2008 Financial Crisis Icelands Then Now Essay examples

I) Causes of the Crisis On September 15, 2008, the American bank Lehman Brothers, with holdings over 600 billion USD, filed bankruptcy. This was by far the biggest bankruptcy in U.S history and it marked the beginning and the largest financial crisis ever. How can one of the biggest banks in the world fail? How can a bankruptcy in US make someone on the other side of the world unemployed? The answer is Collateralized Debt Obligations (CDOs) and it all started by new innovations in the financial sector combined with deregulations on the financial market. Many mathematicians and physicists started to work in the financial market and created new financial products called derivatives after the Cold War. These products made it possible for†¦show more content†¦could not afford their loans anymore. Thus, they started to sell their houses. The housing prices went down and when the value of the houses were lower than the value of the initial loan, people left the houses to the banks. Instead of owning CDOs consisting with positive cash flows, the banks now owned CDOs consisting of houses with decreasing values (See appendix). The CDOs sold all over the world and combined in both banks and private peoples investments were now almost worthless. Lehman Brothers had an immense amount of investments in CDOs, and as they went bankrupt, one of the world’s worst financial meltdown had thus begun. II) Critical Examination on How the Crisis Affected Iceland Before the financial crisis in 2008, Iceland’s stock market had increased with over 900 percent since the middle of the 90th century (Graph 3). During 2000-2008, unemployment rate remained between 2-4% and Iceland had grown from one of Europe’s poorest country to one of the wealthiest during the last decades. The Guardian wrote an article, â€Å"No wonder Iceland has the happiest people on earth† in May 2008. However, on October 10, 2008 the headlines had changed - Bloomberg Businessweek announced that â€Å"Iceland goes bankrupt† was a catastrophic fact. Concrete definition of bankruptcy for a country is both hard to define and explain, but simply put, it means that a country is not able to pay back its external/foreign debts. Iceland’s government debt increasedShow MoreRelatedShould Iceland Adopt Canadian Dollar?1387 Words   |  6 Pages The Abstract Iceland is now having financial crisis because of its unhealthy banking system and monetary policies. Its currency becomes an unwanted dollar due to its fluctuating exchange rate. To regain the confident and rebuild its financial system, a sound currency is crucial. Canada, one of the strongest economies in OECD, has a healthy banking system and conservative monetary policies. Its currency is greatly approved and accepted by world financial institutions and investors. Even thoughRead MoreIreland s Financial Disaster1371 Words   |  6 Pagesâ€Å"Ireland’s financial disaster shared some things in common with Iceland’s. It was created by sort of men who ignore their wives suggestions that maybe they should stop and ask for directions. But while the Icelandic male used foreign money to conquer foreign places (trophy companies in Britain, chunks of Scandinavia etc.) – the Irish male used foreign money to conquer Ireland. Left alone in a dark room with a pile of mo ney, the Irish decided what they really wanted to do with it was buy Ireland.Read MoreIs the banking industry responsible for the economic disaster in Iceland?1759 Words   |  8 Pagesthe major economic and commercial activities had been liberalized, with the advent of the principles of free trade in goods and services and the free movement of capital, which covered the structure of the European Economic Community. Icelands economic crisis shares a common bond with those that have infected other developed economies recently: all have banking systems heavily engaged in the practice of maturity mismatching. In other words, Icelandic banks issued short-term liabilities in orderRead MoreIceland s Economic Outlook Report1974 Words   |  8 PagesWorld Economic Outlook report in January 2016, Iceland’s Gross Domestic Product grew at 4.8% in 2015 (IMF, 2016). This is in stark contrast to the -4.6% decline in 2009, and -3.5% the following year. Iceland’s central bank and its government have used many different policy tools, both Fiscal and Monetary to enable the economy to recover not only as quickly as it did, the overall economy grew at just over 1% in 2011, but as strongly as it is doing now. Recent projections from the IMF WEO indicate thatRead MoreInside Job2973 Words   |  12 Pagesfinance. 2)Iceland was stable – low crime, strong education, strong stability in social and financial systems. 3)Multinational corporations such as Alcoa were then allowed to come into Iceland and install their business thereby disrupting the integrity of the system. 4)Three of their largest banks were privatised and in only five years, they combined to borrow a sum equal more than 10 times Iceland’s total GDP. Reckless borrowing and lax lending became commonplace. 5)A businessman named Jon AsgeirRead MoreInside Job Movie Review1111 Words   |  5 Pagesconsequences of the global financial crisis of 2008. This movie is basically related to recession that was caused by the inefficiency of the industry and the unfavourable banking practices. The director has conducted several interviews and has exposed some hidden realities. The movie clearly shows that this crisis was not accidental, and that there were many people, including regulators, politicians, businessmen, who were actively involved in this destruction. These people and large financial institutions knewRead MoreU.s. Subprime Mortgage Crisis1702 Words   |  7 PagesThe U.S. subprime mortgage crisis was a catastrophe affecting both real and financial sectors of the global economy. It was estimated that 2.5 million borrowers had lost their homes due to foreclosures from 2007 to 2009 and whilst another 5.7 million homeowners were at pending risk of foreclosure in the aftermath of the crisi s (Williams, 2012). The failures and bailed out of large banking and financial institutions in the US, the UK, Europe and others such as Bear Sterns, Lehman Brothers, NorthernRead MoreThe Anti Eu Stance On The Icelandic Population Essay1898 Words   |  8 PagesIn the aftermath of the 2008 banking crisis in Iceland, the Nordic country in July 2009 applied for membership of the European Union (EU). Yet public support for this move has always been marginal and in March 2015 Iceland’s government requested that the country should no longer be regarded as a candidate country. This paper seeks to find out what the main reasons are behind the anti-EU stance in the Icelandic population. Thanks to an extensive online survey carried out by the author, it could beRead MoreMichael Lewis, The Big Short, And Boomerang1507 Words   |  7 PagesMichael Lewis is the author of many published books on various subjects, and many of them are New York Times best sellers. His most recent work has as main subject 2008 global financial crisis and includes following books: â€Å"Flash Boys†, â€Å"The Big Short†, and â€Å"Boomerang†. Michael Lewis was born in New Orleans, Louisiana. He received a BA in art history from Princeton University and an MSc in economics from the London School of Economics. He worked for three years as an investment banker for SalomonRead MoreIceland : A Small Island Country1945 Words   |  8 Pageswealthier from 2003 to 2006, and all three of Iceland’s major banks which are Kaupthing, Landsbanki and Glitnir had developed from tiny saving banks in the 1990s to become the world’s top 300 banks a decade later (Gunnlaugsson, 2012). Iceland became the best places for living in this period of time. However, the 2008 world economic crisis sudden started in Iceland and became a national issue, and these three major banks crushed within a few days in October of 2008 (Boyes, 2009; Vaiman, 2011). After this

Personal Narrative My First Job - 992 Words

Khalayia Harris Composition I Granada Hamilton 8 September 2017 My Very First Job As teenager, many people say their adolescence is one of the most important phases in anyone’s life. As a teenager, you get to experience many great events like going to high school football games, dating your first boyfriend or girlfriend, getting your driver license, and graduating from high school. As I look back, I believe that getting my first job was the most important event in my adolescence. I was very enthusiastic about getting my first job. I enjoyed that fact that I will be able to earn my own money and not having to ask my mother for any earn. Surprising, there was only one obstacle that was holding me back and that was the fact that I was a†¦show more content†¦The next morning, I woke up at 9:30am to prepare myself for my second day at McDonalds. I got dress into my uniform and jumped into the car to go to work. I arrived at McDonald and noticed that it was very busy inside. As I walked in, I was automatically being placed on front cou nter to take order but I was very nervous to take order because I didn’t know how to take them. My manager taught me how to take the order and after a while I began to start taking orders without any help. Everything was going great until one customer came into store with complaint. I politely asked if he needed help, then angrily started yell at me about his order being incorrect. The man even started to blame me for incorrectly bagging his food. His yelling was so loud that my manager and even customer had to calm him down and escort him out of the store. At the end of shift, I talked to manager and told her that I wanted quit because the customer made me so upset and embarrassed. She told me quitting would be the wrong option and she told me that her and the other managers liked me working there. After working at McDonalds for three weeks, I began to make new friends and was glad that I didn’t decide to quit my job. I enjoyed that I could earn my own money and didnà ¢â‚¬â„¢t have to ask my mother for money anymore. Work had been great after the first customer incident happened. I had not received any customer complaints and my manager said that I might employee of theShow MoreRelatedPersonal Narrative : My First Corporate Job859 Words   |  4 Pages I remember when I started my first corporate job. Now I’ve been thru countless jobs before, but this one was a huge blessing. The job was Pratt Whitney and they manufactured airplane parts for the military and other air crafting companies. Cool right? Try to imagine a young teenager walking in this huge corporation on his first day full of grown men and women who are in their late 20’s and above. The feeling was very overwhelming. As a temp my job was to polish air plane parts. Now when I sayRead MoreWriting Reflection Essay631 Words   |  3 Pagestypically need time to get my thoughts in order. The benefit to writing down my thoughts, as opposed to speaking them, is that I can edit and decide if my written words match my thoughts. In the following paragraphs, I will look at the class assignments and appraise them to determine what I have learned this semester. The first three topics we were assigned to write about were personal narrative, evaluation and argument. Ou r first assignment was to write a personal narrative, and I chose to write aboutRead MorePersonality Can Be A Hard Concept To Pinpoint, Considering1315 Words   |  6 Pagesextravert. For me I believe my personal narrative has had a large impact on my personality and so I am going to start there. I believe that an individuals personal narrative can be one of the most telling signs of one’s true personality, or at least what got them to how they are today. Most of the theories and the personality tests are used to apply to the masses and they are then able to portion off smaller groups to certain personalities. With a personal narrative however, this really dives deepRead MoreProfessional Development Plan1601 Words   |  7 Pagesworth (McKellar, 1996). This paper outlines my top three professional goals, resources required for achieving these goals, and a resource constrained schedule. The strategic formulation of my goals, required resources and schedule coalesce to form my Professional Development Plan (PDP). The first goal is a short term goal required for financing the second goal which is my medium term goal. The final goal is a long term goal that is loosely coupled with my second goal. Goal 1: Develop and LaunchRead MoreNarrative Essay1497 Words   |  6 PagesThe Narrative Essay *What is a Narrative Essay? †¢ Narrative writing tells a story. In essays, the narrative writing could also be considered reflection or an exploration of the authors values told as a story. The author may remember his or her past, or a memorable person or event from that past, or even observe the present. †¢ The author may write about: -An experience or event from his or her past. -A recent or ongoing experience or event. Read MoreThe Movie Bruce Almighty 906 Words   |  4 Pages† From a personal point of view, the characters are symbolic and bear theological significance. The movie is didactic in quality and carries some tinge of comedy with apparent glimpses of domestic and familial environment. It reflects personality and character issues and parallels historic and biblical narratives that point toward a theological understanding of who the characters are and, why they exist. The scenes chiefly lean toward the auteur’s understanding of a character’s personal ideals andRead MoreThe Life Of A Slave Girl By Harriet Jacobs1292 Words   |  6 Pagesimmensely. I was particularly intrigued in how the texts showed how men and women were treated differently under the institution of slavery. I chose to focus on two texts: Incidents in the Life of a Slave Girl and Narrative of the Life of Frederick Douglass. In the personal narrative Incidents in the Life of a Slave Girl, author Harriet Jacobs depicts the various struggles she endured in the course of her life as a young female slave and, as she grew older, a runaway escaped to the â€Å"free† land ofRead MoreInterview With A Social Worker1175 Words   |  5 Pagesoften exaggerated the workplace and lifestyle of a social worker. After meeting with a fellow social worker, I am now able to understand their busy lifestyle. A social worker has to consider the struggles clients have experienced and hear their narratives. At the same time, these social workers need to keep their life in order in a professional and healthy way. 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James Baldwin throughout the essay hovered from his own personal life to the world around him and his father. Baldwin weaves between narration and analysis in order to show that his own experiences dealing with the public world and his private world were similar to many other Americans at that time. Evidence of Baldwin’s ability to connect public events to his personal life appeared

Self Free Essays

We tested this evolutionary hypothesis on 166 college students by measuring self-deception using both a questionnaire and a series of hypothetical helping scenarios. The results showed a positive correlation between self-deception and moral oscilloscope, which was moderated by private self-consciousness. Among participants with high, but not low, self- consciousness, high moral self-concept individuals were more willing to help hen potential selflessness were present than low moral self-concept individuals, whereas there was no difference between the two groups concerning helping without self-benefit. We will write a custom essay sample on Self or any similar topic only for you Order Now These results support the evolutionary view that self-deception serves to maintain optimal moral self- concept, especially for individuals with high solicitousness. ? 201 1 Elsevier Ltd. All rights reserved. 1. Introduction Humans are social animals who pursue selfish interests in a cooperative context in which public interests are also observed. There are subsequent conflicts between pursuing self-interests and protecting public interests. Solving and balancing these conflicts has resulted in specific adaptations to group living. On the one hand, various group-oriented colonization processes help to shape the development of moral self-concept among group members that serves to maintain the cooperative group context by curbing selfish interests and promoting public interests. Individuals of high moral self- concept thus behave more altruistically. On the other hand, altruism operates among other adaptive forces, such as deception and self-deception, which allow one to claim or believe to be acting altruistically while actually acting elfish (Commodes Toby, 2005; Cummins, 1999; von Hippie T rivers, 201 1; Drivers, 1976). In deception, self-interests replace public interests in the conscious mind; in self-deception, self-interests are pushed to the unconscious and the individual is Only aware of public interests (Alexander, 1987). The factor regulating deception and self-deception may be self- consciousness, which is the extent to which individuals are inclined and able to examine their inner thoughts and feelings (Finessing, Cashier, Buss, 1975). Low moral self-concept individuals may openly deceive others by maintaining Corresponding author. Address: Department of Educational Psychology, The Chinese university of Hong Kong, Satin, N. T. Hong Kong. Tell. : +852 2609 6936; fax: +852 2603 6921. E-mail add leichang@cuhk. Du. Husk (L. Change). 0191-8869/$ – see front matter ? 2011 Elsevier Ltd. All rights reserved. DOI:1 0. 1 016/j. Paid. 2011. 07. 014 self-interests in the conscious mind, while high moral self-concept individuals may self-deceive by pushing self-interests to the unconscious. Sel f; consciousness may serve to regulate these two silvering strategies. The purpose of the present study is to examine the relations among moral self- incept, self-consciousness, and self-deception in an effort to better understand self-deception within an evolutionary framework. Unlike philosophers who are concerned about the existence, realization, and intentionality of self-deception (e. G. , Davidson, 1985; Demos, 1960; Vinaigrette, 1969; Melee, 1 997), or mainstream psychologists who focus on the mechanism and functionality of self-deception (e. G. , Greenland, 1988; Smacked, 1983; Phallus John, 1 998), evolutionary psychologists are interested in how self-deception has evolved as a fitness-enhancing strategy. The evolutionary view holds that self-deception has evolved in an uncongenial world as a result of an â€Å"arms race† between deception and deception detection (Drivers, 2000). In human group living, conflicts of interest are present most of the time (Alexander, 1987), and deception has become a ubiquitous strategy to manipulate group members in order to maximize self- interest and exploit public interests (Mitchell, 1 986; Drivers, 1985). Detection of deception evolves to guard against personal exploitation and public encroachment. In response, self-deception evolves to escape detection. During deception, maintaining both true and false information in the consciousness while presenting only falsehoods to others results in extra cognitive load for the deceiver (von Hippie Drivers, 201 1). Conscious awareness about the truth may result in the deceiver unintentionally exposing clues about the truth. A self-deceiver keeps only false information in the consciousness H. J. Lu, L. Change / personality and Individual Differences 51 (2011) 845-849 and leaves no clues about the truth, which is kept in the unconscious, and thus avoids detection completely (Drivers, 2000). Whereas self-deception was originally construed mainly as an interpersonal strategy to facilitate deception of others (Drivers, 1976, 1985), it also is an interpersonal variable that, as part of the self-system, entails chronic misrepresentation of the self without immediate or explicit reference to others (Exurban Skittish, 2007; Surrey, 201 1; von Hippie Drivers 2011). In such a self-directed and deceptive state of mind, a person may selectively access certain information about, and deny other information to, the self in ways that convince both the self and others of aggrandize clarifications (Greenland, 1 988; Phallus Reid, 1991 Interpersonal self-deception therefore continues to serve the interpersonal goal of deceiving others (von Hippie Drivers, 201 1). Consistent with the interpersonal origin of self-deception, preferential access to, and misrepresentation of, different aspects of the self are fashioned by active interpersonal interactions within a group context that informs the individual of his/her fitness conditions, including cooperation needs and opportunities. Often referred to as selfsameness in morality or altruism (Phallus John, 1998), interpersonal self-deception is self-serving because it facilitates and maintains cooperative relationships with other group members (Surrey, 2004; Surrey McNally, 1997). Individuals are more inclined to be altruistic if they are unaware of the selfish intentions of themselves and others (Nesses Lloyd, 1 992; Surrey, 2011). By the same logic, congenial altruism suppresses selfishness and engenders altruism in others, which actuates and perpetuates reciprocal altruism and cooperative group living (Alexander, 1987). As part of the self-system that emphasizes proportioning, representing, and misrepresenting different aspects of the self (Markus Hurl, 1987), interpersonal self-deception contributes to the development and maintenance of self-concept (Greenland, 1 980; Skidded Crosslink, 1997), specifically the moral or altruistic aspects of self-concept relevant to social interactions and group living. Being altruistic and unselfish, and seeing others behaving likewise, is a core feature of colonization in most societies (Keller, Deleting, Sauerkraut, If-xi, Ge, 2005). This colonization, in turn, shapes and reinforces individuals’ self-concept, specifically the moral self- concept. Interpersonal self-deception is thus vital to self-conception because t enables or facilitates the initialization of group or altruistic values that help form an individual’s moral self-concept. Thus, there is a functional association between moral self-concept and self-deception; regarding oneself highly in terms of morality and altruism necessitates that negative and selfish aspects of the self are inaccessible, and this is achieved through self- deception. In this respect, self-deception is necessary for, and instrumental to, the development and maintenance of moral oscilloscope. In other words, people attaining or maintaining high moral ground may be more self- exceptive and, thus, more successful in suppressing selfish thoughts, whereas people of low moral self-concept view themselves in less-than- optimal moral light because they are not inclined to deceive themselves about their selfish thoughts. Whether or not self-deception is used to maintain high moral ground may depend on one’s ability to attend to inner thoughts and feelings, including the morally undesirable aspects of the self. Such self-consciousness, especially private self-consciousness, may serve to regulate self-deception. Highly self-conscious individuals are more aware of their inner self (Finessing et al. 1 975), including blemishes in their moral self- conception. To maintain the same level of moral self-concept, these individuals will require more interpersonal self-deception to suppress moral imperfections. In contrast, the moral self-concept of those low in self- consciousness may depend less on self-deception because they are less aware of their inner selves, including selfish thoughts and moral impurities. Thus, increasing self-consciousness may increase the strength of the correlation between moral self-concept and self-deception. To test the hypothesis that self-deception facilitates the maintenance of oral self-concept by suppressing negative aspects of the self, the present study examined the associations among selections (SIDE), moral self- concept (MS), and self-consciousness (SC). We hypothesized a positive correlation between moral oscilloscope and self-deception. We also expected MS-SIDE association to be stronger among high, rather than low, self- conscious individuals. In addition to examining questionnaire measures, we also included another measure of self-deception by having subjects respond to different helping scenarios from which we derived two helping intention rabbles – altruistic helping intention without self-benefit and self-deceived helping intention with potential self-benefit. How to cite Self, Papers