...Govt Budgeting and Finance Professor: Vaida Maleckaite 2011 US.Budget A Summary 02/03/2014 “Budget Message of the President” – A Summary Introduction The President of the United States prior to a budget year gives a speech on the fiscal well being of the Nation. This budget is published by the by the Office of Management and Budget. This speech outlines the economic situation, the progress that the country has made during the year 2011and the issues facing as we look forward and. The budget also includes other important documents such “Rescuing the Economy,” “Reviving Job Creation and Laying a New Foundation for Economic Growth,” and “Restoring Responsibility.” This summary discusses some of the economic indicators that caused the recession. How we were declining in manufacturing, product demand being down, and the financial institutions on the verge of collapse. This was happening along with high unemployment. “The first order of business for the new Administration was to arrest the rapid decline in economic activity.” Economic Situation In the year, preceding the President Obama’s budget speech 2011 the banking industry had stopped lending money; credit was hard to come by. They were investing in high risk ventures with bad speculations that were not successful. There were no regulations to prohibit the banks in unsound investments. The country was going into a recession and perhaps a depression. The Gross Domestic Product was the lowest in 25 years. We were...
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...Analysis of Funding Levels for the U.S. Government And Department of Education Week 4: Case Analysis: U.S. Budget Public Administration 581: Governmental Budgeting and Finance Introduction In 2009, Barack Obama took office as the 44th President of the United States. In February that same year, President Obama signed a stimulus bill into law that included tax cuts and a safety net of spending and appropriations for projects in our nation. When President Obama took office, he was faced with experts stating that this is the “worst U.S. economy since the Great Depression” (CNN U.S. 2009). Several documents that incorporate 2009 funding levels for the U.S. Government and the Department of Education, will attempt to identify trends for the years 2009 to 2011 in regards to outlays and receipts along with the GDP relationship. The following articles will be analyzed; The Budget Message of the President, Restoring Responsibility, Rescuing the Economy and Reviving Job Creation and Laying A New Foundation For Economic Growth. When analyzing this articles, we will look at what progress has the country made during this past year, what issues are we facing as we move forward, what is the economic situation and what significant issues and initiatives are discussed in these articles. One other piece of document that will be analyzed is the Department of Education. When we look at the Department of Education, we need to know what departments mission...
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...SACHS.DOCX (DO NOT DELETE) 8/1/2011 2:07 PM RESCUING THE STRONG PRECAUTIONARY PRINCIPLE FROM ITS CRITICS Noah M. Sachs* The Strong Precautionary Principle, an approach to risk regulation that shifts the burden of proof on safety, can provide a valuable framework for preventing harm to human health and the environment. Cass Sunstein and other scholars, however, have consistently criticized the Principle, rejecting it as paralyzing, inflexible, and extreme. In this reassessment of the Strong Precautionary Principle, I highlight the significant benefits of the Principle for risk decision making, with the aim of rescuing the Principle from its dismissive critics. The Principle sends a clear message that firms must research the health and environmental risks of their products, before harm occurs. It does not call for the elimination of all risk, nor does it ignore tradeoffs, as Sunstein has alleged. Rather, through burden shifting, the Principle legitimately requires risk creators to research and justify the risks they impose on society. By exploring where the Principle already operates successfully in U.S. law—examples often overlooked by the critics—I highlight the Principle’s flexibility and utility in regulatory law. This Article uses chemical regulation as a case study in how the Principle can guide Congress in an ongoing controversy. Congress is considering a major overhaul of the flawed Toxic Substances Control Act of 1976 (TSCA), and this change could be one of the most significant...
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...Christopher Oladipo Global Finance Term Paper Topic: The Italian Financial Crisis: Causes, Actions and Reactions DECEMBER 2011 TABLE OF CONTENTS 1. Introduction 2. Causes I. Immediate causes II. Remote causes 3. Actions I. Governmental actions II. Regulatory actions III. European response 4. Reactions I. Local market reactions II. European market reactions III. Effects on US and world markets. 5. Conclusion 6. Bibliography 1. INTRODUCTION The Italian crisis that rocked the Euro zone at the beginning of this quarter was sudden, yet, not really sudden. There have been signs, but the leaders were unperturbed, so it was business as usual until the eventual breakout, like an epidemic, now threatening to consume not only Italy, but the Euro zone and by extension, the European Union.[1] The Greek economic debacle was one of the clearest signs that all was not well within the zone, but, of course, the general consensus was that Greek was too small to ignite any serious panic within the zone. If at all anything was going to happen, the general belief was that it will not affect the core of the European economy, and as such, to my understanding, not worth any preparation or broad based actions by the European Central Bank (ECB). But today, all of that has suddenly changed with the Italians taking their turn at the economic turntable. It is not clearly understood that even the mighty do sometimes fall. Italy is...
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...Lebanese American University School of Business Economics Department Advanced Topics in Economics Midterm Paper Perspective on the Financial Crisis of 2007-2008 Fatima Sobh 200903216 By early 2007, the crisis started in the U.S. with the collapse of the subprime mortgage market and by reaching the end of a major booming housing era. It occurred just after two years of raising the interest rates policy. Not only had it affected mortgages, it reached the banking sector in the U.S. and across the world as well. It had spilled over into the real economy through a dangerous credit clash and collapsing equities’ market which more likely produced a significant recession. The Fed and other central banks have responded in a classical way by flooding the financial markets with liquidity. As for the fiscal authorities, they dealt with the decline in solvency in the banking system by following the template of earlier bailouts like the Reconstruction Finance Corporation in the 1930s, Sweden in 1992 and Japan in the late 1990s. In August 2007, to be specific, the financial system started to crack. Banks realized that they held considerable amounts of mortgage-backed securities that were difficult to rate. Sadly, after experiencing large losses, banks’ balance sheets could not put up with additional lending. (Cecchetti, 2008) As a result, some financial intermediaries began to face difficulties in finding the short-term financing that was necessary for them to carry on their...
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...Sig……………….Date…………… DEDICATION This work is dedicated to my beloved brothers Victor Onyuka and Philip Ogola without whose caring and financial support it would not have been possible and I would also like to dedicate this work to the memory of my parents, my loving dad Joseph Onyuka and caring moms Pamela Anyango and BeldineAoko who passed on the love of reading and respect for education. ACKNOWLEDGEMENT I would like to express my sincere gratitude to Dr. Masinde for impacting us with knowledge on research proposal. I want to thank most profoundly Mrs. Adeli for her guidance on the relevance materials needed in writing research proposal. It is my hope that all families and institution of foster care will remain focused and committed to rescuing children from the Streets and empowering them to resourceful citizens and that this research will encourage more responses and interventions that are geared towards the same. ABSTRACT The care and protection of children experiencing orphan hood presents a major child-care...
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...Liberty University Discipleship Ministries Project A paper submitted to Dr. Zabloski In partial fulfillment of the Requirements for the course DSMN 500 Liberty Theological seminary By Jonathan L. Keene Lynchburg, Virginia Sunday, May 12, 2009 Table of Contents Introduction 4 Diagnosis of Need 5 Target Group 6 Vision Statement 6 Goals 7 Lessons Gleaned from Scripture 8 Formulation of Objectives 12 Competencies Expected of Disciples attending Recovery in Refuge 12 Selection of Content 13 Setting Captives Free 13 Life Principles for Worship from the Tabernacle 14 Celebration of Discipline 14 Shatter the Darkness 14 Scope and Sequence Plan 15 Phase 1: Repentance, Redemption, Recovery 15 Phase 2: Regeneration 16 Phase 3: Rescue-Reaching Out 18 Phase 4: Real Life 20 Partnership with the Refuge Counseling Center 20 Conclusion 21 Self-Assessment of How the 5 Essential Activities of an Education that Produces Disciples Was Incorporated and Integrated 22 Resources to be used in Recovery in Refuge 25 Bibliography 26 Works Consulted 27 Introduction At Crossroads Community Church in Nampa Idaho the catchphrase is ‘Refuge.” The church has developed what it calls a “Theology of Refuge.”[1] They state, “Crossroads is built around the idea of being a church...
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...Germany has decided to phase out its all the nuclear plants by 2022. This decision, prompted by Japan’s Fukushima nuclear disaster, will make Germany the first major industrialized nation to go nuclear-free. Germany (Europe’s largest economy) is determined to replace its nuclear power with renewable energy resources. . Swiss parliament has approved amendments to tax treaties with other countries, including India. This makes easier access for India, to collect information about the illegal funds held by the Indian nationals in Swiss private banks. The Swiss parliament endorsed amendments to double-taxation agreements (DTAAs) in line with internationally applicable standards. The beneficiaries from the new amendments include India, Germany, Canada, Japan, the Netherlands, Greece, Turkey, Uruguay, Kazakhstan, and Poland. French Nationals to Sue Sarkozy over Crimes in Libya Two French lawyers have said that they are planning to sue French President Nicolas Sarkozy against the Humanity crimes over the military campaign in Libya that was led by NATO. Jacques Verges and Roland Dumas two of the French lawyers have decided to represent the families of the victims during the military campaign. Constitution (15th Amendment) Bill, 2011 passed in Bangladesh The Parliament of Bangladesh, the Jatiyo Sangsad, passed the Constitution (15th Amendment) Bill, 2011 on 30 June 2011 to amend its constitution under which the caretaker government system for holding general elections was scrapped...
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...Abstract Lehman collapse was the largest bank bankruptcy in the United States history. Complex causes combination lead to this tragedy. This paper is going to illustrate primary causes that result in its failure, and also discuss impacts on financial systems supervision and regulations. TABLE OF CONTENTS 1. INTRODUCTION 1 2. LITERATURE REVIEW 4 3. RESEARCH METHODOLOGY 1 3.1 Data collection 2 3.2 Methodology x 3.3 Limitations 3 4. ANALYSIS AND DISCUSSION 4 4.1 5 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 4.2 4.3 6 5. CONCLUSION 1 6. REFERENCES 4 7. APPENDICES 1 8. ACKNOWLEDGEMENTS 1 1. INTRODUCTION The credit crunch occurred in 2008 has been arguably recognised as an extreme phenomenon during the financial crisis, which generated to the longest recession in the U.S. history since ‘the Great Depression’ in1929. Over 600,000 jobs lost in during 2008, and unemployment rate went up to 6.1% which was the highest point in 5-year time (Isidore, 2008). According to the Turner Review (2009), faultiness of regulation and supervision underpinned financial problems’ increase. Therefore, to illustrate the causes of Lehman Bother’s crash in 2008, events occurred during crisis progress are listed in Appendix 1. Among those serious cases, bankruptcy of Lehman Brothers was concerned to be the most typical...
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...UNIVERSAL PICTURES and EMMETT / FURLA FILMS Present A MARC PLATT Production In Association with OASIS VENTURES ENTERTAINMENT LTD / ENVISION ENTERTAINMENT / HERRICK ENTERTAINMENT / BOOM! STUDIOS A BALTASAR KORMÁKUR Film PAULA PATTON BILL PAXTON JAMES MARSDEN FRED WARD and EDWARD JAMES OLMOS Executive Producers BRANDT ANDERSEN JEFFREY STOTT MOTAZ M. NABULSI JOSHUA SKURLA MARK DAMON Produced by MARC PLATT RANDALL EMMETT NORTON HERRICK ADAM SIEGEL GEORGE FURLA ROSS RICHIE ANDREW COSBY Based on the BOOM! Studios Graphic Novels by STEVEN GRANT Screenplay by BLAKE MASTERS Directed by BALTASAR KORMÁKUR –1– CAST Waitress Margie . . . . . . . . . . . . . . . . . . . . . LINDSEY GORT Roughneck #2 . . . . . . . . . . . . . . . . . HILLEL M. SHARMAN Robert “Bobby” Trench . . . . . . . . . DENZEL WASHINGTON Roughneck #3 . . . . . . . . . . . . . . . . . . . . . . . . AARON ZELL Marcus “Stig” Stigman . . . . . . . . . . . . MARK WAHLBERG Roughneck #4 . . . . . . . . . . . . . . . . . . . . . . . HENRY PENZI Deb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PAULA PATTON CREW Earl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BILL PAXTON Admiral Tuwey . . . . . . . . . . . . . . . . . . . . . . . FRED J. WARD Quince . . . . . . . . . . . . . . . . . . . . . . . . . . JAMES MARSDEN Directed by . . . . . . . . . . . . . . . . . BALTASAR KORMÁKUR Papi Greco . . . . . . . . . . . . . . . . . EDWARD JAMES OLMOS Screenplay by . . . . . . . . . . . ...
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...The Global Roots of the Current Financial Crisis and its Implications for Regulation Anil Kashyap (University of Chicago) Raghuram Rajan (University of Chicago) Jeremy Stein (Harvard University) Where did the current financial crisis come from? Who or what is to blame? How will it be resolved? How do we undertake reforms for the future? These are the questions this paper will seek to answer. The analysis will have three parts. The first is a rough and ready sketch of the global roots of this crisis. Second, we will focus in a more detailed way on why it hit the financial sector, especially banks. Finally, we will end with some suggestions for future regulation, especially capital regulation. I. A Rough Sketch. It is always useful to start with the macroeconomic environment. In a sense, this is a crisis borne out of previous crises. An important difference between the recent period of sustained growth and previous periods is the low level of long term real interest rates over the last 5 years, certainly relative to the last two decades. Long rates fell following the collapse in investment in both emerging markets and developed countries after the crises in 1998 and the ICT bubble in 2001. Emerging market governments became more circumspect and increased budgetary surpluses, even while cutting back on public investment. For instance, in Philippines, investment fell from 24% of GDP in 1996 to 17% in 2006, while its savings rose from 14% to 20%. From borrowing 10% of its...
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...SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach Jack R. Meredith Broyhill Distinguished Scholar and Chair in Operations Wake Forest University Samuel J. Mantel, Jr. Joseph S. Stern Professor Emeritus of Operations Management University of Cincinnati John Wiley & Sons, Inc. DeDication To Avery and Mitchell, from “papajack.” J. R. M. To Maggie and Patty for their help, support, and affection. S. J. M. VICE PRESIDENT & EXECUTIVE PUBLISHER Don Fowley EXECUTIVE EDITOR Beth Golub ASSOCIATE EDITOR Jen Devine MARKETING MANAGER Carly DeCandia DESIGN DIRECTOR Harry Nolan SENIOR DESIGNER Kevin Murphy SENIOR PRODUCTION EDITOR Patricia McFadden SENIOR MEDIA EDITOR Lauren Sapira PRODUCTION MANAGEMENT SERVICES Ingrao Associates This book was set in by GGS Book Services PMG and printed and bound by RRD/Willard. The cover was printed by RRD/Willard. This book is printed on acid free paper. Copyright © 2009 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc...
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...ftoc.indd 16 10/10/08 5:17:22 PM SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach ffirs.indd 1 10/10/08 5:16:30 PM SEVENTH EDITION PROJECT MANAGEMENT A Managerial Approach Jack R. Meredith Broyhill Distinguished Scholar and Chair in Operations Wake Forest University Samuel J. Mantel, Jr. Joseph S. Stern Professor Emeritus of Operations Management University of Cincinnati John Wiley & Sons, Inc. ffirs.indd 3 10/10/08 5:16:35 PM ftoc.indd 16 10/10/08 5:17:22 PM Dedication To Avery and Mitchell, from “papajack.” J. R. M. To Maggie and Patty for their help, support, and affection. S. J. M. VICE PRESIDENT & EXECUTIVE PUBLISHER Don Fowley EXECUTIVE EDITOR Beth Golub ASSOCIATE EDITOR Jen Devine MARKETING MANAGER Carly DeCandia Design Director Harry Nolan SENIOR DESIGNER Kevin Murphy SENIOR PRODUCTION EDITOR Patricia McFadden SENIOR Media editor Lauren Sapira PRODUCTION MANAGEMENT SERVICES Ingrao Associates This book was set in by GGS Book Services PMG and printed and bound by RRD/Willard. The cover was printed by RRD/Willard. This book is printed on acid free paper. Copyright © 2009 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976...
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...THE GREAT RECESSION Since publication of Robert L. Hetzel’s he Monetary Policy of the Federal Reserve (Cambridge University Press, 2008), the intellectual consensus that had characterized macroeconomics has disappeared. hat consensus emphasized eicient markets, rational expectations, and the eicacy of the price system in assuring macroeconomic stability. he 2008–2009 recession not only destroyed the professional consensus about the kinds of models required to understand cyclical luctuations but also revived the credit-cycle or asset-bubble explanations of recession that dominated thinking in the nineteenth century and irst half of the twentieth century. hese “market-disorder” views emphasize excessive risk taking in inancial markets and the need for government regulation. he present book argues for the alternative “monetary-disorder” view of recessions. A review of cyclical instability over the last two centuries places the 2008–2009 recession in the monetary-disorder tradition, which focuses on the monetary instability created by central banks rather than on a boom-bust cycle in inancial markets. Robert L. Hetzel is Senior Economist and Research Advisor in the Research Department of the Federal Reserve Bank of Richmond, where he participates in debates over monetary policy and prepares the bank’s president for meetings of the Federal Open Market Committee. Dr. Hetzel’s research on monetary policy and the history of central banking has appeared in publications...
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...Political Obligation First published Tue Apr 17, 2007; substantive revision Fri Apr 30, 2010 To have a political obligation is to have a moral duty to obey the laws of one's country or state. On that point there is almost complete agreement among political philosophers. But how does one acquire such an obligation, and how many people have really done what is necessary to acquire it? Or is political obligation more a matter of being than of doing — that is, of simply being a member of the country or state in question? To those questions many answers have been given, and none now commands widespread assent. Indeed, a number of contemporary political philosophers deny that a satisfactory theory of political obligation either has been or can be devised. Others, however, continue to believe that there is a solution to what is commonly called “the problem of political obligation,” and they are presently engaged in lively debate not only with the skeptics but also with one another on the question of which theory, if any, provides the solution to the problem. Whether political obligation is the central or fundamental problem of political philosophy, as some have maintained (e.g., McPherson), may well be doubted. There is no doubt, however, that the history of political thought is replete with attempts to provide a satisfactory account of political obligation, from the time of Socrates to the present. These attempts have become increasingly sophisticated in recent years, but they have...
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