Analysis of Narrative of the life of Frederick Douglass,...

Analysis of Narrative of the life of Frederick Douglass, an American Slave In Modern day America, the thought of slavery is horrifying. It is a dark chapter in the American history and should be fought against at all costs now. However, American used to know the reality of the atrocities that occurred on various southern plantations. Its because of slave narratives that the American people have come to realize the inhumane nature of slavery and thus, that led to political activism. One Slave that helped spread awareness of slavery in the united states was Frederick Douglass â€Å"Narrative of the life of Frederick Douglass†. Due to his extraordinary use of figurative language to help support his argument. Douglass succeeds in arguing his†¦show more content†¦Ã¢â‚¬Å"He that knoweth his master’s will, and doeth it not, shall be beaten with many stripes.† (33) He is discussing his masters justification for beating a young slave several times. Although Frederick Douglass is not citing anything directly from the bible that condones slavery , his allusions to the bible and the way he collocates the passage with the cruel actions of his master draws a shocking picture in the audiences minds.Frederick Douglass presents the contrast between a biblical quote, Usually used when a worker disobeys the orders of his master, thereby showing the audience that souvenirs are wrong using the bible to justify their atrocious actions. Its due to these allusions that Frederick Douglass adds another layer of credibility to his argument and thus, persuades the audience that there is no religious justification for slavery. In addition, Frederick Douglass uses Imagery to explicate and argue his main claim. Imagery is a visually descriptive language. The â€Å"Narrative of the life of Frederick Douglass† contains vivid imagery that affects the reader somehow. One example of Imagery is when Douglass describes his aunt getting whipped and how it affected him. He wrote, â€Å"The louder she screamed, the harder he whipped; and where the blood ran fastest, there he whipped longest. He would whip her to make her scream, and whip her to make her hush; and not until overcome by fatigue, would he cease to swing theShow MoreRelatedRhetorical Analysis Of The Narrative Of The Life Of Frederick Douglass, An American Slave Essay1096 Words   |  5 PagesRhetorical Strategies in Frederick Douglass’s â€Å"Learning to Read† Published in 1845, Frederick Douglass’s autobiography, â€Å"Narrative of the Life of Frederick Douglass, an American Slave†, is a historical account of his life that told of the challenges and obstacles that plagued the lives of slaves in pursuing freedom from injustice and persecution from white wealthy slaveowners. In particular, an excerpt titled â€Å"Learning to Read† shines a light on the tragic reality African Americans lived in every day duringRead MoreEssay about Narrative of Life of Frederick Douglass893 Words   |  4 Pages1845, ‘Narrative of life of Frederick Douglass an American slave written by himself’ is still the most highly acclaimed American autobiography ever written. It was published seven years after Douglass escaped from his life as a slave in Maryland. It describes his experience of being slave and his psychological insights into the slave-master relationship. The main focus is on ‘How he learn to read and write †˜and ‘the pain of slavery.’ The goal of this paper is to bring more insight analysis of hisRead MoreAnnotated Bibliography Of The Life Of Frederick Douglass Essay858 Words   |  4 PagesAnnotated Bibliography Boxill, Bernard. Frederick Douglass’s Patriotism. Journal of Ethics 13.4 (2009): 301-317. EBSCO. Web. 19 Oct 2015. Bernard argues that Frederick Douglass always was a patriot even throughout slavery. He states that most Americans are patriots even if they do not agree with the politics, but rather just a love for their country. It talks about Americans who give selfless amounts of time toward the improvement of America. Buccola, Nicholas. Each for All and All for Each:Read MoreJacobs Douglass: An Insight Into The Experience of The American Slave1019 Words   |  5 PagesThe slave narratives of the ante-bellum time period have come across numerous types of themes. Much of the work concentrates on the underlining ideas beneath the stories. In the narratives, fugitives and ex-slaves appealed to the humanity they shared with their readers during these times, men being lynched and marked all over and women being the subject of grueling rapes. The slave narrative of Frederick Douglas and Harriet Jacobs: Incidents in the Life of a Slave Girl themes come from the existenceRead MoreNarrative of the Life of Frederick Douglass Essay1182 Words   |  5 PagesNarrative of the Life of Frederick Douglass After escaping from slavery, Frederick Bailey changed his name to Frederick Douglass and became a prominent speaker in the abolitionist movement. He was so eloquent that proslavery opponents charged him with being a fraud who had never been a slave and challenged him to reveal the true facts of his life. Such an account was dangerous for Douglass, who could have been captured and returned to slavery for life, but he proceededRead MoreKey Arguments in The Narrative of the Life of Frederick Douglass1154 Words   |  5 Pagesarguments in â€Å"The Narrative of the Life of Frederick Douglass†. A few of which include inequality, education, and Christianity as the keys to freedom in terms of its true values within the institution of slavery. While Frederick Douglass made some key arguments, he also made common ground to make his appeal for the abolition of slavery. One of the key arguments in â€Å"The Narrative of the Life of Frederick Douglass† as well as in other narratives about slaves is inequality. Douglass attempts to showRead MoreEducation as a Reflection of Social Values in Langston Hughes One Friday Morning and Frederick Douglass Learning to Read and Write1632 Words   |  7 Pagesvalues is one of the predominant themes in both Langston Hughes short story, One Friday Morning, as well as Frederick Douglass Learning to Read and Write, the latter of which is actually the seventh chapter of Narrative of the Life of Frederick Douglass, An American Slave. A plethora of similarities exist between these works, both of which include the education of an African American protagonist, the aid of Irish benefactors, and social conventions that seek to prevent both of the aforementionedRead MoreNarrative Of The Life Of Frederick Douglass Essay1102 Words   |  5 PagesDate Narrative Of The Life Of Frederick Douglass Writing in the favor of black people has always remained controversial from the very beginning. Critics regard such writing as â€Å"a highly conventionalized genre† indicating that â€Å"its status as literature was long disputed but the literary merits of its most famous example such as Frederick Douglass s Narrative of the Life of Frederick Douglass†¦are widely recognized today.† (Ryan:537) Despite of such severe resistance, writers like Douglass have pennedRead MoreSlaves Narratives: Frederick Douglass, Olaudah Equiano Essay1477 Words   |  6 PagesSojourner Truth, Frederick Douglass, and Olaudah Equiano all have extremely interesting slave narratives. During their lives, they faced plenty of racist discrimination and troubling moments. They were all forced into slavery at an awfully young age and they all had to fight for their freedom. In 1797, Truth was born into slavery in New York with the name of Isabella Van Wagener. She was a slave for most of her l ife and eventually got emancipated. Truth was an immense women’s suffrage activist. SheRead MoreAnalysis Of Narrative Of The Life Of Frederick Douglass1450 Words   |  6 PagesReid Champlin Mrs. Stack AP English, Period 7 14 August 2015 In His Own Words: Analysis of The Narrative of the Life of Frederick Douglass They say that one can never fully understand a situation until he/she is put into that scenario themselves. Too often, history is written by those who have only read and researched the issues, remaining distant and objective to get all the facts straight. While there is honor in this approach, one cannot experience the horror of war, the thrill of victory, or

Should Weight Loss Supplement Advertisements Be Banned

Should Weight Loss Supplement Advertisements be Banned? We live in a world where the mass media are incessantly influencing people to look a certain way. Advertisers persuade us that a slender figure is the only accepted body shape. They make us feel horrible about ourselves and urge us to take considerable measures. This is done by advertising tons of weight loss supplements, which will apparently help us have the same shape we saw on TV or in magazines. Should we really be manipulated to buy those supplements? It is very arguable whether these supplements work or not, but we should definitely not let the advertising industry control our thinking. Banning these weight loss supplement advertisements would help some people, especially young adults, celebrities, and athletes, to choose healthier options of losing weight and to be confident about their body shapes. These advertisements about weight loss supplements are not the solution to healthily losing weight. The advertising industr y tricks us into buying these supplements, but they do not reveal all the side effects they bring along. An article written by Triplett shows how much money is spent annually in the weight loss supplements’ business in the United States. Triplett states, â€Å"Americans spend at least $16 billion a year on nearly 30,000 kinds of dietary supplements, most of which seem safe† (Triplett). But, not all of dietary supplements are as safe as advertisements claim them to be. Unlike over-the counterShow MoreRelated Regulating Dietary Supplements Essay2107 Words   |  9 Pagestake vitamins, minerals, herbs, or other supplements (Schardt 2). Due to media advertising, dietary supplements are becoming more popular. Companies compete to have the best supplements. It is said that forty percent of American adults take vitamin supplements and over the counter products, which total in several billion dollars (Farley 2). Although many of the supplements claim to be healthy and help lose weight, the dangers are endless. Dietary supplements can be illegally spiked and are not safeRead MoreHow Does Soociety Respond to the Media ´s Portrayal or What is Beautiful?559 Words   |  2 Pagestop priority of today’s adults. According to the American Society of Plastic surgery (ASPA) 14.6 million cosmetic surgery procedures were performed in the United States in 2012. This is a 5 percent increase since 2011. The constant media advertisement of weight loss, sex appeal, and cosmetically enhanced beauty often leads to unrealistic standards of beauty and dissatisfaction in personal appearance. This overexposure to Hollywood beauty causes women to wonder how come they don’t look like that andRead More Spam: It Isn’t Just E-Mail Anymore Essay2350 Words   |  10 Pagestheir products. In theory, there is nothing wrong with advertising fairly, honestly, and with the sole intent of selling products. Today, many of the advertisements on the Internet are not geared towards selling consumers honest and fair products. There are thousands of people who prey on the ignorant and computer illiterate. These advertisements are not always simply just on the Web, but they are in fact spread like wildfire to consumers through mass e-mailings. 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Therefore, we will define marketing as follows: Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that resultRead MoreCompany Case13378 Words   |  54 PagesDuring the brainstorming, creative director Angel Jones came up with the superhero idea based on the hidden desire of everybody that they could ï ¬â€šy. Once this main idea was in place, the rest came fairly easily. Adamant that the corporate colours should be bold, the agency team considered colours like orange, until the bright green eventually emerged. At the time, Comair expressed its concern at the time that the green corporate colour could be confused with that of conservative ï ¬ nancial servicesRead MoreConsumer Lifestyle in Singapore35714 Words   |  143 Pages  Wan†. 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Business Writing National Environment Agency (NEA)

Question: Explain the Business Writing of National Environment Agency (NEA). Answer: Introduction Background As per the facts and figures released by the National Environment Agency (NEA), it has been found that the total quantity of waste generated in Singapore has rose by 159,000 tons in the last year that is around 7.67 million tones[1]. However, it has been found that for the second year running, the total amount of food waste has been decreased slightly. According to the analysts of the NEA, the reason behind increase in the generation of total waste in Singapore is its growing population and affluence. It has also been found that the average quantity of waste generation by each individual has been increased by about 200 kg per year from the year 2000 to 2014[2]. Therefore, the aim of this research study is to decrease the total quantity of wastage production by implementing the process of recycling within the organization Bread talk group limited. The organization Bread talk group limited was founded in the year 2000 and presently, it has 1000 outlets in total 17 locales[3]. Thus, by implementing various wastage reduction strategies like recycling of wastes, the particular company can reduce a certain percentage of total wastes of the country Singapore and therefore, adoption of this strategy can make the environment of the country better. Task/ Purpose The main objective of the proposal is to encourage and promote recycling at the work place. The proposal is to contain ideas that could be practiced in the work place so that wastage could be reduced. The proposal contains the issues and challenges regarding wastage management that the company is facing. This proposal not only identifies problem but also provides achievable solutions to those problems. It also provides details cost benefit analysis in order to establish the viability of the project. The proposal provides that it is the responsibility of the employees to undertake the plans and strategies developed for recycling. The employees are the integral part of the company so if the plan of recycling at work place is to be made successful then employees should be actively involved[4]. It is planned to execute the strategies proposed between the years 2016 to 2018. These two years the proposed ideas will be implemented so that the viability of the strategies is evaluated. The problem of food waste has become very grim in Singapore. In this light of the existing situation, the proposal serves a very important purpose of providing solution to the existing problem of food waste. This solution is provided by outlining plans and strategies that the company with the help of its employees can undertake[5]. Challenges (Problems) Bread Talk limited being a food chain industry is directly contributing to the overall wastage produced in Singapore. In addition, this Bread Talk limited mainly generates around 8000 tonnes of wastage from its 700 retail outlets. Moreover, the management of Bread Talk limited mainly launches a new product each six months, which increases the overall wastage conducted by the company. Some researchers mainly stated that identification of effective wastage reducing strategies could help in decreasing the overall cost of the company[6]. On the other hand, other researcher mentioned that use of effective activity based costing and zero-based costing could help companies to reduce wastage and increase implementation of essential recourses[7]. However, the main challenge that is faced by Bread Talk limited when implementing wastage reducing strategies in their business process is financial liquidity. Being in the food industry the working capital of the company could be negatively affected if costly wastage reduction policies are being implemented. In addition, theses strategies could eventually hamper working capital and reduce productivity of Bread Talk limited. Furthermore, the reduced availability of liquidity is mainly the main challenge that is being faced by the company. Furthermore, Bread Talk limited could implement different wastage management strategies to reduce its cost, which in turn might help in sustaining the required profitability of the company. Solutions Strategy 1: Bread Talk Group Limited will promote re-use campaigning. In this context, the organization needs full support from the partners, customers and clients of the organization. The proposed idea about the awareness campaign will be initiated by running the event-based program where negative environmental impacts shall be displayed and promoted across the people at all levels within the organization. Generating awareness by recycling food and paper, plastic and aluminum cans would not only be beneficial for the Singaporean environment, but it ultimately creates an end product that completes the cycle of the sustainability. (Source: Created by author) Strategy 2 Effective packaging - Wastage can be reduced through effective packaging of goods. As such, the packaged material that is used for the packaging of the food products can be easily destroyed Reusable bags as well as the mailbags can be used for transporting food products to branch offices, shops as well as the warehouses. Consumers have to be motivated to dispose the goods made of plastic as well as aluminum cans in an effective manner or recycle the packaged material for various other uses. These measures shall help the business entity in reducing the wastage of the goods and promoting recycling of paper, plastic and aluminum cans. As such, this would reduce the operational cost and facilitate recycle of wastage products in the context of a business enterprise[8]. Strategy 3 Operational constituents - The cleaners that are less toxic can be used for the manufacturing process. In executing, the daily business functionalities, durable towels, tablecloths, dishes as well as the cups and glasses shall be used which can be easily disposed off. As such, these materials should have to easily discarded or recycled, after these items are no longer usable. Food containers shall be non-aerosol to prevent any harmful damage to the environment. Thus, such food containers shall be easily recycled for other uses[9]. Manpower, Time and Costs: The supports will be provided from the manpower at all organizational level of Bread Talk Group Limited. The waste reduction initiatives taken by the management will be started from the next month of August 15th 2016 to 2018. All such recommended implementation steps shall be practiced throughout the manufacturing process and will sustain over the year. The estimated costs for such waste reduction programs will be $1057500. Initially, the promotional costs will be higher for generating awareness across all departmental parts of the organization. However, it will reduce with time [10]. Budget Cost break down of the individual activities Fiscal Year Benefit Sources 2016 2017 2018 Cost Reduction $700,000 $800,000 $1,000,000 Enhanced Revenues $750,000 $800,000 $900,000 Labor Reduction $100,000 $100,000 $100,000 Decreased Overhead $50,000 $50,000 $50,000 Total Benefits Per Year $1,600,000 $1,750,000 $2,050,000 Confidence Factor 100% 100% 100% Benefits Claimed for Analysis $1,600,000 $1,750,000 $2,050,000 Program Grand Total Benefit $10,575,000 Total cost of implementation of the project - $ 10,575,000Benefit The Company is not entitled to claim any benefit for the initiatives of recycling as this is to be considered as a CSR activity. Recommendations and conclusion The main recommendation and strategies of the company includes doing campaigning, which will help the company to create awareness and build an organic planning for wastage reduction as well as recycling of wastage materials. The company also needs to include use of packaging materials such recycling of the bags. Some of the different types of packing materials includes sugar bag, forest wood and palm leaf. The various types of the containers used for the delivery of the food items should further cleaned on regular basis to ensure the that the they can be used for a longer duration of time and reduction of waste at the same time. Bibliography Bai, Renbi, and Mardina Sutanto. "The practice and challenges of solid waste management in Singapore." Waste management 22.5 (2002): 557-567. Breadtalk.com. (2016). BreadTalk Group - Home. [online] Available at: https://www.breadtalk.com/ [Accessed 31 Jul. 2016]. Dekker, Rommert, et al., eds. Reverse logistics: quantitative models for closed-loop supply chains. Springer Science Business Media, 2013. Glasziou, Paul, et al. "Reducing waste from incomplete or unusable reports of biomedical research." The Lancet 383.9913 (2014): 267-276. Guerrero, Lilliana Abarca, Ger Maas, and William Hogland. "Solid waste management challenges for cities in developing countries." Waste management 33.1 (2013): 220-232. Nea.gov.sg. (2016). National Environment Agency. [online] Available at: https://www.nea.gov.sg [Accessed 31 Jul. 2016]. Orji, Ifeyinwa, and Sun Wei. "A detailed calculation model for costing of green manufacturing." Industrial Management Data Systems 116.1 (2016): 65-86. Sec.org.sg. (2016). Singapore Environment Council - Home. [online] Available at: https://www.sec.org.sg [Accessed 31 Jul. 2016]. Seik, Foo Tuan. "Recycling of domestic waste: early experiences in Singapore." Habitat International 21.3 (1997): 277-289. Victor B. de Souza, Ruy, and Luiz Cesar R. Carpinetti. "A FMEA-based approach to prioritize waste reduction in lean implementation." International Journal of Quality Reliability Management 31.4 (2014): 346-366. [1] Nea.gov.sg. (2016).National Environment Agency. [online] Available at: https://www.nea.gov.sg [Accessed 31 Jul. 2016]. [2] Sec.org.sg. (2016).Singapore Environment Council - Home. [online] Available at: https://www.sec.org.sg [Accessed 31 Jul. 2016]. [3] Breadtalk.com. (2016).BreadTalk Group - Home. [online] Available at: https://www.breadtalk.com/ [Accessed 31 Jul. 2016]. [4] Seik, Foo Tuan. "Recycling of domestic waste: early experiences in Singapore."Habitat International21.3 (1997): 277-289. [5] Bai, Renbi, and Mardina Sutanto. "The practice and challenges of solid waste management in Singapore."Waste management22.5 (2002): 557-567. [6] Guerrero, Lilliana Abarca, Ger Maas, and William Hogland. "Solid waste management challenges for cities in developing countries."Waste management33.1 (2013): 220-232. [7] Dekker, Rommert, et al., eds.Reverse logistics: quantitative models for closed-loop supply chains. Springer Science Business Media, 2013. [8] Victor B. de Souza, Ruy, and Luiz Cesar R. Carpinetti. "A FMEA-based approach to prioritize waste reduction in lean implementation." International Journal of Quality Reliability Management 31.4 (2014): 346-366. [9] Williams, Paul T.Waste treatment and disposal. John Wiley Sons, 2013. [10] Orji, Ifeyinwa, and Sun Wei. "A detailed calculation model for costing of green manufacturing." Industrial Management Data Systems 116.1 (2016): 65-86.

Money and Banking The Economic Recession of 2007

Introduction Any time people discuss the 2007 global financial crisis, the housing issues emerge. The simple term is that between 2000 and 2007, banks across the world that should practice borrower regulations gave out many loans than any other time in history.Advertising We will write a custom essay sample on Money and Banking: The Economic Recession of 2007 specifically for you for only $16.05 $11/page Learn More When this happened, the banks had the assurance that many people would repay the loans at high interest rates. It meant that banks owned fixed assets in people who promised to repay the loans over a certain period. Since banks made a lot of money in the 7-year period, they began acquiring land for construction of industrial and residential properties. According to Matthews, Giuliodori, and Mishkin 2013 (2013, p. 24), the mortgage services offered by banks were very expensive, but the banks created a necessity in the real estate industry, makin g it almost impossible to ignore the need for home ownership. Life became unbearable for citizens who had to repay loans at overwhelmingly high interest rates while struggling to acquire the expensive mortgage services. The overburdened citizens who acquired the loan could no longer pay back the money to the bank, as well as pay the mortgage offered. This led to a global financial crisis whose impact people still feel today. The period led to the collapse of major real estate industries in the world including those in the US and the Middle East. Causes of the global financial crisis that started in 2007 The factors that caused the global financial crisis of 2007 remain debatable across the world. Three significant elements stand out; a transition in one led to another component. For instance, bank lending led to an increase in the cost of mortgage services while the same led to a decrease in the number of borrowers capable of repaying the loans. When one problem transformed into ano ther, it became evident that things would get out of hand for the world 7 years later. For instance, by 2000, most banks made a lot of money from customer savings and loan acquisition. It became clear that people developed consciousness toward investment in property, especially in the real estate market. Between 2000 and 2007, banks made profits totalling $44 trillion by investing with developing countries (Thomas 2006, p. 40). Evidently, the IMF made the greatest amount of money by acquiring funds from the developing countries that borrowed the funds. In addition, countries sold out bonds to other nations and increased income mostly used for infrastructural development.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The 7-year period marked a very busy financial session for most banks, countries, as well as individuals. For instance, the US Treasury Bonds received an overwhelming attentio n from developing countries, meaning that they increased their debt margins largely in the 7-year period. (Matthews et al. 2013, p. 33) The three reasons mostly discussed when the topic comes up are illustrated below. Trade irregularities and negligent lending procedures When people acquire loans from banks, a few of them take into consideration the long-term effects of their actions. On the other hand, banks get an opportunity to make money from the interests earned. Recently, most people displayed an interest in suing banks for including hidden charges in loans in order to service the clients. Consequently, most banks asked clients to pay for the stamp duty even when the charge remained largely irrelevant. In essence, banks made a lot of money out of the ignorance of many customers who sought loan services (Thomas 2006, p. 32). While this happened across different countries, few regulatory organisations paid attention to the negligent lending rates. Known as the credit crunch man y people would understand why lending was very easy for people. When banks introduced credit cards, most people did not believe that they had the ability to borrow money and repay it after a particular period even when they did not have a stable salary. Credit cards increased the lending and credit acquisition rates by a large margin and this explains how many banks made a lot of money between 2000 and 2007.Advertising We will write a custom essay sample on Money and Banking: The Economic Recession of 2007 specifically for you for only $16.05 $11/page Learn More Increased borrowing led to an increase in the household debt especially in first world countries. From an economic perspective, micro-economical elements normally influence macroeconomics. In essence, an increase in household debt within a large population has a similar impact on the national debt. When not controlled, issues of household debts become big and transform into a national and later international debt as it happened by the end of 2007. It was clear that the credit crunch would later affect the subprime mortgage rates, and the world had an opportunity to change things even though the regulatory authorities including the Central Reserve, the World Bank, and the International Monetary Fund assumed that normalcy would return after sometimes (Cecchetti 2006, p. 58). In the U.S., banks made mortgage services attractive because of the low interest rates offered. U.S. citizens made a rush into home acquisition, and most banks run losses because the returns from the housing industry did not match the investment. In China, the country had to increase the prices of real estate in order to make house and business outlets unaffordable to a majority of the citizens. Evidently, immigrants could not own property in the country, and this had a significant impact on its foreign relations. According to the Federal Reserve chairperson, Ben Bernanke late intervention, irregularitie s by financial bodies, and susceptibility of the credit and mortgage facilities were major causes of the financial crisis. Poor regulation resulted from an increase in the rate of new service delivery within a short period. For instance, before developed countries could absorb the credit culture, the banks rolled out the subprime mortgage services master plan. The plan failed to achieve its objectives, and it was evident that micro-financial institutions had to increase in order to save the private sector from collapse. Housing policies Home ownership or acquisition of a business complex is the best think that could happen to a first time real estate owner. Few people understood that most real estate businesses operated based on loans acquired from different banks across the world. Arguably, when people borrow from the developed world, the national problems are likely to become global concerns. Normally, countries with the highest Gross Domestic Products contribute the highest amoun t of financial resources to global institutions such as the World Bank and the IMF. When countries such as the U.S. increase their credit acquisition rates in order to purchase affordable housing, the rest of the developing world suffers from lack of donor aid, military assistance, and other NGO programmes.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Additionally, when countries depend on each other, they borrow cultures. The credit crunch and the real estate bubble became a global problem because the houses built by various companies or individuals became inhabitable after an increase in the cost of housing. The real estate bubble in the U.S. and Europe are almost self-explanatory (Mishkin 2010, p. 39). As a result, banks in the U.S. and Europe increased lending rates with limited austerity for borrowers to pay back the resources. It means that most people acquired loans in order to finance their real estate prospects across the globe. While this happened, different people showed interest in the real estate market whose cost increased tremendously by December 2007. Banks and governments among other stakeholders completely funded and operated the real estate businesses (Cecchetti 2006, p. 71). When the bank lending rates began to increase in 2007, the real estate businesses had to recover the money they invested in the industry while trying to offer the most affordable houses to people and businesses. As it is, about half of the constructed houses, offices, recreational facilities, and business complexes remain unoccupied. The real estate owners escalated the prices of home ownership because the banks increased the mortgage rates making the subprime mortgage project the first one to collapse. The tenants would not help the real estate owners to recover the money they borrowed from the banks and invested in the industry. It explains why many real estate businesses and houses remain unoccupied in China. The countries that failed to increase the prices in the real estate business experienced a real estate bubble like the U.S. and the Middle East. (Matthews et al. 2013, p. 44) Arguably, different people strived to fulfil their interests during the crisis. Known as the balance sheet recession, it was clear that people who acquired credit facilities experienced the most difficult time in repaying the loans. The interest rates increased without any form of regulation, and the monetary bodies played a limited role in controlling the credit crunch. By 2008, most real estate owners feared that the banks they owed money would reclaim the property as collateral for the loans they owed such institutions (Matthews et al. 2013, p. 47). As such, making houses affordable increased the number of people interested in house ownership. In the end, inability to pay the loans made the owners of the houses to increase the prices of home ownership in order to recover the money. The prospective clients who equally had loans to pay could not afford houses that stayed without clients making the houses unproductive to developed economies. For instance, people had to pay an additional 24% to own houses in the US. Banks that offered credit facilities run at a huge loss of about $450 million by the end of 2008 because the government and other key players in the real estate market did not respond adequately to the increased lending rates for acquisition of real estate property. Laxity in regulation by renowned financial institutions in the world Non-depository instructions such as the World Bank and the IMF play the role of oversight for other banks. Additionally, the U.S. has the Federal Reserve, which operates independently and oversees the lending and credit facilities offered by depository institutions. Arguably, the institutions never played a good oversight role if banks took advantage of the increase in borrowing rates to increase interest rates. In financial terms, inability to control risks in borrowing leads to a financial crisis (Matthews et al. 2013, p. 53). Most banks provided credit facilities at very high interest rates. Others provided low interest rates leading to uncontrollable customer stream. Micro finance institutions emerged to provide risk financial solutions to desperate real estate acquirers explaining why some financial institutions including Lehman Brothers experien ced a foreclosure in 2008. Bear Stearns was the first financial institution to declare insolvency by the third month of 2008. Banks began working on debt reduction in order to compensate for various monies lost through the careless cash lending procedures. The World Bank and the IMF had to deal with the new concept of real estate ownership in Europe and the U.S. and it was very difficult to conceive that two of the wealthiest continents would experience a credit crunch. Critics blamed the Federal Reserve for lack of intervention when the U.S. tremendously reduced the interest rates for acquisition of mortgage services (Thomas 2006, p. 32). Between 2000 and 2001, it was already obvious that the U.S. would experience a recession if people continue to borrow money from banks in order to own homes. (Matthews et al. 2013, p. 57) In Europe, financial consultants predicted that trade imbalances across the world would result in the European inflation. Arguably, Europe invested most resourc es in developing countries while increasing the borrowing rates for people whose prospects of returning the loans were close to none. Other risks that the IMF and the World Bank ignored in the banking sector included an overwhelming increase in internet banking services, credit facilities, and innovative techniques in the industry. It meant that banks strived at increasing customer goodwill by providing services with limited security. Being in a CRB record was no longer a problem for most bank clients because all they wanted was money, which they could get easily. Until today, people do not have to make physical visits to banking halls in order to carry out business transactions. The IMF and the World Bank found it difficult to intervene in a project initiated by the developed countries that made major fiscal contributions to the non-depository banks. Provision of oversight should apply to all people and countries irrespective of the statuses held by the relevant institutions in the world. Sparing the U.S for a bad policy only encourages the country to implement future policies that would affect the entire world. The U.S. is a superpower and any decisions made by the country at a domestic level have the ability to affect the entire world. If the non-depository financial entities played a good role, then the world would not experience the worst scenario of a global crunch in a period of 7 years. At least in each stage of development, the oversight institutions had the ability to provide oversight (Matthews et al. 2013, p. 88). Consequences The consequences of the global financial crisis were obvious for people, investment institutions, and non-depository facilities. The World Bank, the Federal Reserve, and the IMF faced reputation damage for lack of the ability to control the credit crunch through their banking regulations. In the U.S. and Europe, banks had to increase lending rates in order to reduce the number of loan acquirers. In addition, people had to red uce their expenditure and borrowing rates in order to cover up for the losses faced by depository banks. Banks in the U.S., governments, and private investors could no longer finance the real estate business that faced a bubble. Most businesses had to lay off workers because they lacked the ability to pay wages since they never made a good income. Between 2001 and 2009, the world recorded the highest rate of unemployment. The scenario emerged because financial institutions could no longer withstand the debacle; as a result, they had to close down. Later intervention by the IMF and the World Bank to coerce countries to pay back debts bore limited efforts since most countries are likely to honour the call by 2020. Besides loss of jobs and housing problems, people had to spend a lot in household goods and services. An increase in the amount of household expenditure normally denotes a high GDP, but in this case, it displayed the austerity in the repayment of national debts acquired duri ng the credit crunch (Matthews et al. 2013, p. 109). (Matthews et al. 2013, p. 118) Between 2007 and 2009, the global oil prices increased a lot. According to economists, the increase in oil prices contributed towards the global financial recession. Other people feel that the increase in oil prices resulted from the global financial crisis. The two impacted on each other in different ways. About the same period of the GFC, countries in the Persian Gulf and the U.A.E had sore political relationships with the West and the U.S. it meant that some of the world’s most powerful economies that controlled fuel prices lacked the commodity. Consequently, OPEC provided little hope for intervention meaning that people had to bear with the consequences of the GFC that was above the control of the oil regulatory authority. Other consequences of the GFC included reduction in immigration cases between Mexico and the U.S. Most illegal immigrants never found value in living in the U.S. and th ey had to go back to Mexico whose cost of living proved relatively affordable. From a critical point of view, the reduction in immigrant population reduced labour force in the U.S. causing a reduction in production, which resulted in the GFC. As such, the theories explaining the GFC are many depending on the most viable account for different countries (Mishkin 2010, p. 56). (Matthews et al. 2013, p. 124) The monetary theory According to the monetary theory, countries have financial policies that can help them evade recession by maximising on strengths and reducing weaknesses. Each country is unique and capable of solving its problems without the intervention of another state. Arguably, the failure of the U.S. or Europe should not determine the failure of a developing country. Countries have the intellectual capability to come up with foreign investment policies that do not affect the stabilities of the developing nations. When countries understand that their assets and liabilities are unique and would benefit the community in the future, then it makes no sense to depend on other countries for financial aid. Consultants, central banks in developing states, and the Federal Reserve in the U.S. always control monetary policies of the respective countries. They determine the national income, the national expenditure, and the risks of investment before providing expert opinion to institutions. The non-depository institutions such as the World Bank never provided the oversight requisite for managing the financial resources at a global level (Howells and Bain 2008, p. 90). They had the opportunity to liaise with central banks in the developing countries and the Federal Reserve in order to find a solution for the global recession. For instance, the central bank in a developing state has the capability of approaching the credit and innovative facilities. The banks also regulate interest rates for various banks to ensure that loan acquirers get the best deal in the mark et. With such systems in place, it was difficult to conceive how negligence in interest rating affected the economy of the world for 7 years. In this aspect, both the regulatory or non-depository facilities had the capability of controlling the real estate bubble in collaboration with the agencies that acquired credit facilities for the industry. Questions of over-production and less consumption at a global level should not occur because each country has an organisation that controls the flow of resources within its territories. Finally, corporate organisations cannot conduct leveraging when bodies that provide oversight look on and seethe country make poor financial decisions (Ball 2008, p. 18). Conclusion In retrospect, there are many accounts that strive to explain the global financial crisis. The list is endless; however, the good thing is that the world overcame the challenge boldly. Today, most countries strive to create a balance between risk management, introduction of innov ative banking systems, and avoidance of a GFC. Through development of globally accepted financial foreign policies, it will be very easy for countries to avoid falling into the same trap of the GFC. The regulatory non-depository facilities are the only source of hope for the world, and they should perform at their best. References Ball, L 2008, Money, banking, and financial markets, Worth Publishers, New York, NY. Cecchetti, S. G 2006, Money, banking, and financial markets, McGraw-Hill/Irwin, Boston. Howells, P., and Bain, K 2008, The economics of money, banking and finance: A European text (4th ed.), Prentice Hall/Financial Times, Harlow, England. Matthews, K., Giuliodori, M., and Mishkin, F. S 2013, The Economics of Money, Banking and Financial Markets (10th ed.), Pearson, Boston, MA. Mishkin, F. S 2010, The economics of money, banking, and financial markets (9th ed.), Addison-Wesley, Reading, MA. Thomas, L. B 2006, Money, banking, and financial markets, South-Western, Mason, OH. 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