When the Recession of the Late 2000s Began and Ended

When the Recession of the Late 2000s Began and Ended The recession that began in the late 2000s was, to date, the worst economic downturn in the United States since the Great Depression. They didnt call it the Great Recession for nothing. So how long did the recession last? When did it begin? When did it end? How did the length of the recession compare to previous recessions? See more: Even in Recession, Congress Pay Grew Heres a brief Q and A on the recession. When did the Great Recession begin? December 2007, according to the National Bureau of Economic Research, a private, nonprofit research group. When did the Great Recession end? June 2009, though lingering effects such as high unemployment continued to plague the United States well beyond that date. In determining that a trough occurred in June 2009, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity, the NBER reported in September 2010. Rather, the committee determined only that the recession ended and a recovery began in that month. And a slow recovery it would be. How does the committee define a recession and a recovery? A recession is a period of falling economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales, NBER said. The trough marks the end of the declining phase and the start of the rising phase of the business cycle. Economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion. How does the length of the Great Recession compare to past downturns? The recession lasted 18 months, making it the longest of any recession since World War II, according to the committee. Previously the longest postwar recessions were those of 1973-75 and 1981-82, both of which lasted 16 months. When and for how long did the other modern recessions occur? The recession of 2001 lasted eight months, from March through November of that year. The recession of the early 1990s also lasted eight months, from July 1990 through March 1991. The recession of the early 1980s lasted 16 months, from July 1981 through November 1982. How did the government deal with the Great Recession? In order to deal with the nation’s worst economic downturn since the Great Depression, Congress passed legislation that increased discretionary government spending in order to stimulate the economy. This legislation created programs ranging from financial assistance to large banks and car manufacturers to direct tax rebates for low-income households. In addition, Congress funded a series of massive â€Å"shovel-ready† public works projects, such as highway construction and improvement. At its peak, in early 2009, total discretionary government spending reached about $1.2 trillion in annual terms, or 7% of the nation’s total Gross Domestic Product (GDP). In other words, ending the Great Recession required spending a lot of money the government simply had not planned to spend. How did the Great Recession affect taxpayers? Recessions, especially â€Å"Great† ones, can be costly affairs for taxpayers. According to the Federal Reserve Board, the Great Recession raised the U.S. federal debt and fiscal deficit to record peacetime levels. The federal debt increased from 62% of the GDP in 2007 before the recession to over 100% in 2013, five years after the supposed end of the recession. Indeed, the effects of the Great Depression of 2008 will linger for years to come. Updated by Robert Longley

World War II in the Pacific - New Guinea, Burma, China

World War II in the Pacific - New Guinea, Burma, China Previous: Japanese Advances Early Allied Victories World War II 101 Next: Island Hopping to Victory The Japanese Land in New Guinea In early 1942, following their occupation of Rabaul on New Britain, Japanese troops began landing on the north coast of New Guinea. Their objective was to secure the island and its capital, Port Moresby, in order to consolidate their position in the South Pacific and provide a springboard for attacking the Allies in Australia. That May, the Japanese prepared an invasion fleet with the goal of attacking Port Moresby directly. This was turned back by Allied naval forces at the Battle of the Coral Sea on May 4-8. With the naval approaches to Port Moresby closed, the Japanese focused on attacking overland. To accomplish this, they began landing troops along the islands northeast coast on July 21. Coming ashore at Buna, Gona, and Sanananda, Japanese forces began pressing inland and soon captured the airfield at Kokoda after heavy fighting. Battle for the Kokoda Trail The Japanese landings preempted Supreme Allied Commander, Southwest Pacific Area (SWPA) General Douglas MacArthurs plans for using New Guinea as a platform for attacking the Japanese at Rabaul. Instead, MacArthur built up his forces on New Guinea with the goal of expelling the Japanese. With the fall of Kokoda, the only way to supply Allied troops north of the Owen Stanley Mountains was over the single-file Kokoda Trail. Running from Port Moresby over the mountains to Kokoda, the trail was a treacherous path that was seen as an avenue of advance for both sides. Pushing his men forward, Major General Tomitaro Horii was able to slowly drive the Australian defenders back up the trail. Fighting in terrible conditions, both sides were plagued by disease and a lack of food. Upon reaching Ioribaiwa, the Japanese could see the lights of Port Moresby but were forced to halt due to a lack of supplies and reinforcements. With his supply situation desperate, Horii was ordered to withdraw back to Kokoda and the beachhead at Buna. This coupled with the repulse of Japanese attacks on the base at Milne Bay, ended the threat to Port Moresby. Allied Counterattacks on New Guinea Reinforced by the arrival fresh American and Australian troops, the Allies launched a counteroffensive in the wake of the Japanese retreat. Pushing over the mountains, Allied forces pursued the Japanese to their heavily defended coastal bases at Buna, Gona, and Sanananda. Beginning on November 16, Allied troops assaulted the Japanese positions and in bitter, close-quarters, fighting slowly overcame them. The final Japanese strongpoint at Sanananda fell on January 22, 1943. Conditions in the Japanese base were horrific as their supplies had run out and many had resorted to cannibalism. After successfully defending the airstrip at Wau in late January, the Allies scored a major victory at the Battle of the Bismarck Sea on March 2-4. Attacking Japanese troop transports, aircraft from SWPAs air forces managed to sink eight, killing over 5,000 soldiers that were en route to New Guinea. With momentum shifting, MacArthur planned a major offensive against the Japanese bases at Salamaua and Lae. This attack was to be part of Operation Cartwheel, an Allied strategy for isolating Rabaul. Moving forward in April 1943, Allied forces advanced towards Salamaua from Wau and were later supported by landings to the south at Nassau Bay in late June. While fighting continued around Salamaua, a second front was opened around Lae. Named Operation Postern, the attack on Lae began with airborne landings at Nadzab to the west and amphibious operations to the east. With the Allies threatening Lae, the Japanese abandoned Salamaua on September 11. After heavy fighting around the town, Lae fel l four days later. While fighting continued on New Guinea for the rest of the war, it became a secondary theater as SWPA shifted its attention to planning the invasion of the Philippines. The Early War in Southeast Asia Following the destruction of Allied naval forces at the Battle of the Java Sea in February 1942, the Japanese Fast Carrier Strike Force, under Admiral Chuichi Nagumo, raided into the Indian Ocean. Hitting targets on Ceylon, the Japanese sank the aging carrier HMS Hermes and forced the British to relocate their forward naval base in the Indian Ocean to Kilindini, Kenya. The Japanese also seized the Andaman and Nicobar Islands. Ashore, Japanese troops began entering Burma in January 1942, to protect the flank of their operations in Malaya. Pushing north towards the port of Rangoon, the Japanese pushed aside British opposition and forced them to abandon the city on March 7. The Allies sought to stabilize their lines in the northern part of the country and Chinese troops rushed south to aid in the fight. This attempt failed and the Japanese advance continued, with the British retreating to Imphal, India and the Chinese falling back to the north. The loss of Burma severed the Burma Road by which Allied military aid had been reaching China. As a result, the Allies began flying supplies over the Himalayas to bases in China. Known as The Hump, the route saw over 7,000 tons of supplies cross it each month. Due to the hazardous conditions over the mountains, The Hump claimed 1,500 Allied aviators during the war. Previous: Japanese Advances Early Allied Victories World War II 101 Next: Island Hopping to Victory Previous: Japanese Advances Early Allied Victories World War II 101 Next: Island Hopping to Victory The Burmese Front Allied operations in Southeast Asia were perpetually hampered by a lack of supplies and the low priority given the theater by Allied commanders. In late 1942, the British launched their first offensive into Burma. Moving along the coast, it was quickly defeated by the Japanese. To the north, Major General Orde Wingate began a series of deep penetration raids designed to wreak havoc on the Japanese behind the lines. Known as Chindits, these columns were supplied entirely by air and, though they suffered heavy casualties, succeeded in keeping the Japanese on edge. Chindit raids continued throughout the war and in 1943, a similar American unit was formed under Brigadier General Frank Merrill. In August 1943, the Allies formed the Southeast Asia Command (SEAC) to handle operations in the region and named Admiral Lord Louis Mountbatten as its commander. Seeking to regain the initiative, Mountbatten planned a series of amphibious landings as part of a new offensive, but had to cancel them when his landing craft were withdrawn for use in the Normandy invasion. In March 1944, the Japanese, led by Lieutenant-General Renya Mutaguchi, launched a major offensive to take the British base at Imphal. Surging forward they encircled the town, forcing General William Slim to shift forces north to rescue the situation. Over the next few months heavy fighting raged around Imphal and Kohima. Having suffered high numbers of casualties and unable to break the British defenses, the Japanese broke off the offensive and began retreating in July. While the Japanese focus was on Imphal, US and Chinese troops, directed by General Joseph Stilwell made progress in northern Burma. Retaking Burma With India defended, Mountbatten and Slim began offensive operations into Burma. With his forces weakened and lacking equipment, the new Japanese commander in Burma, General Hyotaro Kimura fell back to the Irrawaddy River in the central part of the country. Pushing on all fronts, Allied forces met with success as the Japanese began giving ground. Driving hard through central Burma, British forces liberated Meiktila and Mandalay, while US and Chinese forces linked up in the north. Due to a need to take Rangoon before the monsoon season washed away the overland supply routes, Slim turned south and fought through determined Japanese resistance to take the city on April 30, 1945. Retreating east, the Kimuras forces were hammered on July 17 when many attempted to cross the Sittang River. Attacked by the British, the Japanese suffered nearly 10,000 casualties. The fighting along the Sittang was the last of the campaign in Burma. The War in China Following the attack on Pearl Harbor, the Japanese launched a major offensive in China against the city of Changsha. Attacking with 120,000 men, Chiang Kai-Sheks Nationalist Army responded with 300,000 forcing the Japanese to withdrawal. In the wake of the failed offensive, the situation in China returned to the stalemate that had existed since 1940. To support the war effort in China, the Allies dispatched large amounts of Lend-Lease equipment and supplies over the Burma Road. Following the capture of the road by the Japanese, these supplies were flown in over The Hump. To ensure that China remained in the war, President Franklin Roosevelt dispatched General Joseph Stilwell to serve as Chiang Kai-Sheks chief of staff and as commander of the US China-Burma-India Theater. Chinas survival was of paramount concern for the Allies as the Chinese front tied down large numbers of Japanese troops, preventing them from being used elsewhere. Roosevelt also made the decision that US troops would not serve in large numbers in the Chinese theater, and that American involvement would be limited to air support and logistics. A largely political assignment, Stilwell soon became frustrated by the extreme corruption of Chiangs regime and his unwillingness to engage in offensive operations against the Japanese. This hesitancy was largely the result of Chiangs desire to reserve his forces for fighting Mao Zedongs Chinese Communists after the war. While Maos forces were nominally allied with Chiang during the war, they operated independently under Communist control. Issues Between Chiang, Stilwell, Chennault Stilwell also butted heads with Major General Claire Chennault, the former commander of the Flying Tigers, who now led the US Fourteenth Air Force. A friend of Chiangs, Chennault believed that the war could be won through air power alone. Wishing to conserve his infantry, Chiang became an active advocate of Chennaults approach. Stilwell countered Chennault by pointing out that large numbers of troops would still be required to defend US airbases. Operating parallel to Chennault was Operation Matterhorn, which called for the basing of new B-29 Superfortress bombers in China with the task of striking the Japanese home islands. In April 1944, the Japanese launched Operation Ichigo which opened a rail route from Beijing to Indochina and captured many of Chennaults ill-defended airbases. Due to the Japanese offensive and the difficulty in obtaining supplies over The Hump, the B-29s were re-based to the Marianas Islands in early 1945. Endgame in China Despite having been proven correct, in October 1944, Stilwell was recalled to the US at Chiangs request. He was replaced by Major General Albert Wedemeyer. With the Japanese position eroding, Chiang became more willing to resume offensive operations. Chinese forces first aided in evicting the Japanese from northern Burma, and then, led by General Sun Li-jen, attacked into Guangxi and southwestern China. With Burma retaken, supplies began to flow into China allowing Wedemeyer to consider larger operations. He soon planned Operation Carbonado for the summer of 1945, which called for an assault to take the port of Guandong. This plan was cancelled following the dropping of the atomic bombs and Japans surrender. Previous: Japanese Advances Early Allied Victories World War II 101 Next: Island Hopping to Victory

Financial Reporting in the Face of Accounting Scandals Essay

Financial Reporting in the Face of Accounting Scandals - Essay Example The job of financial reporting is to give an overview of the short and long term financial position of a company. This is done by producing the Balance sheet, which provides a picture of the company at a point in time, the Income Statement which gives an account of the business's performance during the year in terms of revenues and expenses, the Cash flow Statement which presents the cash inflows and outflows fro the company divided into operating, investing and financing activities and finally the statement of changes in equity which basically explains the change in a retained earnings of the company during the financial year (Graham 2005). These four statements are aided in understanding by notes to the financial statements which provide additional and in depth information about specific items mentioned in the four statements. Accurate and transparent financial reporting of a company's accounts is significantly important in this age of massive investments. The four statements listed above provide information to the investors in making important investment decisions and to lenders regarding credit decisions (Piotroski 2000). This is done based on the position of the company presented in the financial statements which allows investors to judge whether the company is profitable and whether they would be able to get a significant return on their investments with this company. Creditors similarly can judge the ability of the company to pay off its debt in the future and whether they will be able to receive their money back with the interest payments. These statements are also utilized for assessing the cash flow prospects of the company as well with the same purpose in mind, to benefit investors and creditors. Cash flow projections are very important for decision making as cash inflows and outflows are ultimat ely the most important things in terms of a company's ability to payoff investors and creditors. Without this liquidity, there would be little to payoff with (Kaplan 1995). Furthermore, financial reporting gives information about the ownership of assets of the company and its related liabilities which allows users of the statements to assess what the company holds and how it is performing in general. It is also an indicator of the management's performance during a fiscal year, allowing shareholders to judge whether the current crop of management and the Board of Directors is doing a good job handling their investment (Kaplan 1995). As such, the existing shareholders of the company need financial reporting to assess whether their investments are worthwhile. Prospective investors can utilize them to judge whether the company presents a better investment option compared to others in the industry and in general. The all important tax collections that government authorities perform are b ased on the financial statements of the companies which make them important for the Government (Watts 2003). Even the employees of the company, who are organized in the form of labor unions in many countries, use the financial statements to assess the company's performance and negotiate for compensation and promotion with the management. Financial analysts and those on the

Entrepreneur Project Part II Research Paper Example | Topics and Well Written Essays - 1750 words

Entrepreneur Project Part II - Research Paper Example (Longley, 2004). This shows that a large percentage of US population will comprise of people above the age of 65. The idea of starting this project was to enter into a business that has not been fully ventured into by different organizations. Our research into the idea showed that not many organizations are providing all the services and home-like environment in adults care centres. That is why it is a great opportunity to enter into the business and take advantage of the financial benefits that it provides. The vision statement therefore refers to being the most sought-after organization in adult care, among the families of the old age people and the old age people themselves. By providing different services like physical and mental health care, personalized care, providing equipment for people with disabilities, teaching home-based care, and providing home like environment and networking with other elder people can make our organization reach high demand among the targeted population. The vision aims to be the best at what we are going to provide. The organization will not be any small sized adult day care centre. It aims to provide a variety of services to the old people so that they are comfortable, are taken care of, and feel like they are at home. President: The president of the organization is the top head of the organization. S/he belongs to the upper most tier of the organization. The president will deal with all the highly strategic decision making process. The president does not go into the details of the minute things happening in the business. S/he will just guide the department heads and CEO with the overall running of the business. Only extremely important and major decisions will be finalized under his/her leadership. For example a decision to open the business in a new country will need the consent of President. Therefore President will be the leader of the entire organization and its

Goodrich-Rabobank Interest Rate Swap Essay -- Economics Economy Essays

Goodrich-Rabobank Interest Rate Swap 1. How large should the discount (X) be to make this an attractive deal for Rabobank? 2. How large must the annual fee (F) be to make this an attractive deal for Morgan Guaranty? 3. How small must the combination of F and X be to make this an attractive deal for B.F. Goodrich? 4. Is this an attractive deal for the savings banks? 5. Is this a deal where everyone wins? If not, who loses? Introduction: Players: Morgan Bank, Rabobank, and B.F. Goodrich, Salomon Brothers, Thrift Institutions and Saving Banks Goodrich: In early 1983, Goodrich needed $50 million to fund its ongoing financial needs. However, Goodrich was reluctant to borrow (short term debt) from its committed bank lines because of the following reasons: 1. It would lose substantial about of its remaining short term capital availability under its bank lines. 2. It would compromise its future flexibility by borrowing in the short term. Instead, it wanted to borrow for an 8 year range (or longer) at a fixed rate. However, since the general level of interest rates were pretty high, and Goodrich?s credit ratings had dropped from BBB to BBB-. Goodrich believed that it would have to pay 13% interest for a 30 year corporate debenture. Salomon Brothers had advised Goodrich that they could borrow in the US public debt market with a floating rate debt issue tied to the LIBOR, and then swap payments with Euro market bank that had raised funds in the fixed-rate Eurobond market. Note: The reason that Salomon were confident that this could be done is described as follows: 1. There was a recent deregulation of deposit markets had allowed deposit institutions to offer n... ...% - (x1+11.2%) = 1.3%-x1. 7. From (2), and (5) Rabobank saves the following amount in semiannual interest payments: LIBOR ? 1/8% - (LIBOR ?x2) = x2 ? 1/8%. 8. For this deal to occur, Rabobank, Morgan, and Goodrich must profit hence the following also must be true: a. (x1-x2)>= F where 37.5> F> 8 (footnote #2 on page 362). b. 130 ? x1> 0 i.e. 130> x1 c. X2 ? 12.5> 0 i.e. x2> 12.5 Assuming that x2 = 20 basis, and x1 = 100 basis. We can conclude the following: Goodrich pays a fixed interest of 11.2% + 1% = 12.2% a savings of 20 basis points (after transaction costs). Rabobank saves a total of 2% - 1.8% = 20 basis points. And Morgan collects 2% - 1.25% = 75 basis points in fee, in addition to the $125,000 one time fee. Note: The total savings that this deal provides as a result of the swap is: 5 + 20 + 75 = 100 basis points.

Homelessness and Vagabond Essay

Vagabonds are normally despised by the society. What happens when they are treated like an ordinary respectable human being is the main theme of this story. Introduction: The vagabond who is often chased by people is welcomed by an old man. In spite of the good nature of the old man the vagabond robs him. He later returns the money due to the good deeds and kind nature of a young lady. Summary: The vagabond sold self made rattraps. He made the rattraps with wire which he got by begging in the stores or big farms. At times he used to beg and steal, he had a philosophy of his own the entire world was a sort of rattrap. People were lured by the various pleasures of life just as a rat is attracted by cheese or pork. One day he met an old man as he was seeking shelter for the night. He was given hot porridge, tobacco to smoke and they even played cards. The old man showed the vagabond his money pouch and the three ten kroner notes. He slept that at the old man’s house and the next day he left the house with the three notes. He wandered into the forest for fear being caught for his thievery. He lost his way and finally stumbled into Ramsjo Ironworks in search of warmth and shelter. The owner of the Ironworks mistakes him to be an old friend and took him home. The vagabond played along but later requested to go back to the warmth of the forge. The Ironmaster sent his daughter to bring him back. The gentle and kind nature of the young lady made him follow her. Once he cleaned and shaved, the Ironmaster realized that he was a stranger. He asked the vagabond to leave his house but his daughter wanted him to stay. He ate and slept the entire day. On Christmas Eve the Ironmaster and his daughter went to church. At the church they heard that a vagabond had stolen money from an old man who had worked as crofter at Ramsjo Ironworks. The young lady became very sad and the Ironmaster was sure that all his silver spoons would have disappeared. On their return the valet said that the vagabond had left and he did not take anything along with him. On the contrary he left a small gift for the young lady. The vagabond had returned the stolen money along with a rattrap as a gift to the young lady. He wrote a note thanking her for her kindness and asked her to return the money back to the old man. The money was like bait that drew him to it and he would have been like a rat who got caught in the trap called ‘love of money’. Conclusion: The author has very well brought the condition of the vagabond. It is important to treat them as human beings and maybe a little love and affection can work wonders in transforming them into honest and sociable people.

The Characteristics Of Jazz And Blues Langston Hughes s ...

The Characteristics of Jazz and Blues in Langston Hughes’s The Weary Blues While I was reading Langston Hughes’s poems, I have noticed his outstanding accomplishment in his blending creation of Negro musical characteristics and poetry. And The Weary Blues is his peaked piece of a combination of both jazz and blues. The poem reflected American African’s living situation during the Harlem Renaissance, it sufficiently revealed the cultural charm of Negros and Hughes’s fully affirms of his national dignity. In my paper, I will analyze the methods and techniques Hughes used to highlight the musical elements in this poem. Jazz and blues are both styles of music which were discovered by Negros. They are important to Hughes and his culture, and according to the sad and painful tunes in jazz and blues, Hughes wanted us to listen and understand his culture from this poem. The Weary Blues has a rather oral character style; the fundamental key is very slow and sentimental, but the poem is full of musicality, and makes readers felt if they are staying on the scene. I felt not only the special pleasing quality of Negro’s ballad, but also felt depressed from Negro’s circumstances during that time. So I have decided to focus on the analysis of the structural, style of language, along with the jazzy and blues’ characteristics in the image of theme. And apparently, I will use structuralism and a touch on linguistics as my criticisms to argue my statement. In the external form str ucture ofShow MoreRelated Analysis of Theme for English B by Langston Hughes Essay1793 Words   |  8 Pages Langston Hughes was an African American poet and author who joined other black artists to break literary barriers during the civil rights movement. The poem entitled Theme for English B was written thirty years or so after the birth of the Harlem Renaissance, but still embodies why the Renaissance had originated in the first place. I believe this poem reflected on Hughes life in general, but more importantly on the fight against the ignorance that created discrimination. James Mercer LangstonRead MoreThe Harlem Renaissance s Influence On People s Views On African American Lifestyles Through Poetry Essay2428 Words   |  10 PagesTravel back in time several centuries ago to the 1900’s and imagine how different life would be – oil lamps/candles, outhouses or one toilet shared between several people, movies known as â€Å"flickers† and lasting no longer than 10 minutes, no television, ice boxes as opposed to refrigerators, baseball being the main sport that people followed as opposed to football, and unless you were a White male, your lifestyle was not filled with many opportunities or rights. With slavery being abolished not tooRead MoreBrief Summary of the Harlem Renaissance.1863 Words   |  8 Pageshad begun a steady development just before the turn of the century. In the performing arts, black musical theater featured such accomplished artists as songwriter Bob Cole and composer J. Rosamond Johnson, brother of writer James W eldon Johnson. Jazz and blues music moved with black populations from the South and Midwest into the bars and cabarets of Harlem. In literature, the poetry of Paul Laurence Dunbar and the fiction of Charles W. Chesnutt in the late 1890s were among the earliest works of AfricanRead More Visions of The Primitive in Langston Hughes’s The Big Sea Essay examples6201 Words   |  25 PagesVisions of â€Å"The Primitive† in Langston Hughes’s The Big Sea Recounting his experiences as a member of a skeleton crew in â€Å"The Haunted Ship† section of his autobiography The Big Sea (1940), Langston Hughes writes This rusty tub was towed up the Hudson to Jonas Point a few days after I boarded her and put at anchor with eighty or more other dead ships of a similar nature, and there we stayed all winter. ...[T]here were no visitors and I almost never went ashore. Those long winter nights