ROC2 English Composition 1000C

Part One: Reading Reflection

The first source I used for my essay is Mortgage Solution Missing in Bailout Plan, which is a non scholarly blog written by Mary Kane which talks about the subprime mortgage crisis bailout plan and how it still has some problems in the bill.

The second source I will be using is, Bailout Failure: Mistake or Constitutional Triumph? Written by the Wall Street Journal, a scholarly article written on perspectives of the people and some upper class-men toward the bailout plan.

Part Two: Reading Reflection

Mortgage Solution Missing in Bailout Plan by Mary Kane

- Topic: Explaining the holes in the new bailout plan and how it will not effectively solve the crisis

- Inquiry Question: Is the subprime mortgage crisis bailout plan a wise decision or is it a poor decision that will not be a solution and further make America in debt?

- Thesis: Although to the politicians that believe the bailout plan of a 700 billion dollar loan will be the resolve for the crisis many Americans believe otherwise

- Supporting and Complicating Evidence: Statistics, foreclosure rates, video, and peoples personal stories

Bailout Failure: Mistake or Constitutional Triumph? By The Wall Street Journal

- Topic: How the people feel towards the bailout plan’s failure

- Inquiry Question: How does having the bailout plan failing make the people feel and react?

- Thesis: Having the bailout plan being rejected, what other ways are there to fix the crisis without having to establish a loan

- Supporting and Complicating Evidence: Statements, surveys, opinions of reasons why things are happening the way they are

Part 3: Observation

Mortgage Solution Missing in Bailout, goes on a lot of views towards the bailout plan and the flaws that lay hidden behind. The people disagree that even though this maybe the so called solution for the crisis, that there are other alternatives of fixing the subprime mortgage crisis. People are bringing up their own views towards the crisis and their own ways to solving it, as some people are trying to reach the government with their plans

Bailout Failure: Mistake or Constitutional Triumph? Hits towards the feelings of people on how they feel about the bailout plan failing, which most people felt relieved. People are giving opinions on why they believed that the regime failed and why there shouldn’t be another one.

- Kane, Mary. “Mortgage Solution Missing In Bailout Plan”. September 25, 2008. The Washington Independent http://washingtonindependent.com/7437/mortgage-crisis-solution-excluded-from-bailout-plan

- The Wall Street Journal. “Bailout Failure: Mistake or Constitutional Triumph?”. Oct 2, 2008. http://proquest.umi.com.jerome.stjohns.edu:81/pqdweb?index=25&did=1565428151&SrchMode=1&sid=3&Fmt=3&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1223623813&clientId=9216

Part 4: Contemplation: Comparison and Contrast

The two sources I used were, Mortgage Solution Missing in Bailout Plan and Bailout Failure: Mistake or Constitutional Triumph? , which both were similar at most part because both articles talk of the flaws in the subprime mortgage crisis bailout plan. While one article talks about flaws and what other motives could be taken the other talks about people’s opinions and feelings towards the rejection of the plan.

What both articles talk about is both the same as to their topic is both on how they feel about the bailout plan. The plan itself was to buy out the securities in Wall Street in order to fix them up and sell them when rates go higher. In both articles they both don’t agree on this plan because they think they should fix Main Street before they fix Wall Street or all of this trouble will all happen again in the future.

The first article Mortgage Solution Missing in Bailout Plan, had a better overview of the situation than the second. It also included a insightful video called Pain on Main Street, which also talked about what the government was deciding to do and how people were revolting towards it. In the article it says “No where is it more troubling than places like Prince George’s County, the nation’s wealthiest black suburb, which has been hard hit by subprime loans and foreclosures. Credit scores here rank at or above the national average.” Showing a more detailed information.

The second article Bailout Failure: Mistake or Constitutional Triumph?, emphasizes more on the people’s feelings and opinions about why they think or feel the plan was rejected. Just like in the first article this article believes there are more alternatives to turn to than just taking out loans to indebt ourselves just to leave some money in Wall Street. A person from New Jersey said “Considering your stated philosophy of “free markets and free people” I don’t see where this current plan fits into the aspect of “free markets.” I definitely see the fear in various parts of this market, and I believe that the mechanisms that are presently in place — the Federal Deposit Insurance Corp., the Federal Reserve, and even some of the actions of the Treasury — have functioned appropriately to maintain liquidity when the herd has tended to run. Most people are still confident that their bank deposits are secure, and runs on the bank have been limited due to these current safeguards. A new regime is not required.

Todd Hoskin

Jersey City, N.J.”

He believes we should leave the society alone as it is and we will fix everything ourselves in the near future as unlike others.

After considering the similarities and differences of the two articles, is it a wise decision or a poor decision to say that the bailout plan is actually a good solution than a bad one? After looking through my research of the two articles it clearly shows how a majority of Americans do not believe we should use the bailout plan and it would be a fatality if we did.

Essay1 English Composition 1000C

The Crisis Bailout Plan

Cover Note

When I started to write this essay I had a lot of writer’s block problems, I started out by writing a brief explanation of the crisis and introducing how it happened. Then I started having problems for the body paragraphs because I did not know how to start out the sentences for the body paragraph but I decided to finally just go along with how I start my paragraph instead of going back and changing it. It was pretty hard to find some people that actually agreed to this plan online because most people that posted up articles or their own feeling towards this plan mostly was giving off bad feedback towards the bailout plan and wrote that they should not use this plan. I would of liked to have some more response from the people that agreed to the plan and ask them why they would be agreeing whether it’s just because they support the government or why else they would like to actually agree to the plan

Outline

1. Inquiry question

Is the proposal towards the 700 dollar bailout plan a wise decision or is it a bad decision that will affect the people?

1. Introduction to the problem

-How and why the crisis started

-What triggered this developing crisis?

3. Supporting evidence

-Reponses towards the bailout plan by people on an internet poll on http://www.debatepolitics.com/polls/36723-how-do-you-feel-about-700-billion-dollar-bailout-investment-banks-7.html

4. Supporting evidence

-Some questions and answers by conservatives on http://usconservatives.about.com/od/corporatebailoutsof2008/f/BailoutFAQ1.htm

5. Supporting evidence

-A brief explanation of that will happen if the bill for this bailout is passed and some back-story http://en.wikipedia.org/wiki/Subprime_mortgage_crisis

6. Build up towards the thesis

- The bailout plan will not be a wise proposal

7. Conclusion

-Stating how most Americans feel

-Explanation of why the bailout plan is bad with supporting evidence

There are many crises in the world one of which is the America’s mortgage securities which currently have zero value because of the subprime mortgage crisis. The meaning zero value simply means that nobody knows how much of the securities are tied to the bad sub-prime loans meaning that we have no value for these securities at the moment. President Bush at the moment is planning to borrow from approximately 700 billion to a trillion dollar loan from China and World Banks to try and bail America out of this crisis by buying the zero value securities now and wait till the right time to resell them when they become valued. Bush believes this plan will indeed help Wall Street and Americans to get out of the crisis. Is this proposal wise and worth it or is it really just some more tension added on?

The reason of how this whole crisis started around the year 2005 to 2006 when the United States housing bubble and the default rates on ARMs (adjustable rate mortgages) started to burst. The defaults and the foreclosures in the United States sped up and accelerated the process and then triggering the crisis from last year to the present year now leading to the subprime mortgage crisis.

On an online internet quick poll posted on http://www.debatepolitics.com/polls/poll-3110-how-do-you-feel-about-700-billion-dollar-bailout.html the question “How do you feel about the 700 Billion Dollar Bailout?” 76.87% voters choose “I oppose the bailouts period. They took the risk, let them go under”, 8.21% felt that government should give “more money to help the middle class/ accountability/ regulation”, 5.97% agreed to the bailout and believes the country needed it, another 5.97% said they should take the bailout plan but give them less money, and .75% said “I have no idea what to think I will just blindly back my candidate. Some people believe that there is another way to solve the crisis without taking another huge loan added onto the huge 9 trillion dollars we already owe to other countries. Even though a majority of the minors between middle and lower classmen say no to this bailout even some conservatives are against it as well, in an online article on http://usconservatives.about.com/od/corporatebailoutsof2008/f/BailoutFAQ1.htm from one of the questions and answers it states “Conservatives, for the most part, oppose vehemently any kind of welfare state — and, as Newt Gingrich says, the proposed bailout plan amounts to nothing more than corporate welfare for the rich.” , even Newt Gingrich a former speaker for the house despites the plan because he believes it will not help the country but instead it will only help the rich get even more rich.

Although there are a lot of people that disagree to this bailout plan, some Americans and politicians agree to it and say it is not to make themselves rich or what not but instead it will protect American tax payers. The politicians believe that if they used the 700 billion dollars or the 1 trillion dollars on bailing out Wall Street they believe that they can somehow “solve the crisis”. The plan was to purchase all the old securities and mortgages from financial in situations whose minimum amount would add up to 700 billion dollars to keep the economy running, the plan also wanted to ban short selling of financial stocks as it was mentioned on http://en.wikipedia.org/wiki/Subprime_mortgage_crisis . This plan has many factors that are good and bad for people because if they ban short selling of financial stocks than that means that middle and lower class people can’t short sell stocks to make some extra money but it also stops it from messing around the economy.

People believe that this is not a wise choice to make and that there were better alternatives, some Americans believed that instead of just throwing money at Wall Street for making their mistake they should instead use it to pay for the homes in default and fix homes and also it would be cheaper. Many Americans had other alternatives to solving this problem and disagreed that this new bailout plan would not solve the crisis but instead just delay the process, only 25 percent of all Americans believed in this plan and the other 75 percent pretty much disagreed to it.

Was the decision the best that the government could have thought up or was it the worst decision possible? Is it really going to resolve the subprime mortgage process or was it really only to bail out Wall Street and help out the higher class in America? Most Americans assume that there are other alternatives instead of this bailout plan that would only affect the Wall Street instead of using the money to bailout defaulted homes and foreclosures. When you really look at the problem from the world’s point of view the decision is simple the bailout plan is not a very wise decision because if they were to actually put this bill into action the people would disapprove of this and complain towards the government’s actions.

Bibliography

Internet resources

Quinn, Justin. “What Do Conservatives Think About The Plan To Bail Out The Financial Market?”. About.com. http://usconservatives.about.com/od/corporatebailoutsof2008/f/BailoutFAQ1.htm

“How Do You Feel About The 700 Billion Dollar Bailout For Investment Banks?” http://www.debatepolitics.com/polls/36723-how-do-you-feel-about-700-billion-dollar-bailout-investment-banks-7.html

“Subprime Mortgage Crisis”. Wikipedia. http://en.wikipedia.org/wiki/Subprime_mortgage_crisis

ROC1 English 1000C

Part One

Having met two professors of economics I had a better understanding of my field of work. I met with Professor Charles Clark and a Dean Leary, after talking with the both of them they gave me a good understanding of what most questions that scholars in their field would ask, like for example a main issue or question scholars would ask was “Why is the economy having so much problems?” After having this conversation with the professors they both told me about a project the two are doing themselves, about poverty and how to define poverty now and how to redefine poverty. While both professors had good ideas on how I could see overviews of conversations I believe that Professor Clark’s idea of picking up The Wall Street Journal or The New York Times would be for the best. I believe that if people went on www.bea.gov that they would find it very convenient to understand the fact of life right now and what is happening in today’s business world. My semester conversation will be on how poverty is affecting the world today and also on how the economy is affected. Having said that why poverty is spreading?

Part 2

My semester topic shall be on the reasons why poverty is spreading in the world. The title of the article is U.S News: Ranks of Uninsured Fell in ’07, Census Says.

Reverse outline:

1. Many people cannot afford health insurance in America

2. The reason is due to poverty

3. Americans are having trouble in this economy because people can’t find jobs

4. Half a million people in this country has lost their jobs

Dougerty, Conor and Zhang, Jane. “U.S. News: Ranks of Uninsured Fell in ’07, Census Says.” Economics, Aug 27, 2008: A3-. The Wall Street Journal. http://proquest.umi.com.jerome.stjohns.edu:81/pqdweb?index=28&did=1542524971&SrchMode=1&sid=1&Fmt=4&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1221792410&clientId=9216 .

Although this article is not very “interesting” it has some very precise facts on what is happening around the United States as a whole instead of a part. It tells us facts of the economic progression whether it be, the employment rate going up or down, or the poverty rate is not changing or is actually increasing. The fact that employment is going down and people losing their jobs are a big factor in why many people are going into the state of poverty. My semester topic will be on why or how come some parts or most parts of America is going into poverty.

Part 3

My semester’s inquiry question will be, how do certain components affect poverty? Other questions I would are: Why does such a successful country have poverty at all? I will also see if unemployment affects poverty, like does stocks have a factor in poverty?

Part 4

Poverty, what is the definition of poverty? There are many different definitions of poverty but the main definition of poverty to most people is the means of being poor. Although there are rich people in the world there are also poor people but what are the reasons there are poor people?

The discussion I had with Professor Clark and Dean Leary of business and economics showed their concern with poverty in the world today. They are both looking for those reasons while both working on a project of defining poverty today. They wonder why the economy is having problems. Why are people getting unemployed so much?

In the article, U.S. News: Ranks of Uninsured Fell in ’07, Census Says, says that poverty has not decreased changed but it has actually increased a little. It also said that the rate of unemployment rate has also if been going up these past few years. The article shows some reasons of why poverty is still an issue in today’s society and what some factors of poverty is. My semester topic is the reason why poverty is spreading in the world.

How do certain components affect the world? Having said that the role of this inquiry question can somehow find the reason why there is poverty spreading in the world today. It was a big role in the conversation because I can than formulate a solution of poverty.

Finding the reasons for poverty there could be a great chance to stop poverty and try to eliminate it. Even if we can’t eliminate it prevention of it spreading it will be a good factor in the world as well.

Part 5

The object text in this topic is government and economic data. The only way to show evidence of poverty is the data we get from surveys or census’s, in the survey from the article it shows that from 1991 to 1999 that poverty decreased but than through the last eight years poverty has increased from 11.9% to a 12.5% which is a large amount of the country. I will be analyzing certain data from www.bea.gov or finding surveys that show unemployment rates in certain areas and also the poverty rate in those areas to show the reasoning behind poverty.