The Course of The Great Depression Essay -- Great Depression American

The Course of The Great Depression The October 1987 collapse in stock prices conjured visions of 1929 and the Great Depression. Focus on this period is natural because the 32 percent decline in stock values between the market closes of October 13 and 19, 1987, was of the magnitude of--indeed, it actually exceeded--the October 1929 debacle. Focus on this period is also appropriate because, despite all that has been learned since to help assure economic stability, we cannot be completely confident that history will not repeat itself. Consequently, this first section reviews events of the Depression era. The stock market Crash of October 1929 is frequently credited with triggering the Depression. The decline was severe and extended; from their peak in September 1929, stock prices declined by 87 percent to their trough in 1932. The performance of the economy over this period was equally disheartening. Real economic activity declined by about one-third between 1929 and 1933; unemployment climbed to 25 percent of the labor force; prices in the aggregate dropped by more than 25 percent; the money supply contracted by over 30 percent; and close to 10,000 banks suspended operations. Given this performance, it is not surprising that many consider these years the worst economic trauma in the nation's history. Policy makers did not stand idly by as the financial markets and the economy unraveled. There are questions, though, about the appropriateness and magnitude of their responses. Monetary policy, determined and conducted then, as now, by the Federal Reserve, became restrictive early in 1928, as Federal Reserve officials grew increasingly concerned about the rapid pace of credit expansion, some of which was fueling stock market speculation. This policy stance essentially was maintained until the stock market Crash. While there has been much criticism of Federal Reserve policy in the Depression, its initial reaction to the October 1929 drop in stock values appears fully appropriate. Between October 1929 and February 1930, the discount rate was reduced from 6 to 4 percent. The money supply jumped in the immediate aftermath of the Crash, as commercial banks in New York made loans to securities brokers and dealers in volume. Such funding satisfied the heightened liquidity demands of nonfinancial corporations and others that had been financing broker-dealers... ...tivity was under way prior to the market debacle of October 1929. In contrast, the cyclical expansion in business that followed the recession of 1981-1982 remains intact today. Moreover, examination of the Depression years can help us to identify policies that minimize the risk of a slowdown in economic activity and to avoid the major errors of the past. In this regard, the principal recommendations that emerge from our admittedly subjective review of history are: -- maintain our commitment to the stability of the banking system through judicious use of the federal safety net of deposit insurance and the discount window; -- support normal credit extension by banks and, more generally, smoothly functioning financial institutions and markets through stable and credible macroeconomic policies; -- provide adequate growth in the money supply consistent with prevailing economic circumstances worldwide; and -- promote open markets for the international trade of goods and services. Such a list of policy recommendations may seem unremarkable, in part because the lessons of the past already have been taken to heart. Achievement, however, is likely to prove a challenge.

Natural Disasters Essay

Rommel’s quote about making a †sound business decision† reveals overconfidence decision-making biases. His decision also discloses an anchoring bias as it looks like that Nationwide did not take into consideration some information that others did. Insurance was not the only affected industry with natural disasters; also Airlines were very affected with this whole hurricane and weather situations. Jet Blue was one of these affected airlines due to the weather. They held the passengers on its planes for about 10 hours with closed bathrooms. They refunded to the passengers their money but in a very rude way. Unfortunately JetBlue’s Founder ;amp; CEO, David Neeleman couldn’t handle the situation, and responded to the media in an improper way. Justification for Problem Definition The most relevant error and bias for companies like Nationwide Insurance, American Airlines, and JetBlue company is the overconfidence bias, they thought they are always making the right decisions and they believed too much in their own ability to make good decisions, just as Rommel’s quote about making a â€Å"Sound business decision. ‘ Alternatives 1. Rommel, Burgin, and Neeleman should have thought of the welfare of policy owners and passengers before taking their decisions. In these situations we have to look for cause and effect relationships. 2. They should have listened to different options instead of taking the first option they had. In the three cases, the managers shaped their own decisions to reflect the orga nization’s performance evaluation and other systems to comply with the organization’s formal regulations and to meet organizationally imposed time constraints. They should have also thought about their clients 3. The improper response to the media had very bad influences and was very unprofessional. They should have treated the situation with more winsomely and more professionally. Evaluate Alternatives All the alternatives said above depend on personalities and their abilities of problem solving and decision-making. These elements are important skills for business, management and leadership. Some people have these skills by nature and others have to go through processes and techniques to improve their level and quality of their decisions. Recommendation Anything can affect the clients’ safety, the decisions and the choices have to be taken very carefully in favor of both clients and companies. Managers have to understand that there are events in life, like natural disasters that are outside human control, and these events require a convenient plan for both owners and clients. Also, sometimes previous organizational decisions act as precedents to constrain current decision so organizations have to try to avoid this to happen.

The Heroic Code Of Homer s Iliad - 1208 Words

Homer’s Iliad depicts a tale of war that focuses on various human-centered themes that focus on describing the kind of people that ought to strive to become. This is characterized by the heroic code, which is the ultimate desire of each hero in the epic poem. The heroic code, according to Homer, focuses on the simple premise of a hero achieving honor, which is also understood to be peer-received esteem. Homer depicts this important value as what most humans would seek to achieve, because this important value would indicate the selflessness of a person. This selflessness is widely signified as an important human trait for an ideal person. Primarily, the sense of honor being earned in Homer’s poem is through battle. At a certain point Agamemnon and his armed force went and vanquished the urban areas around Troy so they could have a greater armed force. On the other hand, they all took the ladies as slaves and every warrior could take his pick, yet Agamemnon went first. He picked Chryseis, the little girl of the cleric in Apollo s sanctuary. Her father was mad and went to Apollo to request help. Apollo brought on an infection upon the Greek armed forces and subsequently, numerous warriors passed on. Calchas told Agamemnon and the armed force that Apollo would not stop until Chryseis was come back to her gang. Agamemnon concurred, yet just on the off chance that he got Bryseis in return. Achilles and Agamemnon had an enormous battle. The poem speaks in various instances ofShow MoreRelatedTrojan War and Iliad1134 Words   |  5 Pages * Homer is most frequently said to be born in the  Ionian  region of  Asia Minor, at  Smyrna, or on the island of  Chios, dying on the  Cycladic  island of  Ios. A connection with Smyrna seems to be alluded to in a legend that his original name wasMelesigenes  (born of  Meles, a river which flowed by that city), with his mother the nymph Kretheis. 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