Water Hardness Lab free essay sample

Solubility of Calcium Carbonate in ppm: 114. 80 ppm Solubility of Calcium Carbonate calculated using Ksp: 7. 05 ppm There is a big difference between two numbers because of two possible reasons: _ The filtration process possibly went not as accurate as It should. _ I heated the water while dissolving CaCO3, and that made it more soluble. _ The errors came from the titration, due to the fact that the color change of the solution is not easy to define. (Purple to blue) I might have put too much titrant into the solution, and that would cause a difference. 2. Water hardness is a water quality that demonstrates the quantity of minerals in certain water sample. The bigger the amount of minerals present, the harder that water will be. Minerals responsible for making water hard are primarily: Calcium and Magnesium. These minerals usually exist in form of salts in the ground, which are soluble in water/acid. Therefore, the salts react with water or rain (slightly acidic), the salt dissolve and the ions are now present in the water. We will write a custom essay sample on Water Hardness Lab or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page It’s to say the minerals are carried to the water from the ground. PPM is parts per million. 3. As in this lab, the endpoint should also be the equivalent point, so when we reached the endpoint, it means the titration is finished. 4. Highest water hardness: Sample in titration 3 – Dr. Layson’s Untreated Well Water (190. 94 ppm) Lowest Water Hardness: Sample in titration 5 – Dr. Layson’s Raw Well Water treated with a Brita Water Filter (33. 03ppm). These observations make sense because of course after using the Filter, the hardness should be decreased. For example, the Angola tap water is softer than the untreated well water, but both of them are harder than the SOFTENED well water. Ion exchange is to take out the cations that harden the water, and replace that with other ions such as Na+ and K+. This method is really effective because as the water goes through the bed of ion exchange materials, the hardening ions are removed, leaving the water soft and more satisfactory for usage. As we can see in the calculation, the hardness is reduced greatly by using the Filter. In titration 4 and 5, the amount of EDTA required to reach the endpoints is really little, due to the fact that the water samples are already softened in preparation, so the results do make sense. III. Conclusion: This lab gave me a better understanding of water hardness and titrating method. Now I know how much concentration of minerals in water would it take to be called hard water, and how different –hardness wise, are all the water samples. The calculations and results are fairly good and reasonable, as already discussed above. There are several things that could have been improved for better results: _ An easier to be defined indicator. _ More accurate glassware. _Human errors/ perspectives: For example, each person has his/ her own opinion on which is a blue or purple color, so the results would be different among everybody.

Building Management Systems Essay Example

Building Management Systems Essay Example Building Management Systems Essay Building Management Systems Essay Essay Topic: To Build a Fire A BMS consists of software and hardware; the software program, usually configured in a hierarchical manner, can be proprietary, using such protocols as C-bus, Profibus, and so on. Vendors are also producing BMSs that integrate using Internet protocols and open standards such as DeviceNet, SOAP, XML, BACnet and Modbus. A BMS is most common in a large building. Its core function is to manage the environment within the building and may control temperature, carbon dioxide levels and humidity within a building. As a core function in most BMS systems, it controls heating and cooling, manages the systems that distribute this air throughout the building (for example by operating fans or opening/closing dampers), and then locally controls the mixture of heating and cooling to achieve the desired room temperature. A secondary function sometimes is to monitor the level of human-generated CO2, mixing in outside air with waste air to increase the amount of oxygen while also minimising heat/cooling losses. Systems linked to a BMS typically represent 40% of a buildings energy usage; if lighting is included, this number approaches 70%. BMS systems are a critical component to managing energy demand. Improperly configured BMS systems are believed to account for 20% of building energy usage, or approximately 8% of total energy usage in the United States. As well as controlling the buildings internal environment, BMS systems are sometimes linked to access control (turnstiles and access doors controlling who is allowed access and egress to the building) or other security systems such as closed-circuit television (CCTV) and motion detectors. Fire alarm systems and elevators are also sometimes linked to a BMS, for example, if a fire is detected then the system could shut off dampers in the ventilation system to stop smoke spreading and send all the elevators to the ground floor and park them to prevent people from using them in the event of a fire. In this report it is discussed the building management system (BMS) implemented in Administration Building of Trelleborg Lanka (Pvt) Ltd. It is a distributed control system with a computerized network of electronic devices. The BMS was setup is to control, monitor and optimize building service such as Lighting, Air conditioning, Fire security, CCTV system, etc. Main objectives were as follows. ? Good control of internal comfort conditions ? Zonal control ? Increased staff productivity ? Effective monitoring and targeting of energy consumption ? Effective response to HVAC-related complaints ? Flexibility on change of building use ? Central control and monitoring of building ? Time saving ? Low operating cost ? Efficient use of building resources and services Rapid alarm indication and fault diagnosis Systems linked to the BMS represent 80% of a buildings energy usage. Fire alarm systems and elevators are also linked to the BMS, for example, if a fire is detected then the system could shut off dampers in the ventilation system to stop smoke spreading and send all the elevators to the ground floor and park them to prevent people from using them in the event of a fire. The BMS comprises: ? Power system ? Li ghting system ? Heating, Ventilation and Air-conditioning system ? Security system Fire alarm system ? Elevators etc. 2. 0 SENSOR AND ACTUATORS USED ? Temperature Transducers [pic] [pic] ? Pressure sensors [pic] [pic] ? Humidity Sensor ? Differential Pressure sensors [pic] [pic] [pic] [pic] ? Humidity Transducers [pic] [pic] [pic] [pic] ? Level sensors ? CO2 sensor ? Flow Meter ? CCTV Cameras ? Light sensors ? Occupancy sensors ? Water Pumps ? Valve actuators ? Fans 3. 0 DETAILS OF CONTROLLERS/DDC USED Inputs allow the controller to read temperatures, humidity, pressure, air flow, and other essential factors. The outputs allow the controller to send command and control signals to slave devices, and to other parts of the system. Inputs and outputs are digital or analog. The BMS is facilitated with a System/Network controller as this is a Supermarket/Office building. System controllers provide general purpose feedback loops, as well as digital circuits. System/Network controllers are applied to control more mechanical systems such as an Air Handler Unit (AHU), boiler, chiller, etc. Terminal Unit controller is used for control of lighting. |POINT SCHEDULE -BUILDING AUTOMATION SYSTEM (TRELLEBORG LANKA (PVT) LTD |   |   |   |   |   |   | | | | | |DIGITA|DIGITA|ANALOG |ANALOG| | | | | | |L |L |INPUT |OUTPUT| | | | | | |INPUT |OUTPUT| | | | | | | | |DI |DO |AI | |   |   |   |   |   |   |   | |   |   |   |   |   |   |   | |   |   |   |   |   |   |   | |   |   |   |   |   |   |   | | | | | | | | | [pic] 4. 0 SOFTWARE, GUI AND COMM UNICATION PROTOCOLS USED Open protocols were used. ? DeviceNet ? XML ? simple graphical interface 5. 0 DRAWBACKS OF THE SYSTEM ? Confusion is higher about responsibility of errors and faulty point identification when things go wrong since the open protocols were used. ? More than one points of contacts for any problem with BMS. ? Software and hardware was provided by different manufactures according to the requirements indicated in the point schedule. 6. 0 DISCUSSION The BMS implemented in Administration Building of Trelleborg Lanka (Pvt) Ltd comprises above mentioned mechanical and electrical services in order to provide the facilities necessary for maintaining a comfortable working environment. Basic controls took the form of manual switching, time clocks or temperature switches that provide the on and off signals for enabling pumps, fans or valves etc. The purpose of the Building Management System (BMS) was to automate and take control of these operations in the most efficient way possible for the occupiers, within the constraints of the installed plant. The BMS is a â€Å"stand alone† computer system that calculates the pre-set requirements of the building and control the connected plant to meet those needs. Its inputs, such as temperature sensors and outputs, such as on/off signals are connected into outstations around the building. Programmes within these outstations use this information to decide the necessary level of applied control. The level of control via the BMS is dependent upon the information received from its sensors and the way in which its programmes tell it to respond to that information. As well as offering a precise degree of control to its environment, it can be made to alarm on conditions that can’t meet specification or warn of individual items of plant failure. Occupancy times for different areas are programmed into the Building Management System such that the plant is brought on and off to meet the occupier requirements. These times are often under optimum start control. This means that the chilled water pumps, AHU, etc are enabled, at a varying predetermined time, to ensure that the cooled space is at the set desired temperature for the start of the day. The Building Automation System therefore, based on the outside air temperature the space temperature and the building structure, determines the AC plant start time. Occupied, Unoccupied are the two operating modes for the building automation system. Occupancy is usually based on time of day schedules. In Occupancy mode, the BMS aims to provide a comfortable climate and adequate lighting, often with zone-based control so that users on one side of a building have a different thermostat than users on the opposite side. A temperature sensor in the zone provides feedback to the controller, so it can deliver cooling as needed. Lighting can be turned on and off with the building automation system based on time of day by occupancy sensors and timers. One typical example is to turn the lights in a space on for a half hour since the last motion was sensed. A photocell placed outside a building can sense darkness, and the time of day, and modulate lights in outer offices and the parking lot. Air handlers mix return and outside air so less temperature change is needed. This can save money by using less chilled water. Some external air is needed to keep the buildings air healthy. Analog temperature sensors have been placed in the space, the return and supply air ducts. Actuators are placed on chilled water valves, the outside air and return air dampers. The supply fan is started and stopped based on temperatures and building pressures combination. The constant volume air handling unit, are used. CAVs open and close dampers and water-supply valves to maintain temperatures in the buildings spaces. They cool the spaces by opening or closing chilled water valves that feed their internal heat exchangers. Generally one CAV serves several spaces. Chilled water is used to cool a buildings air and equipment. The chilled water system has two chillers and pumps. Analog temperature sensors measure the chilled water supply and return lines. The chillers are sequenced on and off to chill the chilled water supply. Two cooling towers and pumps are used to supply cool condenser water to the chillers. The condenser water supply to the chillers has to be constant so, speed drives are used on the cooling tower fans to control temperature. Proper cooling tower temperature assures the proper refrigerant head pressure in the chiller. Analog temperature sensors measure the condenser water supply and return lines. The building automation system has alarm capabilities. If an alarm is detected, it is programmed to notify someone. Notification is through a computer and audible alarm. Fire and smoke alarm systems are hard-wired to override building automation. The hot water system supplies heat to hot water heating coils. The hot water system has a boiler and pumps. Analog temperature sensors are placed in the hot water supply. The boiler and pumps are sequenced on and off to maintain supply. Name : A. P. W. Jayasekara(09/8660) P. G. C. Karunathilake(09/8663) W. M. A. S. Wijethunga(09/8678) T. N. Walpita(09/8676) Course : MSc in Electrical Engineering-Department of Electrical Engineering, University Of Moratuwa. Lec. By : Prof. Lanka Udawatta. Date : 2010-08-14 ASSIGNMENT Building Management System – EE5118

International business essay Example | Topics and Well Written Essays - 1000 words

International business - Essay Example These same forces influence the growth of globalization, which is the ongoing political, economic, and social process that deepens the interdependency amongst nations. In the world today, approximately 25 percent of the produce globally is sold outside the country from which they originated (Boyer, 2012). This is due to the continuous reduction in the restrictions that concern imports and exports. This has helped the expansion of multinational retail, as the retailers take advantage of these incentives to venture into foreign markets. In addition to the reduction in import restrictions, the regional trade agreements signed amongst various countries have enabled the retailers to reduce the costs of foreign licensing, as the globe is transforming towards the reliance in regional trade balances (Dicken, 2011). The easy movements of resources across borders are a factor that influences the retail activities all around the world. Contrary to the previous trends that made it difficult to move resources across the precincts, this current trend facilitates mechanisms that increase the access of retailer resources in the foreign market (Connell, 2005). Besides, the trade restrictions on foreign investment allow foreign retail investors to open multiple store branches across a foreign market. This is coupled with the increasing need of governments to fulfill the overgrowing customer tastes in trying foreign retail services and products. In a bid to diversify the consumer tastes, Marks and Spencer ventured into the Italian dressing industry, opening multiple stores that competed against the trademark Italian Giorgio Armani cloth line. This example has championed the growth of economic blocs, such as the COMESA, NATO, and European Union that have general agreements on the conditions of trade as we ll as suitable tariffs (Schmalz & Ebenau, 2012). The expansion of multinational retail services and activities is attributed to the expansion in

Managing Products and Services Assignment Example | Topics and Well Written Essays - 2250 words

Managing Products and Services - Assignment Example banking, insurance, communications, transportation, travel and entertainment. Today, more than 60% of economy in developed countries depends upon service industry and more than 74% in United States alone. Therefore, today the experts seem to be more interested in focusing how to manage and market their services instead of products. This essay will help to understand the main features of this rapidly growing industry of present era. [1] Before the advent of service industry, the definition of product used to encompass the functionality of service as well because that service was particularly related to those products. This type of service is known as 'after-sales service'. But now due to increased interest in pure service industry, the scholars and professionals have begun to point out the differences between the two. Both product and service are offered to the customers with the aim of fulfilling their needs and demands and earning profits in return. But the literature tells us that it is the 'characteristics' of service which make it different and configurable in comparison to product. Those characteristics are explained as follows: [1] Intangibility: A service is intangible because it cannot be touched, seen, possessed, owned etc. Before using the service, a customer is unknown about its quality. And the service provider cannot assess and control the quality of service until and unless it receives the feedback of customers. It totally depends upon client expectations. So the customer is always uncertain about the value and quality of a service that he/she can experience after its use. Inseparability: A service is inseparable from its provider. That's if the provider is not present the customer cannot use the service e.g. A patient cannot be treated until and unless a physician is present to examine him/her. It also poses that often a customer wants the service to be provided in a specific way or by some specific individual __ it enhances the pressure of perfection in that particular individual that directly provides the service. Perishability: The service cannot be stored for future use or to present to someone as the specimen of quality. If the customer does not avail it, he cannot expect it to be there in the same condition, value etc in future as well e.g. if a client misses the appointment with lawyer that time can never be captured again. At one time the rooms in the most renowned hotel of the city are available but after a few days you might not get a single room vacant there. It means service greatly depends upon supply and demand. Variability: The quality and consistency of service is subject to greater change because it is delivered by 'people' and the behavior of human beings cannot be controlled. They can be in good temperament at one time and in a depressed mood the other. Thus, the quality of service greatly depends upon experience, knowledge, attitude, style, personality etc of the provider e.g. in a restaurant one waiter provides excellent service but another hardly knows how to please a customer. These characteristics show that provision of service or 'service production' is totally based upon 'personnel contact', also called 'people contact'; while a 'product manufacturing' does not need people (customers) for its completion. Both product and service are of two types in nature. [2]

Transmission media Essay Example for Free

Transmission media Essay 1. What kind of transmission media would you recommend for each different building and department of the medical instrument company and why; I would use Cat 6 and the required appropriate connectors, using full-duplex transmission, for each building . It has a much higher throughput than Cat 5 and is more flexible than Cat 7 and less expensive than Fiber. 2. What type of media would you recommend using to connect the two buildings and why, and  I would recommend Multimode Fiber (MMF) to connect the two buildings because the distance is within the MMF limitation (due to attenuation) of a few miles and is cheaper than Single-mode Fiber (SMF). Also, fiber is capable of very high throughput and is very resistant to noise. 3. What kind of media should the company request from the its ISP for connecting the corporate WAN to the Internet? UTP is fine from the ISP. The company will just need to have the appropriate modems and connectors to ensure compatibility with the company’s network. If the connection to the ISP is analog we will need to convert it to digital for our network and back to analog when we reach outside the network. I would have the network configured as a MAN with each building having being a LAN. The sales departments desire to conduct video training sessions requires much greater throughput than the access of servrers in another department and the use of fiber will assist in this. The Fulfillment department will be setup with a WLAN (wireless local area network) to facilitate the use of scanners on forklifts interacting with inventory databases.

Role of Asset Securitization in Present Financial Crisis

Role of Asset Securitization in Present Financial Crisis Abstract Banks, to get rid of illiquid assets they posses and to attain financial freedom in lending, searched for new innovative techniques. This innovative method of converting these illiquid assets in to liquid assets technique is called asset securitization. Banks pool up these illiquid assets like mortgage loans and sell it to agencies called as special purpose vehicle (SPV). These special purpose vehicles convert these loans in to securities and sold to investors. Before agencies sold these securities they got it rated from rating agencies. Asset securitization as a process reduced information asymmetries; increased financial slack; served as a lower cost of financing source; reduced regulatory capital; and reduced bank risk. The process of asset securitization as a whole has many advantages but by the end of year 2007 it started to crack with financial crisis. It is therefore necessary to study what went wrong in the process of asset securitization that lead to financial crisis. The study analyzes the role of asset securitization in financial crisis by analyzing the economics of asset securitization process as whole. Then in depth analysis of credit rating agencies methodologies and economics of how they rate these securities is studied. As it is difficult to analyze the rating processes and methodologies of all rating companies in this thesis I have decided to analyze Moodys investor service. Moodys has been selected because its name is synonym with quality in the market. The growth and fall of mortgage industry performance of mortgage industry have been analyzed. The factors that led to financial crisis have been analyzed. The study analyze the moodys rating methodologies and rating models and updates to rating models. The short comes in rating methodologies and rating process has been discussed. The rating models updates effect on default rate of rating has been analyzed. Finally the effect of these default rates on financial crisis has been studied and analysis of role of asset securitization in financial crisis is studied. Chapter 1 Introduction The process of asset securitization started in the year 1870 when Government National Mortgage Association (GINNIE MAC) purchased pools of loans and converted in to securities and sold these securities to investors. In the year 1970 special innovative technique called tranching were used to distribute losses involved in these pools of loans backed by mortgages and sold to investors. Kaptan and Telang (2002) Asset securitization is the process of converting illiquid assets in to cash flows. Both financial intermediates such as banks and investors benefited from this process. Banks benefited with extra liquidity to lend more loans to able borrowers where as investors got opportunity to invest in capital market for more returns. In the process of asset securitization, rating agencies rating securities is crucial because rating influence the marketability of the securities. There are many rating agencies which rate Residential Mortgage Backed Securities, of these three largest credit rating agencies with overseas market that are based in United States are Moodys, Standard and Poor (â€Å"SP†) and Fitch. These rating agencies use statistical models to analyze risk involved. Rating agencies constantly review performance of these securities and according to performance they upgrade or downgrade rating. To lessen the effects of a mild recession in 2000, the Federal Reserve cut interest rates. This interest rate cut along with increasing housing price made people to invest in housing this helped to drive growing demand for nontraditional mortgages products. Banks have extra liquidity to lend more loans to borrowers and started to lend more and more loans to non prime borrowers, which led to poor performance of loans and in turn effected whole asset securitization. This report will explore what is the role of asset securitization in financial crisis. In order to research what is the role of asset securitization in financial crisis the following have done 1. Analysis of asset securitization process 2. Analysis of Evolution of financial crisis 3. Analysis of Rating agencies methodologies and procedures in rating process. The details of analysis techniques are explained in methodology chapter. And extensive literature review is done to get hold of the subject. Finally in depth analysis has been done to reach the goal of the report. CHAPTER-2 Professional And Academic Context 2.1 Asset Securitization Kaptan and Telang (2002) defined Asset securitization as an innovative process which channelizes flow of funds from investors to issuers in efficient manner. In simple words, the process of asset securitization starts with financial institutions like banks which pools up individual loans and create securities against them. These securities are rated and sold to investors. In words of these authors, asset securitization is the process of converting assets in to securities and in turn in to liquid cash. Origins of securitizations can be traced back to 1870`s where Government National Mortgage Association (GINNIE MAC) started selling securities that are backed by pool of mortgage loans. These securities were named as mortgage pass through securities. This process of securitization has changed in 1970 where new innovative concept of tranching was introduced in issuing the securities (tranched securities). These tranched securities are sold to investors. Kaptan and Telang (2002) (Uzun and Web, 2007) makes understanding of asset securitization more simple through an illustration of the process of asset securitization, banks which are financial intermediaries in capital market has various types of assets such as mortgage loans, car loans, leasing contracts etc on their balance sheets. These assets are not marketable so these are illiquid assets. Banks, to get rid of these illiquid assets and to attain financial freedom in lending search for new techniques. This innovative method of converting these illiquid assets in to liquid assets technique is called asset securitization. So asset securitization plays a major role in converting these illiquid assets in to cash flows (liquid assets). Uzun and Web, also provide information on what kind of assets the banks securitize. These authors explain this as, the process of asset securitization starts with banks deciding which assets they want to securitize for example mortgage loans. Then bank pools these mortgage loans and sell it to trustee or separate entity which is called special purpose vehicle. (Uzun and Web, 2007) Role of Special purpose vehicle (SPV) is explained by the Securities and Exchange Staff (2008) as, SPVs either government backed agencies or private agencies such as Fannie Mac, Friede Mac, Ginnie Mac buys these loan pools and are entitled to interest and principal of underlying loans in the pools. Then SPV issues different classes of securities known as tranched securities backed by pool of loans. The role of SPV is to separate risk of newly created securities from the origin bank loans. If these SPV are not there it is very difficult to assess the risk involved with those securities underlying the loans. It is difficult to access risk because risk involved is closely related to origination bank practices. Information of origination bank practices such as how they lend loans what documentation they check before issuing loans and credit quality of loans. Securities and Exchange Staff (2008) conclude that these securities issued from this SPV isolates the risk involved from origination bank. Investors invest on these securities and investment risk is directly interrelated to credit quality of loan borrowers whose loans are offered as collateral for the securities. To boost the demand for these securities the SPV enhances credit quality by process called over collateralization and subordination. Over collateralization, is the process in which credit quality is improved by giving payment guarantee by insurer. So if there is any principal or interest default it is insured there by making investors clear in mind that there is no risk involved in investing in these securities. Over collateralization is one way of credit enhancement but the principle way of credit enhancement is done by subordination. In subordination process SPV issues different layers of tranches (securities) such as junior, mezzanine, senior tranches. If the trust experience any loss in interest or principal payment, lower most tranches, junior tranche absorb all the losses and then mezzanine tranche absorbs any more remaining losses that are left over by junior tranche leaving top most tranches, senior tranche safe from any kind of losses. So senior tranche is safe from all interest and principal default. So by process of tranching top most tranches (securities) get more demand from investors and demand reduces when it goes down the ladder up to junior tranches. Junior tranches are backed by over collateralization for its marketability in capital market. The process of tranching differentiates structured finance from normal securitization process. In normal securitization process assets are converted into securities and sold. In structured finance these securities are tranched so that at least one class of securities gets better rating when compared to average rating of all securities. The asset securitization makes calculation of risk more complex using technique called tranching. The calculation of risk is more complex because the risks involved in these pools are distributed.( Securities and Exchange Staff) (2008) Asset securitization is the process of converting illiquid assets in to cash flows (liquid assets). Both financial intermediates such as banks and investors benefited from this process. Banks benefited with extra liquidity to lend more loans to able borrowers where as investors got opportunity to invest in capital market for more returns. Kaptan and Telang (2002) In brief benefits of asset securitization are reducing information asymmetries; increasing financial slack; serving as a lower cost of financing source; reducing regulatory capital; and reducing bank risk (Greenbaum and Thakor, 1987) (Kaptan, Telang (2002), (Uzun and Web, 2007) conclude that asset securitization is the process in which illiquid assets of banks are converted into cash flows or liquid assets. (Greenbaum and Thakor, 1987) conclude these techniques of asset securitization as benefits for banks as well as for investors in capital market. Securities and exchange staff concludes the process of credit enhancement using process called subordination distributed risk of loss in the whole tranche. And the process of over collateralization increased demand for these securities in capital market. Securities and Exchange Staff (2008) concluded that the process of tranching evenly distributed risk and assessing this risk is a complicated process. 2.2 Rating Agencies The main role of rating agencies in capital market is to rate the bonds and securities in specific scale. Rating agencies use qualitative and quantitative methods to access cash flows of these bonds or tranched securities. These ratings are used by investors in capital market as bench mark in investing. Thus rating agencies helped the investors in making decision to invest in capital markets by reducing information asymmetries between issuers and investors. (Committee on the Global Financial System), (2005). 2.2.1 Evolution And Role Of Rating Process According to Ruth Rudden, the evolution of rating industry started when there was a big demand for the corporate bonds in USA. The investors interested to invest in these corporate bonds were very skeptical about risk involved as they were not provided with companys credit information that issued these bonds. So there was a pressing need for an independent and third party institution to analyze credit risk of these bonds which helped the investors in making decision to invest according to their criteria. Thus credit rating agencies came into existence. (Ruth Rudden, 2007), John moody was the first to introduce credit ratings in 1909. He used rating scale to rate the bonds. These ratings were useful for investors to understand credit risks. Credit rating agencies (CRAs) stressed more on expected cash flow generated by the issuer (special purpose vehicle) ongoing business in determining the rating. In general CRAs revenues were generated from subscribes who subscribed to receive rating on debt securities. Rating agencies from the start has been rating bonds on specific scale. Mason and Rosner, concluded that the rating doesnt give information on whether particular bonds must be bought or sold. They give their opinion on relative safety of the bonds. (Mason and Rosner, 2007) The main importance for the credit ratings rose in the capital market because of US treasury department. US treasury department said the quality of the bonds rated by rating agencies is appropriate. Ruth Rudden, concluded that the importance of credit rating agencies in the capital market became prominent and the investors relayed on these ratings to invest on the bonds. (Ruth Rudden, 2007) Then with the introduction of new structure finance products, rating agencies started to rate these products as well. In one of the reports by the Committee on the Global Financial System, (2005), wrote about the Rating agencies, rated the structured finance products like asset backed securities, CDOs, RMSBs etc, same as the traditional bonds. Rating agencies performed the same function as with traditional bonds that was reducing information asymmetries between issuers and investors. Committee on the Global Financial System, (2005) Issuers of structured finance products wanted these securities to be rated on the same scale as traditional bonds so that investors think structured finance has same kind of risk that of bonds. (Mason and Rosner, 2007) spoke about the structured finance as, for past few years with the introduction of newly formed structure finance products; these CRAs are chasing the agencies that issue these structured finance products instead of subscribers for revenue. This lead to three fold increase in the revenues by CRAs and effected the integrity and base source of the aim on which rating industries are build. To meet the demand of these newly introduced structured finance products; CRAs have introduced many new models and approaches to access these products for ratings. (Mason and Rosner, 2007) The three largest credit rating agencies with overseas market that are based in United States are Moodys, Standard and Poor (â€Å"SP†) and Fitch. 2.2.2 Rating methodologies of RMBS According to (Rousseau Stephane, 2009), all the rating agencies methodologies are almost same for rating RMBS products. First issuer of these securities approach rating agencies to rate their securities so that they can sell it in capital market. And issuer provide all the data information of the assets underlying the securities like loan data, proposed capital structure of SPV, proposed credit enhancement for each tranche of the securities. Rating agency will assign an analyst to analyze the tranches for rating it. First probable looses incurred on all tranches are calculated. Rating agencies used complex statistical models for analyzing loss. The loss analysis gives rough idea of how much credit enhancement is required for each tranche to give particular rating. Then analyst analyzes proposed capital structure of SPV to check whether it meets particular rating. Then finally analyst analysis the cash flow which gives information of interest and principal paid out of SPV and analyzes whether particular asset which is under tranche meets payment obligation. Analyst then rates each tranche and submits his rating to committee where they vote on the analyst view. Once rating is confirmed they send the rating to issues rather than publishing it. If the issuer is satisfied with the rating he makes it public. If issuer makes rating public, rating Agencies get paid if not they get breakup fee. (Rousseau Stephane, 2009). 2.2.3 Concerns on models used in RMBS According to (Danà ­elsson J, 2002), Rating traditional bonds is much easier because of availability of historical data where as rating structural products like RMBS you need much more complex models than that of normal models. As the financial system become more complex, the need for complicated statistical models becomes greater. More the complexity, lesser the reliability on these models, so does these models tends to be less reliable. It is clear from the credit crisis of 2007 that the rating agencies used over optimistic input data, inappropriate modeling and insufficient checking of data quality and permitting gaming of models. Despite of advanced models, stress tests, and all the numbers, risk models do have important role to play in modeling risk as long as its limitations are known. Risk models are good at managing particularly trading desk but when asked to model whole institution it fails. So relying on such folly statistical models to model risk is foolishness. And the numbers that these models give are inappropriate. Financial models are not simple and do not have basic or fundamental thermos to build on. These models can easily make you believe the results are accurate, the reason for these are; 1. Endogenous risk: In finance we can only model aggregate behavior. Financial modeling changes the statistical laws governing the financial system in real-time, leaving the modelers to play catch-up. This becomes especially pronounced as the financial system gets into a crisis. This is a phenomenon is called endogenous risk. 2. Quality of assumptions: we cant take it to consideration all parameters in to model so it is important to take it to consideration the main parameters that affect the outcome of the model. For example if we consider present situation of financial crisis the main parameter is liquidity which has been be ignored by modelers while modeling risk. 3. Data quality: data quality is the most and foremost important thing in statistics because the accuracy of these models depends up on quality of data. (Danà ­elsson J, 2002) To prove what Danà ­elsson J, said Vanessa G. Perry proved, there is always dearth of data on subprime market. The data that is available is proprietary lender data. And this data had drawbacks on analysis of market trends. To analyze data properly we need property records which contain information on mortgagee and mortgager, transaction price, property location, credit score, foreclosure rate of neighborhood state. This data was necessary for the rating agencies to analyze the market condition properly. Roughly to analyze loan performance, three sets of data was taken into consideration, that is the Borrower data, loan data, property data. Borrower data should contain income, FICO score, and demographics. The loan data should contain loan amount, LTV, loan type, interest rate/fee, terms such as FRM/ARM, payment history. Property data should contain location, prices, sales, foreclosure, and employment rate. One can predict the probability of default if and only if these data of loan is available. (Vanessa G. Perry, 2008). 2.2.4 Concerns on rating in RMBS According to (Committee on the Global Financial System, 2005), and (Mason and Rosner, 2007) there are many concerns on rating agencies which rated the RMBS, they are; 1. Transparency- Given the role that is played by rating agencies in removing Asymmetries, it is important that they be transparent on what they do. Rating agencies never disclosed completely their methodologies they use to rate RMBS and key assumptions and rating criteria. Credit rating agencies never accepted that the data provided by issuer of securities are not sufficient to rate. And rating agencies never provided historical performance data about their ratings. 2. Quality of rating process- there is a huge growth in RMBS market because of ease in lending loans. And at the same time these RMBS products started to get more complex. The rating agencies did not have enough staff to tackle increasingly complex products and huge volume of these products. Because of shortage of work force these rating agencies were not able to catch up with rating upgrades or downgrades accordingly with change in circumstances like issuers principal or interest short fall. 3. Conflict of interest- the rating agencies main role is to act as an intermediate between investors and issuers. This trust of being intermediate has been broken by rating agencies by charging issuers for rating products instead of getting paid by subscribers who subscribe for these ratings to invest in these products. Because of shift in the axis of being intermediate, these rating agencies got paid from issuer who in turn profited rating agencies by gaining millions of dollars. This process of issuer paying for his rating created conflict of interest. So considering profits they incur from this new role, rating agencies tend to rate products issued by these issuers a higher rating than they actually are. The issuer has ability to adjust deal structure to get desired rating. And issuer has influence on rating process. (Committee on the Global Financial System, 2005), (Mason and Rosner, 2007). 2.2.5 The role of rating agencies in the crisis According Tom Bulford (2008), (Ruth Rudden, 2007) â€Å"The credit rating agencies like Moodys, Standard and Poors and Fitch played a central role in growing the residential mortgage-backed securities, these credit rating agencies were titled to rate these securities on behalf of the huge investment banks to sell to the investors. The ratings of these securities were to identify the risk involved in the securities, they followed a particular three main flow in calculating the risk rating for the investors, the first as to interest the investors on the securities, they provided portfolios of RMBS which highlighted a certain level of risk involved in it, this was done through tranches which means, the different level of risks involved securities were put into different groups called tranches. This helped the investors in deciding whether to stay first in line during the event of default or down the queue. This was one point where the investors relayed on the ratings to invest on the securities. The other two things which they followed to rate the securities, one was data which was used in the financial models of the rating agencies to rate these securities, the data contained here are the information about the mortgage loans that are parceled by the investment banks. These mortgages came from the originators who provided all the information about the mortgagees like their credit history, income, etc. hence these originators provided information was historical. The information given source was not sure about as they stood by the words of the originators. Using this information on the models they used in the rating would off course end up being inaccurate. This made the investors relaying on the high rating given by these rating agencies and hence invested confidently. The rating agencies assured that the portfolios of mortgage backed securities were â€Å"stress tested† by ‘Monte Carlo simulation of macroeconomics variables to create a loss distribution. The assumptions were not wide enough because the rating agencies relied upon historical data, and till now MBS were concerned ‘the performance history that did exist occurred under very benign economic conditions. The reasons just dont stand on rating agencies following the historical data for the calculations but also the workload and the conflicts when the interest rates rose which laid the investment bank concentrate on getting the best ratings on the securities that is laid for sale. This increased the competition between the agencies; they did not want to lose deals and hence gave ratings as necessary with one initiative that was not to lose deals. One of the illustration proves the above comment, one of the member in an rating agency who did not want to lose a deal wrote a mail which said â€Å"I had a discussion with the team leaders here and we think that the only way to compete is to have a paradigm shift in thinking, especially with the interest rate risk†. Another said â€Å"We are meeting this week to discuss adjusting criteria for rating CDOs of real estate assets because of the ongoing threat of losing deals†. Tom Bulford (2008), Tom Bulford (2008) concluded that the roles of these rating agencies in financial crisis are to be studied thoroughly. Rating agencies main duty is reducing information asymmetries between issuers and investors but with the introduction of structured finance products rating agencies deviated from their main role of reducing information asymmetries. In fact they started to favour security issuer as they are paid for rating. Committee on the Global Financial System, (2005) concluded that role of rating agencies in capital market is to rate bonds or securities on specific scale. (Ruth Rudden, 2007), (Mason and Rosner, 2007) concluded that the importance of credit rating agencies in the capital market became prominent and the investors relayed on these ratings to invest on the bonds and the rating doesnt give information on whether particular bonds must be bought or sold. They give their opinion on relative safety of the bonds. The rating agencies got paid by issuer of securities for rating structured finance products on same scale as normal bonds. Tom Bulford (2008) concluded that change of role by rating agencies as information intermediation between issuer and investor got strained with the introduction of structured finance products. (Danà ­elsson J, 2002) concluded that to rate structured finance products rating agencies need more complex models. (Vanessa G. Perry, 2008) concluded that there is no enough historical data on subprime market and in turn this dearth of data affects accuracy of the rating process. Committee on the Global Financial System, (2005) concluded that there are some concerns relating rating process of RMBS. Tom Bulford (2008) concluded rating agencies had played their role in financial crisis and need to be blamed for their irresponsible behavior. 1.3 Subprime Crisis The roots of financial crisis are complex and obscure. The main culprits are mortgage banks brokers, rating agencies, to some extent federal reserve and government. Financial crisis started with Federal Reserve slashing interest rates to encourage spending and reduced 30-year bond issues to increase the prices. This along with American dream of home ownership triggered housing boom. This housing boom has been used by many mortgage lending banks. The introduction of FICO scores instead of traditional point based system and the off-balance sheet vehicle made lending loans easy. Loans were given to people with low credit history (sub-prime loans) Souphala, C and Anthony, P.C, (2006) 1.3.1 Evolution of the crisis According to Souphala, C and Anthony, P.C , (2006), the introduction of FICO scores instead of more traditional â€Å"point based system† credit scoring. And the off balance sheet vehicle (OBSV) made banks to lend loans to people with low credit score. This type of lending is called subprime where these borrowers are who fail credit history requirements in the standard (prime) mortgage market. The subprime lending is known as high cost lending and primarily driven by credit history and down payment where as prime lending is driven by down payment only. People thought prime lending is complicated but have great promise and great peril. The subprime lending provided opportunity for homeownership to those who havent passed credit history in the past. Lower credit history of subprime lending which could have resulted in more delinquent payments and defaulted loans. US mortgage market, which for decades was dominated by fixed rate mortgages, included nontraditional mortgages, simultaneous second-lien mortgage, and no documentation or low documentation loans. Nontraditional mortgages allow borrowers to defer payment of principal and sometimes interest and include interest only mortgages (IOs) and adjustable rate mortgages (ARMs) with flexibility payment options. Interest rates are much higher than that of prime loans, is the main reason of risk for borrowers. Strong home price appreciation and declining affordability have helped drive growing demand for nontraditional mortgage products that can be used to stretch home buying power. Souphala, C and Anthony, P.C , (2006). 1.3.2 Role of US federal government National partners in home ownership in the largest private public partnership program whose solo aim is increasing home ownership rate to all time high by the end of decade by increasing creative financing methods for mortgage loans. In this program, retailer, home builders, Fannie Mac, Freddie Mac, mortgage bankers are the partners who came up with innovative ideas such as using FICO score instead of point based system is introduced to ease the requirements to lend loans to people whose credit history is not good to get mortgage loan. Another innovation is off balance sheet vehicle which made lending loans easy. (Mason and Rosner, 2007) According to Souphala, C and Anthony, P.C , (2006),The government and the quasi-government agencies were main reason who influenced the US mortgage credit cycle by their legislative reforms and the mandates, the alternative mortgage transaction parity act in 1982 eliminated regulatory disparities between state and federal chartered mortgage by granting state chartered institutions the authority to issue alternative mortgage(sub-prime), including the use of variable interest rates and balloon payments, regardless of state mortgage lending law. The tax reform act 1986. Then stimulated demand for mortgage debt by retaining the deduction for home mortgage interest. To lessen the effects of a mild recession in 2000, the Federal Reserve cut interest rates. Although the Fed has raised interest rates past year, mortgage rates have largely been unaffected. This interest rate cut along with increasing housing price made people to invest in housing. Home ownership is best way of making wealth in fact most households find it difficult to invest in anything but their homes. These factors helped to drive growing demand for nontraditional mortgages products that can be used to stretch buying power. Souphala, C and Anthony, P.C , (2006). 1.3.3 Financial Market Turmoil Due to poor standard of lending there has been raise in subprime loans, the delinquency rate increased in the year 2006-2007 because of subprime loans issued in previous years. The overall rise in delinquency rate is sudden and overwhelming. The market started to response to these high delinquency rates in the second half of 2006 and first half of 2007. In spite of high delinquency rate, market had confidence on highly rated tranches of subprime RMBS (senior tranches). In the second half of 2007 this confidence came to its low when credit rating agencies lowered their rating on highly rated tranches. These downgrades created uncertainty and doubt on quality of rating these rating agencies assigned. With more exposure to risk related to subprime debts, restricted liquidity of banks, the inter market for term loans was effected so there was a sharp increase in risk premium. These authors concluded that banks lost confidence and have less liquidity. This resulted in present financial cr isis. The result of this is freezing all structured finance products and cut down in non confirming mortgages. This is because of those agencies giving non confirming mortgages had lots of loans and RMBS which were

British Literature Essay

This lesson is a continuation of the study of British literature and will focus on literature from the Neoclassical Period to today. This lesson is only an overview of some of the authors and literary works produced in England during a particular period. There are many other authors that made important contributions to the literature of this time period. The periods of British Literature are: Classical Period (1200 BC to 455 AD) Medieval Period (455 AD to 1485) Renaissance and the Commonwealth Period (1485 to 1660) Neoclassical Period (1660 to 1790) Romantic Period (1790 to 1830) Victorian Period (1832 to 1901) Edwardian Era (1901 to 1910) Modernism (1914 to 1945) Post-Modernism Period from 1945 to the present Neoclassical Period (1660-1790) The Enlightenment (also referred to as the Neoclassical Period or the Age of Reason) was based on the concept that people could find perfection and happiness through reason and knowledge. This essentially humanist vision was characterized by a resistance to religious authority. The Enlightenment began during the seventeenth and eighteenth centuries in Europe and eventually spread to America. The Restoration, the Augustan Age, and the Age of Johnson were time periods that were included in the Enlightenment. Literature from the colonial period and the beginning of the revolutionary period in American literature developed during this time. Two prominent American authors of the era were Thomas Jefferson and Thomas Paine. During the Restoration, British monarch Charles II was restored to the throne (hence the name of the era), marking the decline of the Puritan influence on British literature. Writers of the Neoclassical Period John Dryden Dryden (1631-1700) was an English poet and dramatist. Some of his famous poems include â€Å"Astrea Redux,† â€Å"Absalom and Achitophel,† and â€Å"The Hind and the Panther. † He is also known for his play All for Love. Dryden was the British poet laureate from 1670 to 1689. John Locke Locke (1631-1704) was an English philosopher who wrote the essay â€Å"Concerning Human Understanding. † He believed that the only way a person could gain knowledge was through experience. Locke’s Two Treatises on Government promoted ideas about democracy. William Wycherley Wycherley (1640-1716) was an English dramatist whose works include Love in a Wood, The Country Wife, and The Plain Dealer. Samuel Pepys Samuel Pepys (1633-1703) was a government official and writer who lived in England. His famous Diary is an important source of the lifestyles and history of the English people. Aphra Behn Behn (1640-1689) was an English novelist and dramatist and the first female to make a living from her writing. Some of her works include Oroonoko, The Forced Marriage, The Rover, and The Lucky Chance. The Augustan Age (1700-1750), named for the Roman emperor Augustus, witnessed a return to the Latin literature of the ancient Roman Empire. British writers were influenced by the works of the ancient Roman poets Horace and Virgil during this era. Writers of the Augustan Age Joseph Addison Addison (1672-1719) was an English poet, essayist, dramatist, and member of Parliament. One of his well-known literary works was the poem â€Å"The Campaign. † Sir Richard Steele Steele (1672-1729) was an essayist and dramatist from Ireland. With Joseph Addison, he founded the journals The Tattler, The Spectator, and The Guardian. He was elected to Parliament and was later knighted. Two of his plays include The Funeral and The Conscious Lovers. Jonathan Swift Swift (1667-1745) was an Irish satirist who used Juvenalian satire to criticize the society of his day in Gulliver’s Travels. Some of his other works include A Tale of a Tub and A Modest Proposal. In 1694, he was ordained in the Church of England. Alexander Pope Pope (1688-1784) was a poet and writer of satire who was famous for his use of the heroic couplet in his writings. Some of his works include The Rape of the Lock, The Temple of Fame, An Essay on Man, and Moral Essays. Daniel Defoe Defoe (1660-1731) was a journalist who wrote Robinson Crusoe. Some of his other works include The True-Born Englishman, Moll Flanders, and A Journal of the Plague Year. he Age of Johnson, named for Samuel Johnson (an important figure in English literature in the late 1700s), lasted from 1750-1790. Writers of the Age of Johnson Samuel Johnson Johnson (1709-1784) was an English author famous for his Dictionary of the English Language, The History of Rasselas, Prince of Abissinia, and The Lives of the English Poets. He is also remembered for forming a group of writers called the Literary Club. Oliver Goldsmith Goldsmith (1728-1774) was an English dramatist, essayist, poet, and novelist and was a member of the Literary Club. Goldsmith wrote the novel The Vicar of Wakefield. Other works include the poem â€Å"The Deserted Village† and the play She Stoops to Conquer. Edmund Burke Burke (1729-1797) served as a member of Parliament during the American Revolution. He supported the rights of the colonists and urged the British government to compromise with the American colonies. Some of his writings were critical of the French Revolution. Robert Burns Burns (1759-1796) was a Scottish songwriter and poet. Two of Burns’ better known songs are â€Å"Auld Lang Syne† and â€Å"Comin’ Thro’ the Rye. † James Boswell Boswell (1740-1795) was a Scottish author who wrote the biography The Life of Samuel Johnson. He was a member of Samuel Johnson’s Literary Club, and the two men traveled together. Boswell’s Journal of a Tour to the Hebrides is an account of one of their trips. Edward Gibbon Gibbon (1737-1794) was a leading historian whose most famous work was the History of the Decline and Fall of the Roman Empire. Thomas Gray Gray (1716-1771) was an English poet whose style was used by many of the Romantic writers. His most famous work was Elegy Written in a Country Churchyard. Olaudah Equiano Equiano (c. 1750 – c. 1797) was an African slave who was brought to the West Indies. He received some education and was later granted his freedom by his master. He was the first black to write an autobiography in England. He wrote The Interesting Narrative of the Life of Olaudah Equiano, or Gustavus Vassa, the African in 1789. Romantic Period (1790-1830) Romanticism is the school of thought and period of literature in which emotion, passion, and imagination are considered more important than reason and intuition more important than logic. During the Romantic Period, most writers were discontented with commercial, inhuman, and standardized conditions. Many Romantic writers portrayed people in unrealistic situations. To escape from modern life, the Romantics turned their interest to remote and faraway places, the medieval past, folklore and legends, nature, and the common people. Romantics glorified the individual and believed that people must be free from confining rules and able to develop individually. The Romantic novels described exciting adventures, unexplained events, and the evil influences of obsessions. Writers of the Romantic Period William Blake. Blake (1757-1827) was an English poet, artist, and prominent figure of Romanticism. Some of his works included Songs of Innocence and Songs of Experience. Blake created the illustrations in some of his books such as The Marriage of Heaven and Hell. William Wordsworth Wordsworth (1770-1850) was a Romantic poet whose literary works focused on the beauty of nature. He teamed with Samuel Taylor Coleridge to write Lyrical Ballads, marking the beginning of the Romantic movement. Other works include The Solitary Reaper and the autobiographical poem â€Å"Prelude. † Samuel Coleridge Coleridge (1772-1834) was a poet and philosopher from England. He coauthored Lyrical Ballads with William Wordsworth. His most famous works include â€Å"The Rime of the Ancient Mariner† and â€Å"Kubla Khan. † Percy Bysshe Shelly Shelly (1792-1822) was an English poet whose many poems contained political and religious themes. His works include â€Å"Ode to the West Wind,† â€Å"The Cloud,† and â€Å"The Skylark. † John Keats Keats (1795-1821) was a poet who focused on death, love, and beauty. His works include â€Å"Ode to a Nightingale† and â€Å"On a Grecian Urn. † Sir Walter Scott Scott (1771-1832) was a Scottish novelist and poet who became a lawyer in 1792. He was credited with creating the historical novel. Scott became one of the leading literary figures of his day. Scott’s works of poetry include â€Å"The Lay of the Last Minstrel,† â€Å"Marmion,† and â€Å"The Lady of the Lake. † His novels include Waverley, The Tale of Old Mortality, The Heart of Midlothian, Ivanhoe, The Talisman, St. Ronan’s Well, A Legend of Montrose, and Quentin Durward. Jane Austen Austen (1775-1814) was an English novelist who incorporated her observations of the manners and society of her time. Through dialogue and narration, she allowed her characters to be guided by common sense and traditional values. Her more famous works include Sense and Sensibility and Pride and Prejudice. Gothic novel Gothic novels use horror and medieval elements such as castles and dungeons. Mary Shelley’s Frankenstein, and Emily Bronte’s Wuthering Heights are examples of Gothic novels. Writers of Gothic Novels Ann Radcliffe Radcliffe (1764-1823) wrote The Mysteries of Udolpho and The Italian. The setting of most of her work involved innocent young women, dark mysterious castles, and nobles with secret pasts. Horace Walpole Horace Walpole (1717-1797) wrote The Castle of Otranto, considered by some to be the first Gothic novel, as well as over 4,000 published letters. Writers in the Victorian Period (1832-1901) wrote about the living conditions of the lower class. The Victorian Period was also marked by sentimental novels. The modern drama appeared toward the end of the Victorian Age. Writers of the Victorian Period of Literature (1832-1901) Alfred Lord Tennyson Tennyson (1809-1892) served as the poet laureate of Great Britain from 1850 to 1892. Some of his works include â€Å"Ulysses† and â€Å"The Charge of the Light Brigade. † Robert Browning Browning (1812-1889) used dramatic monologue in his writings. Some of his works include â€Å"Pippa Passes,† â€Å"The Pied Piper of Hamelin,† â€Å"Bells and Pomegranates,† and â€Å"My Last Duchess. † Anne Bronte Anne Bronte (1820-1849) was the youngest of the three Bronte sisters. Her novels include Agnes Grey and The Tenant of Wildfell Hall. Oscar Wilde Wilde (1854-1900) was an Irish author who published only one novel, The Picture of Dorian Gray. Wilde wrote many comedies, including A Woman of No Importance and The Importance of Being Earnest. Thomas Carlyle Carlyle (1795-1881) was a Scottish historian and essayist who criticized the laissez faire doctrine that allowed people to do as they pleased. His works include Frederick the Great. George Bernard Shaw Shaw (1856-1950) was an Irish dramatist and novelist and a member of the socialist Fabian Society. He wrote over 50 plays including Pygmalion and won the Nobel Prize for Literature. Edward Lear Lear (1812-1888) was an English artist and author famous for his limericks and children’s poems. Lear’s first publication was A Book of Nonsense, and his most famous children’s poem was â€Å"The Owl and the Pussycat. † Charlotte Bronte Charlotte Bronte (1816 – 1855) was an English author best known for her novel Jane Eyre. With her sisters Emily and Anne, she published poetry written depicting their childhood fantasy world. The poems were published under the male pseudonyms of Currer, Ellis, and Acton Bell. Emily Bronte Emily Bronte (1818 – 1848) was one of the English Bronte sisters famous for their literary style. Her only novel was the Gothic Wuthering Heights. Charles Dickens Dickens (1812 – 1859) gained fame as a writer of The Pickwick Papers. Many of his literary works were based on his life experiences and social conditions in England. His best known works include A Tale of Two Cities and Great Expectations. Pre-Raphaelite Poets The Pre-Raphaelite poets (named for the Italian painter Raphael) of the Victorian Age wanted to return the morality of the medieval era to the modern world. Dante Rossetti Rossetti (1828-1882) was considered a leading poet and painter in England during the 1800s. His poetry contained imagery and examples of symbolism, and his paintings included romantic scenes. His literary works included Sister Helen and The House of Life. William Morris Morris (1834-1896) was an English artist, poet, and social reformer whose work reflected an interest in medieval art and Gothic architecture. His works include The Life and Death of Jason, The Earthly Paradise, A Dream of John Ball, and News from Nowhere. Realism (1860 – 1914) Realist authors described life as it really existed. Writers examined and exposed the social, economic, and political problems of society using the dialect or language of the people. Realists saw the corruption of the Gilded Age and called for reform. They rejected Romanticism, which portrayed people in unrealistic situations. Mark Twain, Bret Harte, and Henry James were writers of Realism. Transcendentalism (1800s). Transcendentalism was a religious and philosophical movement in the early to middle 1800s. Ralph Waldo Emerson (1803-1882) was the leader of the Transcendentalist movement in America. He believed that people could gain knowledge through the use of their intellect rather than from the experiences of their lives. The Transcendentalists rejected formal religious teachings. Naturalism Naturalists represented the extreme element of the Realism movement of literature. They believed that family history and environment were the main influences on the development of a person’s character and that people had no control over their fate. Political, economic, social, and heredity factors controlled the actions and fate of the people. Naturalist writers exposed the abuses and suffering of people in America. Upton Sinclair described in The Jungle, the plight of the workers in the meat packing plants in Chicago. Stephen Crane wrote about the sufferings of the soldiers during the Civil War in The Red Badge of Courage. Other Naturalist authors included Jack London, Theodore Dreiser, and Eugene O’Neill. Edwardian Period (1901-1910) This period of British Literature refers to the reign of Edward VII, the eldest son of Queen Victoria and her husband Albert. Edward was interested in the arts and founded the Royal College of Music. Writers of the Edwardian Period H. G. Wells Wells (1866-1946) was a novelist, historian, and well-known author of science fiction. His literary works include The Time Machine, The War of the Worlds, and The Shape of Things to Come. His Wealth and Happiness of Mankind addressed the social needs of people in general. Arnold Bennet Bennet (1867-1931) was an English journalist, novelist, and playwright. The film The Madness of King George was an adaptation of one of his plays. One of his most famous works was A Private Function. Rupert Brook Brook (1887-1915) was an English poet whose writings described the lives of people who suffered through the horror of World War I. One of his most famous works is The Soldier. John Masefield Masefield (1878-1967) was a novelist and poet laureate from England. His works of poetry include â€Å"The Everlasting Mercy,† â€Å"Dauber,† and â€Å"Reynard the Fox† and the novels Sard Harker and The Bird of Dawning. Modernism (1914-1945) Modernism was a literary and cultural movement that did not support the social, political, or economic values of the 1800s. Part of the reason for the movement away from the 1800s was due to the tremendous destruction and loss of life that occurred during World War I. The Modernist movement included art, philosophy, architecture, and literature in both Europe and America. Writers of the Modernism Period William B. Yeats Yeats (1865-1939) was an Irish playwright, poet, and dramatist who won the Nobel Prize for Literature in 1923. Some of his works include the poem â€Å"The Lake Isle of Innisfree† and the plays The Countess Cathleen and The Land of Heart’s Desire. Seamus Heaney Heaney (1939-) is an Irish poet whose work focuses on the politics and culture of Northern Ireland. Some of his works include The Spirit Level and Wintering Out and North. Dylan Thomas Thomas (1914-1953) was a Welsh poet who focused on the themes of religion, death, and love. His works include Portrait of the Artist as a Young Dog and Adventures in the Skin Trade. Virginia Woolf Woolf (1882-1941) was an English novelist. Her literary works focused on social and economic independence for women. Her novels include Mrs. Dalloway, The Years, and Between the Acts. Wilfred Owen. Owen (1893-1918) was an English writer who wrote about World War I. His poetry focuses on the theme that war is not a glorious venture. His works include â€Å"Anthem for Doomed Youth. † T. S. Eliot Eliot (1888–1965) was an American born English poet and playwright and one of the leading writers of the Modernist period of literature. He was awarded the Nobel Prize for Literature in 1948. Some of his work includes The Hollow Men, Ash Wednesday, Four Quartets, Murder in the Cathedral, and The Cocktail Party. David Herbert Lawrence Lawrence (1885–1930) was a novelist whose literary works focused on how men and women relate to each other. His most famous work was Lady Chatterley’s Lover. His other works include The Rainbow and The Studies in Classic American Literature. Siegfried Sassoon Sassoon (1886–1967) was a British poet and author who wrote about the experiences of World War I. Sassoon’s literary works include The Old Century and Rhymed Ruminations. Aldous Huxley Huxley (1894–1963) was an English poet and novelist. His novel Brave New World criticized how science was destroying the morals of English society. His other works include Those Barren Leaves and Point Counter Point. Post-modernism Period (1945 to the present) Post-modernism includes some values and beliefs of the Modernism period. Its literature rejects traditional values of society and supports the anti-novel form. George Orwell Orwell’s (1903-1950) writings reflect his distrust of government and political and social ideologies. His works include Nineteen Eighty-Four and the modern fable Animal Farm. Joseph Conrad Conrad (1857-1924) was a prominent British novelist of the Post-modernist period. Some of his works include Lord Jim and Under Western Eyes. Conrad was a naturalized British citizen, having been born in the Ukraine. James Joyce. Joyce (1882-1941) was an Irish writer who used the â€Å"stream of consciousness† technique. Some of his works include Ulysses and Finnegans Wake and the short story collection Dubliners. Katherine Mansfield Mansfield (1888-1923) was a writer from New Zealand whose pen name was Kathleen Beauchamp. Her works include The Garden Party, Bliss, and In a German Pension. Doris Lessing Lessing (1919- ) is an English novelist and author whose works focus on the role of women in politics and society. Some of her works include The Grass is Singing, Children of Violence, Under My Skin, and Walking in the Shade. Nadine Gordimer Gordimer (1923- ) is a South African novelist and short story writer. She won the Nobel Prize for Literature in 1991. Her literary works include None to Accompany Me and The House Gun. Robert Graves Graves (1895-1985) was an English poet and writer. His autobiography, Goodbye to All That, describes the horror of war. Graves’ other work include I Claudius and Claudius the God. Kingsley Amis Amis (1922–1995) was a novelist and poet from England. His literary works include Lucky Jim, The Old Devils, The Riverside Villas Murder, The Green Man, and The Folks That Live on the Hill. Anthony Powell Powell (1905–2000) was an English novelist and playwright. His plays include The Garden God and The Rest I’ll Whistle. Powell’s novels include Afternoon Men, Venusberg, From a View to a Death, and Agents and Patients. Powell’s autobiography, To Keep the Ball, was written in four volumes from 1976 to 1982. Muriel Spark Spark (1918- ) is a Scottish novelist whose literary works include The Prime of Miss Jean Brodie, A Far Cry from Kensington, and Aiding and Abetting. A. S. Byatt Byatt (1936- ) is an English novelist. Her literary works include Possession. The Shadow of the Sun, and Babel Tower. Martin Amis Amis (1949- ) is an English journalist and novelist. Some of his works include The Rachel Papers, London Fields, Night Train, and Henry Water. The information in this lesson will be a valuable resource for you in the study of different periods of literature. Remember that this lesson is only an overview of some of the authors and literary works produced in Great Britain during this time period. There are many other authors that made important contributions to the literature of this time period that were not discussed in this lesson.

Essay on Public Transportation Means

Public Transportation MeansNeed for holding public transit means particularly in Zouk Mosbeh – Lebanese republic, where Notre Dame University is located in order to:Reduce trafficReduce pollutionHaving a better and healthy topographic pointPossible causes of traffic jam in Zouk Mosbeh-LebanonLack of Planning of metropolis routeLow route infiniteUnplanned arrest or parking infiniteUnplanned metropolis growingHigh migration from rural to urban countriesDifferent velocity vehicleOver populationInsufficient and unequal route infiniteLack of jurisprudence executionNot plenty traffic constabularyLack of consciousnessPoor signaling systemPrivate autoImportant constitutions in Zouk mosbeh such as Notre Dame University and Louaize SchoolImpact of traffic jamEconomyFuel ingestionTransportation system costVehicle runing costHealth related issuesBreathing jobsConcernsMental emphasisUnexpected perspirationFatigueEye jobEnvironmental related issuesAir pollutionSound pollutionWastage and ing estion of clipPossible solutions for traffic jamPublic transit agenciesStrict jurisprudence executionSchool, university, office clip schedulingDecentralizationDetering private autosControling route side activitiesIncrease of public vehiclesIncreasing prosaic installationsMaximize of route breadthDecisionWe as victims will be relievedHaving a better life, and a better topographic point to populate inMentions:Butler, J. , & A ; Christopher, 2008. Road pricing, the economic system, and the environment. Publisher: German capital: Springer.Moutran, M.J. , 2010. Traffic jurisprudence enforcement in Lebanon in visible radiation of European and international pattern.Fioravante, E. F. , & A ; Figoli, M. G. B. 2009. Environmental impact due to automobile usage. Twenty-six IUSSP International Population Conference, Morocco.Issa, J. A. , 2010. Reporting on trafficking in individuals as human rights misdemeanor: instance survey Lebanon.O'Flaherty, & A ; Coleman A. , 2009. The DARPA Urban Challen ge: independent vehicles in traffic metropolis. Publisher: German capital: Springer.O'Flaherty, & A ; Coleman A. , 1993. Transport planning and traffic technology. Pulishers: Dutch capital: Elsevier/Butterworth-Heinemann, 1997Abou Jaoude, R. , 2013, June 14. Like traffic, Jal al-Dib tunnel programs at deadlock. The Daily Star.Paper Draft Public Transportation Means Transportation plays an of import function in our lives and particularly in our day-to-day modus operandi, including our place topographic point, work, drama, store, travel to university, travel to school, etc. It has a brooding control over residential forms or designs, industrial growing, societal and physical motion. Person should do a witting determination in order to turn up expresswaies, main roads, coach Michigans, particularly in â€Å"Zouk Mosbeh† where â€Å"Notre Dame University – Lebanon† is located. Transportation is a demand and is no less a public rights and quality of life concern. Health, clip, safety and the easiness of entree are the most momentous considerations in transit planning. Are we able to make something in order to promote people non to utilize private autos or to utilize them less by the intercession of public transit agencies? To be honest, by explicating the causes, impacts, and solutions for traffic jam in Zouk Mosbeh we might be able to achieve our ends, and make out for a well determined solution that suites decently everyone. Over the past decennaries, car production and the effort for main road building has gone viral, while urban mass theodolite systems have been disassembled or allowed to fall into disrepair. Hence, the terminal consequence has meant more traffic congestion, societal break, pollution, urban conurbation, wasted energy, and residential segregation. The more we disregard this affair the more jobs we will be confronting subsequently on. Peoples have non received the same public assistances from transit patterned advances and investings. Furthermore, some of the governmental policies in transit, lodging, environment, land usage, and environment may hold even subsidized to and exacerbated societal inequalities. For case, some communities accumulate net incomes from the enlargement undertakings of transit, while other communities endure a lopsided affliction and pay cost for the authorities. By and large, benefits are more disseminated, while costs or loads are more localised. Hence, holding a expressway for us as pupils to make Notre Dame University- Lebanon is non truly a benefit, because non all of us own a auto. A immense bulk of pupils suffer in order to make their university. For illustration, I as a pupil, suffer every twenty-four hours in order to make my category on clip. My journey starts by acquiring in a public coach and range Zouk Mosbeh Bridge ; afterwards as I reach my finish, I will hold to wait for 30 proceedingss at least in order to happen a cab that takes me to where my university is located. Furthermore, you will hold to pay duplicate the monetary value for the cab to take you to the secondary entryway of the university or else you will hold to walk from the chief entryway to make the secondary 1. For case, the same procedure takes topographic point as you leave university towards your place. Is this ethical? Do pupils who neither have a occupation nor have a auto have to travel through this procedure each and every individual twenty-f our hours? I believe that holding appropriate public coachs will break suit everyone. Furthermore, transit is critical to liveable, healthy and sustainable rural and urban communities. The transit strategy influences, and in bend is influenced by, fiscal enlargement determinations, existent estate’s investing determinations, land-use forms, and energy ingestion forms of the public and private sectors. The involvements of those doing transit determinations, upper and in-between category, educated governments chiefly, are served, while the demands, positions and involvements of people, are left out of the decision-making process, working, hapless and transit-dependent people, are non. The worthiness of societal justness and ecological sustainability are non major precedences and primacies in the bing transit system. On the other manus, traffic jam causes wellness jobs. We disregard these issues because we as users have no other solution for this affair. Each and every one of us decidedly suffer from take a breathing jobs, concerns, mental emphasis, unexpected perspiration, fatigue, oculus job, etc†¦ Our wellness is valuable without it we can no longer be able to accomplish our day-to-day undertakings. Then why non seek to work out this affair? Having several public coachs will decidedly hold less impact on our wellness than holding 1000000s of private autos. Most of import, clip is cherished why don’t we save it? We should be at least utilizing our clip for something utile, instead than passing it on route. Besides, in our Lebanese community, we have lack of planning of metropolis route. How much Numberss of autos can a low route infinite support? One of the major causes for our job is that, metropolis growing is unplanned ; neither are stoppage or parking infinites, every bit good as insufficient and unequal route infinite. Zouk Mosbeh is over populated due to the high migration from rural to urban countries. In add-on, there is deficiency of jurisprudence execution, hapless signaling system for drivers, and there is non adequate traffic constabulary to assist cut downing traffic jam. These are due to the deficiency of consciousness of our authorities. As for the of import constitutions in Zouk Mosbeh, Notre Dame University, and Notre Dame School, is a major cause for traffic jam. The route before was for local residential users, and now it has to back up pupils and teachers coming from everyplace in Lebanon. It is true that have such constitutions would increase economic facets, but t here should be a solution for traffic jam in order to ask for people in instead than allowing them go. Furthermore, there are environmental related issues due to the impact of traffic jam such as, air pollution, sound pollution, and noise pollution. How can we hold a healthy everlasting universe if we do non protect our environment? If we can non reconstruct our environment at an early phase, at least we should keep it and forestall its devastation. Hence, if cut down fuel ingestion, our environment will decidedly last thirster. On the other manus, there are some processs that could take topographic point and work out traffic jam. First, public transit agencies such as appropriate public coachs will for certain work out all the above jobs. Second, the authorities should implement rigorous jurisprudence by non leting high velocity vehicles on route, and they should deter private autos. For illustration, if the authorities In fact, the authorities should command route side activities and create arrest for coachs. Besides, there should be school, university, office clip scheduling. This will save clip for everyone. If we all go at the same clip, we will be spending clip on route instead than in university or work. Last but non least, increasing prosaic installations is of import. This would promote people to walk instead than sit in a auto making nil but perspiration. We are people who should take control of our lives. We should be wise plenty to larn from our mistakes. A healthy life is a right for everyone so why don’t we try to gain it?

Abraham Lincolns Second Inaugural Address Analysis Essays

Abraham Lincolns Second Inaugural Address Analysis Essays Abraham Lincolns Second Inaugural Address Analysis Paper Abraham Lincolns Second Inaugural Address Analysis Paper Abraham Lincoln 2nd Inaugural Address Rhetorical Analysis On March 4, 1865 Abraham Lincoln gave his second inaugural address to a crowd of over thirty thousand Americans, the civil war was coming to an end, and America was divided. Near the end of the Civil War, Lincoln, speaking in his Second Inaugural Address, contemplated the effects of the Civil War and offered his vision for the future of the nation by symbolizing war as an enemy against the North and South and appealing neutral with the hope of a unity between the North and South. Using allusion A rhetorical strategy that is seen throughout Lincoln’s speech is an allusion. With a humble and neutral tone, Lincoln refers to biblical allusions in order to gain respect and trust from his audience. As he mentions. He uses God and the Bible to show that the people both from the North and also the South have the same values. Lincoln says, â€Å"Each looks for an easier triumph, and a result less fundamental astounding. Both read the same Bible and pray to the same God, and each invokes His aid against the other. It may seem strange that any men should dare to ask a just God’s assistance in wringing their bread from the sweat of other men’s faces, but let us judge not, that we are not judged.† What Lincoln said was from the Bible, and most people could relate because many of the citizens were very religious. Lincoln also states, â€Å"†¦Let us strive on to finish the work we are in, to bind up the nation’s wounds..† That was also an all usion to the Bible, impacting the people to help fix the nation and to help come together as a nation. Religion was very important to many citizens of that time, so the religious allusion used in the speech was very effective. Personifying With his collective dictions to address how the North and South are one party, Lincoln was able to clearly personify war as the opponent of the North and South. As he describes how â€Å"all dreaded [war]† and â€Å"neither party† thought the war would last long, Lincoln reiterates the idea of unity between the North and South. The fact that Lincoln includes these collective pronouns establishes that he wants the nation to retain their American identity that they fought so hard for in the past against the British to achieve. With the idea of unity, Lincoln was clear in that it was not truly a civil war; it was a battle against war itself. This supports his perspective on the unification between the North and Side; it was evident that neither side wanted to fight, and if they did, they did not expect the conflict to last long. Lincoln then continues to emphasis war as the enemy as â€Å"the war came† to America to divide them. By transitioning the intangible word of war to a person, Lincoln highlights war as an opponent to the nation rather than the conflict occurring at the nation. This revision of the term, war, led to the realization of what they were actually fighting for: to retain their unity and not own individual reasons. Lincoln’s intended effect of personifying war is not only to alert the nation of their true goal of unity, but to clarify war as the proper enemy. Appealing to ethos Lincoln was the president of the United States so he was a very credible figure, people knew that they were receiving information from a reliable source. He appealed to ethos by trying to make those listening think like him. When Lincoln states that, The progress of our arms, upon which all else chiefly depends, is as well known to the public as to myself, and it is, I trust, reasonably satisfactory and encouraging to all, he is letting his audience know that he truly believes in the United States’ military and they should too. Reciting Lincoln also recites, With malice toward none, with charity for all, with firmness in the right as God gives us to see the right, let us strive on to finish the work we are in, to bind up the nation’s wounds . Here he uses words that indicate togetherness like â€Å"for all†, â€Å"we† and â€Å"us†.

Beowulf as an Epic essays

Beowulf as an Epic essays I just finished watching Blue Streak, the story of a criminal who is forced to become a police officer in order to recover a diamond that he had hidden before he was arrested for a heist. In the movie, Martin Lawrence is a the protagonist, and as a typical audience member, I hope that he will succeed in whatever his goal is, in this case, to safely recover his diamond, and not end up in jail for a second term. This remains to be true for me throughout the entire movie, even though my introduction to this character is seeing him get arrested for stealing a diamond, and then watching him get dumped for not even calling his girlfriend while he was in jail. Nowadays, it seems that the hero of any story can gain the sympathy and support of his audience, but in the Anglo-Saxen time period, heroes has to follow specific guidelines in order to be respected and accepted as a hero. In the poem entitled, Beowulf, translated by , a normal man named Beowulf is able to b ecome one of the most memorable heroes of British literature through the story-tellers use of the Anglo-Saxen heroic ideal. One of the reasons that Beowulf is such a popular example of the heroic ideal is his willingness to risk anything of his own in order to help others. His courage is displayed early in the poem, while he explains his adventures of killing monsters in the ocean. He says I drove five great giants into chains, chased all of that lace from the earth, swam in the blackness of night, hunting monsters out of the ocean, and killing them one by one. Beowulfs determination to kill the sea-monsters becomes part of his promise to save the Danes from Grendel, and also promises to the readers that this tale is sure to be as filled with action and adventure as his adventures in the sea. Later, Beowulf acknowledges the fact that Grendel needs no weapons and fears none; he then decides that he will n...

A letter to the editor in the Wall Street Journal Assignment - 1

A letter to the editor in the Wall Street Journal - Assignment Example Additionally, he also made mention of emerging markets as reaching attractive levels because of short-term troubles that brought price levels to near- bargain levels. What his article basically said is that investment advisers made wrong guesses or bets as to which way the markets will go and those investors who believed in the advice are now sorry. However one looks at it, any investor should do his or her own homework and not accept as the gospel truth any so-called â€Å"sage advice† offered by some self-proclaimed financial market experts. It is worth noting that any investor who looks at the long-term prospects (whether stocks, bonds, or other investment vehicles) is bound to come out ahead if the investment horizon is long enough for dividends and price appreciation to take its effect (meaning, the time element kicks in like in the time value of money when invested). Anyway, most investors have a wrong or unrealistic time frame when they invest, so many are well advised to listen to reason (Jaffe para. 9) and look at the longer term instead. (Note: word count = 295) Jaffe, Chuck. â€Å"Always invest in what scares you: How to build a portfolio with a long-term outlook.† Wall Street Journal, 10 Feb. 2014. Web. 15 Feb. 2014.

CRM Research Paper Example | Topics and Well Written Essays - 1250 words - 1

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