An Extraction Of Knowledge Using Meta Heuristic Models Essay

Soft Computing An Extraction of Knowledge using meta heuristic models --Manuscript Draft-- ï ¿ ¼Manuscript Number: ï ¿ ¼SOCO-D-15-00222 ï ¿ ¼Full Title: ï ¿ ¼An Extraction of Knowledge using meta heuristic models ï ¿ ¼Article Type: ï ¿ ¼Original Research ï ¿ ¼Keywords: ï ¿ ¼Data mining, association rule, fuzzy logic, neural network, particle swarm optimization, artificial bee colony algorithm and harmony search algorithm ï ¿ ¼Abstract: ï ¿ ¼Huge amounts of data are collected nowadays from different application domains and are not feasible to analyze all these data manually. Knowledge Discovery in Databases (KDD) is the nontrivial process of identifying valid, novel, potentially useful, and ultimately understandable patterns in data. In recent years, soft computing became more and more attractive for the researchers, who work in the related research field of data mining. This paper concerns primarily about how to use soft computing model to extract knowledge from data mining (database). The data mining preprocessing techniques have been applied on the available data to clean it in proper form to extract the knowledge from the data. Thereafter, statistical analysis and soft computing techniques have been applied on the clean data to select the preferable model. The decision of the preferable model has to be achieved based on the maximum number of minimum value of the parameters of residual analysis and average error . The preferable model has been used to extract the knowledge from the data mining. The goal of theShow MoreRelatedRenewable Energy And Its Effects On The Environment Essay1890 Words   |  8 Pagesfact that it is one of the cleanest and least expensive sources of energy. Most of the energy from the solar is converted into electrical energy to be delivered either to the utility grid directly or isolated loads. The conversion process done by using the solar Photovoltaic system which converts the sun light directly into electricity cite{Parida2011}-cite{Singh2013}.\ \ Solar Photovoltaic (PV) is starting to play a substantial role in electricity generation in some countries as rapidly fallingRead MoreEssay on The Applications of Artificial Intelligence5047 Words   |  21 Pagesrange of problems, use a variety of methods, and pursue a spectrum of scientific goals. For example, some researchers study the requirements for expert performance at specialized tasks, while others model commonsense processes; some researchers explain behaviors in terms of low-level processes, using models inspired by the computation of the brain, while others explain them in terms of higher-level psychological constructs such as plans and goals. Some researchers aim to advance understanding of humanRead MoreA Needs Assessment Survey in a Gastroenterology Endoscopy Community of Practice12128 Words   |  49 Pagesgastroenterology community of practice (CoP) might provide knowledge sharing and professional networking opportunities for NP and PA colonoscopists, based o n assessment of their need for professional activities. A critical appraisal of related literature pointed out key motivational and structural elements of CoPs. Content experts will review the draft survey and the revised survey will be piloted with several non-physician colonoscopists. Using snowball sampling, a needs assessment survey will be conductedRead MoreContemporary Issues in Management Accounting211377 Words   |  846 PagesProfessors Peter Bird, David Flint, and Peter Moizer amongst others. Indeed it is possible to argue that the British academic accounting professoriate has played an extremely important role in mediating between the profession and the state, both bringing knowledge to bear on policy issues and providing a cadre of people who can operate effectively in this policy sphere. Michael Bromwich has certainly contributed in this way, advising accounting and competition regulators on complex issues and providing hisRead MoreCloud Computing Security67046 Words   |  269 Pagescloud computing is surely a long one, requiring the participation of a broad set of stakeholders on a global basis. However, we should happily recognize the progress we are seeing: new cloud security solutions are regularly appearing, enterprises are using our guidance to engage with cloud providers, and a healthy public dialogue over compliance and trust issues has erupted around the world. The most important victory we have achieved is that security professionals are vigorously engaged in securingRead MoreManaging Information Technology (7th Edition)239873 Words   |  960 Pages89 Marketing 89 The Telecommunications Industry 90 Review Questions 92 †¢ Discussion Questions 92 †¢ Bibliography 93 Chapter 4 The Data Resource 95 Why Manage Data? 96 Technical Aspects of Managing the Data Resource The Data Model and Metadata Data Modeling 98 Database Programming 100 97 97 Contents Managerial Issues in Managing Data Principles in Managing Data 101 101 The Data Management Process 106 Data Management Policies 110 Review Questions

The patriot act Essay - 710 Words

nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;The Patriot Act nbsp;nbsp;nbsp;nbsp;nbsp;The Patriot Act is a bill that was passed in the wake of 9/11/01. Not even two months after the horrific event which we all know as 911, the bill was passed with great haste and secrecy. The bill was passed on October 26, 2001. The bill was passed to raise the security of the country. Sadly many speculate that most of the members in congress did not even read the 342 page bill. Within a matter of days the executive branch with its new powers began to initiate many new executive orders, policies, regulations and†¦show more content†¦They also can arrest non-citizens on mere suspicion alone. This goes against the fifth amendment, which states that no person is to be deprived of life, liberty or property without due process of law. None citizens can also be denied readmission to the U.S for using their right of free speech. This goes against the first amendment which is stated in the second paragraph. Suspects can also be detained indefinitely in six months increments without any real judicial review. This goes against the first, the fifth, both of which are stated in the paragraphs above. It also goes against the fourteenth, eighth and sixth amendment. The fourteenth amendment states that all persons (Citizens and non-citizens) within the US are entitled to due process and the equal protection of the laws. The eighth amendment states that no excessive bail or cruel and unusual punishment shall be imposed. The sixth amendment states that everyone has the right to a speedy public trial by an impartial jury, right to be informed of the facts of the accusation, right to confront witnesses and have the assistance of counsel. I personally am against this bill. I hate it with a passion. I believe that the country does need better security. I also believe that sometimes our rights must be overlooked to ensure our future. Yet, I do not believeShow MoreRelatedThe Patriot Act1467 Words   |  6 Pagespledged to respond within boundaries set by the Constitution confronting and preventing terrorist attacks. Through Patriot Act, the law enforcement agencies of the Untied States are given the most effective tools to combat terrorists having intentions or plans to attack the nation. It is, in fact, a significant weapon for nation s fight against terror. Major purpose of the Patriot Act is to break wall of regulatory and legal polices existing between the law enforcement agencies and intelligence toRead MoreThe Patriot Act Essay1618 Words   |  7 Pagesterrorist so the U.S government enacted the patriot act, which gave more power to the federal law-enforcement and intelligence gathering in suspected terrorist cri mes. The patriot act gives the government power to do whatever they want for â€Å"national security† and take away the civilians civil rights. The government can tap into cell phones and listen in on conversations or even watch what people are searching on the internet. Since the passing of the patriot act racial profiling has grown in the pastRead MoreThe Declaration Of The Patriot Act1260 Words   |  6 Pagesour own government. Following the attacks of September 11, 2001, the president at the time, George Bush, responded by passing an act. This act is known as the Patriot Act. It allows the government unlimited access to phone records, emails, and text messages without a warrant through National Security Letters and Sneak and Peak Searches. Why do they do this, why was this act passed, they claim it’s for our safety. Both can be obtained and carried out without a judge’s approval, without a warrant, andRead More Patriot Act Essay647 Words   |  3 Pages The â€Å"Patriot Act† nbsp;nbsp;nbsp;nbsp;nbsp; In the wake of the terrorist attacks on September 11, 2001, Congress sprang into action. Within a month, U.S. lawmakers overwhelmingly approved the USA Patriot Act of 2001, giving law enforcement and intelligence agent’s broader authority to fight terrorists operating in the United States. nbsp;nbsp;nbsp;nbsp;nbsp;Signed into law by the President on October 26, the Patriot Act is designed to fight terrorism on several fronts. First, it givesRead MoreThe Patriot Act Of 2001 Essay1224 Words   |  5 Pagessame, as well as the rest of us that watch in disbelief. The attacks on September 11th 2001 led to something called the Patriot Act. In the days after 9/11 Congress hurried to pass a bill to give law-enforcement agencies the power to fight domestic terrorism. On October 26, President George W. Bush signed three hundred page USA Patriot Act into law (Crf.org). The USA Patriot Act of 2001 was created to prevent and catch terrorist in the United States and around the world. The contents of it hasRead More The Patriot Act Essay1338 Words   |  6 Pages The Patriot Act. On September 11, 2001 Muslim terrorists instilled with a hatred of the west attacked the United States in a brutal fashion. Planes were hijacked and flown into the World Trade Center in New York. Over three thousand people were killed and the impregnable nation known as America was know scared and vulnerable. Almost immediately the legislature began drafting an act that would make the war on terror and the fight for homeland security a little easier to fight, this would comeRead More Patriot Act Essay1119 Words   |  5 PagesPatriot Act One of the worst, yet momentous events in U.S history occurred on September 11th, 2001. This event released a flow of patriotic fervor and a permanent fear among all Americans that they had also now become suspect to acts of international terrorists. This led to a lot of changes in the attitudes of the executive and legislative branches in the United States government. They came up almost immediately with new measures, which were supposedly against terrorism or terrorist threatsRead More The Patriot Act Essay1142 Words   |  5 PagesThe Patriot Act In the wake of September 11, many things happened very quickly. Along with the beginning of a war against terrorism, an act was passed to help prevent future terrorism in the USA. The name of this is the USA Patriot Act. The act legalizes many surveillance techniques that were once prohibited. The act has been passed without debate, and the new privileges given to our government have not been thoroughly examined. The law enforcers of our country are now capable of monitoringRead MoreUsa Patriot Act1302 Words   |  6 Pagesthe U.S.A. Patriot Act. The title for this bill is an acronym for the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA Patriot Act). In the years since the passing of the Patriot Act, there has been much controversy and debate regarding the positive and negative advantages, and consequences of this bill. As a member of the law enforcement community I have experienced firsthand some of the changes the Patriot Act has broughtRead More Patriot Act Essays1231 Words   |  5 PagesPatriot Act Were dealing with terrorists who operate by highly sophisticated methods and technologies, some of which were not even available when our existing laws were written. The bill before me accounts for the new realities and dangers posed by modern terrorists. It will help law enforcement to identify, dismantle, disrupt, and punish terrorists before they strike, (President George W. Bush at signing of Patriot Act, 2001). The terrorists of today cannot be reasoned with. We must do

Importance of Biology free essay sample

Ever wonder about those words in science that make you feel like your talking in some foreign language? Well I’ll be telling you about one of them†¦ biology (If you hadn’t already guessed that from the title). Biology is a useful tool for anyone to have, not only doctors and biochemists. It can help you when dealing with medical concerns that may arise in your future. After all, it’s always good to have a general idea of what your doctor is talking about. Understanding your body is key to living a long and healthy life. Biology is a very important part of everyday life, whether we realize it or not. Any advances in medicine, dealing with environmental issues, or biotechnology depend on an understanding of living organisms, great, medium, and small. Even if our main goal was simply ensuring the survival of the human race, we still must be able to understand and sustain the biosphere. We will write a custom essay sample on Importance of Biology or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page We poison our land, air, and water. The Greenhouse Effect and Global warming are both threats that concern our biosphere. It would be utterly hopeless to try to sustain the diversity of life on Earth in the future without a decent knowledge of biology. In order to maintain the delicate balance of life on Earth, we first must understand that we are not alone on this planet. We need to learn about the effect we have on our environment and other living things. The value of many species cannot be predicted. Many plants may contain chemicals that could prove useful in treating illnesses, among other things. Also, the extinction of any species can disturb the equilibrium of an ecosystem. So, basically, we should understand that all of our actions have effects on other organisms and the environment. Well I hope this convinced you that studying biology is a very important skill to have and that it has cleared up any questions about biology that you may have. I also hope that in reading this you have come to understand a little bit about why you need to not only learn about biology but also practice what you learn in your every day life. I know that I have enjoyed writing this for you and I hope you enjoy reading it.

International Treaties and Emirati Law

With the development of the UAE, put connections with other countries on the front burner and attracted the attention of numerous professionals. Emirati Law considers international treaties according to the statements from the Constitution and main legislation.Advertising We will write a custom essay sample on International Treaties and Emirati Law specifically for you for only $16.05 $11/page Learn More The Constitution treats international relations in different perspectives. It is stated that the Supreme Council of the Union is responsible for â€Å"the ratification of treaties and international agreements† (â€Å"United Arab Emirates’s Constitution† 10). In this way, all treaties and agreements cannot be implemented without a special decree made by its representatives. The person that represents the country in international relations is the President (according to the article 54) but the Council of Ministers is in charge of †Å"supervising the implementation of judgments rendered by Union Law Courts and of international treaties and agreements concluded by the Union† (â€Å"United Arab Emirates’s Constitution† 14). It is stated in the article 91 that the Government shall inform the Union Assembly of â€Å"international treaties and agreements concluded with other states and the various international organizations, together with appropriate explanations† (Khedr and Alnuaimi para. 23). According to Emirati Law, any international treaty should be evaluated to get to know how it will affect the country before it is accepted so that the adverse influence can be avoided. The implementation depends on the decisions made by the Governments and is affected by local regulations. The Supreme Council also shares power with the Council of Ministers. It has a right to approve international treaties and agreement. It is critical that delegation of ratification can be maintained only by the Su preme Council while all other bodies that hold power related to international treaties are to take immediate actions (Abed 135). Works Cited Abed, Ibrahim. The Historical Background and Constitutional Basis to the Federation. 2006. PDF file. Web.Advertising Looking for essay on international relations? Let's see if we can help you! Get your first paper with 15% OFF Learn More Khedr, Ahmed, and Alnuaimi, Bassam. A Guide to United Arab Emirates Legal System. n.d. Web. https://www.nyulawglobal.org/globalex/United_Arab_Emirates.html. United Arab Emirates’s Constitution 2004. PDF file. 13 Feb. 2016. https://www.constituteproject.org/constitution/United_Arab_Emirates_2004.pdf. This essay on International Treaties and Emirati Law was written and submitted by user Jaydin J. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Euthansia essays

Euthansia essays Euthanasia or commonly known as assisted suicide has become one of the most talked about social issues in the World. Euthanasia, or mercy killing, presents some very difficult and painful dilemmas for doctors, patients, family members, and moral philosophers. (426) Even with these difficult and painful dilemmas the patient or person has the right to live or the right to die. This is what we believe and understand freedom to be, by having the right to privacy, liberty, and the control over his or her body. This dilemma of assisted suicide has brought quite a dilemma to our physicians and court systems. The reason for this is because euthanasia becomes a serious issue with families when a serious accident puts a patient in a comatose state and or otherwise incapable of making a competent decision. James Rachel believes there are two forms of euthanasia. First, he states that mercy sometimes requires mercy killing because the pain involved in a terminal illness may be greater tha n the life itself. Secondly, he states that the Golden rule would be adequate enough to escape the extreme pain. The morals of this Golden rule are as follows, if it is ok for me then it must be ok for another individual. Unfortunately, there are many cases in the World were the terminally ill person cant or is physically unable to make a decision on their life. One such case has set a pace for the future of Euthanasia. The Supreme Court of New Jersey, in a much published case, decided in 1976 to allow the parents of Karen Ann Quinlan to remove her respirator. She was comatose and diagnosed as having no chance of regaining consciousness. The court decided the Quinlans right to privacy gave her and her guardian the right to decide the course of her treatment, since a respirator, which might be deemed ordinary for a curable patient, should count as extraordinary for someone with poor prognosis. (426) This histor...

Practice Telephone English Using Role Plays for ESL

Practice Telephone English Using Role Plays for ESL Role-playing refers to taking parts in a pretend situation to focus on specific English skills. When we telephone others, especially when we telephone business or other professionals for appointments, there is a purpose to our conversation. Using these role plays will help you or your class develop telephone language skills while practicing situations that can also be used in person. Use important telephone phrases to begin your conversation, you can also use these telephone English tips to help negotiate the conversation successfully. Role Playing Suggestions Here are some role plays for you to use in practicing your telephone English. Requesting Travel Information Student A: Choose a city in your country. You are going to travel to this city for a business meeting over the next weekend. Telephone a travel agency and reserve the following: Round-trip flightHotel room for two nightsRestaurant recommendationPrices and departure times Student B: You work in a travel agency. Listen to student A and offer him/her the following solutions: Round-trip flight: Air JW $450 Coach, $790 First ClassHotel room for two nights: Hotel City $120 a night in the downtown area, Hotel Relax $110 a night near the airportRestaurant Recommendation: Chez Marceau - downtown - average price $70 a person Product Information Student A: You need to purchase six new computers for your office. Call JAs Computer World and ask for the following information: Current special offers on computersComputer configuration (RAM, Hard Drive, CPU)GuarantyPossibility of discount for an order of six computers Student B: You work in at JAs Computer World answer student As questions using the following information: Two special offers: Multimedia Monster - with latest Pentium CPU, 256 RAM, 40 GB Hard Drive, Monitor included - $2,500 AND Office Taskmaster - cheaper CPU, 64 RAM, 10 GB Hard Drive, Monitor not included - $1,2001 Year guaranty on all computersDiscount of 5% for orders of more than five computers Leaving a Message Student A: You want to speak to Ms Braun about your account with her company, WW. If Ms Braun isnt in the office, leave the following information: Your nameTelephone number: 347-8910 (or use your own)Calling about changing conditions of your contract with WWYou can be reached until 5 oclock at the above number. If Ms Braun calls after 5 oclock, she should call 458-2416 Student B: You are a receptionist at WW. Student A would like to speak to Ms Braun, but she is out of the office. Take a message and make sure you get the following information: Name and telephone number - ask student A to spell the surnameMessage student A would like to leave for Ms BraunHow late Ms Braun can call student A at the given telephone number Selling Your Product Student A: You are a salesperson for Red Inc. You are telephoning a client who you think might be interested in buying your new line of office supplies. Discuss the following information with your client: New line of office supplies including: copy-paper, pens, stationary, mouse-pads and white boardsYou know the customer hasnt ordered any new products during this past yearSpecial discount of 15% for orders placed before next MondayAny order placed before Monday will not only receive the discount but also have its company logo printed on the products at no extra charge Student B: You work in an office and receive a telephone call from your local office supplier. As a matter of fact, you need some new office supplies so you are definitely interested in what the salesperson has to offer. Talk about the following: New pens, stationary and whiteboardsDo they have any special offersYou would like to place an order for 200 packages of copy paper immediately

The Phenomenon Of Terrorism Research Paper Example | Topics and Well Written Essays - 1500 words

The Phenomenon Of Terrorism - Research Paper Example Body Causes of terrorism Ethnicity and separation are two factors that significantly contribute to terrorism in different countries. Individuals from nations that are not united tend to cause trouble to other nations as a way of finding the key cause of disagreements to their own nations (Bjorgo,  2005). Separation among different nations can also be explained by political and religious differences. This also brings in the issue of racism in a country. When a country has some form of inequality, it will definitely have many terrorism cases because people will not be united. For instance, in the year 1990, racism in the United States caused terrorism cases to increase because, each group wanted to defend itself from being attacked by the other. Separation in the community can also be explained from a different point of view where there is a group of persons in the society that are dissatisfied (Crenshaw, 1981). Some individuals in the community may feel that they are not being given equal rights as other individuals. Thus, they might engage in terrorism acts in order to have such rights too. Therefore, inequality in the society can fuel terrorism. This is because; inequality and unfairness causes feelings of depression among people. Consequently, it causes individuals to act out of frustration and anger (Al-Thagafi & Army War College (U.S.), 2008). Terrorism can also be caused by the lack of or unequal opportunities for political participation (Crenshaw, 1981). When political opportunities are only available to a certain group of people in the society, then other individuals will use terrorism acts to obtain political power. This is a case where by politicians who obtain power in the wrong... Some individuals in the community may feel that they are not being given equal rights as other individuals. Thus, they might engage in terrorist acts in order to have such rights too. Therefore, inequality in the society can fuel terrorism. This is because; inequality and unfairness cause feelings of depression among people. Consequently, it causes individuals to act out of frustration and anger (Al-Thagafi & Army War College (U.S.), 2008). Terrorism can also be caused by the lack of or unequal opportunities for political participation (Crenshaw, 1981). When political opportunities are only available to a certain group of people in the society, then other individuals will use terrorist acts to obtain political power. This is a case where by politicians who obtain power in the wrong manner end up being killed in terrorism. When individuals are not in support of the governance of a country, they tend to engage in terrorist acts in order to eliminate the individuals in leadership. This can also be referred to as anti-democracy. When there are a large number of weaknesses in a democratic government, terrorism is bound to increase. This is because; democracy involves a lot of openness, which makes terrorists be in possession of information that they can use to plan terrorist attacks. Effects of Terrorism Terrorism is normally directed at disrupting and disorganizing government procedures in a country. It weakens and damages the operations of leadership in a country (Houle, 2005).

Brand Identification Plays In Brand Loyalty and Brand Promotion Essay

Brand Identification Plays In Brand Loyalty and Brand Promotion - Essay Example The paper proposes to review the studies accomplished earlier on this particular area of concern. The earlier studies will include a number of journals articles such as ‘Social Identity Theory and the Organization’ by Ashforth and Mael, ‘Self-Categorization, Affective Commitment, and Group Self-Esteem as Distinct Aspects of Social Identity in the Organization’ by Bergami and Bagozzi. Defining Brand A brand acts as the nucleolus of a company; it helps to strengthen the image of a company in the minds of the consumers. Defining a brand is indeed the first step in the way of creating the brand strategy. By defining the brand, one constructs a foundation on which the rest of the components may later be constructed. The brand definition plays the role of a measuring stick with the help of which, the marketing strategies and materials can be evaluated. Brand defining requires the knowledge of products or services offered by the company, their quality, core values of the products or services, core values of the company, the company’s mission, the company’s expertise, the target market, the company’s tagline and the message it sends to the prospects. A brand in simple words is the term, design, symbol, name or anything that distinguishes one product from that of the other. Branding can be done based on various aspects. A brand is a conglomerate of memories, links, stories, and expectations that have a combined effect on the consumer to help him select a particular product or service in comparison to others available in the market. The consumer can be anybody ranging from a voter to a buyer. "A brand is a company's face to the world. It is the company's name, how that name is visually expressed through a logo, and how that name and logo are extended throughout an organization's communications". There are a number of ways by which branding can be accomplished. The most common of them are corporate branding, individual brandi ng, rebranding, family branding and personal branding. In order to cite an example Dove is an individual branded product from Unilever. While on the other hand IBM, G.E can be cited as the instances of corporate branding. Thus on an overall basis on whatever aspects it might be branding is important for a company. A brand is responsible for influencing the perception of the customers about the company. Consumers reflect the existence of brand value by paying a premium or spreading the word across the social network. The value of a brand is basically the aggregate of the amount consumers are willing to pay extra to buy the products or services of a certain brand while other companies rendering similar services or products cheaper by that amount are accessible to them in the market. DeMozota defined brand as the perceptions which is being determined by experience as well as through communication. Brand is also about developing and delivering the propositions to the consumers. In the m odern business era, brands are enormously focusing upon the betterment of the offering. It also remains focused towards the development of society and also to preserve the environment. However only developing or creating a brand does not mean, it will offer recognition and value to the company. The newly developed brand needs to offer value to the customers in all the aspects.

Son Of The Revolution Essay Example for Free

Son Of The Revolution Essay STRUGGLE AGAINST ONESELF; CRITICIZE REVISIONISM (p. 144) was a slogan often used during the Great Cultural Revolution. In reality, the Cultural Revolution was not great at all. It was an unwarranted attack on personal freedoms of Chinas people. The Chinese fought themselves, they even acknowledged it as a struggle. They looked upon this struggle as part of the great Cultural Revolution. At age 3, a boy should not be held accountable for his parents political status. Yet, Liang Heng was. One mistake on his mothers, Yan Zhi-de, behalf changed his life forever. Yan Zhi-de uttered the words that the leaders of the Party would not listen to the masses opinions when it came time to give raises. This led the Party to label her a rightist. What began as the Hundred Flowers Movement quickly changed to the Anti-Rightist Movement, leading many to the path of poor political performance. In turn, disgracing her family members, she was sent to become a peasant. For the rest of her life, Yan Zhi-de remained a peasant. After this incident, Liang Heng, Liang Wei-Ping, and Liang Fang had been labeled Rightists children. Though each of the children attempted to fit in, the other students picked fights with Liang Heng and the children never had the opportunity to join the Red Guards. Not until Liang Heng tricked his way into being admitted into the group. Liang Heng saw many different aspects of the Cultural Revolution. He became a student, a peasant, a basket ball player, factory worker, and finally an intellectual (writer.) Liang Heng had been falsely accused of many crimes throughout his life, and he held his ground firmly. Fate had another choice for Liang Fang. Though she would try desperately to join the Communist Youth League, she was never able to. However, she did join the Red Guards and later became a Rebel. Ultimately, she ended up as a peasant until her mid-twenties. Liang Wei-Ping joined the Educated Youth which was the determining factor that led her to become a peasant. Liang Shan had one of the most miserable situations out of the entire family. Once his wife had been declared a rightist, he immediately attempted to  break off all relations with her. This was unsuccessful. Everything in his life went downhill from there. He was publicly humiliated and suffered mental torture due to the fact that he had to criticize himself. Liang Shan was sent to a re-education center for a number of years, then spending the rest of his days in the countryside. He eventually had a stroke and lost the abilities of his left side. The Cultural Revolution was a serious mistake. A mistake that took many happy homes and destroyed them. Neglecting to seriously care about the people of his country, Chairman Mao started a disaster. Thankfully, this disaster ended with his death. That allowed people to live somewhat normal lives, compared to the horrible lives the lower class was forced to live during the Cultural Revolution.

Good Earth Olan Essay -- Essays Papers

Good Earth Olan Throughout The Good Earth by Pearl S. Buck, O-lan showed herself as a very humble woman. O-lan was a slave in the House of Hwang before her marriage was arranged by the Old Mistress of the House of Hwang. O-lan was faithful throughout the book to Wang Lung through harvest, famine, and even when Wang Lung brought home another woman. O-lan was a hard worker and worked even when no one told her to. She had wisdom that only a slave and a hardworking woman could acquire. Pearl S. Buck reveals many things that all show O-lan to be the humble woman she was. O-lan's physical appearance showed her as a very modest woman. When Wang Lung sees her, he stares at O-lan seeing that, "plain though her face was and rough the skin upon her hands the flesh of her big body was soft and untouched . . . her body was beautiful, spare, and big boned yet rounded and soft" (26). From her physical qualities, it is clear that O-lan isn't a spoiled woman who sits around all day, but a hard worker. She is described as an ugly, flat-footed, stolid-faced woman. Many times, Wang Lung secretly wishes that O-lan didn't have such big feet. During the time of this book, women's feet were bound so they would be smaller. O-lan had big feet because they were never bound. This was another aspect of Chinese life that seemed designed to make women suffer was the practice of altering the feet of girls so they could barely walk. The Chinese custom of foot binding was meant to please men esthetically and to enhance a man's status by showing he was wealthy enough for his wife or concubine not to work. O-lan said many significant things that showed her to be the modest woman she was. She was a very quiet woman. Though she spoke very few words, they meant so much. In the first part of the book, when the Ancient One asked O-lan if she was ready to head into the world with this stranger, answering in her "not loud, not soft, plain, and not ill-tempered" voice, she says, "ready" (17). Many times, O-lan is fearful of speaking. When it is the first time taking hot water to the old man, she tells Wang Lung fearfully, "'I took no tea to the Old One-I did as you said-but to you I . . .'" (27). O-lan listens well to Wang Lung, but fears that she is not doing her jobs correctly. O-lan's timidity when she first gets married is only natural for her situation. At the b... ...d" (36). Other characters in the novel said things about O-lan that showed her to be the modest woman she was. When Wang Lung was talking to his father, he said a lot shouldn't be expected of O-lan's appearance. He said, "We are farmers. Moreover, who has heard of a pretty slave who was a virgin in a wealthy house? All the young lords have had their fill of her." (18) O-lan was obviously a very bold and important woman in this novel yet never knew it. She would do what she was raised to do and try her best to make her husband happy. Through all her marriage, she helped Wang Lung to be one of the wealthiest men in his city. While O-lan endured many difficulties, she continued with her duties as wife through thick and thin. Whether it was her begging on the streets for food and money, or putting up with Lotus, her husband's concubine, O-lan remained a strong woman with good qualities until the day she died. While she usually had little to say, O-lan's impact on the Lung family is one that wont be forgotton. She accomplished all of her goals in life and fulfilled her marital duty in making Wang Lung very happy. Even after all this, O-lan still was a very modest woman.

Beatrix Potter

Beatrix Potter was known from her literary woks that deal with the formation of ideal minds of children. Her children stories made significant prints in the world of literature. Through this, Potter became famous and influential in different parts of the world in terms of her writings and contributions to literature.Potter was born in South Kensington, London on July 28, 1866. She was not able to experience a normal and meaningful life during her childhood. Every action were detailed and numbered. She could not have more time to interact or communicate with other people.Only her pets became her friends as she kept them, studied about them, and draw them. Despite of this, she was luck for she was not a poor child like other authors or writers who seemed to start from rugs to riches. During her teenage years, she was introduced to many prominent personalities that gave her the opportunity to show her talent in writing and painting. Because she was unhappy with her childhood life, she s hared her talent to the children whom she wanted to imagine, to amaze, to laugh, or to simply become happy.Another factor that manifest in her literary works was her love for animals. Her first children story was about an animal. Her story book was filled with animal pictures along with a simple story to make a child happy. This was happen in 1892, when she started to create a children short story. She sent her story to her friends’ son. Soon, this piece became the â€Å"tale of Peter Rabbit† in 1920. This story was her first and major published work that many children used to read until today. After a year, another story was published with the help of her friends and family.Yearly, she publicized one to two stories that became famous and significant in different parts of the world during her time and until today, which can still be seen in the future. Most of her topics in her stories are about animals and vegetables because for her, it can be a way for children to be come more familiar and close to their pets and other animals as well as their eating habit when it comes to eating vegetables. Along with her writing stories, she also paints different kinds of paintings. Though those paintings are simple, they still bring life to the many people.As she started her first story in 1902, she worked for different stories that were published until 1944, a year after her death. However, though she stopped writing stories, she still wrote different letters as well as manuscripts whether personal or career manuscripts were not taken for granted. After her death on December 22 1943 at the age of 77, many authors and chroniclers had their way to give importance to the life and contribution of Potter. Her books have been translated to braille and numerous languages including German, Latin, Welsh, Spanish, French, Japanese and Dutch (Merriman, 2006).As many authors and writers’ way of giving gratitude and respect towards potter, they made her pieces rec ognized in different parts of the world by translating her text in different kinds of languages. Because of her contribution to literature, many authors of children stories patterned their pieces on Potter’s works for it can be seen as a way of nurturing children through the use of animal and vegetable characters. From this sense, many analysts have thought about the deeper sense of Potter’s attack to her writings.According to different analysts, Potter can be perceived as a conservationist for she helped environmentalists to publicize animal and plant affection through her writings. Beatrix Potter was not only an accomplished writer and artist in watercolor; she was also an observant naturalist; a hard-headed but kindly farm manager; above all she was an ardent conservationist (Diaz, 2007). She was also perceived as a potential botanist from her short stories as she transcends the life and essence of animal and plant characterization.Aside from writing and illustratin g children's books, Beatrix Potter created precise, realistic botanical drawings and paintings, which she wished to be used to illustrate scientific books on flora and fauna. (Literary Traveler, 2008). She also discussed the preservation of natural resources in a simpler yet attackable concept that children would understand. For her, because children are easy to educate, they were became her prospect to a further change on the environment. Another significant reason why Beatrix Potter became famous is because she used to writer her stories through coding.She used to write by using her own code that only she as the writer of her stories can understand the meaning of her writings. Through this, many writers, authors, analysts, and critics tried to understand the capabilities and attacks of Potter in her writings by using her code. For her, her code became her secret to provide good writing and classification of manner to formulate for children’s young minds and justifications. Another artistic pursuit for the teenage Potter was writing a journal in a code no-one could read.The Journal of Beatrix Potter 1881-1897 (first published by Frederick Warne in 1966) is part of this document, transcribed from code by Potter scholar Leslie Linder. She kept this type of journal until the age of 30 (Literary Traveler, 2008). It was seen that it was a phenomenon style that few writers or authors could do. it can be said that Potter has her own strategy to formulate her own thoughts to create stories for children. In conclusion to this, Beatrix Potter was not just a simple writer and painter during her lifetime.She made some difference in her period that is significant until today. Her literary pieces brought different light in science as well as humanity. Her secret code was also made to produce her passion for children stories without any proportion of unjustified claims and arguments from other people. It was revealed that by using her own code, Potter had a personali ty that she wanted to be along and would close her door from others. She made her own wall to separate herself from the other.It created positive impact on her writings but not on her personality and being for she remained single until she died. Works Cited Diaz, Rony. 2007. â€Å"Center for Gravity: Miss Potter. † The Manila Times. 3 February 2008. http://www. manilatimes. net/national/2007/apr/15/yehey/opinion/20070415opi2. html Frederick Warne & Co. 2007. â€Å"Beatrix Potter: A Life in Nature. † 3 February 2008. http://www. bpotter. com/? v1=BeatrixPotter&v2=Writings Kutzer, Daphne. Beatrix Potter: Writing in Code (Children's Literature and Culture, 27).Routledge Publishing, 2002. Literary Traveler. 2008. â€Å"Beatrix Potter – More Than Just Bunnies: The Legacy of Beatrix Potter. † 3 February 2008. http://www. literarytraveler. com/authors/beatrix_potter. aspx Merriman, C. D. 2006. â€Å"Beatirx Potter. † The Literature Network. 3 February 200 8. http://www. online-literature. com/beatrix-potter/ National Trust. 2008. â€Å"The Story of Beatrix Potter. † 3 February 2008. http://www. nationaltrust. org. uk/main/w-chl/w-places_collections/w-collections-main/w-collections-beatrix_potter/w-collections-feature_1-2. htm

The Mexican-American War, Were We Justified

The Mexican-American War was a war between the United States and Mexico which lasted from April 1846 to February 1848. It stemmed from the United States' annexation of Texas in 1845 and from a dispute over whether Texas ended at the Nueces River (Mexican claim) or the Rio Grande (U. S. claim). The war was the most devastating event in Mexican history, where Mexico lost the modern day areas of California, Arizona, New Mexico, Nevada, Colorado and Montana. The Mexican-American spawned out of land lust. The idea of Manifest Destiny and the promising lands of California, which were coveted by many European nations, led to a war of greed.Even Abraham Lincoln, then a young Congressman, and Ulysses S. Grant, the future Civil War victorious commander and U. S. President, believed that the invasion of Mexico was not justified. Mexico had rejected a $15 million cash-for-land deal offered by the US. The area included what now covers the states of California, Arizona, New Mexico and parts of Col orado and Utah. This territory was Mexican, but only nominally; control over the area was slight, and open to intrusion. Irritated at the rebuff, the US struck back in1845 by annexing Texas, a territory long disputed and fought over by both countries.Mexico responded by severing diplomatic relations. U. S. President Polk further provoked Mexico by moving troops south to the Rio Grande, a river that historically was considered well within Mexico. U. S. and Mexican troops skirmished across the river, leading Polk to declare to Congress on May 11, 1846, that â€Å"†¦the cup of forbearance has been exhausted,† and that â€Å"American blood has been spilled on American soil. † (Source: Eisenhower’s So Far From God, pages 49-55) The U. S. -Mexican War is the pivotal chapter in the history of North America.It is the war that sealed the fates of it's two participants. For the United States, the War garnered huge amounts of territory and wealth, bootstrapping the fl edgling democracy onto the world stage. For Mexico, the War sent the emerging nation into a tailspin that it is still reckoning with today, one hundred fifty years later. In the United States the US-Mexican War is virtually forgotten, and for good reason, as it is the clearest example of American greed and undiplomatic actions. The Mexican-American War was waged upon Mexico out of pure greed and disregard for international liberty.In conclusion, the United States was unjust in its declaration of war on Mexico in 1846. The U. S. was clouded with dreams of Manifest Destiny. It had a president that was obsessed with fulfilling campaign promises and greed for new land. Polk was looking for revenge for the denial of the proposal for buying California as was evident in his original reasons for declaring war on Mexico. Also the U. S. provoked this border dispute into the two-year war that it became by purposely inciting the Mexicans into a fight. All these reasons are the evidence that the US was not justified in declaring war on Mexico.

Intensive Pronoun Definition and Examples

Intensive Pronoun Definition and Examples In  English grammar, an  intensive pronoun  is a  pronoun ending in -self or -selves that serve to emphasize its antecedent. They are also known as  intensive reflexive pronouns. Intensive pronouns often appear as appositives after nouns or other pronouns. Intensive pronouns have the same forms as reflexive pronouns: myself, ourselves, yourself, yourselves, himself, herself, itself, oneself, and themselves. Unlike reflexive pronouns, intensive pronouns are not essential to the basic meaning of a sentence. Examples and Observations I have never yet failed to meet a deadline I myself have set up.(Pat Schneider, Writing Alone and With Others. Oxford University Press, 2003)He wondered, as he had many times wondered before, whether he himself was a lunatic.(George Orwell, Nineteen Eighty-Four, 1948)Janis Joplin was a name now associated with an image, one that had grown bigger than the woman​ herself.(Buzzy Jackson, A Bad Woman Feeling Good. Norton, 2005)Watching children make real progress in their language and literacy development is a reward with few rivals, especially because the children themselves greet their own accomplishments with such joy.(Katherine A. Beauchat et al, The Building Blocks of Preschool Success. Guilford Press, 2010)We ourselves feel that what we are doing is just a drop in the ocean. But the ocean would be less because of that missing drop.(Mother Teresa)It seems to me, that if you tried hard, you would in time find it possible to become what you yourself would approve.(Charlotte Bro ntà «, Jane Eyre, 1847) When you, our white countrymen, have attempted to do anything for us, it has generally been to deprive us of some right, power, or privilege, which you yourselves would die before you would submit to have taken from you.(Frederick Douglass)Not until the problem itself is clearly diagnosed can a solution be found.(Toby Dodge, Trying to Reconstitute the Iraqi State. Crescent of Crisis, ed. by Ivo Daalder et al. Brookings Institution Press, 2006)I found myself hoping that by the simple fact of extending some humanity towards poor old Ned, offering the unfortunate wretch some small degree of genuine understanding, that I myself had played some worthwhile role in this new and most welcome world of equanimity.(Patrick McCabe, Winterwood. Bloomsbury, 2006) The Difference Between Intensive and Reflexive Pronouns The contrast between reflexive and intensive pronouns is well illustrated with sit down, an intransitive verb that can also be used causatively, e.g. She sat the child down. It can be seen that John sat himself down is a reflexivised causative, whereas John himself sat down  and John sat down himself are intransitive, with an intensive pronoun that relates to the subject NP. Intensive pronouns are generally not placed in structural positions that could be filled by a reflexive pronoun. Watch is a transitive verb which can omit its subjectJohn watched Mary, John watched himself (on the video), John watched. In this case, an intensive pronoun from the subject NP (John himself watched) would not be likely to be moved to a position after the verb, since it could then be mistaken for a reflexive substitute for the object NP. However, an intensive pronoun could be moved after an explicit object NP (especially if there was a gender difference), e.g. John watched Mary himself. (Robert M. W. Dixon, A Semantic Approach to English Grammar. Oxford University Press, 2005)

Christmas and Winter Holiday Vocabulary 100 Word List

Christmas and Winter Holiday Vocabulary 100 Word List This comprehensive Christmas  and winter holiday vocabulary word list can be used in the classroom in so many ways. Use it to inspire word walls, word searches, puzzles, Hangman and Bingo games, crafts, worksheets, story starters, creative writing word banks, and a wide variety of elementary lesson plans in almost any subject. Be sure to customize the vocabulary you choose based on the policies of your school. Some public and private schools may only allow secular references to winter holidays, while some faith-based schools may prefer not to include secular or popular mythological references to Santa Claus, Frosty the Snowman, or other secular holiday  characters.   Types of Word List Activities Here are some ideas for using this vocabulary list in your classroom.   Word Walls: Build vocabulary by designating one wall or part of a wall to post large print words that all students can read from their desks.   Word Search Puzzles: You can create your own word search puzzles using one of several online puzzle generators. This allows you to customize them as appropriate for your class and school policies. For example, some schools may only allow secular references to the winter holidays. Sight Word Flash Cards: Make flash cards to improve vocabulary for early elementary students and for those with learning disabilities. Building holiday vocabulary will help them with seasonal reading. Holiday words may also be more fun for them to learn and spark interest. Hangman: This is an easy use  for  Christmas words and playing this game in the classroom can be a fun, interactive break between lessons. Poem  or Story Written Word Exercise: Have students draw three or more of the words to incorporate into a poem or story. You can assign these to be turned in or shared with the class. Poems may be rhyming or not  or in the form of a limerick or haiku. You can ask for a minimum word count for written story assignments. Impromptu Speech Exercise: Have students draw one to five words to incorporate into an impromptu speech to give to the class. You can have them draw words and immediately begin a speech, or give them a few minutes to prepare. Christmas and Winter Holiday 100 Word List AdventangelsannouncementbellsBethlehemBlitzencandlescandycandy canescardscedarcelebrateceremonieschimneyChristmas cookiesChristmas treecoldCometcranberry saucecrowdsCupidDancerDasherDecemberdecorationsdollsDonnerdressingeggnogelvesfamily reunionfestivalfirFrostyfruitcakegift boxesgiftsgoodwillgreetingshamhappyholidayhollyholyiciclesjollylightslistsmerrymiraclemistletoeNew YearNoelNorth Polepageantparadespartypiepineplum puddingpoinsettiaPrancerpresentspumpkin piepunchred/greenreindeerribbonRudolphsacredsalessauceScroogeseasonsledsleigh bellssnowflakesspiritSt. Nickstandstarstickersstocking stufferssweet potatotidingstinseltogethernesstoystraditiontraffictripsturkeyvacationVixenWinterworshipwrapping paperwreathyuleyuletide

Respiratory Essay Example | Topics and Well Written Essays - 3000 words

Respiratory - Essay Example develop diseases, and others don’t, researchers have particular singled out specific risk factors that increase individual’s vulnerability to developing certain types of diseases or conditions. The effects of cigarette smoking, alcohol abuse and high fat diet on the development of respiratory and cardiovascular diseases are well documented. It is however difficult to disentangle the effects of smoking and alcohol since the two tends to be correlated because many smokers are also heavy alcohol abusers. However, all these factors have serious risks to the normal function of the respiratory and cardiovascular systems. It is therefore important to note that one can reduce their risk of early death by taking a lifestyle change and reducing smoking, alcohol and high fat diet. This study examines a comprehensive review of peer reviewed journals in order to evaluate the risk factors; alcohol abuse, smoking and high fat diet on the respiratory and cardiovascular systems, pathophysiology and also to identify possible emergency medical management. Epidemiologic evidence of lung cancer is very important since it forms the basis for early intervention practices as well as treatment interventions. While evaluation of the risk factors play key role in prevention of respiratory and cardiovascular systems’ disorders, epidemiologic evidence is crucial in assessing the effectiveness of the interventions programs. The use of tobacco and exposure has been linked to various forms of cancer due to its carcinogenic chemicals. According to Hoffmann et al (2013 p.2), tobacco smoke contains50 carcinogenic chemicals out of 400 chemicals. The World health Organization estimates the world population of smokers to be consuming 6 trillion of cigarettes annually. However, this excludes the second hand smokers who are also at high health risk. According to World Health Organization, annual tobacco related deaths are expected to by 10 percent to eight million by 2030 if something is not

Corporate governance Essay Example | Topics and Well Written Essays - 2750 words

Corporate governance - Essay Example In corporate governance, the company’s management takes a trustee’s role for other parties that have interests in the company. Corporate governance is majorly based on principles like conducting business with fairness and integrity, transparency in handling transactions, complying with laws governing operation of companies, making sound decisions and necessary disclosures, ethical issues in conducting business and responsibility and accountability towards stakeholders. There is also need to clearly distinguish between corporate funds and personal funds when managing a company. Enron Corporation was a company dealing in services, commodities and energy based in Houston, Texas state in America. It had approximately 20,000 staff members and was among the world’s major natural gas, electricity, pulp and paper and communications companies before its bankruptcy in December 2001. After 2001, it was found that the company’s financial condition was majorly sustained by a systematic, institutionalized and planned accounting fraud that was termed as Enron scandal (Sterling, 2002). The Enron Scandal that was discovered in 2001 led to bankruptcy of Enron Corporation and dissolution of Arthur Andersen, an entity that was among the five largest accountancy and audit partnerships worldwide by then. Enron is rated the biggest failure in audit apart from leading as the largest bankrupt company in the history of America by then. The case analyzes the cause of this failure in details. Lack of truthfulness. According to the report given by Kirk Hanson, the executive director of Markkula, a center for Applied Ethics, the Enron management did not give true information concerning the company’s health (Canadian Center of Science & Education, 2010). The senior executives developed a belief that Enron had to take the first position in relation to other companies and also they had to maintain their reputations as well performing executives in the United

Letter of Intent Essay Example | Topics and Well Written Essays - 500 words - 1

Letter of Intent - Essay Example Having achieved Magnet designation and being recognized as a National Cancer Institute Cancer Center and an exceptional Level 1 Trauma Center, I am fully aware that the University of Virginia Health System has been known to have established profound commitment to community service and devotion to leadership in healthcare and research. To align with this sense of mission, I would like to be identified with its continuous drive toward innovation and excellence to ensure the highest quality of care attainable. I long to adequately take part in significant changes that make the pharmacy department up-to-date in meeting current demands as impressive as the ongoing hospital expansion. If possible, I look forward to pioneering a much-improved patient care, one that goes with deeper levels of enthusiasm and compassion, thereby surpassing traditional expectations. I also feel strong about plans for new pharmacy model as to engage them at depth, imagining the flexibility I would enjoy having t o work with almost the entire clinical staff upon rotation within multidisciplinary teams. After thoroughly speaking with Scott Joiner and Dr. Stephanie Mallow-Corbett regarding the opportunities at the University of Virginia Medical Center, I am convinced with utmost sincerity that these potentials are well-suited to be carried on here as I proceed to seek further growth in fulfilling my responsibilities as a registered clinical pharmacist. I do believe that this position makes an ideal opportunity to collaborate with peers who would be interdependently capable of helping me continue to strengthen applicable analytical skills, entertain difficult tasks and willingness to discern new set of values and skills in keeping up with development and advances intended for pharmacotherapy under multidisciplinary approach. I am confident that my knowledge, ambition, and strong leadership

Causes of Currency Crises and Banking Crises

Causes of Currency Crises and Banking Crises Introduction Based on my readings, I have found that currency crises often accompanied by banking crises or banking crises preceded by currency crises or even has no significant relationship between the two. So, why are currency crises often accompanied by banking crises? In this paper, I will discuss on how such problem may occur based on historical perspective, in which the countries that have experienced Twin Crises. The next issue is  the effectiveness and desirability of capital controls as a means by which developing countries can manage sudden capital inflows and/or outflows. This is where the credibility of capital controls are being challenged whether such restriction should be taken into a serious consideration for the policymakers to implement. It is important to analyse these economic situations due to past economic disasters in which the issues stated were significant in the 1994 Mexican peso crisis, 1997 Asian Financial crisis and the 1998 Russian financial crisis. Twin Crisis The simultaneous occurrence of currency crises and banking crises is known in economic term as Twin Crises, introduced by economists Carmen Reinhart and Graciela Kaminsky in the late 1990s. This phenomenon became a common problem in financially liberalized emerging market economies in the 1990s which started with the  1994 Mexican crisis, followed with the 1997 Asian financial crisis  and the  1998 Russian financial crisis. Kaminsky and Reinhart (1999) did an extensive research on the relationship between financial and banking crises for 20 countries and over a 25-year sample and found that banking crises often precede currency crises. The mechanism basically relies on two features. Firstly, governments hold a fixed exchange rate system and secondly, a mismatch between domestic assets and foreign liabilities by domestic banks, thus, exposing to exchange rate risks( Goldstein, Itay 2005 ). A currency crises, also known as the Balance of Payment crises,is a situation in which a nation is suffering from a chronic balance of payment deficit. This problem exists when a nation is unable to finance the imports and debt repayments. The country’s central bank would be in a doubtful position whether, given the fixed exchange rate, it has sufficient foreign exchange reserves to maintain the value of domestic currency. Government often intervenes by using the countrys own currency reserves or its  foreign reserves to satisfy the excess demand for a given currency ( Wikipedia, 2014 ). It came to a period when these emerging market economies were experiencing rapid economic growth, creating massive capital inflows, which will then lead to the crises. A banking crises, however, is a financial crisis that affects banking activity which includes bank runs, banking panics and systemic banking crises, in which a country experiences a large number of defaults and financial institutions face difficulties repaying contracts. A bank run occurs when depositors believe that the bank may fail which led them to withdraw all of their deposits from that bank. This causes the banking system to be insolvent if it cannot pay its debts as they fall due. Insolvency can be defined as the inability to pay ones debts. Cash flow insolvency, or a ‘lack of liquidity’ may occur as well when the bank might end upowingmore than itowns or is owed ( postivemoney.org, n.d ). Twin Crises started off when investors begin to lose their confidence as the massive capital inflow in the country creates uncertainty among investors in which the debt their capital is generating. The country’s currency will be at stake as the resulting outflow of capitals created by investors as they withdraw all of their funds will devalue the affected nation’s currency. Firms of the affected nation who have received the inbound investments and loans will suffer, as the earning of those firms is typically derived domestically but their debts are often denominated in a reserve currency ( Kallianiotis, 2013 ). Once the nation has exhausted its foreign reserves trying to support the value of the domestic currency, government can raise its interest rates to try to prevent from further decline in the value of its currency. While this helps those with debts denominated in foreign currencies, it generally further depresses the local economy as high interest rate usually enc ourages saving and discourages investment. Real-World Financial Crises The 1997 Asian financial crisis was a period of financial crisis which affected many economies in the East Asia. It began in Thailand when they had accumulated a massive foreign debt. In the effort to support the value of baht, the government had no choice but to float the Thai baht due to insufficient of foreign currency reserves, reducing peg against the US dollar. Until 1999, economies in South East Asia enjoyed a prosperous period as they had received large inflow of money. High interest rates in emerging economies attracted many investors due to the fact that it may give a high return for the investors. As a result, price of assets in these countries began to rise at an alarming rate which created insecurity among investors. Lenders started to withdraw all of their funds at a large scale, creating credit crunch and bankruptcies. Furthermore, there was a depreciative  pressure on their exchange rates as the supply of currencies of the crisis countries was high in the exchange market. Governments from these countries had to intervene in the exchange market. To prevent any loss in value of domestic currency, they had to raise domestic interest rates by buying up any surplus of the domestic currency. The Mexican government’s move to devalue the peso against the US dollar created an outburst which led to the Mexican peso crisis in 1994. In order to maintain in the value of peso, the Mexico’s central bank allowed the peso to free float within a narrow band against the US dollar through an exchange rate peg ( Wikipedia, 2014 ). Furthermore, the central bank would constantly intervene in the open market by purchasing or selling the pesos. The central banks intervention involved issuing new short-term public debt instruments denominated in U.S. dollars, using the borrowed dollar capital to purchase pesos in the foreign exchange market, will cause an appreciation in its value. Since the peso is reckoned to be increasing in value, the high purchasing power by domestic businesses, firms and consumers created an incentive to purchase more imported goods, resulting in a large trade deficit. Speculations regarding the over-valuation of peso began to circulate which encouraged investors to purchase more of U.S assets. It will be more profitable for investors as they will be able to capitalize the high exchange rate when they exchange dollars for pesos later. The resulting capital outflow from Mexico to United States caused a capital flight which put a downward market pressure on the value of peso. To curb this issue, newly inaugurated President Ernesto Zedillo in 1994announced the Mexican central banks devaluation of the peso between 13 and 15 percent. Due to the unpredictability of Mexican policymakers, investors felt insecure and afraid of further devaluations in the currency, putting an upward market pressure in the interest rates and a further downward pressure on the value of peso. Foreign investors began to rapidly withdraw their capital from Mexican investments due to possible devaluation of peso. As a result, the Mexican central bank had to raise the interest rates to prevent from capital flight. Capital Flows Capital flows is simply defined as the transaction of real and financial assets and it is recorded in the capital account. When a country has a deficit in the capital account, it means the country is experiencing a capital outflow, like Japan. The country is supposedly purchasing more assets or making more loans or both at the same time, thus accumulating net claims on other countries. It is a situation in which it is undesirable to the economy. Contrarily, if the country is having a surplus in the capital account, depicting capital inflows, it is said that other countries are accumulating claims on that particular country. Capital flows provides many great economic advantages. Countries are now able to â€Å"catch-up† with the advancement of other countries by capitalizing on their differences. Capital flows enables residences of different nations to invest in other countries by engaging in inter-temporal trade, allowing them to reap benefits or profits for future consumption. Be it an economic boom or recession, optimum level of national consumption or expenditure is vital in every economy. Thus, capital flows helps to prevent from a fall in national consumption in case of an unexpected economic downturn, by selling domestic assets or borrowing from the rest of the world. Thus, overall improvement in economic performance can be achieved as it will aid substantially in terms of productivity and efficiency. Free capital mobility may seem desirable, though, in reality it comes at a cost. Given the exchange rate, developing countries or emerging market economies tend to acquire more assets by purchasing a massive amount of goods and services than the rest of the world. This is due to several reasons. These countries may not be on par in terms of economic performance, efficiency as well as resources compared to the rest of the world. Besides, it may be due to fluctuation in the world price of commodities. The implementation of expansionary economic policy by government will increase the demand for imports. As a result, appreciation of foreign currency will occur due to high demand of foreign goods and at the same time, a depreciation in own currency due to a low demand for domestic commodities. Since government would want to hold a fixed exchange rate regime, they can implement a contractionary monetary policy, a method of selling domestic bonds which increases the domestic interest rate, in order to maintain the value of domestic currency. The demand of domestic currency will be improved which will increase the value of domestic currency. Again, it proves to be costly as high interest rate will discourage investment, since it is now more expensive to borrow from the bank, reducing a potentially larger economic growth. This shows that free flow of capital may cause an upward pressure in the value of currency which may jeopardise local firms, making them less competitive in the global market. Emerging market economies are the usual target for â€Å"hot money† with sudden injection or withdrawal of funds, thus, creating distortion or instability in the market. Large volumes of capital inflows on search for higher yields causes dislocations in the financial system. Foreign funds might fuel asset price bubbles, encourage excess risk taking by cash-rich domestic intermediaries ( Magud, Reinhart Rogoff, 2005 ). Having a strong and independent monetary policy is more viable than sustaining free flow of capital. Due to potential harmful effects of free flow of capital to the economy, capital controls is introduced to prevent such consequences from happening. A capital control is any policy designed to limit or redirect capital account transactions and may take the form of taxes, price or quantity controls, or outright prohibitions on international trade in assets ( Neely, Christopher J. , 1999 ). Capital Controls There are two types of controls which are the controls on inflow and outflow of capital. Like Malaysia during the Asian financial crisis in the late 1990s, control on capital outflows was introduced to supposedly generate revenue, correct balance of payment deficit as well as preserve savings for domestic use. Control on capital inflows, used by Chile during the Latin American debt crisis, was used to prevent potential volatility inflows, financial destabilisation and real appreciation as well as correcting balance of payment surplus and limit foreign ownership of domestic assets. This shows various type of capital controls are targeted at specific type of movement. The question is, how effective capital control is and to what extent should it be implemented ? During the Asian Financial Crises, Malaysian government imposed controls on outflows in 1998 by pegging the exchange rate at RM 3.80 for every US dollar. Their objective was to delay from exhaustion of foreign reserves and provide as much time possible for policymakers to implement reflationary policies as well as eliminating speculation against the ringgit. Malaysia’s stock market capitalization ratio at 310 percent of GDP, compared to 116 percent in the U.S., and 29 percent in Korea and domestic debt-GDP ratio at 170 percent were, at the time, highest in the world (Perkins and Woo, 2000). In response to the crisis, Malaysian government raised the interest rates to stem the decline of the ringgit and restructured their expenditure by reducing it by 18 percent ( Ethan Kaplan and Dani Rodrik, 1999 ). However, the economy showed no sign of improvement. Their effort to reduce domestic interest rates seemed to be pointless as speculation against the ringgit in offshore markets was circulating widely. The speculation lead to the borrowing of ringgit at premium rates to purchase dollars, which created a devaluation pressure on ringgit. Worried of capital flight and further depreciation of the currency, the Malaysian government also banned for a period of one year all repatriation of investment held by foreigners. Malaysia also lowered the 3-month Bank Negara Intervention Rate from 9.5% to 8% and the liquid asset ratio was reduced from 17% to 15% of total liabilities ( Ethan Kaplan and Dani Rodrik, 1999 ). On February 15th, 1999, the Central Bank of Malaysia changed the regulations on capital restrictions, shifting from an outright ban to a graduated levy and replacing the levy on capital with a profits levy on future inflows ( Ethan Kaplan and Dani Rodrik, 1999 ). After the imposition of capital controls in 1998, Malaysia showed a strong and quick revival from the Asian financial crisis. The fact that Korea and Thailand, which had opted for IMF’s progra mme, recovered remarkably suggesting that capital controls imposed in Malaysia did not make any significant difference than the IMF’s financial aid. Chile seemed to favour controls on capital inflows and been relying on it in two different occasions (1978-82 and 1991-98). The effectiveness is questionable, however, as in 1981-82 Chile went through a currency crisis despite with controls and restrictions. The peso was devalued by almost 90 percent and a large number of banks had to be, bailed out by the government ( Edwards, Sebastian 1999 ). The controls were being reintroduced in 1991 with the objectives of slowing down the volume of capital inflows into own country, reducing the real exchange rate appreciation resulted from these inflows, allowing the Central Bank to maintain a high differential between domestic and international interest rates. In 1984, Chile has adopted a slightly flexible exchange rate system, where the peso-dollar rate was allowed to fluctuate within an upward-moving band. The authorities argued that by maintaining domestic (peso) denominated interest rates above international rates, inflation would decline gradually (Massad, 1998). This policy mix worked relatively well until the late 1980s, when Chile regained access to international financial markets, and capital began to flow into the country putting pressure both on the real exchange rate and domestic interest rates ( Edwards, Sebastian 1999 ). By early 1990, domestic firms were considerably affected, as the rapid strengthening of peso has reduced their level of competitiveness and profitability. To sum it up, the effectiveness of Chile’s controls on capital inflows has been overestimated. After the controls were imposed, the maturity of foreign debt contracted by Chile increased significantly. The evidence suggests more than 40 percent of Chile’s debt to G-10 banks had a residual maturity of less than one year ( Edwards, Sebastian 1999 ). Although the policy affected the composition of capital inflows, it did not reduce the total volume of aggregate flows moving into Chile during the 1990s. The controls on inflows had no significant effect on Chile’s real exchange rate in which it appreciated by approximately 30% during the 1990s. The controls had a short term effect on domestic interest rates. The magnitude of the effect was very small, however, raising the question of whether the central bank’s ability to undertake independent monetary policy really enhanced by the controls on capital inflows ( Edwards, Sebastian 1999 ) . Conclusion Control on inflows seems to be more favourable among authors and economists than those on outflows. Controls on outflows usually create corruption as it easier to evade than the inflows (Reinhart and Smith, 1998; Eichengreen, et al. 1999). If there is an anticipation in the depreciation of domestic currency, this creates an incentive for investors to evade controls on outflows to prevent from losses.When faced with the prospect of a major crisis, the private sector finds ways of evading the controls, moving massive volumes of funds out of the country. Controls on capital outflows have resulted in corruption, as investors try to move their monies to a â€Å"safe haven.† In almost 70% of the cases were controls on outflows were used as a preventive measure, there was a significant increase in â€Å"capital flight† after the controls had been put in place. Cuddington (1986) reached a similar conclusion in his study on the determinants of capital flight in developing countr ies. Evading controls on inflows, however, proved to be less beneficial among investors as investing in other countries would be less viable compared to domestic return. REFERENCES : L. Kaminsky, Graciela and M. Reinhart, Carmen (1999) The Twin Crises: The Causes of Banking and Balance-of-Payments Problems Vol. 89 No. 3 Online at :  http://home.gwu.edu/~graciela/HOME-PAGE/RESEARCH-WORK/WORKING-PAPERS/twin-crises.pdf Accessed 20 December 2014 Goldstein, Itay (April 2005) Strategic Complementarities and the Twin Crises Economic Journal. Online at :  http://www.res.org.uk/details/mediabrief/4392181/Explaining-Twin-Financial-Crises.html  Accessed 20 December 2014 Tornell, Aaron (2002) Twin Crises The National Bureau of Economic Research Online at :  http://www.nber.org/reporter/winter02/tornell.html Accessed 20 December 2014 J. Neely, Christopher (1999) An Introduction To Capital Controls Online at :  http://research.stlouisfed.org/publications/review/99/11/9911cn.pdf Accessed 27 December 2014 Baba, Chikako and Kokenyne, Annamaria (2011) Effectiveness of Capital Controls in Selected Emerging Markets in the 2000s IMF Working Paper Online at :  https://www.imf.org/external/pubs/ft/wp/2011/wp11281.pdf Accessed 27 December 2014 Edwards, Sebastian (1999) HOW EFFECTIVE ARE CAPITAL CONTROLS? The National Bureau of Economic Research Online at :  http://www.nber.org/papers/w7413.pdf Acccessed 27 December 2014

Lord of the Flies: Irony :: Free Essay Writer

Lord of the Flies: Irony William Golding, the author of Lord of the Flies, used irony to tell his story of a group of young British boys stranded on a deserted island. The readers can clearly spot the irony in the dialogue and Ralph, one of the main character, is also aware of the irony in his situation. The irony in the novel forces the readers to step aside and think about the hidden meanings the author is trying to express. The first example of irony occurred in chapter two. Jack says to the group of young, impressionable boys that "We’ve got to have rules and obey them. After all, we’re not savages."(Golding 32)However, in the following chapters Jack is the leader of the tribe and encourages the boys to forget civilization and act upon their primitive instincts. They ignore the laws that they all have agreed to follow while on the island and commit heinous crimes against humanity, such as torture against both humans and animals, and murder. They no longer act like English schoolboys who are the best at everything, but like savages. Relatively early on in the novel Ralph comes to terms with his situation. He realizes that much of one’s life is spent just keeping out of danger and staying alive. After understanding the complex, yet realistic, view of life he remembers his first impression of the island and how he thought they would have fun on the island, like living in one of his books. Now he realized what life on the island would really be like. There is irony in Piggy’ s name. The boys hunt, kill and eat pigs on the island. Not only do they kill the pigs, they enjoy it tremendously. Piggy’ s name suggests that he will be a victim of the beast. Not the beast the boys on the island fear, but the beast within each of them. The author is saying through Piggy that because they kill and eat the pigs they become the beast. Ralph prays to the adult world to send them something grownup, a sign or something. His prayer is answered by a dead parachuter, a casualty of war from the fighting going on in civilized society. The dead man is powerless to help the boys. He actually causes more problems. He is mistaken for the beast and causes more fear in the boys and drives them closer to becoming savages.

Prisoner’s Education Essay

Should prisoners be allowed access to online education at community colleges?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Distance education for prisoners is a good solution for instructional problems that were noted among prisoners. Lack of education would mean lack of the basic skills to create a better life and find a better paying job. Lack of education would mean lack of information and understanding about economics, business structure and social or community life. Failure to understand the environment will most likely result to challenge behavior. And that challenge behavior will grow to worst if one’s situation won’t change from worst to better in a given time. Access to education is very important to prisoners provided that the kind of subjects or coursework they are allowed to take will be limited and subject to higher approval.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Attitudes may change for the better but there is a big possibility that some prisoners may proved to be real problematic that a monitored coursework is better so access to education materials and information may also be limited and does not put the society or the police force at risk. It is advisable that a series of psychological test will be performed to the prisoners in order to assess and determine their potential and their ability to handle intellectual programs like distance learning. Internet access must also be limited to the sessions and all the homework will be done at the library of the correctional facility. Proper monitoring eliminates any potential risk in the system.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Although there are a lot of learning and training programs provided by community colleges, prisoners access and allowed opportunities must be limited and carefully studied. The offender’s attitude can be determined on how they take the distance education delivery system. This formal education will make them earn a degree while in prison. What is important is that they get out of prison with a diploma (Wilson & Ruess 173) and is ready to face the challenges of the labor market. Lower educational level does not compel these people to commit crime but it is indeed a great factor that influenced the person’s decision making process.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   I firmly believed that prisoners are victims of their own environment and experiences. People and environment interaction have the ability to make and unmake people. Education will attempt to enhance basic skills and their ability to learn and assess certain situations that may be good or detrimental to their being and the well being of their community. Know that a person of limited options has much to tackle within himself in terms of self confidence or low regard to self, frustrations to alleviate life and the absence of voice in society. A person who does not understand the pathology of addiction and experience what acceptance to society and good life is will never grasp the meaning of being good to live a good life. He does not have any idea of what a good life is. He was so used to being bad he does not even know the meaning of good.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Yes, for me prisoners need to be given the chance to access distance learning education in a limited coursework and selected programs that involves no risk at all. Police work or study of law is simply a no go or they may be able to study the system well. Prisons and correctional institutions should take advantage of technology to educate their prisoners. Technology has just given correctional institutions a very flexible and easier channel for the education of its prisoners. The only way to bring a nation down is to stop educating its people. The only way to improve the economy of a nation is to begin educating its people and giving them the skills needed and required by the labor workforce.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   I am certain that education is not to be regarded as their second chance. Education is to be regarded as the responsibility of the state and the community to help the person obtain the basic skills for survival and obtain comprehensive knowledge that will make him understand life, society and morality. The No Child Left Behind Act was very effective. Well then let us consider those who were already an adult when the Act was initiated. We are not to leave behind any member of the community. We are not to disregard their needs and discriminate them because of their challenge behaviors. They are a challenge to the state and to the society. And the only way I find that will bridge the gap of talking between an uneducated man and a moron is education. It helps sharpen the intellect to understand policies, law and their moral obligation to safeguard the well being of other people.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   We eliminate an enemy of the state by providing a structured online education. Structured is not brainwashing, structured means appropriateness of the courses that they are allowed to avail. Prisoners of higher age who are not adept to technology may be taught on how to make wise investments online. The process may be simpler and they only have to study the market fluctuations. Teach them to be entrepreneurs and keep them busy with school work. The key is teaching them to adapt the new lifestyle behind bars. Education is an opportunity for change not only for the prisoners themselves but for the state. This way the state will be able to increase the population of its professionals even behind bars. Society is not to condemn prisoners but they are to help them out of compassion. Negative reactions would mean no acceptance and outright denial of their ability to seek for a better life. Negative reactions solicit rebellion and feeling of abandonment which will result to commission of more crimes. I certainly agree that the only way to eliminate crime is to educate the person committing the crime. Works Cited Page Wilson, David and Ruess, Anne. Prison(er) education: Stories of change and transformation.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Winchester, UK: Waterside Press, 2000.

The Development of Housing Finance in the Changing Business Scenario

THE DEVELOPMENT OF HOUSING FINANCE IN THE CHANGING BUSINESS SCENARIO Mr. P. S. Ravindra** ABSTRACT Traditionally in India, most people used to depend on their provident fund and gratuity amounts received after retirement while considering buying a home. However, with the emergence of housing finance as a major business in the country, an increasingly large number of people are going for housing loans. The housing sector in India is facing an estimated shortage of 4. 1 crore houses and according to the Ninth Plan, the demand-supply gap in urban housing is 3. 3 crore houses. The industry comprises of nearly 383 housing finance companies although disbursements from only the leading 26 institutions are eligible for re-finance from National Housing Bank, which is the regulatory body for these companies. These Housing Finance Companies (HFCs) constitute nearly 95 % of the total disbursement by the industry . The tax exemption on the interest paid on housing loans has also been extended up to the year 2003. This move will benefit the salaried employees, especially the middle-class populace. A dream of providing 25 lakh rural houses has been envisaged in the budget. Out of these, 12 lakh houses will be built under the ‘India Awas Yojana’ and another one-lakh houses would be provided under the ‘Credit-cum-Subsidy’ scheme for families with an annual income below Rs. 32,000. Moreover, around 1. 5 lakh houses to be constructed under the ‘Golden Jubilee Rural Housing Finance Scheme’ will be eligible for refinance from the NHB. The industry is witnessing a boom at present boosted by the generous budget sops and rock bottom real estate prices. The demand is a result of genuine individual needs for housing. The prospects of the industry would be further strengthened on the amendments to the Rent Control Act and repealing of the controversial Urban Land Ceiling Act. This research paper focuses on the Demand for Housing sector, Market Profile, Market Trends, Price Sensitivity factors and outlook of Development of Housing Finance in the changing Business scenario. ____________________________________________________________ ____________ _________________nd Ceiling Act. _________________________________________________________ THE DEVELOPMENT OF HOUSING FINANCE IN THE CHANGING BUSINESS SCENARIO Mr. P. S. Ravindra** Introduction Roti, Kapada aur Makaan are the three basic necessities of human beings. Traditionally in India, most people used to depend on their provident fund and gratuity amounts received after retirement while considering buying a home. However, with the emergence of housing finance as a major business in the country, an increasingly large number of people are going for housing loans. Incomes of families are rising and their purchasing capacity as well as loan repaying capacities is going up. Property prices are more or less on a stabilizing trend. A large number of home loan options are available. HFCs are becoming increasingly liberal. Interest rates have been progressively falling. The Government of India has been giving substantial encouragement to the housing sector. The social structure of the Indian families is going through a sea change as the joint family is fast giving way to the nuclear family concept. The pressure to have one’s own home is high among these families. Highlights †¢ Significantly, there has been no dearth of demand for housing and consequently for finances for the same have been abundant. †¢ Market dynamics play a pivotal role in determining the lending rates. Considering the same, the housing finance industry has been in a slump in recent times. †¢ The entry of banks into the housing finance sector has posed a serious threat to already existent players in the field. †¢ The housing sector is witnessing a clash between major players. Foremost amongst this is the ICICI and HDFC imbroglio. The later is giving sleepless nights to HDFC. †¢ Tax sops provided by the Government of India is a significant step towards upholding the future prospects of this industry. Sector Comments Nearly 25 lakh houses are built every year in India. However, the nation’s requirement is around 65 lakh houses per annum. The housing sector in India is facing an estimated shortage of 4. 1 crore houses and according to the Ninth Plan, the demand-supply gap in urban housing is 3. 3 crore houses. In case, all these urban housing dwellings were to be built, it would require an investment of Rs. 150,370 crore. Traditionally, the housing finance business has been yielding a margin of around 2 per cent. The skill of the players is in converting their advances that have a maturity period of 15-30 years with the deposits that mature within three years. Though, the National Housing Bank (NHB) refinances housing loan up to Rs. lakh disbursed to the lower income group, this is just a negligible proportion of advances to the major players. The primary sources of funds are fixed deposits, debentures, private placement of bonds and borrowings from banks and financial institutions. Thus, efficient financial management has a key role to play in this industry. Lending rates are predominantly market-driven and in view o f the same, the housing finance industry has been in a slump in recent times with there being low demand from builders and investors alike. Furthermore, the entry of banks into the housing finance sector has also not augured well for the industry. Most housing finance companies cater mainly to the higher income group having reasonably assured creditworthiness. In a scenario marked with the absence of speedy foreclosure regulations, most companies prefer to stay away from rural and the Low-Income Group   (LIG). However, it must be noted that demand for housing in the Middle-Income Group and High Income Group segments has also recorded a steady rise lately. Market profile The Indian housing finance sector is crowded with players of all sizes and nature: government organisations, insurance companies, banks, housing finance companies and co-operative organisations like HUDCO and NHB. Major players in the Industry are HDFC, LIC Housing Finance, Dewan Housing, Can Fin Homes, SBI Home Finance and Gujarat Rural Housing. The youngest entrant into the Industry, which is penetrating rapidly, is ICICI. Interestingly, both Can Fin Homes Limited and its parent Canara Bank are into housing finance. It is the same with quite a few banks, for example, SBI and SBI Home Finance Limited, Bank of Baroda and BOB Finance, Vysa Bank and Vysyabank Housing. Though HDFC and ICICI also have their banking arms, they compete with each other in personal loans, but not housing loans. The industry comprises of nearly 383 housing finance companies although disbursements from only the leading 26 institutions are eligible for re-finance from National Housing Bank, which is the regulatory body for these companies. These Housing Finance Companies (HFCs) constitute nearly 95 % of the total disbursement by the industry. However, owing to the slump in real estate market over the last few years, the industry posted a fairly low disbursement growth. Market trends The housing sector is witnessing a clash between major players. HDFC had ruled this sector with a lion’s stranglehold. It was smooth sailing for HDFC all these years and it seemed that its monopoly was there to stay forever. However, out of the blue emerged ICICI Home Loans, when this financial institution decided to clash arms with HDFC on its home front. Within a year of its launch, ICICI Home Loans is giving the industry leader, HDFC, sleepless nights. Undercutting in the interest rates is all in the game and so is every other trick in the book. HDFC is gathering its wits to beat its competitor at its own game. It launched an aggressive hoarding campaign designed in the style of ‘follow the leader’. HDFC has launched its website propertymartindia. com as a joint venture with the Mahindras. Following suit, ICICI too, launched its home portal indiahomeseek. com. So the war rages on both at the retail level and also in the form of a cyber war. ICICI has lowered its prime lending rates on short and medium term loans from 13 per cent to 12. 5 per cent. Thus, bringing the interest on housing loans at par with the foreign exchange loans. HDFC also reduced the interest rates on its housing loans from 13. 25 per cent to 13 per cent. It went an extra mile to woo the borrowers of loans up to Rs. crore by allowing them the facility to either opt for a fixed interest rate of 13 per cent or a floating interest rate of 12. 5 per cent. As the name indicates, a borrower opting for the first choice will have to repay the loan at an interest rate of 13 per cent irrespective of any future hike or cut in the rates. Those choosing the second option would be subject to the vagaries of the interest mar ket and may gain or lose in the bargain. The company has also reduced the interest on loans borrowed by non-resident Indians. These loans repayable within five years will attract an interest rate of 11. 5 per cent per annum while loans ith a term of 6-10 years will be charged interest at 12. 5 per cent. The above rates are under the fixed interest rate option. Similar floating rate loans would be charged at 5 per cent less interest. Originally, only the commercial banks offered housing loans on floating interest rates, now that HDFC is offering loans at a 12 per cent floating rate, ICICI also has a floating rate home loan in the pipeline. Price sensitivity factors †¢ Noteworthy fact here is that NHB refinance to the HFCs comprises a mere 7% of the loans disbursed. In other words, most HFCs have to arrange for a major part of the disbursals from their own resources. Thus, low spreads, mismatched asset and liability, competition posed by banks with recent regulations requiring commercial banks to invest 40 per cent of their advances towards the priority sector, etc. pose problems for the lending division. †¢ The first housing finance company to cut down its interest rate after RBI slashed the PPF interest rate by 1 per cent on January 14, 2000 was HUDCO. When the National Housing Bank, the refinancing agency of all housing finance companies, slashed its rates by up to 50 basis points, it triggered off a virtual interest war in the industry. HDFC, ICICI, LIC Housing Finance, PNB Housing Finance Limited and a host of others followed suit. In a game of one-upmanship, the companies have been vying with one another to offer the best deal in a rapidly growing market. †¢ CRISIL has forecast an increase in the interest rates in the second half of this year. This will be due to the demand of funds by the Centre and also the corporates exceeding the supply. The Central Government has projected a Rs. 31,000 crore higher borrowing this year than last year’s figure of Rs. 86,000 crore. The State Government borrowings would add up to a further Rs. 7,500 crore and the corporate demand would be higher by Rs. 11,000 crore. As compared with the supply, CRISIL expects the short fall to be around Rs. 15,800 crore. To make up this short fall, even if there is a 1 per cent cut in CRR, interest rates are still bound to increase. †¢ The Union Budget 2000-01 has given a shot in the arm to the industry by raising the exemption a pplicable to individual borrowers on the interest paid on housing loans to Rs. 1 lakh. The existing tax rebate of 20 per cent under section 88 of the Income tax Act of 1961, covered repayment of housing loans, subject to a maximum of Rs. 0,000. The same has now been doubled to Rs. 20,000. This, coupled with the lowering of the interest rate would enable a borrower to enjoy tax exemption upto a loan of Rs. 7. 5 lakh for a 15-year term. He can now have access to better tax planning options on account of the exemption and a lower Equated Monthly Installment (EMI) due to longer term of repayment. Furthermore, individuals who already own a house can now invest in a new house and yet claim exemption from capital gains on the sale of the asset. The tax exemption on the interest paid on housing loans has also been extended up to the year 2003. This move will benefit the salaried employees, especially the middle-class populace. A dream of providing 25 lakh rural houses has been envisaged in the budget. Out of these, 12 lakh houses will be built under the ‘India Awas Yojana’ and another one-lakh houses would be provided under the ‘Credit-cum-Subsidy’ scheme for families with an annual income below Rs. 32,000. Moreover, around 1. 5 lakh houses to be constructed under the ‘Golden Jubilee Rural Housing Finance Scheme’ will be eligible for refinance from the NHB. The industry has found new avenues such as securitisation, which are expected to be launched in the market very soon. This mechanism would require a pool of assets (mortgages), which would be sold by the HFCs to NHB. These assets in turn would act as a Special Purpose Vehicle (SPV) and would be sold as pass through certificates to investors, which initially would be from groups earning pension funds, mutual funds, financial institu tions, commercial banks and other trusts or institution which require monthly fixed income. The mortgages would be for loans up to a period of 10 years, on which HFCs would earn 16 % from borrowers. The spread is to be passed back to the concerned HFCs in the form of premium at purchase of mortgages or service charge over a period of time. It is expected that with the success of securitisation the circulation of funds would increase coupled with cash flows generated by these funds. Furthermore, a secondary market for mortgages would become feasible for HFCs. Outlook The industry is witnessing a boom at present boosted by the generous budget sops and rock bottom real estate prices. The demand is a result of genuine individual needs for housing. The prospects of the industry would be further strengthened on the amendments to the Rent Control Act and repealing of the controversial Urban Land Ceiling Act. Thus, the housing finance industry is on solid ground and has interesting prospects ahead. As for the small players, they will have to take the harsh decision to either exit the industry or merge with bigger entities. It is also amply clear that in the future, industry leader HDFC will have to share the spoils with the aggressive young turk – ICICI. Notwithstanding the competition, the customer has nothing to lose as he can choose the best loan scheme from the ICICI and HDFC fold, with minimum interest and a nil processing fee. Conclusion Despite the abovementioned factors, several bottlenecks still exist in the industry, which have to be taken care of before any of the above can bring about an improvement in the prospects of the industry. From an overall viewpoint demand for housing is ever rising and the same would be reflected on the demand for funds. Hence, the profitability of the industry should commence on the positive track in the future. Now housing finance products are at par with other consumer goods, where use of all marketing mix has become necessary for the banks to attract and retain customers. References 1. Basu D. N and Mehta V. K. , 1993. Housing Finance System India, Urban India, XIII, (1) January-June: 36-50. 2. Manoj P. K. 2004. Dynamics of housing finance in India, 3. Vora P. P 2002. The Indian housing finance system, Housing Finance Investment. 15(Jan): 18-25. 4. Nambirajan, R, 2001. Home Loans and Tax benefits, Indian Infrastructure, May, pp. 42-43. http://www. indianloans. com http://www. indiainvest. com http://www. lichousing. com * * * * *