William Faulkner Essays (1600 words) - Modernist Literature

William Faulkner William Faulkner is viewed by many as America's greatest writer of prose fiction. He was born in New Albany, Mississippi where he lived a life filled with good times and bad times. However, despite bad times he would become known as a poet, a short story writer, and finally one of the greatest contemporary novelist of his time. William Faulkner's accomplishments resulted not only from his love and devotion of writing, but also from family, friends, and certain uncontrollable events. William Faulkner's life is an astonishing accomplishment; however, it is crucial to explore his life prior to his fixated writing career. In 1905, Faulkner entered the first grade at a tender age of eight, and immediately showed signs of talent. He not only drew an explicitly detailed drawing of a locomotive, but he soon became an honour-roll student: "His report card would show no grades below Perfect or Excellent" (Blotner 21). Throughout his early education he would work conscientiously at reading, spelling, writing, and arithmetic; however, he especially enjoyed drawing. His deportment at school was very high, but it was not as high as it was at home. When Faulkner got promoted to third grade, skipping the second grade, he was asked by his teacher what he wanted to be when he grew up, and he replied, "I want to be a writer just like my great granddaddy" (Blotner 23). At last, (in 1914) Faulkner took interest in poetry, but no one in Oxford could tell him what to do with his poems. Meanwhile, Faulkner, who is very talkative, would always entertain Katrina Carter and Estelle Oldham by telling them vividly imagined stories. Eventually, Faulkner grew very fond of Estelle in fact, if he heard her voice he would deliberately attempt to be spotted by Katrina in hopes that she asks him to join her. Estelle soon became the sole inspirer and recipient of Faulkner's earlier poems. Coincidentally, a gentleman named Phil Stone would fall in love with Estelle's friend, Katrina. As a result, Katrina had told Stone about Faulkner and his poetry. So one afternoon, Stone walked to Faulkner's home to get acquainted, and during his visit he received several written verses from Faulkner' poetry collections: "Anybody could have seen that he (Faulkner) had talent?it was perfectly obvious" (Blotner 44). Stone not only became Faulkner's close friend, but also a mentor to the young writer at the beginning of his career. Stone immediately gave the potential poet encouragement, advice, and models for his study of literature. For example, Stone would give practice drills in punctuation, as well as lecture Faulkner on goals and grammars. Meanwhile, Faulkner's main interest in school became athletics such as football and baseball, thus his grades started to deteriorate: "Bill showed absolutely no interest in the education being offered?He gazed out the windows, and answered the simplest questions with ?I don't know'" (Blotner 39). Eventually, he would quit both athletics and school altogether. In 1919, his first literary work was acknowledged and published in The New Republic. The poem is a forty-line verse with a French title that acknowledges the influence of the French Symbolist, "L'Apres-Midi d'un Faune." In September, Faulkner would enroll in the University of Mississippi, and during his academic years it did not deter him from writing more poems. The Mississippian, the student paper, published "Landing in Luck" by Faulkner- the story is a nine-page short story created from his direct experience in the Royal Air Force flight training in 1916. He has also written several other poems such as "Cathay", which is published in the Oxford Eagle and "Sapphic", which is published in The Mississippian. During the summer, Faulkner became a house painter in Oxford, and in the beginning of autumn he enrolled in the University of Mississippi; however, his early pattern of school started to take toll. Faulkner began to cut classes and finally just stopped going. Although, this time he participated in a drama club called "The Marionettes", and began to publish book reviews in The Mississippian. In the summer of 1921, Faulkner decided to take a trip to New York to receive some professional instructions from editors and critics, since Stone was busy with his academic studies. Faulkner stayed with a man named Stark Young, where they shared an incredibly small apartment. Later, Young introduced Faulkner to Elizabeth Prall of the Doubleday bookstore to see if she wanted some help prior to the Christmas rush. Reluctantly, Prall accepted and never regretted her choice since. "Faulkner made a good clerk-polite, interested, and one of the best salesman in the store?

The UK Banking Practice that led to financial crisis

The UK Banking Practice that led to financial crisis Introduction The issue of the global crisis is of great importance to business management and aspects of finance in any country. Crisis of the magnitude that was experienced is a real threat to the economy of any country and it is imperative for people to learn as much as they can to avoid the circumstance that lead to the crisis.Advertising We will write a custom research paper sample on The UK Banking Practice that led to financial crisis specifically for you for only $16.05 $11/page Learn More In The UK the financial crisis was less hard hitting than it was in the USA. The crisis is attributed to the mortgage business and chiefly to the lending services of banks. The culprit was banking practices that were not adequately regulated and not well adapted to changes. As a result, when the problems started arising it was too late to make any real changes. The government has tried its best to cushion the economy and has been successful in getting things back to normal little by little. It is only when the banking problems that led to the crisis are understood that measures against such a future problem can be anticipated and prevented. In the UK the crisis affected businesses as well as individuals. With a sluggish economy many consumers felt the pinch in spending and as a result, the economy suffered even more as spending became limited. Organizational context The research will be carried out in the organizational context of policies that govern the banking industry. This will reveal more directly the role that banks play and examine whether the policies facilitated in creation of the crisis. When the crisis was a phenomenon of banks in general it follows that there are certain characteristics of their practices that lent themselves to the crisis. Literature review According to Demirguc-Kunt and Detragiache (2002), one of the most important factors in banking is deposit insurance. Deposit insurance provides security in financial circles and enable economic crisis to e handled in ways that are not debilitating to the country. Demirguc-Kunt and Detragiache (2002), examined evidence taken from sixty-one banks between 1980 and 1997. Demirguc-Kunt and Detragiache (2002), found that for bank stability deposit insurance is necessary. These insurances are especially helpful in circumstances where there exists little regulation of interest rates. Additionally if the institutional environment is not strong, the insurance serves to create stability.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In the case of UK crisis, the banking practices did not require explicit insurance that was relational to the risk taken. As a result the risks far outweighed the insurance. Even with the insurance compensation, the banks fell short of the amounts they needed to recoup. Goodhart (2008) offers the basic reasons why the cris is happened. What was reported in the USA had similarities with what was going on in the UK. Goodhart (2008) states the main reasons behind the crisis was mortgage backed securities, seemingly surpluses in global savings and macrostability (Goodhart 2008). As a result the market was overconfident and investments were not carefully construed. The UK drive to the crisis was the credit crunch. The credit crunch however was itself a direct result of the defaults in mortgage repayment and falling prices for the houses (Goodhart 2008). In addition, investor confidence was shaken and many tried to make withdrawals form banks and even long term securities. According to LaBrosse (2008), one of the reasons that the UK authorities decide to review the financial safety net was because of the crisis witness in the Nothern Rck Plc. The crisis revealed major failings in provision of adequate financial safety in cases of need. According to LaBrosse, the UK authorities responded by issuing recommend ations for the protection of depositors and in addition they suggested some reforms to the banking practices. According to LaBrosse (2008), one of the reasons for the crisis was due to no mandated regulators to minimize risk. This led to banks taking aggressive risks which did put the depositors’ accounts into risk. These choices were made without the appreciation of the long-term consequences of such risks. The taxpayers have also been furnished with little awareness and as a result they wee not able to make financially sound decisions. One of the consequences was that as soon as many realized the financial difficulties of financial institutions, they went ahead to withdraw their money from banks and other institutions. As a result, financial institutions were pushed towards bankrupts. In order to deal with the problem, one of the recommendations by UK authorities is for the use of a financial agency that is independent and which will work to minimize risk (Lacrosse 2008). T he FSCS can then liaise with parliament to come up with effective means of protecting depositors and tax payers. Public awareness would also be increased to avoid panic among depositors and increase sound judgment.Advertising We will write a custom research paper sample on The UK Banking Practice that led to financial crisis specifically for you for only $16.05 $11/page Learn More Mcllroy (2008), also found that the reason for the crisis was the lack of sufficient trigger mechanisms in the financial sector. Had the triggers been in palace, the safety systems would have been able to respond in a timely manner and avoid further threats to the economy. According to Mcllroy (2008), to fully ensure financial stability the system lacked sufficient credible approach. Such an approach is important in order to regulate standards, supervision and management of smaller institutions so that they do not affect the entire system. However failure to have these support in pace aggravated the financial problems and instigated the crisis. Additionally Mcllroy (2008), states that due to the taxation procedures institutions that were taking excessive risks did not pay more taxes for their insurance. Had they paid more there would have been an easier way to recover losses for banks. Crick (1927) discussed the various ways in which banks manage their reserves. As they get investment, banks also lend money out. However they retain a certain amount so that their clients can also make withdrawals. It is the balance between the money lent and the money available for withdrawal that banks need to balance to ensure smooth running of their institutions. This is what is known as fractional reserve banking. This was one of the critical mistakes that banks in the UK made. They took too much risk and minimized their reserve. This in turn affected the mortgage sector. It is this practice that led to seeming surplus of cash in the world and the subsequent crisis. Shin (2009) explains the cause of the financial crisis to have had its origins in the Rock’s Bank depositor run. This had a negative effect on other banks with investor confidence shaken. The main cause of the Rock Bank problem was as a result of dependency on short term investment it took with investment institutions Lastra (2008) agrees with the effect that Bock bank had and the subsequent response of investor. According to Lastra (2008), bank regulations played a big part in the progression of the crisis. If there had been sufficient measures to aid the banks which were undergoing distress the crisis might not have progressed at the rate or extent that it did. According to Bicksler (2008), two factors have been proposed as the causes of the crisis and in particular the sub prime mortgage problems. One of this of the reasons has been given as inappropriate incentives that were geared towards securitization. The second reason given has been that there was mismanagement of informa tion whereby financial institutions, investment securitizes and investors did not have adequate information to sufficiently balance the flow of money in the mortgage sector.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Haubrich and Thomson (2008) state that due to the collective role that banks play in the financial industry it is by umbrella regulation that crisis can be effectively evaded. Accordingly having the government as part of the regulating team is beneficial so that there is more cohesion in regulatory measures. According to Bicksler (2008), a study into the issue has given evidence that indeed the securitization caused significant risks to be taken when determining the mortgages to approve. As a result greater risks were taken. In due course because of lack of sufficient management of risk there were more cases of default. Bicksler cites studies conducted that indicated that mortgages were given to increasingly less income applicants and with the loans came higher cases of default than would have occurred of the approval had not been lowered. In addition Bicksler states that loan borrowers were often not aware of the transactional cost and interest rates and as a result, they made deci sions that were too taxing increasing default rates. Bicksler (2008) examined studies that have been done regarding homeowners and found that indeed many of them were not sufficiently informed about the taxes, fees and interests that their purchases would accrue. According to Bicksler (2008), economics attribute much of the financial crisis in the mortgage sector to the homebuyers’ financial illiteracy. Another important contribution to banking practices and the crisis is what Schwartz and Seabrooke (2008) regarded as relationship between the political and economic realities with finances. According to Schwartz and Seabrooke (2008), there exists a strong relationship between the financial institutions and politics. As a result, banking financial institutions can be influenced by the politics of the land and negatively affect their activities or practices. Additionally, the UK insurance which is mostly managed by government is not as effective as those run by private sector. T his is because negative impact in the deposits is higher government run schemes. One of the points that Schwartz and Seabrooke (2008) make is that housing finance which is mostly conducted by banks has ballot box implications. As a result politicians are not always quick to respond to the situation and downplay the extent of the crisis for political reasons. The crisis was an indicator of problems that the UK authorities would want to deal with before losing public confidence. The public reaction is also tied in with preference for interest taxes, taxation and spending. The banking system which ought to be more accountable relied on the government to cushion their losses. However, it is important for banks to have independent overseers who can be expected to be neutral and respond to financial issues with the investors’ interest. Schwartz and Seabrooke (2008) argue that in an economy where there are housing ownership inequalities, many people take advantage of additional mean to get loans so that they can escape taxes or defer their loan payments. This presented problems to banking systems which require the repayments for their running. As Schwartz and Seabrooke (2008) found out some of the people who acquired new mortgage loans were purchasing second homes or refinancing. There was therefore a financial burden placed on banks leading to the financial crisis. Honohan and Klingebiel (2003) support Schwartz and Seabrooke (2008) in stating that banking lending and repayment is a delicate procedure. Honohan and Klingebiel (2003) states that all economies that face crisis find that they need to drastically reform their banking system. This underscores the importance of banking systems to the stability of a country’s financial stability. In the face of a crisis like the one in UK, banking practices did not rise up to the occasion as they required accommodating policies. These policies are inclusive of limited recapitalization, government bail out, open -ended liquidity support and blanket deposit guarantees. These measures spread over to several banks led to fiscal cut backs. As government spending was limited the effect was further passed to tax payers leading to aggravation of the financial crisis. The Office for National Statistics (2010) has released correction notice that is mean to serve as an indicator of measures that will be used in future to generate intervention to prevent crisis. This is because the government realized that early intervention is critical to containing the effects of financial instabilities. The bank sector for example is one in which information to users can greatly enhance their knowledge of changing economic situations. This can help people to make better decisions and be aware of the trends. Sample The sample will consist of several banks in different towns and of different sizes. The sample will be selected randomly to ensure that different types of banks are represented. The sample will consist of Mortgage loans data from banks and lending repayment. In addition it will include the policies regarding mortgage loans. Methods The method to be used will be data from banks and economic statistics. The survey will examine banks policies in issuing mortgage loans, interest rates and rates of defaulting. Constrains, limitation and ethical issues One of the constrains of the research is that it cannot cover all the areas that would be poignant to the study. Financial situations are affected by more than just one factor. As a result, interdependent factors should be examined to ascertain the proper conclusions are reached. A limitation for the study will be finances. In order to undertake a good research the research would require a lot of finances to study as many banks as possible. In addition, a study of government and its financial policies would enrich the study and make it comprehensive. Limitation of time will also be experienced. With a limited time frame the study can not be as broad as it could be. The sample will have to be representative of other banks. One of the ethical issues will be confidentiality. Since the financial transactions of bank customers are supposed to be confidential and private, the study will need to come up with a way of ensuring that personal information is excluded from the study. Personal or identifying data will be exempted form the study. Another ethical issue will be maintaining confidentiality of bank information. Banks also have information that they like to keep private. The study will ensure that all confidential materials are kept confidential. The research will provide confidential agreements so that those they deal with can be assured of their privacy and confidentiality. References Bicksler, J., (2008) The sub prime mortgage debacle and its and its linkages to corporate governance. International Journal of Disclosure and Governance, 5 (4), pp. 295-300. Crick, W. F., (1927) The genesis of bank deposits. Economica, 7 (20), pp.191–202. Demirguc-kunt, A. and Detragiache, S., (20020 Does deposit insurance increase banking system stability? An empirical investigation. Journal of Monetary Economics, 47 (7), pp 1373-1406 Goodhart, C. A., (2008) The background to the 2007 financial crisis. International  Economics and Economic Policy, 4(4), pp. 331-346. Haubrich, J. G. and Thomson, J. B., (2008) Umbrella supervision and the role of the central bank. Journal of Banking Regulation, 10 (1), pp. 17-27. Honohan, P. and Klingebiel, D., (2003) The fiscal cost implications of an accommodating approach to banking crises. Journal of Banking and Finance, 27 (8), pp 1539–1560. LaBrosse, J. R., (2008) Time to fix the plumbing: Improving the UK framework following the collapse f Northern Rock. Journal of Banking Regulation, 9 (4), pp 293-301. Lastra, R. M., (2008) Nort Rock UK Bank insolvency and cross-border bank insolvency.  Journal of Banking Regulation, 9 (3), pp.165–186. Mcllroy, D. H. , (2008) Regulating risk: a risk measured response to the banking crisis.  Journal of Banking Regulation, 9 (4), pp. 284-292. Office for National Statistics., (2010) Financial crisis and recession: How ONS has addressed the statistical and analytical challenges. Economic and Labor Market Review, 4 (1), pp. 30-35. 10. Schwartz, H. and  Seabrooke, L., (2008) varieties of residential capitalism in the international political economy: old welfare states and the new politics of housing. Comparative European Politics, 6 (3), pp. 237–261. Shin, H. S.,(2009) Reflections on Northern Rock: the bank run that heralded the global financial crisis. Journal of Economic Perspectives, 23 (1), pp. 101–119.

Business Memo with Documented Research Paper Example | Topics and Well Written Essays - 500 words

Business Memo with Documented - Research Paper Example According to the International Monetary Fund (2012), Japan’s Gross Domestic Per capita for 2011 was 34, 600 US dollars. This provides a high market for Està ©e Lauder Cosmetic Incorporation’s products in Japan. Japan has a low unemployment rate of 4 percent and a low average inflation rate of 2.1 percent. Japan’s economy is exceedingly proficient and competitive in fields associated with international trade. Over the three past decades, Japan experienced a rapid economic growth (Karan, 2010). There is a high rate of investments by other foreign companies in the country thus providing a wider market for Està ©e Lauder Cosmetic Incorporation products. Japan is home to 68 of the 500 most developed companies in the world. Tokyo, the capital city, is the leading metropolitan economy in the world. With its aging and high income population, Està ©e Lauder Cosmetic Incorporation is assured of market for its products. According to the CIA World Fact Book (2012), Japan is under a constitutional monarchy headed by a Prime minister. Customarily, the cabinet ministers rely on bureaucrats for policy schemes and legislature drafting. The cabinet ministers control the issuance of trade licenses, and authorize and controls business activity in the country. The function of government institutions in Japan’s economy has been reforming over the past years. The government freely permits all foreign exchange transactions to and from Japan. These foreign transactions also include the interests, transfers of profits and dividends, royalties and fees, repayment of principal and repatriation of capital. Formal sanctions on the allotment of foreign exchange and the majority of limitations on foreign investment have been eliminated (Karan, 2010). This presents Està ©e Lauder Cosmetic Incorporation with an opportunity to trade freely and effectively in the country. As indicated by the International Monetary Fund (2012), Japan is highly