Warrants in the Toulmin Model of Argument

Warrants in the Toulmin Model of Argument In the Toulmin model of argument, a warrant is a general rule indicating the relevance of a claim. A warrant may be explicit or implicit, but in either case, says David Hitchcock, a warrant is not the same as a premise. Toulmins grounds are premises in the traditional sense, propositions from which the claim is presented as following, but no other component of Toulmins scheme is a premise. Hitchcock goes on to describe a warrant as an inference-licensing rule: The claim is not presented as following from the warrant; rather it is presented as following from the grounds in accordance with the warrant Examples and Observations [T]he Toulmin warrant usually consists of a specific span of text which relates directly to the argument being made. To use a well-worn example, the datum Harry was born in Bermuda supports the claim Harry is a British subject via the warrant Persons born in Bermuda are British subjects. The connection between the data and the conclusion is created by something called a warrant. One of the important points made by Toulmin is that the warrant is a kind of inference rule and in particular not a statement of facts. In enthymemes, warrants are often unstated but recoverable. In alcoholic beverages should be outlawed in the U.S. because they cause death and disease each year, the first clause is the conclusion, and the second the data. The unstated  warrant is  fairly phrased as In the U.S. we agree that products causing death and disease should be made illegal. Sometimes leaving the warrant unstated makes a weak argument seem stronger; recovering the warrant to examine its other implications is helpful in argument criticism. The warrant above would also justify outlawing tobacco, firearms, and automobiles. Sources: Philippe Besnard et al.,  Computational Models of Argument. IOS Press, 2008Jaap C. Hage,  Reasoning With Rules: An Essay on Legal Reasoning. Springer, 1997Richard Fulkerson, Warrant.  Ã¢â‚¬â€¹Encyclopedia of Rhetoric and Composition: Communication from Ancient Times to the Information Age, ed. by Teresa Enos. Routledge, 1996/2010

Health Care Services in Oman Research Proposal Example | Topics and Well Written Essays - 1000 words

Health Care Services in Oman - Research Proposal Example The specific case of Oman gives a very attractive picture on the government support for the public health care delivery systems. The government support exists for 95 percent of all hospitals functioning in Oman. This would cover the human resource support extended for employing doctors, nurses and other paramedical staff in the hospitals. In addition to the political will and the financial support ensured to carry out the set objectives the active involvement of the community another important factor that have helped Oman to attain new heights in the health care services. The survey reports available have showed a public satisfaction level of 70 percent in the delivery of health services thus showing high level of acceptance in the programmes. The broad aim of the research is to investigate the role played by the community groups to percolate the health care support and delivery to the remote locations and also to the underprivileged in the society. The community based interventions in the health care sector in Oman is said to have contributed in the success achieved in the recent years. An in-depth analysis of the prevailing issues on various practices and policies that are followed in the hospitals in Oman has been reported ( Al Balushi and West, n.d.). The researchers emphasis various innovative strategies that need to be evolved in order to make the health care services more effective and efficient. Khandekar et al (2010) reports public health evaluation exercise undertaken to assess the vision impairment in the children below five years. Authors highlights the categorization defects identified in children, which would help them to frame, better intervention steps among this age group. The need for the continuous medical education to enhance the public outreach of the medical profession is also investigated (Anwar and Batty, 2007). The process of continuous medical education is found as the one of the vital requirement for ensuring the better health care support in Oman. Most of the studies reported have tried to give the outcome of the various health related initiatives in the Oman. All the studies reported have unanimously agreed on the improvement of health care services through community level institutions. But information on the key factors that make these institutions function is not yet reported in detail. Thus the proposed research would address this lacuna and give inputs for better delivery of services through this organizations. Methodology The two important philosophies being considered for this

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

Technology - Essay Example thing, I have strongly disfavored my complete reliance on my laptop over a period of time but unfortunately I am totally dependent on this technological device for nearly all my tasks, routines and undertakings. My laptop becomes a real source of pain for me whenever I am doing something on the Internet and there is an issue that surfaces which has got nothing to do with my work in progress. Usually these problems stem from replacing an antivirus or asking me to run the scandisk otherwise the system threatens to go off the track – and off the track it always does! I get awful things in my mind all of a sudden and my reliance on this technological product takes the entire wrath from my mouth in an instant. I start becoming very edgy and my feelings become very strong in hatred against the laptop and indeed the whole field of science. Thus I am of the belief that my laptop should not be given this much importance within my life as much as I give to it at the present. This will solve quite a few problems for my goodness

Declining Lease Lengths in Commercial Properties Literature review

Declining Lease Lengths in Commercial Properties - Literature review Example Researchers have not dwelt on the length of the lease except the reducing average lease lengths in the UK. A term structure of rental rates has been responsible for various lengths of the leases but it has been lacking in market reviews. A market review provides valuable knowledge into the relationship between rent and lease length, creating a balanced rent, depending on rent projections (Rowland, 2002). A lease length may depend on specific landlord needs such as redevelopment in the near future or for creating more space for another business tenant. Normally, landlords’ interests are served through long leases while tenants desire short leases with alternatives of renewal (Rowland, 2000). The possibility of such factors as cost of shifting and the cost of reletting could be crucial in deciding rents and lease lengths. Reletting costs may be borne by either the landlord, if the short lease expires or the tenant shifting premises before the expiry of the lease. These costs may not be transferable but can be reduced with mutual consent between the landlord and the tenant (Rowland, 2000). In a term lease there is no boost to reduce depreciation of the property, thus not securing the salvage value of the property (Miller and Upton 1976, p.766; and Flath 1980, p.253)). Smith and Wakeman (1985, p.903)) discuss how lease provisions may change the incentives for both parties, quoting the use of service leases (in which the lesser provides the maintenance) as a solution of avoiding the lessee’s inclination to ignore the property (Rowland, 2002). The deficiency of interest among tenants to take care of the property has been used randomly in the housing economics literature to state tenure choice (Henderson and Ioannides 1983, p.98)) and the observed reduced rents on lease renewal than new lettings (Hubert 1995, p.631)). Kanemoto (1990, p.7)) thinks that the problem comes in substantiating to a third party (typically a court) that the tenant has misused the property. Various types of contracts for maintenance of property change the possibility of not-suitable standards of maintenance (Rowland, 2002). Benjamin, de la Torre, and Musumeci (1995, p.179)) present a model of under-maintenance by tenants, which compares the current values of owning and leasing property. The difference between the maintenance of property by owner-occupiers and by tenants shows the overexploitation by tenants during the lease, with bad outcomes for the residual value. The authors state different methods to improve upon the leases to reduce or eradicate the effects of the tenant’s provocation to misuse the property, like entering into contracts for maintenance by the owner, providing the tenant an alternative to purchase, deposit security or adjusting the rent as per usage needs (Benjamin, de la Torre and Musumeci 1995, p.184)) (Rowland, 2002). Interestingly, in Northern Ireland, the private investors prefer long lease terms on properties situated in pop ulous locations and depending on the area let properties on strong terms in the agreement (Crosby et al., 2002)). The property market was on the boom during 2002 in Northern Ireland, resulting in easy finance due to reduced interest rates realizing greater syndicate transactions related to the property. These inward investment initiatives like call centers for leading companies, including Halifax, Abbey National and Prudential and software development companies like Northbrook Technology and Fujitsu (Hamilton et al., 2005).

Regulation of Financial Services Post Credit Crunch

Regulation of Financial Services Post Credit Crunch INTRODUCTION The financial system is the system that allows the transfer of money between savers and borrowers, and comprises a set of complex and closely interconnected financial institutions, markets, banks, instruments, services, practices, and transactions (Steven M Sheffrin, 2003). All Financial institutions in any country follow certain regulations which are placed by the central monetary authority (e.g. financial service authority) in order to provide improved service to the public and work in the best interest of the nations. Regulationis controlling human or societal behaviour by rules or restrictions (Bert Jaap Koops 2006). The purpose for regulating the institutions is to reduce the risk of failure and to attain social goals. For example banks are regulated, as they by their very nature are prone failure, and the costs paid by the public for failure is extremely high compared to the financial costs to regulate the banking system. Regulations should be fair and limited so that they as sist banks to develop new services in accordance with the customers demand, make sure competitions in financial services is strong, maintain the quantity and quality of the service provided to public and better utilisation of resources. Over the last five years, the financial system in the world has gone through its greatest crisis. The financial problems have appeared at the same time in many different countries which makes it unique from the crisis in past. The overall economic impact is felt all through the world, which is resulted from the interconnectedness of the global economy. This does not mean that the economic recession which many countries in the world now face will be anything like as bad as that of 1929-33(turner 2009). The crisis in 1930s was made worse by the policy in response. But it is clear that effective the policy response cannot prevent the large economic cost of the financial crisis. If we are to prevent or minimise the scale of future crisis there is an increased need of policy framework that can bring different factors and the corresponding powers to act positively when risks are recognized. Currently Britains existing framework is confused and the powers and capabilities split awkwardly between competing institutions, which results in nobody identifying the fundamental problems when these institutions are building up and none of the institutions can act in response to crisis as they do not have the authority to do so. In order to avoid future crisis changes in regulation and supervisory approach is needed in order to create a more robust financial system for the future. Our focus in the research is on banking institutions, and not on other areas of the financial services industry. In 2007, Britain experienced its first bank run of any significance since the reign of Queen Victoria (Reid. m, 2003). The run was on a bank called Northern Rock. Britain was free of such event not by misfortune, but because in early third quarter of nineteenth century the Bank of England developed techniques to avoid them. These techniques were used, in Britain and had worked, and appeared to be trusted. The run of northern rock was triggered by the decision to provide support for troubled institution. That run was brought to a standstill, when the Chancellor of the Exchequer (Alistair Darling2) declared that he would use taxpayers funds to guarantee deposits at Northern Rock. Unlike runs in banking history, it was a run only on that one institution as funds withdrawn from it went only to a small amount into cash, and were mostly redeposit in other banks or in building societies. The research has three major objectives: Describes the role of financial regulations and reviews the literature on role played by the regulations in financial system. To describe and evaluate the banking crisis in United Kingdom in last 5 years and the reasons of the crisis which affected the banking system. To analysis and evaluate the role and benefits of living wills in context of changes in regulation. This leads to the research question: â€Å"Can living wills address the perceived failures in the regulation of financial services highlighted by the current credit crisis?† LITERATURE REVIEW A literature review is a summary of a subject field that supports the identification of specific research questions (Rowley J Slack F, 2004). Literature review explains the role of financial regulations, discuses the banking crisis in UK in last 5 years (2005-2010), and proposed new regulations which are to counter such failures in the future and at what cost these failures can be averted. The main focus of literatures review is the Banking Industry, proposed new regulations in order to minimise the effect of such crisis. The functions of financial services industry The existence of money is taken as for granted in all advanced societies today so much so that most people are unaware of the huge contribution that the concept of money, and the industry to manage it, have made to the development of our present way of life. Moneyis anything that is generally accepted aspaymentforgoods and servicesand repayment ofdebts (Mishkin Frederic S, 2007). In earlier civilisations the process of bartering was sufficient for the exchanging goods and services. Barteringis a medium in whichgoodsorservicesare directly exchanged for other goods or services without a common unit of exchange (without the use ofmoney) (OSullivan, Arthur Steven M. Sheffrin, 2003). In modern society, people still produce goods or provide services that they could, in theory, trade with others for exchanging for things they need. Due to complexity of life and the size of some transactions make it impossible for people today to match what they have to offer against what others can supply to them. What is needed is a commodity that individuals will accept in exchange for any product, which forms a common denominator against which the value of all products can be measured. Money carries out these two important functions. In order to be acceptable as a medium of exchange, money must have certain properties. In particular it must be * Sufficient in quantity * Generally acceptable to all the parties in all transactions * Divisible into small units * Portable Money also perform as a store of value, which means it can be saved because it can be used to divide transactions in time received today as payment for work done or for goods sold can be stored in the knowledge that it can be exchanged for goods or services later when required. In order to fulfil these functions, money has to retain its exchange value or purchasing power and the effect of inflations can, of course, affect this function. The financial services industry exists largely to facilitate and to deal with the management of money. It helps commerce and government by channelling money from those who have surplus, and wish to lend it to make profit, to those who wish to borrow it, and are willing to pay for the benefit they acquire of having it. The financial organisations want to make profit from providing such services and, by doing so, they provide the public with products and services that offer, convenience ( e.g. current accounts), means of achieving otherwise difficult objectives (e.g. mortgages) and protection from risk (e.g. insurance). Prior to the 1980s, there were clear and distinct boundaries between different kinds of financial institutions; some were retails banks, some wholesale banks, others were life assurance companies or general insurance companies, and some offered both types of insurance and were called composite insurers. Today many of the distinctions have become unclear, if they have not vanished altogether, increasing numbers of mergers and takeovers have taken place across the boundaries and now even the term banc assurance, which was coined to describe banks that owned insurance companies, is inadequate to describe the complex nature of modern financial management groups. For example one major UK bank offers following range of services * Retail banking services * Mortgage services through a subsidiary that is a building society * Credit cards services * Wealth management services * Financial asset management for institutional customers * Investment banking * Insurance services Regulations Bank failures around the world have been common, large and expensive in recent years. It is common to think of banking failure as something that happens in emerging economies and countries with advanced banking system, but there have been some shocking failures of banks and banking system within the developed economies in recent decades. The scale and frequency of the bank failures and banking crises have raised doubts about the efficiency of bank regulation and raised questions as to whether the regulation itself has created an iatrogenic reaction. Regulations for banks and other financial institutions hinge on the coase (1988) argument that unregulated private actions create outcomes whereby social marginal costs greater then private marginal cost. The social marginal costs occur because bank failures has a far greater effect then throughout the economy than, say, failure of a manufacturing concern because of the wide spread use of banks. Nevertheless it should be borne in mind that regulation involves real resource costs. These costs arise from two sources (a) direct regulatory cost, (b) compliance costs bear by the firms regulated. In IMF global financial stability report (2009), it estimates that the eventual cost to British taxpayers of support for the banking sector will be 9.1% of GDP, or more than  £130 billion, that is more than five times the equivalent of 1.8% of GDP in France and three times the estimated 3.1% of GDP in Germany. The main reason for regulating the banks is firstly consumers lack market power and are prone to exploitation from the monopolistic behavior of banks. Secondly depositors are uniformed and unable to monitor banks and, therefore, require protection. Finally, governments need regulations to estimate the safety and stability of the banking system. Basel accord Basel committee for banking supervision a committee for BIS (Bank for International Settlement) was first established in 1974. This committee operates at international level and the main focus of the committee is to strengthen the capital of banks. The principle reasons for the establishment of the committee were to safeguard the financial stability of the banking system worldwide and to create a level playing field. The first major achievement of the committee was in the form of Basel I. Basel I aimed at: 1. Promote the co-ordination in the regulatory and capital adequacy standards of the member countries. 2. Guard against risk in credit worthiness 3. Finally, it suggests for the minimum capital requirements for the international banking. Since 1988 when the Basel committee introduced the first capital accord Basel I the risk management practices, the banking business and the whole financial market has changed. The New York Fed President argued that â€Å"it also has not kept pace with innovations in the way that banks measure, manage and mitigate risk.†(EBSCO, 2002) Although the accord covered fairly relevant issues but it wasnt helpful enough to make a major impact in the industry. Therefore in 1999 the initial steps were taken which led to the amended of Basel I. There were several different reasons for the amendments. One of the misunderstandings about Basel I was that it was the only way to the financial stability of a country. The positive results of implementation of Basel I were seen in the G-10 countries, as these countries were previously operating their financial industry on mostly the same rules, but still there were many new product introduced and reforms took place which remained unexplained by the accord and resulted in the financial industry either fully collapsed or got taken over by other giants. For example Grupo Financiero Bancomer, a Mexican banking giant was reported as â€Å"US- based Citibank has agreed to acquire Mexican banking giant Grupo Financiero Bancomer-Accival (Banacci) for US$12.5 billion† (All Business.co m, 2001). The initial results blinded the G-10 in the aspects of emerging markets as they got pressurized by the larger financial institutions to follow the same accord. Another failed aspect of Basel I which led to the new accord was that the old accord only focused around the credit risk. Basel I did not focused on operational risk which also supported the downfall of many financial institutions. As explained by Mohan Bhatia â€Å"Weather it is a fee-based business, emerging practices or income-based business. A bank is exposed to operational risk.†(Bhatia, 2002). Even though Basel I was not written to be applicable for the emerging markets, its functions created distortions in the banking sectors of the industrialized economies. â€Å"In countries subject to high currency inflation and sovereign default risks, the Basel I accord actually made loan books riskier by encouraging the movement of both bank and sovereign debt holdings from OECD sources to higher-yielding domestic sources† (Balin, 2008). Another problem with the 1988 accord was that it focused more on the type of loan rather than the credit status of the borrower. As the bank and large financial institutes saved just 8% for the unseen risks they had more capital left. That was used in form of loan and subprime lending which was later proved to be a real disaster for the financial institutions. Basel I created a gap between the regulatory capital and the economic capital as bank would choose to hold. The commonly know regulatory capital is different to the economic capital. The economic capital aims to enhance the value of the investor and is based on the internal risk assessment of the organization. Whereas on the other hand the regulatory capital secures the banking stability and the regulator decides it for the protection of the depositor. Considering the drastic effects of the Basel I accord the committee published the reforms in 2003 namely Basel II. â€Å"Basel II is a response to the need for the regulatory system governing the global banking industry.†(Garside, Bech, 2003) Basel II brought many reforms to the old accord and was based on three pillars. The first pillar was minimum capital requirement which explained explicit treatment for operational risk in the financial industry. However the market risk remained with the same explanation as from Basel I. The Basel II brought some new methods of measuring the credit risk by introducing the public and internal ratings which provided good risk mitigation techniques. Furthermore the second pillar explained the supervisory review of capital adequacy. The basic purpose of this pillar was to keep a check on the financial institution that they hold excess of minimum level of capital required. The regulator can intervene at the initial stage if this requirement was not fulfilled. Finally the third pillar was brought into place to bring a much better market discipline. The market is considered to be the role played by the shareholders, government or employees whether proper capital is maintained or not. With this improvement Basel II was considered to help both the lender and the borrower. Basel II spots the weakness in Basel I and proposed effective risk measurement, mitigation techniques and elaborates valuables for market discipline for good banking system and good financial stability as explained â€Å"we at the Federal Reserve had even more reasons for the most finely tuned Basel II framework: Not only are we the umbrella supervisor over all financial stability companies but, as the nations central bank, we are responsible for maintaining nations financial stability.† (Poole, 2005) The fines of Basel II are basically explained by the three pillars of it as the very dexterously explain how and where the accord will be effective. The first pillar of minimum capital requirement was extremely advantageous in providing enhanced risk measurement by helping the large financial institutions and big banks to measure the risk involved in their functions and operations more sophisticatedly. Risk management proposals were useful for the capital they require to hold in case of unexpected losses. The new accord proposed different approaches for the measurement of credit risk. The standardised approached being the more or less the same as the old accord was more risk sensitive for the creditworthiness of the customers and improved the requirement which was previously based on type of loan instead of the credit status of the customer. This approach explained the birth of credit rating of individuals but the problem with this approach was that the culture of rating is not popular in every European country and other countries with strong and effective economies. Whereas the internal ratings-based approach was based on the internal key risk drivers and therefore the potential for more risk sensitive capital was substantial in a way to mitigate the risk. But the internal ratings-based approach is not enough to calculate the capital required for the risks. â€Å"The approaches for calculating the risk-weighted assets are intended to provide improved bank assessments of risk and thu s to make the resulting capital ratios more meaningful† (Pitschke Bone-Winkel, 2006). Operational risk which the Basel I failed to examine is a crucial element and was elucidated by Basel II in three operational risk alleviation approaches. The first method called the Basic indicator approach advice the banks to hold capital equal to 15% of average gross income earned by banks in the past three years. The second method named the standardized approach separates every business to hold capital to shield itself against the operational risk. Finally the third method of advance method approach allows the banks to calculate their own capital requirement to protect themselves against the operational risk. A disadvantage of the first pillar was that it allowed the banks to set their own risk assessment techniques. This gave over sanguine reports to reduce the capital required. Furthermore it even maximized the return on equity. For a much better market discipline regulators must approve the requirement. As explained by (Lind, 2006) â€Å"banks must have methods and systems fo r risk management which are subject to adequate corporate governance processes throughout the banks.† The pillar II of The Basel Accord is based on Supervisory Review. It certifies that the banks should have enough capital to sustain all the unexpected risk in an organization and also provides with much more better techniques to monitor and mitigate those risks. It advises the banks to calculate their risks internally. It requires the regulators to assess the banks risk management processes and capital position to maintain a target level of solvency. â€Å"Pillar II recognises that national supervisors may have different ways of entering into such discussions and provides flexibility to accommodate those differences† (Caruana, 2003). It was helpful in a way to evaluate funding strategies and also gave an insight to the risk mitigation policies to the banks. In total the second pillar had two positive proposals. Firstly, it gave more power to the regulators to keep a check of the minimum capital requirement by banks as calculated in pillar 1. And secondly it alarms the repetiti on of the financial crises such as in countries like Korea and China by taking early actions and offering rapid remedial actions. â€Å"Some of the data submitted by individual institutions was not complete; in some cases banks did not have estimates of loss in stress periodsor used estimates that we thought were not sophisticatewhich caused minimum regulatory capital to be underestimated† (Bies, 2006). At the same time while the corporate governance is in place the accord gave absolutely no information regarding the liquidity. Banks remained unaware of the true financial conditions of each other which forced them to stop lending and the State Bank of England was highlighted as the last resort to rescue. Pillar III based on the market discipline helped maintain discipline in the market place by greater disclosure of the banks risk profiles. The pillar III is connected to pillar I and pillar II as it complements the minimum capital requirement and the supervisory review process. â€Å"Market discipline can contribute to a safe and sound banking environment and supervisors require firms to operate in a safe and sound manner† (BIS, 2005). The disclosure is important for the benefit of the stakeholders. Therefore a disclosure of market risk, operational risk, interest rate risk and the disclosure of capital structure is required. The information should be disclosed timely. â€Å"It will fundamentally transform financial reporting for banks by demanding increased depth and breadth of disclosure† (Garside, Bech, 2003). One of the other disadvantages of Basel II is the complexity and potential cost of the framework. It is a defected draft of 450 pages and the cost of implementing it is too high for the banks. Banks were also afraid to lend because of the fear of Basel II as they would operate against the rules of Basel II on certain occasions. According to the Basel book the banks have to meet a certain level of capital reserves and in todays scenario of credit crunch it is difficult. As Peter Spencer explains â€Å"the Basel system of banking regulations, which determine how much capital banks must raise to keep their books in order, are the root cause of the crunch and were serving to worsen the Citys plight† (Conway, 2007). The Basel committee produced the old and new accords which to an extent were successful for the strengthening of the capital of banks and also took into account the risk throughout the procedures. But the new accord did not changed with new reforms in the system which made it just a box to be ticked in a form and had no connection with the reality or implementation. Most of the organizations ticked the boxes and yet carried on with the risky decision which seemed profitable but yet proved out to be wrong such as Northern Rock. These decisions were not even against any of the accords as the Basel committee never updated to the new market. Financial Services Authority (FSA) Regulations of the financial services industry in the UK is a 5 tier process: * First level: European legislation that impacts on the UK financial industry * Second level: the acts of the parliament that set out what can and cannot be done. * Third level: the regulatory bodies that monitor the regulations and issue rules about how the requirements of the legislation are to be met in practice. The main regulatory body is now the Financial Services Authority (FSA), which has taken over the regulatory responsibilities of the number of other bodies, including the bank of England. * Fourth level: the policies and practices of the financial institutions themselves and the internal departments that ensure they operate legally and competently. * Fifth level: the arbitration schemes to which consumers complaints can be referred. For most cases, this will now be the financial ombudsman service, which takeover the responsibilities of a number of earlier ombudsman bureaux and arbitration schemes Before the arrival of the financial services act 1986, the UK financial services industry was self regulating. Standards were maintained by a promise that those in the financial industry had a common set of values and were able, and willing, to exclude those who violated them. The 1986 act moved the UK to a system which became known as self regulation within a statutory framework. Once authorised, firms and individuals would be regulated by self regulating organisations (SROs), such as IMRO, SFA or PIA. The financial services act 1986 covered investment activities only. Retail banking, general insurance, Lloyds of London and mortgages were all covered by different acts and codes. When labour party came in power in 1997 it wanted to amend the regulation of financial services. The late 1990s saw more fundamental development of the financial services system with the fusion of most aspects of financial services regulation over a single statutory regulator, the financial services authorit y (FSA) process took place in two phases. First the bank of Englands responsibilities for banking supervision was shifted to the financial services authority (FSA) as part of the bank of England act 1998. The second phase of development consisted of a new act covering financial services which would revoke key provisions of the financial services act 1986 and little other legislation. All the earlier work on regulation would be swept away and the FSA would regulate investment business, insurance business, banking, building societies, friendly societies, mortgages and Lloyds. On 30 November 2001 the act, the financial services and market act 2000 (FSMA 2000) came to form a system of statutory regulation. The creation of the FSA as the UKs single statutory regulator for the industry brought together regulation of investment, insurance and banking. The FSA took over the responsibilities for prudential supervision of all firms, which involves monitoring the adequacy of their management, financial resources and internal systems and controls, and Conducting of business regulations of those firms doing investment business. This involves overseeing firms dealing with investors to ensure for example information provided is clear and not misleading. Adair Turner (2009) argued that FSAs regulatory and supervisory approach, before the 2007-2008 crises, was based on a sometimes implicit but at times quite obvious philosophy which believed that * Markets in general are self-correcting and disciplined which acts as effective tools than regulation or supervisory oversight to ensure firms strategies are sound and risks contained * Main responsibility for managing risks was of senior management and boards of the firms, who were thought to be at better place to evaluate business risk than bank regulators, and who are better off in making appropriate decisions about the balance between risk and return, provided proper systems, procedures and skilled people are in place. * Customers protection cannot ensured by product regulation or direct markets intervention, but by making sure that wholesale markets are tolerant and transparent as possible, and thats the way in which firms conducts business is appropriate. Turner argued that this philosophy in supervisory approach resulted in: A focus makes sure that systems and processes were defined well instead of challenging the business models and strategies. Risk Mitigation Programs set out after ARROW reviews therefore tended to focus more on organization structures, systems and reporting procedures, than on overall risks in business models. A focus within the FSAs failure to notice of approved persons on checking that there were no issues of honesty raised by past conduct, instead of evaluating technical skills, with the assumption that management and boards were in a superior position to assess the appropriateness of particular individuals for particular roles. A balance between business regulation and prudential regulation which, with the benefit of observation, appears biased towards the former. This was not the case in all sectors of the financial industry: the FSA for instance introduced in 2002-04 major and very important changes in the prudential supervision of insurance companies which have significantly improved the ability of those companies to face the challenges created by the current crisis. But it was to a degree the case in banking, where a long period of reduced economic volatility, which was attributed by many informed observers to the positive benefits of the securitized credit model, helped foster inadequate focus on system-wide prudential risks. Failure of Current Regulation Based on the â€Å"Geneva Report†, the â€Å"G30 Report†, and the â€Å"NYU-Stern Report† failure of current regulation Systemic risk:Reports established a point of view that the financial regulatory frameworks around the world pay little consideration to systemic risk. Carmichael and Pomerleano (2002) define systemic risk as systemic instability that â€Å"arises where failure of one institution to honour its promises leads to a general panic, as individuals fear that similar promises made by other institutions also may be dishonoured. Acharya, Pedersen, Philippon and Richardson (2009) argue that Current financial regulations seek to limit each institutions risk seen in isolation; they are not focused on systemic risk. As a result supervisions focus on individual institutions, instead of having it on the whole system, while individual risks are properly dealt with in normal times, the system itself remains, or is encouraged to be, weak and exposed to large macroeconomic shocks This focus was a common feature and a common failing, of bank regulation and supervisory systems in the world. As per the Ge neva Report regulations wholly assumes that it can make the system as a whole safe by simply making sure that individual banks are safe which is misleading. Pro-cyclical risk taking: Reports also agreed that financial regulations encourage pro-cyclical risking taking which increases the possibility of financial crises and their severity when they occur. Any economic quantity that is positivelycorrelatedwith the overall state of theeconomyis said to be pro-cyclical (Gordy MB and Howells B. 2004). Financial intermediation as a whole is inherently pro-cyclical. Financial activity such as new bond issues and total bank lending tend to increase more during economic booms than during downturns. Higher levels of economic growth lead to higher values of potential collateral, thereby loosening credit constraints and making access to debt financing easier. Another contributing factor to the financial systems pro-cyclicality is that financial market participants behave as if risk is counter-cyclical. For instance, bank loan standards tend to be most lax during economic booms (Lown et al 2000)) and banking supervisors have historically been most vig ilant during downturns (Syron (1991)). Regulations lead towards stability and reduce statistical measures of risk and encourage excessive risk taking. In bad times, the pendulum swings back producing excessive risk aversion. Large Complex Financial Institutions (LCFIs): All reports agree that current regulations do not deal effectively with LCFIs, defining LCFIs as â€Å"financial intermediaries engaged in some combination of commercial banking, investment banking, asset management and insurance, whose failure poses a systemic risk or `externality to the financial system as a whole.† (Saunders, Smith and Walter, 2009). The growing role of LCFIs poses various challenges.The complexity of these institutions has made it hard for financial analysis and effective supervisors oversight. The linkages among business areas within LCFIs are close which leads to increase of risk contamination from one business area to another as well as across jurisdiction. All reports also insist on the danger induce by implicit Too-Big-To-Fail guarantees. Too big to fail is an expression that refers to the idea that ineconomic regulation, the largest and most interconnected businesses are so big that a government cannot le t them to declare bankruptcy for the reason that said failure would have disastrous consequences on the overall economy. Mervyn King on June 17th, 2009, the governor of theBank of England, called for banks that are too big to fail to be cut down to size, as a solution to the problem of banks having taxpaye

The Makings of a Good Lawman :: Television Media TV Essays

The Makings of a Good Lawman Gunsmoke is about the violence that moved throughout the west and the united states marshal Matt Dillon along with his sidekick Chester, who moved along solving the crimes and lending a hand to anyone who needed it along the way. The staring cast of Gunsmoke was William Conrad as Matt Dillon, Howard McNear as Doc, Parley Baer as Chester, Georgia Ellis as Kitty. Usually the west is describes as a time in history filled with outlaws, gun fights, ghost towns, wagon journeys along trails, it was a time when people picked up and moved hearing of the next booming city where more gold can be found, more money to be made or the way of life was better than before. In Gunsmoke Matt Dillon is an independent, compassionate, caring, attentive, and determined person. In The Sutler, Matt Dillon it upon himself as he listens to a friend Mr. Jonas speak about a problem he has had with a man named Dale. Matt Dillon goes to the army fort to speak with the Lieutenant in charge about Dale. He is brushed off but persists in making him understand. In Prairie Happy the people of Dodge are getting ready for the Pawnees to attack. Mr. Chooksberry starts a fire and kills two men. Marshal Dillon Speaks with him and still puts him to bed. Chooksberry went to trial due to his daughter speaking on his behalf Chooksberry was a Pawnee. In There was never a Horse Marshal Dillon was backed down in a saloon by Mr. Ken Creed he is purposefully letting everyone know that he made the Marshal back down. Matt Dillons sense of self-reliance is that In Sutler he took it upon himself to gather information and created roadblocks along the route to and from the fort in order to catch Dale. In Prairie Happy Marshal Dillon remained calm while the city of Dodge was moving around trying to protect themselves the Marshal was the only one that thought about it and said that only an Indian would know when they would attack and not leave it so that the City of Dodge knew that they were going to attack. Chooksberry never spoke again in English only in Pawnee and Marshal Dillon was still concerned enough to allow his daughter to go to trial with him ; In There was never a Horse Marshal Matt allows himself to look like a fool no matter what other say.

Canova’s “Perseus with Head of Medusa” Essay

This piece, made to replicate the Greek classical style, stands tall above entrance to the Metropolitan Museum of Art. This sculpture, created by Antonio Canova in marble, was done in the early 19th century. Historically, the tale of Perseus and how he killed the beast-woman, Medusa, is from eons before, however, the artist chose to recreate this scene from Greek mythology. In addition, Canova uses many techniques that were used by Greek sculptors, he use of detailed anatomy, a combination of stoicism and portrayals of anguish, stiff posture, contrapposto and the draping of the fabric around Perseus’ arms. Perseus stands rigidly, looking at the head of Medusa. His expression is unchanged. One leg bends toward her head, but it does so in a rigid, uncomfortable manner. He holds his sword out on his right, and her head on his left. Fabric is draped unnaturally off his left arm and it falls to the floor behind him. He has the ideal body, with perfectly sculpted and toned muscles. Perseus is naked, save a pair of very decorative and ornate sandals. His body is in a curve, with his spine. He appears to be a warrior, and he is triumphant in his defeat of Medusa. A feeling of pride overwhelms one when they look at him, however, it is hard to relate to him, because he does not feel real. He is humanized, but does not appear natural or normal. Medusa, or rather her head, is held by its hair in Perseus’ left hand. He holds it out from him, in disgust. Her face is writhing in pain, as she has been decapitated. Her snake-hair is very representational, and doesn’t look like real snakes. Still, however, her face does not illustrate the true anguish or pain that she must have felt. It is not naturalistic. She actually appears to be somewhat idealized. This piece evokes feelings of strength, power and pride, however, I do not feel it evokes emotion or sympathy towards either character. Neither feels very â€Å"real† or natural, and thus it is difficult to relate to the sculpture.

Hitler’s Life and what he did Essay

Adolf Hitler was a German politician who was born in Austria. He fought for the German army during the First World War, becoming one of the most decorated veterans. After the war, he joined a political movement that was later to become the infamous Nazi Party (Kershaw 5). That was in the year 1919; and by the year 1921, he had become the leader of the National Socialist German Workers Party, abbreviated as NASDAP or simply the DAP from its German name (Giblin 52). Adolf Hitler was later to become a very instrumental figure during the build-up to the Second World War, and during the war itself. He is remembered in bad faith as one of the main architects of the holocaust. In this paper, I aim to discuss his life in detail and how his rise to power influenced world affairs. Early Life Adolf Hitler was born in a town known as Braunau-am-inn in Austria near the German border to Alois, a customs officer and Klara on the 20th of April, 1889 (Kershaw 5). At the age of six, he was already attending school around the town of Linz, which is located to the east of his birthplace. Hitler’s performance in school was however pathetic, and this forced him to abandon school without completing his courses with the ambition of becoming an artist (Kershaw 6). Between the ages 16 and 18, Hitler did not have any employment. He solely depended on his mother for his upkeep since his father Alois had died when Adolf was merely thirteen; but at eighteen years, he had acquired a keen interest in politics and managed to successfully apply for admission at the Vienna Academy of Fine Arts (Kershaw 7). Adolf Hitler the Orphan When Adolf Hitler was 19 years old, his mother died of cancer (Kershaw 9). He had no relatives either able or willing to support him; and his predicament prompted him to move to Vienna hoping that he would somehow manage to make ends meet. That was in the year 1909; and in Vienna, things did not go so well for the young vagrant. Within a year, he was sleeping in shelters for the homeless (Kershaw 9). He had vehemently refused to accept any form of regular employment but readily took up any menial jobs that would come his way and also sold some of his paintings so that he could provide himself with subsistence. Adolf Hitler in the First World War By the year 1913, Adolf Hitler was still homeless and broke. In the hope of bettering his life, he moved to Munich, Southern Germany (Welch 5). This relocation coincided with the outbreak of the First World War that broke out in 1914. Adolf Hitler volunteered to serve in the German military and was accepted into the 16th Bavarian Reserve Infantry Regimen (Welch 31). His tenure into service of the state had officially begun, and no one could imagine that he would once rise to lead his nation into war against the world. During the course of the war, Adolf Hitler fought so bravely that he became widely recognized. He was duly promoted into Corporal, getting decorated with the military honors of the Iron Cross Second Class and the Iron Cross First Class (Giblin 54). He wore the latter up o until the day he died; but the irony was that the officer who recommended him for the second award was a Jewish regimental, a race he was going to persecute severely after his rise to power. In 1981, he was temporarily blinded by a gas attack orchestrated by the British. He however made a quick recovery and returned to his regiment, based in Munich, in December 1918. Adolf Hitler Ventures into Politics (Welch 24) Adolf had his first stint in politics between December 1918 and March 1919 while he was working at a camp for prisoners of war before returning back to his regiment in Munich (Housden 66). After his return, he witnessed an incident in which local communists attempted to take over political authority before the army effectively quashed their attempt. During the proceedings of an investigation, which was established to inquire into the incident, Adolf Hitler was called in as a witness. Afterwards, he was appointed into a local organization within the army whose function was to persuade soldiers who were returning from the war not to convert into either communism or pacifism (Housden 67). While serving in the organization, Hitler greatly developed his oratory skills. His job description also involved him conducting espionage activities on some political groups, which were mushrooming in the background of the Munich political scene (Welch 41). One day, he attended a meeting organized by the German Workers’ Party and when one of the members stood to deliver a keynote address, Adolf Hitler was so infuriated that he burst out, delivering a charged harangue to the speaker. The founder of the German Workers’ Party, Mr. Anion Drexler, was so impressed with Hitler’s outburst that he spontaneously asked him to join their party. Hitler, though hesitant at first, agreed to join the organization and became its seventh official in the September of 1919 (Welch 41). Hitler became a vocal official of the German Workers’ party and addressed a crowd of over two thousand people in Hofbrauhaus, Munich in February 1920 where he managed to get the attention of the people (Welch 41) . Leader of the Nazi Party Involvement with the DAP meant that Adolf was discharged from the army. He then engaged into an extensive campaign increasing his influence inside the party, raising funds for its mechanisms and winning in supporters and sympathizers (Hauner 32). He increased the strength of the Nazi party and even attempted to overthrow the government. In the melee, he and other leaders of the National Socialist German Workers Party, which was now the name of the Germany Workers’ Party, were arrested and detained. Upon his release after six months in Jail, the mechanism of the Nazi party had been crippled. Hitler himself found out that he had been banned from delivering any public speeches. However, the great depression in the mid-1920s brought a new opportunity for Hitler and his party to convince the people of Germany. He participated in the 1932 election but lost, even though the winner of the election did not last long owing to external pressure (Housden 71). Adolf Hitler’s party formed a coalition after securing a parliamentary majority and used their bargaining power to prevent the formation of any other government until Adolf Hitler was named chancellor in 1933 (Kershaw 17). Having secured the highest political seat in the nation, Adolf proceeded to consolidate his grip by convincing the German people that he was their savior from the economic woes external aggression and other undesirable minorities. He and the Nazi party eliminated opposition to their rule. Hitler and the Build-up to the Second World War  The Nazi regime immediately embraced aggression as a foreign policy to stamp its authority in the world. It formed alliances that were later to group nations during the war. Adolf denounced the treaty of Versailles and made an alliance with Austria. In international peace forums, Hitler would preach peace and claim that the destruction of the First World War made Germany need a lot of time before she could be in a position to re-arm for war; but back home, he placed priority in military armament (Victor 59). He could not even allow funds to be diverted to creating employment if his military budget was not satisfied. It is this arms race that was later to lead to the greatest war mankind had ever known, the Second World War. Hitler and the Holocaust Hitler embraced a philosophy known as racial hygiene that was based on the concept of racial purity under which all â€Å"life unworthy of life† was to be exterminated from the face of the earth (Victor 63). Through a program named Action T4, he ordered for the killing of all children with developmental and physical disabilities. These were his first victims. Because of public outcry, Hitler created an impression that the killings had been stopped, but in a period spanning six years from 1939, between 11 and 14 million people were killed (Hauner 71). Among these were six million Jews. Many victims died from diseases and starvation while enslaved in national and private German ventures while others were either gassed or burned. Among the Jews, other population groups targeted in the holocaust were political opponents, gays and lesbians, the physically disabled and mentally retarded, trade unionists and psychiatric patients.