Should mortgage lenders be nationalised Essay Example for Free

Should mortgage lenders be nationalised Essay Following recent disturbances in the world economy some governments came to a conclusion that it is in their duty to intervene and solve the growing problem. In this case the problem of mortgage lenders. As with every action from government, it is important to assess whether there truly is a market failure or not. To begin with, a closer look at how this situation arose would be essential. Over recent years, the housing market not only in UK but around the world as well had been enjoying a period of prosperity. House prices were ridiculously high, though no one seemed to be bothered by that. Residential Mortgage Backed Securities (RMBS) played a key role in that, as this security type let a vast number of homebuyers to take loans. Investors thought that might just be a perfect opportunity to make some profit, so they also joined this house of madness by lending money to mortgagors through the banking system. However, nothing lasts forever. Investors realised that there is a risk of their money not being returned either on condition that banks and/or lenders fail, therefore they immediately left the market causing dry up of mortgage finances. So, there it is. This is where government ought to, in mortgage lenders opinion, step in, pump money and let the vicious cycle continue. Indeed, there is a market failure. A failure that only government can solve. Should it though? Isnt the true idea standing behind the capitalism to reward the hard-working, the smart and punish the lazy, the reckless? Why should the latter ones be protected? Why should tax payers money be spent in such a wasteful way? Nationalising UKs Bradford Bingley alone has already cost à ¯Ã‚ ¿Ã‚ ½150bn. In fact, only a small number of banks is to be blamed for this state of affairs to have taken place. Their irresponsible high stake risk taking actions led to a disaster that, now, they want all of us to bear the cost of. How unreasonable that must sound to a person who doesnt even have a mortgage? Weve had ten years of allowing banks to do what they wish really, to give them absolute freedom to lend. Alex Brummer, City editor, Mail on Sunday However, with nationalising it would be assured that Bank of Englands base rate is reinforced and has a real life implications, as it has been recently revealed that some mortgage providers do not cut their interest rates in line with the one set up by BoE. Moreover, it has been stated by government authorities and banks representatives on numerous occasions that improving access to capital is crucial to get the economy working again. That might actually be the case with a reduced borrower exploitation. Nationalised industries are supposed to be in the best interest of society, therefore hopefully there will no longer be banks trying to unfairly steal peoples possessions by taking a use of their lack of knowledge, charging enormous rates, making it harder for those who already find it difficult to keep up with repayments. Government would be able to offer competitive deals for everyone, and with market forces coming in, other lenders would have to follow the trend as well. It is the period of nationalising that needs to be taken into consideration, too. United Kingdom Chancellor of the Exchequer, Alistair Darling, emphasised that this process in regards of Northern Rock is only on a temporary basis, yet still it would be more realistic to count in years rather than months instead. That is how long it is expected for NR to repay the loan from taxpayers. That situation is extremely rare these days, so an accurate estimation of when the government will loosen its grip on the bank is hard to predict. Worth mentioning is the fact that it was only after 16 years of Rolls-Royce emergent nationalisation in 1971, that all its shares were sold to private owner. What would happen if the mortgage defaults continued to rise though? What if the plan would fail? And more money would be needed in attempts to solve the problem? Taxpayers would be left with a very large bill to pay for financial bailout. And this leaves us with the question how would the government fund further bailouts? Increase taxation? Cannot, this would cause a slowdown of an economy. Income tax lower income, lower consumption. Indirect taxes higher taxes, lower consumption. Doesnt sound good. Borrowing? Cannot. The so-called Golden Rule of fiscal policy is that the government should not borrow in order to finance current spending, and that any borrowing the government does undertake is for investment. I wouldnt consider rescuing awfully managed mortgage lending banks as a form of investment. I have no doubt that Mrs Thatcher would more than happily get rid of collapsing institutions. In her opinion, what doesnt work, shouldnt be allowed to work at all. Bailing banks out is a wrong idea in terms of externalities, moral hazard in particular. If they [banks] would know that there is the Government standing behind, fully prepared to save them in case of failure, they would feel more secure about themselves, with a higher willingness to take risk. They wouldnt bear all the consequences. Northern Rock and Bradford Bingley did not. Where is the capitalistic ideology of laissez-faire? Just leave it alone. Events should take their own courses, whereas government generally ought not to intervene in the marketplace. Looking at the situation in a more positive light though, financial conditions will improve in few years time, and by then the Government will be able to sell banks for much more attractive prices (e.g. Virgin trying to buy Northern Rock, but the offer was too low in Governments opinion) in order to compensate and benefit taxpayers. Still, I am not really convinced with the view of governments nationalising mortgage lenders. As a free market economy supporter, I strongly believe that the market should be free of any governments intervention nor regulation, besides the minimum function of maintaining the legal system and protecting property rights. To finalise, I would like to quote a man, whose words cannot summarise my essay better, The nationalisation of Northern Rock is a disaster for the taxpayer, a disaster for this government and a disaster for our country.

Essay on the Flying Motif in Song of Solomon :: Song Solomon essays

Importance of the Flying Motif in Song of Solomon    Throughout literature it has been common for authors to use allusions to complement recurrent motifs in their work. In Toni Morrison's Song Of Solomon, Milkman learns that his desire to fly has been passed down to him from his ancestor Solomon. As Milkman is figuring out the puzzle of his ancestry, he realizes that when Solomon tried to take his youngest son, Jake, flying with him, he dropped him and Jake never arrived with his father to their destination.    It seems quite probable that Morrison drew from the Daedalus/Icarus Greek myth. Daedalus was a well-known architect and engineer in Athens. King Mines invited Daedalus to Crete to build him a labyrinth, and when it was completed, Mines jailed him within it. In order to escape, Daedalus built two sets of wings - one pair for himself, and the other for his son, Icarus- using wax and feathers, which they used to fly off from Crete. On their journey to Athens, Icarus decided to try to challenge the sun, even though his father had warned him that if he got too near to the sea his wings would dampen and fall apart, or if he got too close to the sun, the wax in his wings would melt, and he would lose the ability to fly. Ignoring Daedalus' warnings, Icarus flew too high and the sun melted the wax that held his wings together. Icarus fell into the Aegean Sea and died.    Solomon, a slave, had been a leader when he worked in the cotton fields in the South. One day he decided to fly back to Africa with his youngest son, Jake, leaving behind his wife Ryna and their twenty other children. Black lady fell down on the ground Come booba yalle, come booma tambee Threw her body all around Come konka yalle, come konka tambee...(303).    This verse of the popular children's song which Milkman heard in Shalimar, Virginia, was referring to Ryna's sobbing, an event which also led to the naming of Ryna's Gulch where it is rumored that Ryna's spirit moaned night and day alike for Solomon's return. When Solomon is flying, however, he drops Jake- also the name of Milkman's grandfather- and unlike Icarus in Greek mythology, Jake survives his fall.    Milkman's desire to fly mirrors one of the foremost fantasies of any child or dreamer.

Ethernet LANs Essay

Ethernet LANs: A collection of devices, including user devices, LAN switches, routers, old hubs, and cables, all of which use IEEE Ethernet standards at the physical and data link layers, so that the devices can send Ethernet frames to each other. 802.3: The name of the original IEEE Ethernet standard, as well as the overall base name of all IEEE Ethernet LAN working committees. Fast Ethernet: The informal name for one particular Ethernet standard, originally defined formally as 802.3u, which was the first Ethernet standard to surpass the original 10-Mbps speed to run at 100 Mbps. Gigabit Ethernet: The informal name for one particular Ethernet standard, defined formally in 802.3z (for fiber) and 802.3ab (for UTP), with a speed of 1 Gbps. Autonegotiation: A process defined by the IEEE so that nodes on the same Ethernet link can exchange messages for the purpose of choosing the best speed and duplex option that both nodes support. Ethernet frame: The bytes of data that flow in an  Et hernet LAN, which begins with the Ethernet header, followed by data (which actually holds headers from other layers as well as end-user data) and ends with the Ethernet trailer. Ethernet LANs deliver Ethernet frames from one Ethernet device to another. MAC address: A data link layer address, 48 bits in length, usually written as 12 hexadecimal digits and used to represent different devices connected to LANs. MAC address table: On a LAN switch, a table of MAC addresses and local switch ports that the switch uses when making its decision of where to forward Ethernet frames that arrive at the switch. Wired LAN: A local-area network (LAN) that uses cables/wires; the word wired refers to the wires inside UTP cables. Wireless LAN: A group of wireless clients, plus one or more wireless access points, with the access points all using a common SSID (wireless LAN name). Star topology: A network topology in which links extend outward from a central node, somewhat like rays of light going out from a star/sun. Ethernet frame: The bytes of data that flow in an Ethernet LAN, which begins with the Ethernet header, followed by data (which actually holds headers from other layers as well as end-user data) and ends with the Ethernet trailer. Ethernet LANs deliver  Ethernet frames from one Ethernet device to another. 10BASE-T: The common name for one of several standards that are part of the IEEE Ethernet 802.3i standard. This standard uses two twisted pairs in a UTP cable, with a bit rate of 10 Mbps. 100BASE-T: A term that refers to all Fast Ethernet standards, including 100BASE-Tx, which refers to the one Fast Ethernet standard that uses two pairs in a UTP cable. 1000BASE-T: A particular Ethernet standard shortcut name, also known by the formal standard 802.3ab, which defines 1000-Mbps (1-Gbps) operation, star topology, using four-pair UTP cabling. 10GBASE-T: A particular Ethernet standard shortcut name, also known by the formal standard 802.3an, that defines 10-Gbps operation, star topology, using four-pair UTP cabling. Metro Ethernet: A type of multiaccess WAN service that uses Ethernet as the physical access link and usually uses an Ethernet switch as the customer site device, with the customer sending Ethernet fra mes from one customer site to the other. Token Ring: An old LAN technology, popularized by IBM and standardized by IEEE as standard 802.5, that competed with Ethernet LANs in the 1980s and 1990s. LAN Edge: A reference to the part of the campus LAN with the end-user devices and the switches to which they connect, through an Ethernet switch or a wireless LAN access point, that contains the largest number of physical links. Wireless-only LAN edge: A campus LAN design term referring to campus LANs with only wireless connections between end-user devices and APs, and no wired Ethernet LAN connections at the edge. Wired/wireless LAN edge: A campus LAN design term referring to campus LANs, with the edge of the LAN having both wireless connections plus wired Ethernet LAN connections. Shorthand name (IEEE): The term for a type of name for IEEE standards. These names begin with a speed, list â€Å"BASE-† in the middle, and end with a suffix, for example, 10BASE-T. Edge switch: In a campus Ethernet LAN design, this term refers to the Ethernet LAN switch to which the end-user devices connect. Duplex: A networking link that allows bits to be sent in both directions. Half duplex: A networking link that allows bits to be sent in both directions, but only one direction at a time. Full duplex: A networking link that allows bits to be sent in both directions and at the same time. Straight-through cable: A UTP cabling pinout in which the wire at pin x on one end of the cable connects to pin x on the other end of the cable.  Crossover cable: A UTP cabling pinout in which the wires in a wire pair connect to different pins on opposite ends so that one node’s send logic connects to the other node’s receive logic. In Ethernet, pins 1,2 connect to 3,6, and pins 4,5 connect to 7,8. Ethernet header: A data structure that an Ethernet node adds in front of data supplied by the next higher layer to create an Ethernet frame. The header holds these important fields: Preamble, SFD, Destination Address, Source Address, and Type. Ethernet trailer: A data structure that an Ethernet node adds after the data supplied by the next higher layer to create an Ethernet frame; the trailer holds one field, the FCS field. Destination MAC address: A field in the Ethernet header that lists the MAC address of the device to which the Ethernet frame should be delivered. Source MAC address: A field in the Ethernet header that lists the MAC address of the device that originally sent the Ethernet frame. Media Access Control: The formal IEEE 802.3 Ethernet term for the data link layer, data-link header, and other data-link features, including addresses. Error detection: In networking, the process by which a node determines whether a received message was changed by the process of sending the data. Ethernet broadcast: A special Ethernet address, FFFF.FFFF.FFFF, used to send frames to all devices in the same Ethernet LAN. Address: Flooding: Part of an Ethernet LAN switch’s forwarding logic in which the switch forwards a frame out all ports, except the port in which the frame arrived. Forwarding: Part of an Ethernet LAN switch’s forwarding logic that refers to the choice a switch makes to take a received frame and send it out a single outgoing port, because the frame has a destination MAC address known to the switch (as listed in the switch’s MAC address table). Learning: Part of an Ethernet switch’s logic related to the forwarding process by which the switch learns MAC addresses and their associated port numbers. Unknown unicast frame: An Ethernet frame with destination MAC address FFFF.FFFF.FFFF. Broadcast frame: From the perspective of a single Ethernet LAN switch, a frame whose destination MAC address is not known to the switch, in that the switch’s MAC address table does not list the frame’s destination MAC address. Known unicast frame: From the perspective of a single Ethernet LAN switch, a frame whose destination MAC address is known to the switch, in that the switch’s MAC address table lists the frame’s  destination MAC address. Universal MAC address: A MAC address assigned to an Ethernet device (NIC, switch port, and so on) by the manufacturer, following rules defined by the IEEE, so that the device’s universal MAC address is unique among all other universal MAC addresses in the universe.

The Presidency Trouble with Trumps Ideology - Free Essay Example

Sample details Pages: 4 Words: 1342 Downloads: 4 Date added: 2019/03/27 Category Politics Essay Level High school Topics: Donald Trump Essay Did you like this example? The streets are flooded with masses of signs that read we care and stop the hate each held up high by children, adults, men, and women of all races. These are citizens that stand chanting by one another pleading for the U.S. to step out of the ignorance that the country has fallen into. Don’t waste time! Our writers will create an original "The Presidency Trouble with Trumps Ideology" essay for you Create order At this point the concept of not repeating the same mistakes in history would seem wise, but they have been overlooked. The President has provoked citizens to discriminate against other racial groups and each other by expressing his personal opinions; although they are platforms of free speech, Trump has taken advantage of those rights. Therefore, citizens should not pay much attention to his extreme views. After Trumps presidential campaign, there has been an increase in harassment due to the manner in which Trump has persuaded many. While these cases are more common in adults, the tension has also spread into the lives of many children. Dr. Bandy Lee, a psychiatrist who specializes in violence, has introduced The Trump Effect, which is the increase of bullying in schools after Donald Trumps presidential campaign (42). The Presidents name has been used as a chant by other children to evoke fear onto classmates as if mentioning the boogeyman. This leads many parents to worry about the criticism that they receive due to their heritage, and introduces them to the prejudice of American society. On the other hand, there are adults justifying their hate crimes against minorities with the hostility that Trump introduced in his campaign. In a statement by the Southern Poverty Law Center, it reports that, in the two-week period between Election Day and February 9, 2017, there were seventy anti-Jewish incidents and thirty-one anti-Muslim incidents, the majority being bomb threats (Lee 44). Although, the President has never directly told his supporters to kill anyone, he has definitely conveyed to many that they may manipulate his words for their own convenience. To say nothing of the topic would inevitably lead to further issues that the President would then put aside. Not to mention, the President does not shy away from his personal opinions. In fact, he actually encourages others to follow in his footsteps during his rallies. For instance, during the 2016 presidential election, Trumps campaigns started with yelling Get em outta here! (Trump qtd. in The Dangerous Case of Donald Trump). Even though he did not mention who, many can assume that the reference was towards Mexicans and Muslims due to his stance on immigration. After all, he made it clear in his campaign that his priority as president would be to deport all the dangerous people. It seems that his campaign was a preview of what his presidency would entail with the derogatory remarks. Not only was Trumps criticism addressed towards citizens, there were also some directed to President Obama. In particular, Trumps discontent with President Obamas victory led to the Birtherism conspiracy, which was solely based on the idea that Barack Obama was not born a U.S. citizen. Although the conspiracy was introduced in the 2008 presidential election, Trump brought it up during the re-election and Lee argues that he uses it, as a jumping-off platform to launch his presidential candidacy (261). Such ideas were debunked by President Obama himself but many did not believe it to be true for the simple manner that he looked different from the other presidents. It only emphasizes how President Trump was very cunning with his remarks in discriminating. Not only was he attacking a Former President, but he was also carelessly putting him in harms way without thinking of how others may react. At the time Trump may not have been in office, but his reputation was definitely building up. Without a doubt, the President has taken advantage of the position that the people of the U.S. entrusted him with. Consider when he managed to pass a ninety-day travel ban deceiving many Muslims and brought a new fear into Americans, that he is going to use executive power (Lowery). The act was so sudden that many citizens could not leave airports because they had to go through security checks, which held up many travelers. Refugees that were arriving with the hope that the U.S. would take them in were disappointed with the news that help would not be offered. Many thought it to be an abuse on the Presidents part since his reasoning behind the ban were accusations towards the Muslim community. After some time the ban dissolved, but there was residue that left many Americans fearing excessive power in the government. Similarly, President Trump revoked Jim Acostas press credentials when a presidential press conference started getting heated and some false accusations were made. Later a federal judge ordered for the recovery of Acostas credentials. Although, the case is expected to go on, Trump has decided to impose rules on future press conferences to avoid disagreements. However, Nancy Gertner, a formal federal judge and a Harvard Law School professor, remarks: This ruling is not saying that what Acosta did was the right thing or the wrong thing. The judge ruled that the president cant revoke his credentials without due process: a statement of what he did wrong, an opportunity to respond, a final decision. The ruling leaves those issues and his First Amendment challenge for another day. (Grynbaum) Even though Acosta filed a lawsuit and recovered his credentials, the possibility that Trump could revoke credentials in a matter of seconds is what impacted many. Not only because they were credentials but mostly because it was an attack towards someone that went against what he said. Many were also angered because President Trump acted out of emotions instead of taking the lawful steps when revoking press credentials. It should also be noted that Trumps messages have gone farther than expected with the help of social media. Notably, the neighboring country, Canada has conducted studies that have proven, a 600 percent increase in the amount of intolerant hate speech on social media by Canadians between November 2015 and 2016 (Racists misogynists). This is more commonly seen with the use of hashtags as a movement created by extremists. The internet is a place to express ones opinions, but when someone with authority does so, they should know the amounts of views it will receive. That very number may be what fuels the President. As a result, easy access to technology means that everyone knows what the President has done in a matter of seconds. Therefore, the U.S. had to make a tough choice during the election. Up until Donald Trumps presidency, there has been a long streak of fear accumulating among immigrants, children, and Americans. Since the campaign, there has been an increase in bullying at schools and the use of racial slurs are starting to be thrown around like confetti. Even before the inauguration the President was very vocal on immigration and was insensitive towards the topic. There are many platforms that the President has access to, but that does not mean that he should excessively use them as much as he has. When the boundaries set in place are overstepped, it results in a rift between the civilians. The worst part is that the President has awoken this hate and is not doing anything to stop it. On the contrary, he is fueling it through his words and actions in office. Friends and families are being separated by the very person that was elected to unify and strengthen the country. Works Cited Grynbaum, Michael M., and Emily Baumgaertner. Judge Orders the White House to Restore a CNN Reporters Credentials. New York Times, 17 Nov. 2018. Global Issues in Context. Accessed 23 Nov. 2018. Lee, Bandy. The Dangerous Case of Donald Trump: 27 Psychiatrists and Mental Health Experts Assess a President. St. Martins Press, 2017. Lowery, Wesley, and Josh Dawsey. Early chaos of Trumps travel ban set stage for a year of immigration policy debates. The Washington Post, 7 Feb. 2018. Global Issues in Context. Accessed 29 Oct. 2018. Racists misogynists do not deserve a platform anywhere. Toronto Star, 9 Sept. 2018. Global Issues in Context. Accessed 30 Oct. 2018.