts owners and prospects from around the country for an ultimate br and experience. †¢Sales-BMW is one among the leading players in the premium cars segment. It achieved a record sales volume of 1,373,970 units in 2006. BMW is ranked among the ten largest car producers globally. Awards/Recognition-Reflecting BMW’s commitment to developing quality and innovative products, the company has been honored with several awards in the past. For example, BMW was presented with the ‘Design Award of the Federal Republic of Germany’ in February 2006 for the BMW 6 Series Coupe and Convertible models. Presented by the German Design Council, the award was the highest official German design award. Following this, the MINI model of the company won the Golden Steering Wheel 2006 award in seven out of 15 categories, ten days ahead of its official market launch in November 2006. Formula 1-BMW won its first Formula 1 championship in 1983 using a four cylinder, 1. 5-liter production based engine. Of course it was turbocharged and could develop well over 1,000 horsepower, some say over 1,500 for short periods of time. BMW continues to field a Formula 1 team because it provides the ultimate in competition and thus the ultimate in learning for BMW. †¢Excellence through quality & innovation-BMW Group’s success is its strategic focus on developing customer-friendly innovations, coupled with an approach to innovations management that is unique within the motor industry Customize your own car-BMW has the option of seeing a sample of the car you’d like by selecting different options such as the color of interior design and exterior design, the wheels, the model etc. †¢Intelligent processes-the COSP(Customer oriented sales and production process) bases production on the customer’s customized version and not by company standards. They employ 70,000 workers in 23 different locations to build the customized cars. A customer can change or alter the options and style of the car right before it goes into production. †¢Environment-friendly-BMW considers environmental and recycling requirements. They use recycled products to build cars. They have environmental standards for all the plants throughout the world. They build cars that lower the amount of fuel consumption. †¢Superior technology and development of new products – BMW is doing this is by developing a hybrid engine as part of a global alliance. The aim of this development is known as a â€Å"two-mode† hybrid vehicle, combining a combustion engine with two electronic engines. This design is aimed towards improving the performance, fuel consumption, emissions and range of conventional hybrid vehicles. The primary goal of modern hybrid systems is to save fuel. †¢Commitment to customers – BMWs’ main goal is to focus on getting the product to the customer as quickly as possible. BMW has a program known as the â€Å"Customer oriented sales and production process. † This way, the customer is able to make any last minute changes to the equipment and accessories they’ve ordered shortly before the vehicle goes to assembly-without delaying the date of delivery. †¢Design Work – design process of building vehicles is done by California Innovation Triangle. This state of the art firm uses computers to help aid the process of design. The highlight of this facility is what the industry has begun to call â€Å"the model plate. † The model plate is a measurement system that transfers the contours of the object being scanned to computers where a 3D model is produced. The designers can then go in and make changes to the object through the computer in order to make the part as suitable for its intended use as possible. What makes this machine so rare is the size of object that can be scanned. The model plate can scan very large object, up to the size of an omnibus. With the use of this technology BMW and California Innovation Triangle are able to layout and design entire vehicles piece by piece. †¢Involvement in community – South Africa serves as good example of BMW’s social commitment. BMW works to bring change from within by enacting equality in the workface, and investing not only in the business, but also in education, healthcare and recreational facilities for employees. The factory at Rosslyn, near Pretoria, evolved from a CKD facility to serve the old South Africa, into a sophisticated facility that is now part of BMW’s international production-distribution network. This risk BMW took provided South Africa the ability to export. And in 2002, the South African factory captured the J. D. Power and Associates gold award for initial production quality. †¢Environmental commitment – BMW factories meet the demanding ISO 14001 environmental standards worldwide. This is not only true for the oldest BMW factory in the city of Munich and at 10 year old American plant in Spartanburg, South Carolina, but also with new factories in emerging and less regulated markets like Thailand and Russia. Excellence through quality & innovation-BMW Group’s success is its strategic focus on developing customer-friendly innovations, coupled with an approach to innovations management that is unique within the motor industry. From features like the twin-flat motorcycle engine, V-shaped overhead valves, and hemispherical combustion chambers introduced on the classics of the 1920s and 30s, to modern technology including ABS brakes, Xenon lights, smart airbags, the head protection system, Valvetronic and iDrive, BMW constantly reinforces its credibility as a premium manufacturer Management-Chief executive, Norbert Reithofer, who took office on September 1, will be seeking to build on the Bavarians’ global momentum. Reithofer has a brilliant track record as head of production, such as combining lean manufacturing and Japanese-like continual improvement with benchmark flexibility for a premium automaker which gives BMW a big cost advantage over leading competition and making it tough for competitors like Mercedes to gain any ground. †¢Young customer base-With the Mini and series 3, BMW has a significant dvantage of gaining younger and first time purchasers over other luxury brands. The youth market is critically important because if a young buyer chooses a particular brand for a first car, he or she is more than likely to buy others with the same name plate as they mature and move up in the market. Even though buyers in the 16-35 age category only accounted for a small percentage of overall sales it is important to gain there sales because as the old marketing principle goes it is easier to keep a customer than to gain new ones. WEAKNESSES †¢New Models-Is it really worth developing new models? It entails expenses along with shipping prices. Each day BMW is striving to produce and develop new cars to satisfy the customers. In the long run, who actually knows if these cars are going to be a big hit. The company might actually be wasting their time and money in producing a model that will not be worthwhile. When developing and producing cars it is important to decipher whether or not the car will become one that is popular on the market. †¢BMW’s heavy cost German base. -More and more competitors are shifting product development activities to lower cost countries. BMW could be forced to negotiate a way to maintain cost competitiveness and its reputation for German engineering excellence made in different countries. †¢Price-Another weakness of the BMW industry is getting the customers to buy these cars. Yes, the hybrid vehicle will save you fuel, but it will be so expensive that it might be hard trying to find customers to buy them at such a high price. Another reason the price of the vehicle is so high is because they are shipped across the United States and also come from a factory in Germany. The expenses of the vehicles and the shipping rate are two key weaknesses that many companies must work with. †¢Motorcycle Sales-The European market accounts for more than 60% of BMW’s motorcycle sales on an average. The group is heavily dependent on this region with Germany being one of the largest markets for its motorcycles business. With the demand in Germany being highly inconsistent in the past six years, this high dependence on a particular region can have an adverse effect on the company’s sales, during periods of demand stagnation in the region. For example, BMW’s motorcycle sales in Germany declined by 9. % to 24,064 units in 2005, which further declined to 23,617 units in 2006. †¢Corporate image-too serious ad tradition-bound. †¢Hybrid Prices-These types of cars will save you a lot of money on fuel, but the problem BMW is having trouble with is pricing the hybrids. It would be hard for BMW to find customers that would buy the hybrids at a high cost. †¢Shipment Cost-Most of the cars are shipped from Germany to the United States. The shipping cost would affect the price of the car. This is one the expenses that the BMW company’s would have to deal with in pricing their vehicles for the customers satisfaction. Online Strategies-BMW is not winning the â€Å"information war† in the market place about its own customers, their attitudes, complaints, wishes, etc. BMW is not operating in a manner, which acts to â€Å"include† its customers including their meeting and information sharing sources. Existing online efforts do not meet consumer needs. There is a lack of â€Å"human intelligence† and an over-reliance on visual marketing in BMW’s on-line strategies. †¢Dealer Networks-BMW’s dealer network is in the midst of great change. Overall basic product margins are down while business infrastructure requirements are up. Many dealers do not feel that the field reps are there to help them build their business but rather just to comment arbitrarily and deliver business change requirements from BMW headquarters. There is a problem with two way information flow in the distributor-dealer relationship. Dealers feel that they are not being listened to and are also not being serviced in critical areas of their business by BMWNA staff. †¢Management-Dealers want to be able to discuss key elements of their business given their limited capital resources. Given the size and nature of he motorcycle market many dealers feel that BMW’s current policies are overly restrictive to the healthy development of their business and that BMWNA should operate in a more flexible manner which could be seen as co-development of a dealer’s franchise not just top-down management by memo. †¢Changing Consumer Environments-Also, as it appears that BMW’s dealer strategy is to move to larger centralized â €˜corporate style’ stores, many of the smaller ‘mom and pop’ dealerships that historically or currently serve a key segment of the BMW owners/riders are being alienated and/or eliminated. By following this policy of upgrade or be eliminated BMW is removing both the habitat in which the consumers live as well as the knowledge base and support structure from which they engage in BMW oriented motorcycle commerce. OPPORTUNITIES †¢India-The Company has been launching several new initiatives and has been widening its product base since 2001. The company expects ample growth opportunities in India, and it is keen on expanding its bases in these countries. †¢The expansion of the euro. -In May 2004 more countries adopted the euro making it the world’s biggest trading block. This offers ample opportunities for BMW to leverage its strong European position in the premium car segment to gather more market share across new and expanding markets. †¢A Chinese luxury car market-Rigorous attempt to get into the Chinese luxury car market signifies an increase in the earnings of the company over the coming years. China already ranks as the third largest market for BMW’s 7 Series luxury limousines. BMW predicts that vigorous growth will place China among the company’s seven largest markets in a few more years. †¢Diesel Power-BMW foresees an immense opportunity in the diesel-powered cars segment. Tourism-the Zentrum building is located in South Carolina. This gives tourists the opportunity to take a look at the history of BMW, also at the cars, the speed and innovation free of charge. It is the only BMW museum in the United States. It is also located next to the only BMW manufacturing plant in the United States. BMW should take a look into bu ilding more museums throughout the world. †¢Expansion-although BMW is very successful they should think about expanding their manufacturing plants throughout the United States and other countries. They only have one location in the United States which is in South Carolina. †¢Have the best and most current technology-It is important for BMW to have the best research and development staff where they can keep the company up-to-date with technology. With the latest technology and supplies, BMW can create the best cars the fastest and most efficient way possible. †¢Broaden information sharing -BMW should broaden information sharing amongst their dealers, distributors, and factory. This will improve product repair knowledge resulting in improved customer service and satisfaction. Improve and run their business based on their business plan-Improving the capabilities of dealers to sell more BMW products in the marketplace through refinement of their business plan †¢Utilize the Internet more-Multiply the value of the ‘human capital’ in the BMW network by â€Å"e-knowledge† and â€Å"e-training. † †¢Better training of their salespeople-Deve lopment and implementation of business practices that harness the best of each individual dealer and make their unique market position/skills a valuable part of the entire network. Partnering with Sirius Radio-In 2005, BMW partnered with Sirius Satellite Radio to promote its new 3-serious car for 44 days. BMW used Sirius to promote its new car because the radio station had 1. 24 million subscribers and still growing. On the final day of promotion it broadcasted a live concert with various artists. †¢Acquiring Volvo-The chairman of BMW, Dr. Norbert Reithofer, is plan on expanding the business with a fourth brand name, Volvo. Although sales of Volvo has been slow in the North American and Europe, its brand name focuses mainly on safety and its fashion appeal is not attractive to the eye. BMW could help out by acquiring the company to make it a more global brand, also in the Asian Market. †¢Apple iPhone-The new Apple iPhone is one of the next best things of phones. It is a touch screen phone with a built in iPod. This would give BMW the opportunity to integrate the iPhone into their cars. †¢China market-An opportunity for BMW is the increase in the luxury automobile market in china. The most significant growth of the luxury market can be attributed to Jiangsu province which has created an 84 percent increase. Next to Jiangsu is Guangdong, making 79 percent recorded growth in the market. On the other hand, Zhejiang province also bagged a 54 percent increase. THREATS †¢Demand Patterns-BMW operates in an industry that is prone to cyclical demand patterns due to consumer wants and needs. †¢Currency-Any unfavorable trend in Euro valuation against major currencies can hurt BMW’s performance. †¢Fuel Efficiency-While BMW continues to work on high performance, clean and efficient gasoline engines, the company is also committed to a green-house-gas- free hydrogen powered vehicle as a long-term strategy. At this time we have an active development program that will enable us still to bring to market a full size automobile, propelled with hydrogen, before the end of the decade. †¢The continuing decline of the dollar against the euro-This threatens to undercut BMW’s top-line thereby tempering its profitability. The euro to one-dollar ratio has dropped from 0. 702626 euros to 0. 690376 euros from October to November. †¢The rising price of raw materials -Materials such as steel threaten to offset the company’s earnings. BMW continues to face the rising cost of raw materials as the key challenge to maintain and improve their growth performance. The annual average market price of aluminum, copper and plastic rose by 34%, 76% and 13%, respectively, in 2006. Likewise, the price of industrial raw materials also increased by more than 30% in 2006. †¢Rising gas prices – with a weak U. S. market, steadily rising gas prices and gaining popularity in non-luxury vehicles there is the temptation to move down market.

Language, Nonverbal Codes, and Cultural Space

I am Sam Is an emotionally charged movie about a mentally disabled father that does his best to raise his daughter that was abandoned by her mother at birth. There is a large cast of characters that contribute to the movie and all of them communicate in different ways. Cultural differences and communication styles will be explored further. The focus of the movie is the bond between Sam and his daughter Lucy. Almost from the beginning there Is a common bond between the two eased on the mental capacity they both share.Once Lucy Is old enough to formulate her own thoughts the small communication gap they once had was dissolved. They both had similar thoughts and exhibited a mostly high context communication style throughout the movie. Having so much in common and being around each other contributed to the many verbal and nonverbal cues they used to communicate. Many times Sam would revert back to Battles trivia to answer question asked of him. Since he didn't have the mental capacity to generate meaningful â€Å"adult† talk, this is how he hose to communicate with Intellectually superior people.Sam had a few friends that were all disabled in their own ways and it was obvious to see that they all had their own ways to communicate when speaking about how to raise Lucy but they all knew what each other was saying even if it wasn't obvious. There were many other types of communication I observed in the movie. As cold and calculated as Cam's lawyer Rata was, Sam and her actually developed a strong bond as they both helped each other out with their Issues. Randy, who became Lully's foster parent also

The impact of port privatization on economic development in Nigeria Essay

The impact of port privatization on economic development in Nigeria - Essay Example This however does not necessarily mean that the government stays away from the entity (Obed & Emeghara, 2012). It sticks to its role as a regulator of laws regarding the activities of the body. Port, privatisation in relation to ports, has two degrees of variation (Ogwezzy & Bello, 2013). One is comprehensive privatisation where the successor company becomes the sole owner of the entire ports and all the land and water areas including assets within the port. This is the same as selling the whole port to a private company (Ogwezzy & Bello, 2013). Partial privatisation is a scheme where only part of the assets and activities of a public port are transferred to the private sector. An example of this is where the government sells its existing berths to a private company or where the government concedes with a private company to build and operate a specialised port facility (Ogwezzy & Bello, 2013). Privatisation, therefore, expands the role of the private sector in the ownership and development of existing port facilities, together with developing new services. Economic development is the progress in the economy which usually involves the change of policies, adoption of new technologies and improvement of living standards. It is measured by the level of economic productiv ity. Economic productivity is the ratio of outputs to a volume measured by inputs to a volume measured by inputs. The growth of productivity of ports means that they can produce more output from the same level of input given before (Ogwezzy & Bello, 2013). Development and operation of ports in Nigeria started in the middle of the 19th century. Efforts to provide facilities for vessels using the ocean began with the opening of Lagos Lagoon in the early 1990 (Nwanosike, Tipi & Warnock-Smith, 2012). Development of the Apapa Port, which is the South West of Nigeria was allotted in 1913 and started in 1921. In 1913, the

The Various Ways of Financing Educational Boot Camps Research Proposal

The Various Ways of Financing Educational Boot Camps - Research Proposal Example According to the report findings Czech Republic is a country located in the Central Europe and it is landlocked. This country has around 1.3million citizens and out of this there is the youth group, in which many of them do not have basic education but are gifted and talented in many skills. To help these youths/students, there are educational boot camps operating in the country and in the countries around. Boot camps are units that began as government’s initiative or by corporate as a form of social responsibility to provide training for students who are talented and gifted in various skills but cannot afford to go to institutions that provide high education. Czech Republic’s government has taken some measures for it to become a renowned country in relation to human development. Currently, it is among the top 30 countries that have implemented measures to achieve the goal of human development within its borders. According to the World Bank, Czech Republic is a develope d country from 2006. As the research stresses there are many sponsors around the world who try to give back to the society even through charity and providing funds to improve the face of their company or improve their brand image in the market. Therefore, it will be of great importance if such sponsors who can take on this responsibility for a longer period of time and provide support to these students can be approached.

Arguments Essay Example | Topics and Well Written Essays - 500 words - 2

Arguments - Essay Example San Diego is also considered a well-developed city. Aside from having beautiful beaches, the city has a long chain of fine dining restaurants, shopping malls including telecommunication services like internet cafà © among others. Since most part of the city is composed of a long line of luxurious homes, the standard of living of its residences also increases. On top of the improvements in the social class and status of the people, their personal and home security is also better as compared to a village that is composed of low-income dwellers. According to Kristina Davis – a Union-Tribune staff writer, â€Å"San Diego remains one of the safest large cities in the nation as crime rate continues to fall and the number of officers on the street continues to rise† (Davis). Considering the downturn in the U.S. economic condition and the continuously increasing high unemployment rate, it is expected that criminal activities is present wherever we go. Based on the San Diego Crime Statistics Report, the total violent crime and property crime rate in San Diego is 0.97 and 0.83 times the national average (City Ratings). This figure is still considerably low as compared to other city in California. Because of safety reasons, San Diego is considered a great place to raise a family. Since parents can be more assured of the safety of their children and other family members, individuals who are employed with either small- and medium-scale businesses or large multi-national companies are able to focus on their profession better. Likewise, the city government of San Diego has managed to develop competitive and outstanding educational system for children and young adults. Given that the population of the people living in San Diego has reached a total of more than 4 million individuals throughout the metropolitan area, medical institutions situated in the city has invested a large sum of money on high-quality medical equipments and facilities aside from having

Textual analysis of the man in the gray flannel suit by sloan wilson Essay

Textual analysis of the man in the gray flannel suit by sloan wilson (american dream theme) - Essay Example The center of this novel revolves around the theme of an American Dream. The novel talks of every United States citizen’s need to win happiness by satisfying their material wants. This is despite the concept written by James Adams, America is the land in which life should be fuller and richer for everyone, depending on their ability and achievement (1931). The Rath family is very unsatisfied with their ordinary lives, referring to it as â€Å"a thousand petty shabinesses.† When Tom returns his wife Betsy wants a better life and future. She wants her husband to be the person he was before the war, a driven and ambitious individual. Her frustration in evident in her annoyance at mundane trivialities of life â€Å"Barbaras got the chicken pox and the washing machine broke down.† Despite serving his country, Tom Rath finds himself unsuccessful as far as the real world is concerned. His Harvard degree is of little consequence as his education is shunned. To keep his wife happy he applies for a job. Tom’s heart is not in what he does. He seems to have no drive to succeed in the material world. When applying for this new job the evident lack of desire is evident in his half-hearted â€Å"it certainly sounds interesting.† All of this changes once Tom works in his new company. The American dream forces him to become part of the rat-race that seeks satisfaction through money. The irony of this idea becomes evident when Tom Rath applies for his job for a public relations position. Rath admits that he knows nothing about the job but this idea is ignored by the employer who claims â€Å"Who does? Youve got a clean shirt and you bathe everyday. Thats all there is to it.† This shows how skills are of no consequence in this life. It is only about presentation and how quickly that helps achieve the material goal. Soon money seems to be the only thing on Tom’s mind. He keeps repeating it to himself â€Å"The important thing is to make money† and â€Å"Money, I need

Economic Performance of UK Coursework Example | Topics and Well Written Essays - 1500 words

Economic Performance of UK - Coursework Example UK's economy is experiencing slower growth as during 2007, it recorded a real GDP growth of 3.1% however, and the same has been recorded at 1.0% due to sharp increase in inflation. (Economist.com 2008). UK's inflation touched 3.8% in 2008 whereas its budget balance also widened to negative 3.8% suggesting the fact that all is not well for the UK economy. Many critics believed that in order to arrest the rising inflationary trends in the country, the monetary authorities in the country shall increase interest rates whereas some believed that in order to reduce the impact of recession, UK's monetary authorities shall lower interest rates so that economy can be put on right track. This paper will discuss both the options i.e. increasing or decreasing the interest rates to control inflation or avoid recession and will present a comprehensive analysis of both the options in order to provide a conclusive recommendation of which option to exercise. The economy of UK is second largest economy in EU after Germany and fifth largest economy in the world. ... The key economic indicators suggested improvement as UK economy thrived on increasing consumer spending however, due to increasing spending; UK economy witnessed growing increase in its consumer price index. IMF, during 2007, revised its economic forecasts for the UK economy due to its improved performance and termed it "impressive" as during last five years i.e. 2003 to 2007, it recorded an average real growth rate of 2.8%. (BBC.com 2007). The economic growth however is mostly dominated by the service sector with major contribution being made by financial services, food chains, healthcare as well as real estate. Further, the Agriculture sector is also significantly contributing towards the GDP of the country as it meets almost 60% food demand of the country. (Economywatch.com 2008) It is also however important to note that the performance of GBP Pound sterling is also declining over the past few years, mainly due to strong performance of Euro against major currencies and the fact that most of the trade within EU region is dominated by Euro. The recent developments, especially in the later half of the year 2008 however suggest that all is not well with UK's economy as it is experiencing serious challenges ahead due to the spread of subprime mortgage crises originating from US. The housing sector in UK thrived on the loose regulatory environment which allowed lenders to make lending into areas which were not considered as bankable under normal circumstances. UK also experienced the same economic bubble in its housing sector as not only the prices of the housing units dramatically increased but also the overall flow of credit to the housing sector increased too. This not only made bankers

Background check Essay Example | Topics and Well Written Essays - 250 words

Background check - Essay Example When individuals hire close friends, they are reluctant to perform the background checks. The second reason is trust where white color criminals are not profiled easily as they are trusted. The last reason is financial issues where small businesses do not have adequate resources to perform the check. Therefore, these businesses opt to avoid the background check. Personally, I do not have an instance where a company failed to perform the check on an individual as my friends confirmed that they signed the waivers for background checks. This shows that the problem has significantly improved in the modern days because information to perform the check is readily available as opposed to the past. A standing policy would be an important measure to ensure that individuals do not avoid the background checks in the future. For reasonable and reliable decision making process, verification of potential employee’s background information is crucial (Muir 51). If I were in the position of hiring a high-level financial employee, I would first interview them personally and then perform an extensive background check to avoid compromising the functioning of my company as a result of vandalism, embezzlement or theft of company resources. Additionally, I would ensure that I contact all previous employers in spite of the subject individual’s experi ence or expertise. With regard to the case scenario, the first company did its duty by reporting the culprit but the second failed leading to a

Violence Against Jews Was the Main Feature Essay Example for Free

Violence Against Jews Was the Main Feature Essay Violence was certainly a part of Nazi anti-Semitic policies, but it can be argued that it was the main feature. The Nazi’s had many other policies against Jews that were not focused on violence, but on other ways to make the lives of Jews increasingly difficult. We can certainly say that violence was a feature of the policies of the Nazi’s. And there was a great amount of violence mainly against Jews but also at other not-Aryan groups. One of the first acts of violence was in 1933, a spontaneous attack and boycott on Jewish shops by Nazi movements that were not totally under the control of the regime. It was known as the revolution from below. We can however argue that this act of violence was not a real policy of the Nazi’s, because it did not come from the Nazi top but from individuals those who supported the Nazi’s. On the other hand, it was later supported by Hitler and his regime and that was the first of the many acts of violence against Jews. A very important move of the Nazi’s against the Jews was the Law for Restoration of Professional Civil Service in 1933, this law dismissed Jews from civil service. It had a big and terrible impact on the economical and psychological state of middle-class Jews. But it did what the Nazi’s intended for it to do, because of this law, 37000 Jews left Germany. Later that year other similar laws were passed, all aimed at excluding Jews from jobs and professions. However passing a law, how discriminating it is, is not violence. It seemed that the Nazi regime tried to bully the Jewish people away from Germany. Without using violence, this proves that there were features of the anti-Semitic policies that did not include violence. Another non-violence but highly important move were the Nuremberg Laws from 1935. This law was a typical anti-Semitic legislation, they banned inter-marriage between Aryans and non-Aryans and they excluded anyone that did not have purely German blood from having German citizenship. These laws are said to be a tactic to replace random violence with controlled legal discrimination. This is a strong argument to say that the main feature of the Nazi anti-Semitic policies was not violence, but more discrimination and making the lives of Jews increasingly difficult through legislation. However, that same year, 1935 attacks on Jewish shops and synagogues started, this increased over the years until the real breakout of kristallnacht, in the night of 9 November, 1938. This night thousands of Jewish shops, homes and synagogues were destroyed and burned down. And Jews were arrested everywhere, this was an organised event and even though the regime pretended like they did not know about this, they were the ones behind it. The Nazi leadership wanted the violence and vandalism against the Jews but was careful to make it seem like they had nothing to do with it. This was a big feature of their policies, encouraging violence, bit making it seem like they knew nothing about it. All these events make up a balanced policy, not totally focused on violence as their main feature but still using violence and discrimination. We can say that violence was not the main-feature of Nazi policies. However it did have a very big role, they did not only use violence to be anti-Semitic. They also used legislation and law very carefully to discriminate the Jews and make their lives much harder. It seems as if they first started out with trying to scare the Jews away from Germany through laws and non-violent boycotts. When this did not have the desired effect, the Nazi regime decided that it was time for more action and harder policies, using more violence against the Jews. Violence might not have been the main feature in the period of 1933-1939, it did become one after this period of time. That leads us to believe that in the ’33-’39 period discrimination through legislation was the main feature and not violence.

Impact of Commercial Paper in the Indian Money Market

Impact of Commercial Paper in the Indian Money Market In todays competitive environment, firms find themselves in a perpetual race to acquire the cheapest source of finance to leverage their companies and gain a competitive advantage. All this is undertaken by companies to satisfy their masters – the shareholders. Finance is a very scarce commodity. A company can satisfy its funding needs generally through two sources namely, equity and debt. It is common practice to use a mix of both in the capital structure. Further the company may rely on two sources of finance – long term sources and short term sources. Long term sources of finance typically include – Shares, debentures, venture capital, public deposits, government grants, mortgage, retained profits, loans from financial institutions, loans from commercial banks etc. Whereas, short term sources of finance include – Overdraft, trade credit, factoring, cash credit, loans advances, discounting of bills, commercial paper etc. A very interesting segment of finance to note is that of money markets. It is an important component of financial markets and is a short term market with maturity period of 1 year or less. The most common instruments traded in the money markets include –treasury bills, certificates of deposits, repurchase agreements, commercial paper (CP) etc. Commercial paper is a short-term debt instrument of the money market. It is an unsecured promissory note with a fixed maturity of 7 to 365 days. It is issued at a discount and redeemed at par. The origin of commercial paper can be traced back to the late 19th century when it grew rapidly as a source of corporate financing until 1920s when it all but disappeared during the Depression. Momentum picked up after the Second World War and a notable incident in the commercial paper market was the Penn Central  [1]  failure which shook the market and temporarily halted its growth (Calomiris, Himmelberg, Wachtel, 1994). Commercial paper as a source of short term funds to Indian corporate sector was introduced from 1990 by the then government in the process of continuing reforms. The direct objective of commercial paper was to improve the short-term liquidity. That is by releasing the pressure on bank funds for medium sized borrowers and enabling companies with high credit ratings to rais e funds directly from the markets (Reddy, 1999). Commercial paper can be further categorized into financial and nonfinancial commercial paper. Nonfinancial commercial paper is issued by nonfinancial corporations, typically large industrial or service firms and utility companies. Financial paper on the other hand is issued by financial companies such as banks (Shen, 2003). From the investors point of view, commercial paper carries with it a great many advantages like low risk due to issuance by prime rated companies, limited reinvestment risk because the commercial papers are generally issued for a short time horizon thereby protecting the investor from large interest rate fluctuations. Investors are also keen on the fact that commercial paper gives higher yields when compared to other short-term investments such as treasury bills or certificate of deposits (Standard Poors, 2008). On the flip side commercial paper is not absolutely risk free, there are certain risks attached to commercial paper – credit risk in that the company may be unable to pay the investors on maturity though this is an extremely rare event, interest rate risk which arises due to the changes in the market interest rates. This risk is mitigated because most commercial papers are issued for short term and most of the investors hold onto the paper until maturity thereby they are unaffected by price movements. Rollover risk is also present because most papers are retired by the companies by making a fresh issue. This risk is also minimized by securing a bank line of credit. The major risk facing commercial paper is liquidity risk which affects the market as a whole. The whole market turns hostile, interest rates rise and the issuer becomes unable to rollover or make fresh issues (Standard Poors, 2008). To guide the investors in making rational and informed decisions, it is mandatory for the commercial paper issue to gain a credit rating from recognized agencies. Ratings give an idea as to the risk attached to the commercial paper and the overall picture of the firm. A substandard rating implies that the firm is extremely risky and there is probability that the firm may default on its payment. In U.S., the recognized credit rating agencies include Standard Poors, Moodys, Fitch, A.M. Best etc. In the commercial paper rating mechanism practiced by Standard Poors, a rating of ‘A1+ is the highest possible score meaning that the firm is creditworthy and there is no risk of default whereas a rating of ‘A3 and below notifies that the instrument is speculative or junk. In India, Credit Rating Information Services of India Ltd. (CRISIL) and Investment Information and Credit Rating Agency of India Ltd. (ICRA) are the reputed rating agencies. The other notable agencies operating in India are FITCH ratings and Credit Analysis and Research Ltd. (CARE). According to the RBI, for a commercial paper to be issued in India the company must have a minimum credit rating of P-2 as per the CRISIL rating scale or its equivalent. Rating is extremely important as the regulations laid down specify that money market funds can invest only in commercial papers having the minimum rating of P-2. Commercial paper scores over bank line of credit or short term loans in many aspects. A company that has high credit ratings enjoys many privileges – they can access lower cost commercial paper, flexible maturity periods to match their cash flow stream. Commercial paper in essence is an unsecured promissory note. Thereby, there is no lien created on its assets. Moreover, there is no limitation on the end-use of funds generated through commercial paper issue. They are traditionally favored as they are cheaper when compared to bank loan, as low as 3.5 % for three months 5.6 to 5.75 % per year. Banks cannot match this rate since their cost of funds itself works out to almost 6% (Pathak, 2009). Money market funds are the largest holders of commercial paper (Standard Poors, 2008). The other investors in commercial paper include trust funds, retirement and pension funds, insurance companies and other large firms having extra funds to invest in them. Individual investors find it difficult to deal in this market because commercial papers are usually sold in very large denominations. To overcome this, they invest in it through money market mutual funds. In India commercial banks were the subscribers of almost 80% of all commercial paper issues but that trend has been declining and as in the U.S., mutual funds are becoming the prominent investors. The recent financial crisis affected almost all the major economies around the globe. The U.S. was the epicenter of this financial earthquake. The recession had far reaching effects many companies folded, investment houses lost their prominence and were absorbed by larger entities and banks were bailed out by the government to avert an economic disaster. The commercial paper market first felt the effects of the crisis on August 2007 when the market contracted sharply as a reaction to the subprime crisis (Shrivastava, 2008). The crisis deepened during September 2008 beginning with the default of Lehman brothers. A large money market fund, the Reserve Primary Fund announced that it had suffered losses to the tune of $785 million as a result of holding Lehman Brothers commercial paper. This spread shockwaves through the entire market and investors were in a hurry to redeem their holdings. In a space of one month the total value of commercial paper outstanding reduced by 15% from $1.76 trillion to $1.43 trillion (Kacperczyk Schnabl, 2009). The Indian economy is intimately tied to the global economy; as such any fluctuations in the global market will have repercussions in the Indian financial market also. Global financial crisis manifested itself in India on January 2008 resulting in the crash of the Indian stock market caused due to the fleeing of FIIs (foreign institutional investors). The Indian commercial sector found itself in a race to acquire funds due to the drying up of several avenues of fund notably, external commercial borrowing. To counter this, bank finance in the form of investments in shares, bonds, debentures, commercial paper etc. expanded more than the previous year (Joseph, 2009). So on a contrast with the commercial paper market of America, the commercial paper market in India was on a rise during 2007. In the U.S., the Federal Reserve undertook unprecedented steps to stabilize the commercial paper market. Federal Reserve of New York introduced the Commercial Paper Funding Facility (CPFF) whereby the Federal Reserve would buy the paper directly from eligible issuers (Federal Reserve, 2008). In early January 2009 the Federal Reserve was the single largest purchaser of commercial paper and accounted to having almost 22% of the market. The facility purchases the commercial paper and holds onto it till maturity and the returns received upon maturity are utilized to pay off Federal Reserve of New York which had provided the capital to initiate the facility. At its peak the Federal Reserve held almost $357 billion worth of commercial paper, that holding was gradually reduced over the years and at the time of the withdrawal of the facility during February 2010, the amount had dwindled down to $3.94 billion (Zumbrun, 2010). In India, the commercial paper market is extremely healthy and as p er the latest outstanding figures it is 1,03,915 crores. 1.1 Aim of the project To understand the role of commercial paper in the Indian money market along with the changes in risk return and also the total outstanding during the period of financial crisis. 1.2 Need of the study India is the second fastest growing economy in the world. The policy makers aspire to attain double digit growth rate. During our review of literature we came to understand that no significant study had been undertaken to understand the effect of the financial crisis on the returns of commercial paper in India. Moreover, studies concerning commercial paper on a global level are also limited. We attempt to fill this knowledge gap. There is wide literature in the form of articles regarding the effects of the financial crisis on the American commercial paper market. We are attempting to understand if the effects of recession on the American commercial paper market have also affected its Indian counterpart. 1.3 Objectives of the study The following are some the objectives that we hope to accomplish during the course of our study. a. To understand the role of commercial paper as an instrument in Indian Money Market. b. To understand risk return movement of commercial paper in India during the financial crisis. c. Comparative analysis of risk return between American Indian commercial paper. d. Understand the changes in commercial paper outstanding of both American and Indian commercial paper market during the financial crisis. 1.4 Hypothesis There is a positive correlation between Indian U.S. discount rates. Indian U.S. commercial paper outstanding have decreased during the period of financial crisis. 1.5 Methodology The study is quantitative in nature. We will be relying exclusively on secondary sources of data, significantly the reports generated by the Reserve Bank of India. Statistical tools such as measures of central tendency, measures of variation and correlation will be used. 1.6 Limitations of the project The major problem being faced is scarce information regarding the Indian commercial paper market. Time constraint will limit the extent depth of the study. The data regarding commercial paper rates for both India and U.S. has been published only up to November 2009 at the time of study. 1.7 Chapter Plan The following is a brief summary of the chapters within the project. Chapter 1: Introduction – Provides a brief insight into the history, role and functioning of commercial paper as a money market instrument. This is followed by the aim, the need, objectives and a brief overview of the methodology followed by the limitations of the study. Chapter 2: Literature review – A broad review of literature which was deemed relevant to the study. The literature mainly comprise of empirical studies undertaken by various researchers. Chapter 3: Methodology and the methods – The data source, statistical tools are highlighted in this chapter. Chapter 4: Analysis and Interpretation of the data collected. Using the techniques mentioned in the methodology, a thorough analysis of the data is conducted. A brief interpretation is also provided. Chapter 5: Conclusion – Concludes the study with a summary of our findings. Chapter 2: Literature Review 2.1 According to Saurabh Ghosh and Narayan Chandra Pradhan (2009) The authors have tried to understand the determinants of WADR (weighted average discount rate) and how these determinants have affected their movement over the past 5 years after adjusting for seasonal fluctuation. The real and financial variables considered for the study were: Index of industrial production (IIP), Amount of CP issued, Cut-off yield 364 days, Call/Notice money, Sensex, Indian Rupees – U.S. Dollar exchange rate bank credit. A close movement and dependency was found out between WADR and the call rate the 364 day treasury bill yield. Although initially there wasnt much co-movement between WADR and the BSE Sensex, co-movements were noticeable after December 2005.The empirical results indicate that there has been an increase in the average monthly issuance, WADR and volatility of WADR over the years. However, around 80% of the commercial paper issued by companies over the last five years was from ‘Prime-rated companies. 2.2 According to Matthias Kahl, Anil Shivdasani Yihui Wang (2008) Firms access commercial paper market to enhance their financial flexibility. Firms use it to fund investment when attractive projects arise and they have insufficient internal funds. Another way in which commercial paper may be used to increase a firms financial flexibility is as bridge financing. They argue that commercial paper borrowing in positively correlated with investment expenditures and negatively correlated with cash holdings. 2.3 According to Pengjie Gao and Hayong Yun ± (2009) The collapse of Lehman brothers was followed by a virtual closing of the commercial papers market, followed by which a number of firms drew excessively on their remaining lines of credit out of fear that weakened banks would reduce their loan commitments. Aggregate commercial paper borrowing declined 15% after the collapse of Lehman brothers, but the effect was concentrated among firms with high default risk. High risk borrowers that were negatively impacted by the decline in the commercial paper market after Lehmans default substituted commercial paper with lines of credit. Low risk borrowers remained as they were. 2.4 According to Charles W. Calomiris, Charles P. Himmelberg Paul Wachtel (1994) The authors arrived at three conclusions. Firstly, there is a flight to quality during a downturn. Firms with strong balance sheets exploit this demand to reduce their cost of short-term borrowing. Secondly, firms in strong financial condition issue commercial paper during downturns in order to extend credit to other firms which may include customers of the firm. As the economy weakens, customers pay their bills more slowly and firms may extend more trade credit as a means of financing their customers short-term credit needs. There is evidence that commercial paper is used to finance trade credit. Finally, increased commercial paper issuance is used to finance inventories. Further, they established links between growth of commercial paper in relationship between the paper market and the commercial bank portfolios. At various times the growth of the commercial paper market was attributed to – (i.) Banks with weak loan demand that were searching for an alternative asset. (ii.) Regulatory constraints that made bank deposits unattractive. (iii.) Market conditions that made bank loans relatively expensive. 2.5 According to John P. Judd (1979) The researcher argues that commercial paper market has replaced the banking sector as the primary source of short-term funds for large financially sound nonfinancial firms. Banks can compete effectively only if the value of the intermediate services that they provide to the lenders/borrowers is greater than the spread between the lending and borrowing rates that they must charge to cover the costs of doing business and absorbing risk. However, it was found that the value from the intermediate services were relatively small and hence the switch over to commercial paper. 2.6 According to Pu Shen (2003) Before the current drop in commercial paper outstanding there was a past occurrence in 2002 when the market for nonfinancial paper declined rapidly. The author tries to understand the factors that led to the unusual decline. To achieve this he considered the factors that could have reduced the supply of credit as well as factors that could have reduced the demand in the commercial paper market. On the basis of this analysis, a conclusion was reached that both demand and supply contributed to the decline. Supply in this context means willingness of the investors to participate in the market. Willingness can be reduced by two factors – Actual or perceived deterioration of the creditworthiness of borrowers and general reduction in investors tolerance for risk. On the demand side, two factors reduce the need for corporations to borrow in the commercial paper market. One factor is decline in inventories which reduces companies short-term financing needs. The other factor is a switc h by firms from borrowing short-term in the commercial paper market to borrowing longer in the bond market. 2.7 According to Dan Covitz Chris Downing (2002) A model is created to explain the relationship between short term and long term yield spreads. Short term spreads cannot be explained by insolvency model because of large spread. Many a times short and long term spreads are negatively correlated. Their explanation for observed risk spreads rests on a distinction between the fixed and liquid assets of a firm. A simple model was proposed in which a firm with a low level of liquid assets may be forced to turn to outside sources of funds to meet its short-term obligations. Funds raised from outside can bring in delay in payments to creditors, which can affect the short term creditors more than long term creditors. Variety of insolvency-risk and liquidity-risk proxies were used and was found that liquidity risk help explain short-term spreads during periods of market stress, but explains very little about long-term spreads. Their empirical findings indicated that while liquidity is an important determinant, the credit risk is the dominant determinant of Commercial Paper credit spread. A literature survey regarding Asset Backed Commercial Paper (ABCP) was conducted, but was disregarded as it was not relevant to the research at hand. A working group has recommended that ABCPs be introduced to deepen the commercial paper in India. Following this the RBI issued the draft guidelines on securitization of standard assets on April 4, 2005. Chapter 3: Methodology Research basically means a quest for knowledge. The primary purpose for applied research is discovering, interpreting and the development of methods and systems for the advancement of knowledge on a wide variety of scientific matters (Wikipedia.com).In this chapter the methodology and methods to be used for analyzing the commercial paper market are briefly discussed along with the problems encountered and the steps that were taken to overcome them. 3.1 Types of Data There are broadly two types of data that are available at the disposal of a researcher. 3.1.1. Primary Data We may rely on primary data if the research calls for raw data that has been collected at the source and has not been subject to any manipulation. Primary data can be qualitative or quantitative. The core benefit of this type of data is that the researcher can exercise a high degree of control over the method and tailor the data collection methods to suit the needs of his research. 3.1.2. Secondary Data Primary data collected by one person may become the secondary data of another. Secondary data has many benefits that make it very appealing. The most obvious advantage is that the data is very economical since the cost of collecting it is usually very little when compared to primary data. It also saves the time of the researcher which would otherwise have been spent on the data collection process. Another key advantage is that in the process of searching for data relevant to the problem, the understanding of the researcher of the problem is improved and there can be changes in the idea in light of the secondary data collected (Beri, 2003). That is not to say that there are no limitations to it. The major risk undertaken by the researcher when collecting secondary data is that the accuracy of the data is compromised. Subsequent problems may be the availability, relevance and sufficiency. Our research relies on secondary data specifically the commercial paper rates published by the Reserve Bank of India and The Federal Reserve. Since these institutions are the apex central banks of India and United States of America respectively, we assume that the data provided by them is highly accurate and can be safely used in our study. Internet Research. As the name implies, it is the practice of using the World Wide Web for research purposes. After identification of our topic, we had to undertake an internet research to gain more background information about it and further our understanding of the topic. Several newspaper articles published on the internet was used to draw a rough chronology of the events in both the Indian U.S. commercial paper markets during the period of study. 3.2. Time Period The financial crisis was well underway during the early half of 2007 due to subprime mortgages default. We have divided the time period of our study into two distinct frames to analyze and draw logical conclusions. 3.2.1 First Time Period (November 2007-October 2008) We have selected November 2007 as the initiation point of the first time period our study due to the fact that the stock markets in America was in turmoil and falling rapidly. Leading up to this point there were certain major market developments, the LIBOR (London Interbank Borrowing Rate) reaches its highest level since 1998. Northern Rock collapses and receives emergency support from Bank of England. Major Banks such as UBS and Citigroup announce losses numbering in the billions due to subprime mortgage defaults. September 2008 was a very dynamic and crucial month in the context of the financial crisis. U.S. government bails out mortgage lenders Freddie Mac Fannie Mae, which hold almost half of all outstanding mortgages in the U.S. Bank of America proposes to take over Merrill Lynch for USD 50 billion. Lehman brothers files for bankruptcy making it the biggest corporate bankruptcy ($ 639 billion) in the history of U.S.A. Morgan Stanley Goldman Sachs loses their status as investment banks. They become traditional commercial banks (Mauro F. Guillà ©n, 2009). The first time period concludes on October 2008. The reason we have selected this particular month is that in the aftermath of Lehman Brothers bankruptcy, the commercial paper market contracted severely. Investors lost their confidence and companies were finding it difficult to make fresh issues of commercial paper. 3.2.2 Second Time Period (November 2008-November 2009) For companies that use commercial paper as a short-term funding mechanism, a sudden stoppage of access to the market will push them to the brink of bankruptcy. The Federal Reserve recognized this and initiated the Commercial Paper Funding Facility towards the end of October 2008. The major objective was to stabilize the commercial paper market and provide the necessary funding to the companies. Our second time period picks off from this point and continues till present. 3.3 Statistical Techniques Statistics is termed as the science of making effective use of numerical data. It deals with all aspects of it including collection, analysis and interpretation of such data collected. To facilitate our analysis, we had to rely on certain statistical tools and the software SPSS. 3.3.1 Measures of Central Tendency The most commonly used tool for understanding ‘averages is the arithmetic mean. A single value which is a representation of the entire mass of data taken into calculation. It is neither the highest nor the lowest value in the data set. It takes into account all the values in the study. It is in essence a single value around which the other variables in the study tend to cluster. The arithmetic mean is also laden with a certain disadvantage namely the tendency of the mean to get unduly affected by the presence of extreme values. 3.3.2 Measures of Variation Using mean will only supply us with a single figure representing the entire data. We cannot understand the dispersion of the values from the mean. To overcome this obstacle, we need to use a measure of variation. We have decided to study the variation utilizing the tool ‘standard deviation. Standard deviation helps us to measure the risk associated with commercial paper. Standard deviation will be equal to zero when all the numbers in the sample are very close to one another. The more dispersed they are the greater will be the standard deviation. 3.3.3 Correlation Mean and standard deviation does not allow us to compare two different variables. In such a scenario we may use correlation to understand if any relation exists between two variables. If relation is proved, correlation further helps us to judge to what degree the relation is present and the significance of it. The correlation coefficient ‘r ranges from -1.0 to +1.0. The closer ‘r is to either poles, the higher the correlation. Towards +1 indicates a positive correlation whereas closer to -1 is an indicator of negative correlation. 3.3.4 Simple Bar Diagrams/ One-dimensional Bar diagrams Simple bar diagrams are considered to be the most commonly used diagrammatic representation of data. Only the length of the bar matters, the width of a single bar is present only for drawing attention to the figures and making clear cut conclusions. We have used bar diagrams to depict the trend of commercial paper outstanding in both the Indian U.S. commercial paper markets over the period of study. 3.3.5 Times Series Graphs We have utilized time series graphs to chart the movement of risk across the time period of study. The reason for the selection of this technique is due to its usefulness in giving a quick idea about the trend of the variable over a period of time. The other added advantage is that it allows a comparison of two variables also across the time period. Chapter 4: Findings Analysis 4.1 Introduction In this chapter, we attempt to make a systematic analysis of the secondary data that we have collected from Reserve Bank of India Federal Reserve System. The raw data was transferred to Microsoft Excel software after proper scrutiny. The data was analyzed by using the statistical tools present in the Microsoft Excel SPSS programmes. As we have described earlier in the methodology, descriptive statistics like standard deviation, arithmetic mean and inferential statistics like correlation were used to analyze the data. Data presentation tools like Simple bar diagram and Time series graphs were utilized to present the data logically and in an understandable manner. The discount rates provided by RBI consisted of low high rates. The average of the discount rates was calculated to make a meaningful analysis and enable comparison with the U.S. commercial paper discount rates, since the Federal Reserve provides only a single rate. Moreover in the U.S. the commercial paper market is sub-divided into two broad strata, i.e. financial and non-financial commercial paper. Both of these were taken into account to enable the study to be more comprehensive and significant. The U.S. commercial paper outstanding amounts were converted into Indian rupees on the basis of foreign exchange rate prevalent in the time period of study. This was conducted on a month wise basis from November 2007 till November 2009. 4.2. Analysis of Data The following section contains an analysis of the data. 4.2.1 The first analysis conducted was to trace the movement of discount rate in India during the first time period. Table.1. Mean Standard Deviation of Indian Discount Rate during November 2007- October 2008 Mean 10.9242 Std. Deviation 1.70208 Interpretation 68% of the time, the average discount rate shall vary between 9.6 and 12.6. That means for nearly 8 months of the study period, the rate of return of commercial paper in India will be between 9.6 12.6 95% of the time, the discount rate shall vary between 7.5 and 14.3. The overall trend from the observed figures indicates forward direction. The cause behind this trend maybe the accelerated inflation rate. The investing communitys confidence levels are weakened, as a result the expected levels of discount rate also increases. Another reason may be that the investors are worried about the exposure of Indian banks to U.S. subprimes. For instance ICICI exposure to Citibank Asset backed securities is one important reason behind uncertainty in Indian money market segment. Graph.1. Movement of discount rate during Period 1 Interpretation Until December 2007, the discount rates did not undergo much fluctuation. From January 2008 till April 2008, the rates were subject to wide changes the average rate reached heights like 11.88 and depths of 8.73. In March, the market on expectations of a promising RBI credit policy announcement has shown an upward surge. But the RBI maintained the status quo, the bank rate, the repo rate and the reverse repo rate were unchanged. Following this the returns show a decline and thereafter it has shown a rising trend till October 2008. Corresponding to this period, the inflation rates in India had also been growing at an accelerated pace. The inflation in India during March was 5.11%, this shot up to 12.63% in August and declined to just 10.72% by October end. If the inflation rate increases, the nominal interest rates also increases, as a result commercial paper discount rate is also showing an increase. The discount rate rose to an all time high of 14.23 in October 2008.This abnormal rise in discount rates may be linked to Lehman Brothers declaring bankruptcy in U.S.A. on September 15, 2008. Because of the bankruptcy, the investors have lost their confidence on money market instruments. This event might have triggered investors in the Indian commercial paper market to seek higher discount rates on the Indian commercial paper. As a result pushing up the discount rates on commercial paper issued by the Indian corporate sector. 4.2.2 This analysis deals with the movement of discount rate in

Should the U.S. build a National Missile Defense System? Essay

Should the U.S. build a National Missile Defense System? â€Å"What if free people could live secure in the knowledge that their security didn’t depend upon the threat of instant U.S. retaliation to deter an enemy attack?† Ronald Reagan; 1983 In his speech of March 23, 1983, President Reagan presented his vision of a future where a Nation’s security did not rest upon the threat of nuclear retaliation, but on the ability to protect and defend against such attacks. The Strategic Defense Initiative (SDI) research program was designed to tell whether, and how, advanced defense technologies could contribute to the feasibility of this vision. What is a national missile defense (NMD)? A NMD is in theory â€Å"a technological shield that could destroy all incoming missiles† (Cirincione and Von Hippel 1). A NMD would most likely employ ground-based missiles that would intercept and destroy incoming intercontinental ballistic missiles (ICBM). ICBMs are missiles that are capable of hitting targets thousands of miles away from their launch site. The National Missile Defense Act â€Å"calls for developing a missile-defense system that could protect the United States from an attack by a handful of nuclear armed ballistic missiles† (Ballistic Missile Defenses). It is important to realize the proposed NMD would not be designed to protect against an all out nuclear attack featuring hundreds of missiles. Is a NMD a good thing for the United States? I believe the United States should not develop and deploy a NMD system. How does the NMD work? According to the Federation of American Scientists at fas.org, there are five elements involved in the missile defense system. The first rudiment is the Ground Based Interceptors (GBI). These are the weapons of the system. Their job is to intercept ballistic missile warheads and through the force of impact, destroy them. The GBI includes the interceptor, its launch and support equipment, missile silos, and personnel. The missile is make of an EKV and boosters, and the GBI sites would be capable of holding 20 missiles with eventual upgrade to 100. The next part of the system is called the Battle Management Command and Control (BMC2). This is the brains of the system and it controls and operates the missile defense system. It provides decisive support systems, battle management systems and displays, and also situation awareness information. Satellites... ...iew: Desirability and Feasibility of Ballistic Missile Defenses.† The Last Fifteen Minutes: Ballistic Missile Defense in Perspective. Ed. Joseph Cirincione and Frank Von Hippel. N.p.: Coalition to Reduce Nuclear Dangers, 1999. 6-15. Gordon, Michael R. â€Å"Russians Firmly Reject U.S. Plan to Reopen ABM Treaty.† New York Times. 21 Oct. 1999: A3. Hulme, Dr. Derrick. â€Å"Arms Control.† World Problems and Conflict. Alma College, Alma, MI. 17 Nov. 1999. Krepon, Michael. â€Å"Missile Defense: Not Such a Bad Idea.† The Bulletin of the Atomic Scientists. May-June. 1999: 31-33. Mendelsohn, Jack. â€Å"Missile Defense: And It Still Won’t Work.† The Bulletin of the Atomic Scientists. May-June. 1999: 29-31. National Academy of Sciences. The Future of U.S. Nuclear Weapons Policy. Washington, D.C.: National Academy Press, 1997. Ray, James Lee. Global Politics. 7th ed. New York: Houghton Mifflin Company, 1998. â€Å"Selling Russia on Missile Defense.† New York Times. 21 Oct. 1999: A24. â€Å"What Proponents of Missile Defense Argue and Rebuttals.† Council for a Livable World. n. pag. Online. Internet. 2 Nov. 1999. Available WWW: http://www.clw/org/ef/bmdrebuts.html. Federation of American Scientists – www.fas.org

All Quiet on the Western Front :: All Quiet on the Western Front Essays

All Quiet on the Western Front Millions dead, tens of millions injured, for what? For a petty argument between two countries. War is devastating to countries and most indefinitely individuals. Men can be left disturbed mentally, physically, and socially for the rest of their lives. Is this necessary? Well maybe you should decide after reading the next few paragraphs. You can decide if the war being fought is a war of dignity and glory as everyone would make it out to be or if it was a battle of death and gore. You maybe surprised at what happens to men out there. Well it would be glorious to be wounded and or die for your country right? Well maybe if you were the one seeing everything from the outside looking in. If you were a soldier your outlook on war may be a little different. The physical ailments of the young men are terrible. Some even consider it lucky if you die. For example, Remarque made it very clear that he was aware of the pains men were forced to endure when he put Paul and Albert Kropp in the hospital. Paul was going on leave and asked Albert if there was anything that he could get for him and Kropp said, "A gun." Paul showed his disapproval of this idea and Albert said something to the degree of I would rather die then live without a leg. Another example was when Kat was wounded by the bomb that went off while he was delivering supplies to the men on the front. Kat could not even walk. Then while Paul was taking him back to the First Aid center the man said, "He's stone dead." Paul was so oblivious to what was going on that he simply replied, "No, he's just fainted." When he looked at his hand and found a bullet wound in the back of Kat's head he was so stunned that he could not even think or see straight. In the real world people would leave their homes cheerful young men and return tattered worn cripples. Men would return with missing appendages. Some would return without legs. Others would come home without sight or unable to breathe on their own.

The Importance of the Sea in The Awakening Essay -- Chopin Awakening

The Importance of the Sea in The Awakening      Ã‚   Throughout her novel, The Awakening, Kate Chopin uses symbolism and imagery to portray the main character's emergence into a state of spiritual awareness. The image that appears the most throughout the novel is that of the sea. â€Å"Chopin uses the sea to symbolize freedom, freedom from others and freedom to be one's self† (Martin 58). The protagonist, Edna Pontellier, wants that freedom, and with images of the sea, Chopin shows Edna's awakening desire to be free and her ultimate achievement of that freedom.    Edna's awakening begins with her vacation to the beach. There, she meets Robert Lebrun and develops an intense infatuation for him, an infatuation similar to those which she had in her youth and gave up when she married. The passionate feelings beginning to overwhelm her are both confusing and exciting. They lead to Edna beginning to ponder what her life is like and what she is like as a person. The spell of the sea influences these feelings which invite "the soul . . . to lose itself in mazes of inward contemplation" (Chopin 57). Edna begins to fall under the sea's spell and begins to evaluate her feelings about the life that she has.    During the summer of Edna's awakening, the sea's influence increases as she learns how to swim, an event which holds much more significance that her fellow vacationers realize. â€Å"To her friends, she has accomplished a simple feat; to Edna, she has accomplished a miracle† (Showalter 114). She has found a peace and tranquility in swimming which gives her the feeling of freedom. The narrator tells us that as she swims, "she seem[s] to be reaching out for the unlimited in which to lose herself" (Chopin 74). She sees the freedom t... ...ms out into the ocean for the final time, she finds her ultimate freedom.    In the end, the sea symbolizes freedom for Edna. It will never treat her as a possession like her husband has for so many years. It will not demand all of her time and attention as her children do. It will never abandon her as Robert does. It will enfold her "in its soft, close embrace" (Chopin 176) and allow her to experience the vast array of feelings that her life has forbidden her to do. The sea will allow her to be free.    Works Cited and Consulted Chopin, Kate. "The Awakening." 1899. The Complete Works of Kate Chopin. Ed. Per Seyersted. Baton Rouge: Louisiana State UP, 1969. 881-1000. Martin, Wendy, ed. New Essays on the Awakening. Cambridge: Cambridge UP, 1988. Showalter, Elaine. "Tradition and the Female Talent: The Awakening as a Solitary Book." 1993

Essentials of College Writing Essay

Peer editing is an evaluative method of judging or critiquing written text with the valuable engagement of peers. The purpose of writing within the context of peer editing is to write a text that will be able to incite responses, not only from people in authority who oversee the writing process (ex. teachers, professors, technical writing instructors, etc. ), but also from an individuals’ peers. The process of peer editing follows the writing process, the reading process, the critiquing session, and the rewriting process. Peer editing allows the expression of comments or suggestions regarding a written text which an individual may use to modify errors within the text, identify ambiguous elements that defeats the purpose of a cohesive theme, and draw out additional information that are instrumental in improving the written text. (Adger, Wolfram, & Christian, 2007) The overall result of peer editing is the improvement of literacy or skills in writing. (Topping & Ehly, 1998) Perhaps, it is also important to reiterate that peer editing allows individuals to identify errors or mistakes in the writing process that may be unknown to them. The diversity of peer characters and points of views allows one to look at the theme and quality of written works from different angles, allowing a writer to complete a written work clearly and concisely. What are some of the techniques a team can use to integrate various writers work into one cohesive document? Integrating various written works into a cohesive document should follow a series of steps. The first step is to read all the written works carefully in order to identify the main points and focus of each text. The team should then group or categorize written works according to their similarities in meaning, theme, or points of view. Once this is accomplished, the team should agree on the organization or framework of the single document they will be working on depending on the ideas or information drawn from the grouped or categorized written works. This process is similar to constructing an outline that will become the basis of the targeted cohesive document. Moreover, constructing an outline will require a team to identify what the focus of the article would be, what work will best fit in the introduction, the body, or the conclusion, etc. The next step would be to fill in parts of the outline, such that main and valuable points from each written work of team members will be drawn out to be integrated into the outline of the targeted cohesive document. At this point, the team is prepared to layout the finished document. What is the purpose and historical academic use of the APA style and why is it important to use APA style? The American Psychological Association or APA is a common citation style utilized by professionals in their written works. Its use is most common in the social sciences. The content of the APA citation style is usually the author and the year of publication, as well as the title of work and the imprint. Other elements of written works designed under the framework of the APA style include the reference list, intext citations, headers, page numbering, and page margins. (Hajnal, 1997) The origin of the APA citation format is traced back to a discussion between professionals who write journals with anthropology and psychology as subjects. It was a way to set a standard of writing for journals in order to promote structure and organization in the formality of writing professional articles. After this discussion, the APA published a written work containing writing standards and guidelines. (Hunter, 2007) The importance of utilizing the APA style is to organize a written body of work by structuring the writing styles and citation references into something formal or standard. Standardized writing will benefit readers in such a way that reading other journals is recognizable and comprehensible. (Seas & Driscoll, 2007) Aside from this purpose, the significance of utilizing APA as a writing guide ensures clarity, consistency and unity all throughout the body of the written work or article. (â€Å"APA Style†) For authors or writers, following the APA format or writing style is a means of abiding by rules set forth a particular publication – in this case, publications that publish written works of professionals in fields wherein the APA writing style is commonly used (such as psychology, sociology, education, nursing, etc. ). (â€Å"Frequently Asked Questions†) Discuss what is meant by Parallel Structures in the writing process. Abiding by the rules of parallel structure during the writing process, an author or writer should present equally important thoughts and ideas appropriately. This means that if a sentence calls for the presentation of several thoughts or ideas that are within the same level of importance, structure, or content, these should be written as such. No thought or idea should go against the flow of thoughts, especially in form. For instance, a sentence calls for the enumeration of activities that a person does in the morning. If the form of the verbs being enumerated are in the present tense, they should be written as such: â€Å"†¦ waking up, eating breakfast, brushing one’s teeth, and bathing. † and not â€Å"†¦waking up, eat breakfast, brush one’s teeth, and bathing. † This rule goes the same with the use of clauses and words that follow a colon. (Purdue OWL & Driscoll, 2006) Discuss the meaning of verb tense in the writing process. Like the parallel structure which signals consistency and uniformity within the body of a written work, verb tenses also results to the same outcomes in writing. Aside from the general rules of verb tenses such as past tense for actions done in the past, present tense for actions that are currently taking place, and future tense for action that are about to take place, verb tenses in the writing process also necessitates consistency and uniformity of thoughts. For instance, a written work is in the form of a narrative then it should not only be written in the past tense, but should be written in the past tense all throughout the remainder of the text. Website: http://apastyle. apa. org/ â€Å"Frequently Asked Questions. † (2008) Retrieved October 22, 2008, from The American Psychological Association. Website: http://www. apastyle. org/faqs. html#1 Hajnal, P. I. (1997). International Information: Documents, Publications, and Electronic Information of International Governmental Organizations. SC: Libraries Unlimited. Hunter, S. (2007). APA Writing Style. Retrieved October 22, 2008, from Associated Content, Inc. Website: http://www. associatedcontent. com/article/181223/apa_writing_style. html? cat=3 Purdue OWL & Driscoll, D. L. (2006). Parallel Structure. Retrieved October 22, 2008, from The Writing Lab & The OWL at Purdue. Website: http://owl. english. purdue. edu/owl/resource/623/01/ â€Å"Tenses in Writing. † (N. D. ) Retrieved October 22, 2008, from University of Washington. Website: http://depts. washington. edu/engl/askbetty/tenses. php Topping, K. J. & Ehly, S. W. (1998). Peer-Assisted Learning. NJ: Laurence Erlbaum Associates. Seas, K. & Driscoll, D. L. (2007). APA Overview and Workshop. Retrieved October 22, 2008, from The Writing Lab & The OWL at Purdue. Website: http://owl. english. purdue. edu/owl/resource/664/01/

Bloodsucking Fiends: A Love Story Chapter 7

Chapter 7 Suitors After enduring a reasonable amount of bitterness from the crew over using his position to make a move on the girl in the parking lot, Tommy was able to persuade them to get back to work. Simon, Drew, and Jeff performed some mechanical magic on the meat case with a hammer, some jumper cables, and a can of Bondo, and by morning everything was running as if greased by the gods. Tommy met the manager at the front door with a smile and a report that his first night had gone great. The best crew he had ever seen, he said. He rode to Chinatown with Troy Lee. They found a parking place a few blocks from Tommy's room and walked the rest of the way. The sun was up only an hour, but already the merchants were open and the sidewalks crowded. Delivery trucks blocked the streets as they dropped off their loads of fresh fish, meat, and vegetables. Walking through Chinatown with Troy Lee at his side, Tommy felt as if he were carrying a secret weapon. â€Å"What's that stuff?† Tommy asked, pointing to a stack of celerylike stuff on a produce table. â€Å"Bok choy – Chinese cabbage.† â€Å"And that?† â€Å"Ginseng root. They say it's good for the wood.† Tommy stopped and pointed in the window of a herbalist. â€Å"That looks like hunks of deer antler.† â€Å"It is,† Troy said. â€Å"It's used to make medicine.† As they passed the fish market Tommy pointed to the huge spiny turtles trying to escape their milk crates. â€Å"Do people eat those?† â€Å"Sure, people who can afford them.† â€Å"This is like a foreign country.† â€Å"It is,† Troy said. â€Å"Chinatown is a very closed community. I can't believe you live here. I'm Chinese and I've never even lived here.† â€Å"This is it,† Tommy said, stopping at the door. â€Å"So you want me to ask them about the flowers, and what else?† â€Å"Well, about vampires.† â€Å"Give me a break.† â€Å"No, this guy I met, the Emperor, he said it could be vampires.† Tommy led the way up the steps. â€Å"He's bullshitting you, Tommy.† â€Å"He was the one that told me about the job at your store, and that turned out to be true.† Tommy opened the door and the five Wongs looked up from their bunks. â€Å"Bye-bye,† they said. â€Å"Bye-bye,† Tommy said. â€Å"Nice place,† Troy said. â€Å"I'll bet the rent is a killer.† â€Å"Fifty bucks a week,† Tommy said. â€Å"Fifty bucks,† the five Wongs said. Troy motioned Tommy out of the room. â€Å"Give me a minute here.† Troy closed the door. Tommy waited in the hall, listening to the nasal, banjo sounds of the conversation between Troy and the five Wongs. After a few minutes Troy emerged from the room and motioned for Tommy to follow him back down to the street. â€Å"What goes?† Tommy asked when they reached the sidewalk. Troy turned to him; he seemed as if he was trying to keep from laughing. â€Å"These guys are just off the boat, man. It was kind of hard to understand them, they speak some regional dialect.† â€Å"So?† â€Å"So, they're here illegally, smuggled over by pirates. They owe the pirates like thirty grand for the trip, and if they get caught and sent back to China, they still owe the money. That's like twenty years' wages in the provinces.† â€Å"So?† Tommy asked. â€Å"What's that got to do with the flowers?† Troy snickered. â€Å"I'm getting to that. You see, they want to be citizens. If they become citizens, they can get better jobs and pay off the pirates faster. And they can't be sent back.† â€Å"And the flowers?† â€Å"The Wongs are leaving the flowers. They're courting you.† â€Å"What!† â€Å"They heard somewhere that in San Francisco men marry men. They figure that if they can get you to marry them, then they can be citizens and stay here. You've got secret admirers, dude.† Tommy was indignant. â€Å"They think I'm gay?† â€Å"They don't know. I really don't think they care. They asked me to ask you for your hand in marriage.† Troy finally lost control and started laughing. â€Å"What did you tell them?† â€Å"I told them I'd ask.† â€Å"You fucker.† â€Å"Well, I didn't want to tell them no without asking you. They said that they'd take good care of you.† â€Å"Go tell them I said no.† â€Å"You got something against Asians? Too good for us?† â€Å"No, it's not that. I – â€Å" â€Å"I'll tell them that you'll think about it. Look, I've got to get home and get some sleep. I'll see you at work tonight.† Troy walked away. â€Å"You're cleaning garbage cans tonight, Troy. I'm in charge, you know? You better not tell Simon and the guys.† â€Å"Whatever you say, Fearless Leader,† Troy called over his shoulder. Tommy stood on the sidewalk trying to think of a better threat. A half block away Troy turned and yelled, â€Å"Hey, Tommy!† â€Å"What?† â€Å"You'll make a lovely bride.† Tommy, murder in his eyes, broke into a run after Troy Lee. Sunset. Consciousness hit Jody like a bucket of cold water. She thought, I miss waking up groggy and waiting for the coffee to brew. Waking up with your worries already in full stride just sucks. What was I thinking? Giving myself only a half hour to get ready for a date? I have nothing to wear. I can't show up in a sweatshirt and jeans and ask this guy to move in with me. I don't even know anything about him. What if he's a drunk, or a woman beater, or a psycho killer? Don't those guys always work nights in grocery stores? The neighbors always say that: â€Å"He worked nights and kept to himself. Who would have thought that he stir-fried the paperboy?† He did say I was beautiful, though, and everybody has their faults. Who am I to judge? I'm a†¦ She didn't want to think about what she was. Jody had thrown on her jeans and was furiously trying to put on what little make-up she had with her. She thought, I can read small print in the dark, I can see heat coming off a hiding rat from a hundred yards, and I still can't put on mascara without poking myself in the eye. She stepped back from the mirror and tried to fight the self-criticism – tried to look at herself objectively. I look like a late-night TV plea for the fashion-impaired, she thought. This won't work. She broke away from the mirror, then took one last look and primped her hair, then started out the door, then took one last look, then started out the door, then paused for a last look†¦ â€Å"No!† she said aloud. She ran out the door, down the steps, and to the bus stop on the corner, where she bounced from foot to foot as if waiting for the bathroom at a beer-drinking contest. Tommy had spent the day trying to avoid the five Wongs. He watched the room until he was sure they had all left, then he sneaked in and grabbed some clean clothes, showered, dressed, and sneaked out. He took a bus to Levis Plaza, where he napped on a park bench while pigeons and seagulls scavenged around him. Late afternoon brought a cold wind off the bay that chilled him awake. He walked up Sansome toward North Beach, trying to rub the crease out of the back of his head left by the bench slats. As he passed a group of teenagers who were posturing and panhandling at the curb, one pudgy boy shouted, â€Å"Sir, can you spare a quarter for some eyeliner?† Tommy dug in the pocket of his jeans and handed the kid all of his change. No one had ever called him ;sir; before. â€Å"Oh, thank you, sir!† the kid gushed in a high feminine voice. He held the fistful of change up to the others as if he had just been handed the cure for cancer. Tommy smiled and walked on. He figured that panhandlers had cost him about ten dollars a day since he had come to the City – ten dollars that he really couldn't afford. He didn't seem to be able to look away and walk on like everyone else. Maybe it was something you developed after a while. Maybe the constant assault of despair callused your compassion. A plea for money for food always made his stomach growl, and a quarter was a small price to pay to quiet it. The plea for eyeliner appealed to the writer part of him, the part that believed that creative thought was worth something. Yesterday he had heard a tourist tell a homeless man to get a job. â€Å"Pushing a shopping cart up and down these hills is a fucking job,† the homeless guy had said. Tommy gave him a buck. It was still light when Tommy reached Enrico's on Broadway. He paused momentarily and looked over the few customers who were eating on the patio by the street. Jody wasn't there. He stopped at the host's station and reserved a table outside for a half hour later. â€Å"Is there a bookstore around here?† he asked. The host, a thin, bearded man in his forties, with perfect anchorman-gray hair, raised an eyebrow, and with that small gesture made Tommy feel like scum. â€Å"City Lights is one block up on the corner of Columbus,† the host said. â€Å"Oh, that's right,† Tommy said, batting himself on the forehead as if he'd just remembered. â€Å"I'll be back.† â€Å"We are giddy with anticipation,† the host said. He spun curtly on one heel and walked away. Tommy turned and started up Broadway until he was accosted by a barker outside a strip joint, a man in a red tailcoat with a top hat. â€Å"Tits, slits, and clits. Come on in, sir. The show starts in five minutes.† â€Å"No, thanks. I have a dinner date in a few minutes.† â€Å"Bring the little lady back with you. This show can turn a maybe into a sure thing, son. We'll have her sitting in a puddle before you leave.† Tommy squirmed. â€Å"Maybe,† he said. He hurried along until the barker two doors up, this one a buxom woman wearing leather and a ring in her nose, stopped him. â€Å"The most beautiful girls in town, sir. All nude. All hot. Come on in.† â€Å"No, thanks. I have a dinner date in a few minutes.† â€Å"Bring her – â€Å" â€Å"Maybe,† Tommy said, walking on. He was stopped three more times before he reached the end of the block, and each time he declined politely. He noticed that he was the only one who stopped. The other pedestrians just walked on, ignoring the barkers. Back home, he thought, it's impolite to ignore someone who is speaking to you, especially if they call you â€Å"sir.† I guess I'm going to have to learn City manners. She had fifteen minutes before she was supposed to meet Tommy at Enrico's. Allowing for another bus ride and a short walk, she had about seven minutes to find an outfit. She walked into the Gap on the corner of Van Ness and Vallejo with a stack of hundred-dollar bills in her hand and announced, â€Å"I need help. Now!† Ten salespeople, all young, all dressed in generic cotton casual, looked up from their conversations, spotted the money in her hand, and simultaneously stopped breathing – their brains shutting down bodily functions and rerouting the needed energy to calculate the projected commissions contained in Jody's cash. One by one they resumed breathing and marched toward her, a look of dazed hunger in their eyes: a pack of zombies from the perky, youthful version of The Night of the Living Dead. â€Å"I wear a size four and I've got a date in fifteen minutes,† Jody said. â€Å"Dress me.† They descended on her like an evil khaki wave. Tommy sat at a patio table with only a low brick planter box between him and the sidewalk. To avoid the titty bar barkers, he had crossed the street eight times in the half block from City Lights Bookstore to Enrico's and he was a little jangled from dodging traffic. He ordered a cappuccino from a waiter who fawned over him like a mother hen, then stared in amazement when the waiter returned with a cup the size of a large soup bowl and a plate of brown crystalline cubes. â€Å"These are raw sugar cubes, honey. So much better for you than that white poison.† Tommy picked up the soup spoon and reached for a sugar cube. â€Å"No, no, no,† the waiter scolded. â€Å"We use our demitasse spoon for our cappuccino.† He pointed to a tiny spoon that rested in the saucer. â€Å"Demitasse,† Tommy repeated, feeling reckless. In Indiana the use of the word ;demitasse; was tantamount to leaping out of the closet in scandalous flames. San Francisco was a great city! A great place to be a writer! And gay guys seemed like pretty nice people, once you got past their seeming obsession with Barbra Streisand music. Tommy smiled at the waiter. â€Å"Thanks, I may need a little help with the forks.† â€Å"Is she special?† the waiter asked. â€Å"I think she's going to break my heart.† â€Å"How exciting!† the waiter gushed. â€Å"Then we'll make you look marvelous. Just remember, use from the outside first on the forks. The big spoon is for winding pasta. Is this your first date?† Tommy nodded. â€Å"Then order the raviolis – bite-size – no muss, no fuss. You'll look good eating them. And order for her, the rosemary chicken with roasted bell peppers and wild mushrooms in cream sauce – a beautiful dish. Tastes horrid, but on a first date she won't eat it anyway. You don't have time to run home and change, do you?† The waiter looked at Tommy's flannel shirt as if it were a foul, dead animal. â€Å"No, this is all I have clean.† â€Å"Oh well, it does have a certain Mr. Green Jeans charm, I guess.† Tommy caught a flash of red hair out of the corner of his eye and looked up to see Jody walking into the cafe. The waiter followed his gaze. â€Å"Is that her?† â€Å"Yes,† Tommy said, waving to catch her attention. She spotted him, smiled, and approached the table. Jody was dressed in a khaki skirt, a light-blue chambray blouse, light-blue leggings, and tan suede flats. She wore a woven leather belt, a green tartan scarf tied around her shoulders, silver earrings, bracelet, and necklace, and carried a suede backpack in place of her airline flight bag. The waiter, keeping his gaze fixed on Jody, bent and whispered in Tommy's ear, â€Å"The flannel is fine, honey. I haven't seen anyone that over-accessorized since Batman.† He stood and pulled the chair out for Jody. â€Å"Hi, we've been waiting for you.† Jody sat. â€Å"My name is Frederick,† the waiter said with a slight bow. â€Å"I'll be serving you this evening.† He pinched the fabric of Jody's scarf. â€Å"Lovely tartan, dear. Sets off your eyes. I'll be back with some menus.† â€Å"Hi,† Jody said to Tommy. â€Å"Have you been waiting long?† â€Å"A little while, I wasn't sure of the time. I brought you something.† He reached under the table and pulled a book out of a City Lights bag. â€Å"It's an almanac. You said you needed one.† â€Å"That's very sweet.† Tommy looked down and mimed an â€Å"Aw, shucks, it was nothing.† â€Å"So, do you live around here?† Jody asked. â€Å"I'm sort of looking for a place.† â€Å"Really? Have you been in town long?† â€Å"Less than a week. I came here to write. The grocery store is just a†¦ just a†¦Ã¢â‚¬  â€Å"Job,† Jody finished for him. â€Å"Right, just a job. What do you do?† â€Å"I used to be a claims clerk at Transamerica. I'm looking for something else, now.† Frederick appeared at the table and opened two menus in front of them. â€Å"If you don't mind me saying,† he said, â€Å"you two are just darling together. There's a Raggedy-Ann-and-Andy energy going between you two that is simply electric.† Frederick walked away. Jody eyed Tommy over the menu. â€Å"Have we just been insulted?† â€Å"I hear the rosemary chicken breast is wonderful,† Tommy said.