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Saturday, December 31, 2011

C++ Programming

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//SAMIR R PATEL DUE 08/4/00 PROJECT #


#includeiostream.h


#includestring.h


class Item


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{


private


int ItemNo, Quantity, LowerLimit, UpperLimit;


char Desc[0];


float UnitPrice;


public


Item() {ItemNo=0; Desc[0]=


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The Open Boat

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The Open Boat


The Open Boat is a particularly interesting story because of such great detail that the author extends and because of the solitary reflections of the characters in consideration of their demise.


The story possesses absolutely vivid description. This attention to detail affords the reader a sense of being in the characters shoes; experiencing the waves that seem to take on a life of their own, or the futility of fighting and surviving nature, to drown as they are about to nibble the sacred cheese of life. Crane paints such glorious images in readers mind with his eloquence. The morning appeared finally, in its splendor, with a sky of pure blue, and the sunlight flamed on the tips of waves(1). Artistic sentences to describe the shark as it appears and the fear, or lack of, that it evokes. The reader is left with a terrific vision of the perilous sea maintaining its beauty amongst the violence of the wind. Their back- bones had become thoroughly used to balancing in the boat and they now rode this wild colt of a dinghy like circus men(0). Here, again, Crane uses splendid detail to capture the essence of the chaotic situation.


Another attribute to the story is the insight with which the third person narrator offers to the reader regarding the sailors state of mind. Particularly interesting, is the reference to the poem Bingen on the Rhine. Until the correspondent must contemplate his own death on the cold and desolate seas, he does not realize the tragedy of a soldier of the legion dying in Algiers. Not only did he not realize the significance, he says that, it was less to him than the breaking of a pencils point(10). Again, towards the end of the story, the narrator describes the bitterness the correspondent feels towards nature when he realizes that after all his efforts he may not live to appreciate his being. Not sure whether to be angry or desperately plead for his life, after realizing there is nothing specific to be angry towards. Observations such as these are not usually encountered until confronted with death and the conveyance of these thoughts is insightful and meaningful to the reader.


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The reader feels a peculiar intimacy with the stranded men and shares their desperation. In much the same way the subtle brotherhood of men was described, or the friends in a more curiously iron-bound degree.





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Friday, December 30, 2011

The Flood

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The Flood Stories


It is strange to find so many similarities between the flood Story in Gilgamesh and Noah’s flood story in Genesis. Noah’s flood story is supposed to be part of the origin of mankind, yet the flood story of Gilgamesh was recorded earlier. The stories are comparable in a number of ways, yet there are many differences that make the two stories vary.


The similarities that exist between the two stories include the main idea and the order in which the events occur. For instance, the reason for the need of a flood in both stories is the same. In Gilgamesh, the gods see that the uproar of mankind is intolerable and decide to exterminate the evil in the land. In The Old Testament, God sees that the wickedness of man is great and it disgusts Him, so He decides to destroy mankind. In both stories one man is given work to build a boat. Utnapishtim is the chosen man in Gilgamesh as is Noah in The Old Testament. Both are given specific instructions about the building of the boat and what to bring on it. After everyone is on the boat, the flood begins and continues until the water prevails over the earth. When the rain stops, both men send out three birds to attempt a landing. The first thing both Utnapishtim and Noah do is make an offering. The gods in Gilgamesh and the Lord in The Old Testament smell the sweet savour, go to the sacrifice and each man in the story is given some type of covenant.


Many of the differences in the two stories include the small details. In Gilgamesh, Ea warns Upnapishtim in a dream, whereas in The Old Testament, Noah is told directly by God. The flood in Gilgamesh lasts only six days and nights, but in The Old Testament it lasts forty days and nights. I believe the duration of the floods is the most striking difference between the two stories. Six days and night are quite a bit shorter than forty days and nights. The duration of each flood will, in turn, impact the amount of water produced during each flood. In each story the men send birds out to see if the waters retreated. Utnapishtim sends a dove and then a swallow, but neither finds a resting-place and return. Last, he sends a raven that sees that the waters have retreated and so it does not return. Noah, on the other hand, sends a raven, then a dove, but both return to him. The third bird he sends is another dove. It returns with an olive leaf in its mouth. This lets Noah know that the water has abated. In the end of each story, each man is given a covenant. In Gilgamesh, Utnapishtim and his wife are blessed with everlasting life and placed in the distance at the mouth of the rivers. In The Old Testament, God blesses Noah and his sons and tells them to be fruitful and multiply. God then establishes a covenant with them saying, “neither shall all flesh be cut off any more by the waters of a flood and neither shall there any more be a flood to destroy the earth” (57).


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The similarities in each flood story are very striking. In fact, they are so similar that much controversy has been brought up about these two stories. However, the differences are still very strong and greatly contribute to these stories.


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Bruce Dawe's poetry - 'Life-cycle' And 'Enter without so much as knocking'

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‘The poet’s role is to challenge the world the see around them.’ How far is this true for the poetry of Bruce Dawe? How (ie through what techniques) Does Dawe achieve this? Discuss a maximum of poems.


Bruce Dawe is one of the most inspirational and truthful poets of our time. Born in 10, in Geelong, most of Dawe’s poetry concerns the common person � his poems are a recollection on the world and issues around him. The statement ‘The poet’s role is to challenge the world they see around them.’ Is very true for Bruce Dawe, as his main purpose in his poetry was to depict the unspoken social issues concerning the common Australian suburban resident. His genuine concern for these issues is evident through his mocking approach to the issues he presents in two of his longer poems, ‘Enter without so much as Knocking’ and ‘Life-cycle’.


Both poems have a similar theme - the cycle of life, the mass-production and lack of uniqueness. ‘Enter without so much as Knocking’ shows how consumerism has a negative impact on society. The poem depicts the life of a typical man, living in the suburbs. It starts off with the birth of a child. The sentences are intentionally made short and clear. As the baby begins to conceive the world he has been brought into, he sees signs, commands and expectations. Dawe stresses the point that the first thing that the baby heard was a voice of consumerism on television, as opposed to the voices of his family. The baby has been brought into a materialistic world � a world where such an important event has just occurred, a new member of the family has been born, and yet the television is on and Bobby Dazzler is preaching his false cliches to the household.


“Hello, hello, hello all you lucky people”


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Followed by a comment highlighting the innocence of the child � Bobby Dazzler’s false heartiness and slogans do not influence the child.


‘and he really was lucky because it didnt mean a thing to him then’


Dawe believes that the child is lucky because he knows nothing of this repetitive deceit of civilisation. The theme really starts to come through here � these people are brainwashed by television so much so that consumerism is a religion for them. He is ferociously denouncing suburban life and the fact that people worship the television set. In the next stanza his family is described. The household is described with terms that we see as marketing slogans �


“Well-equipped, smoothly-run, economy-size”


These terms give the feeling of mass production � just as well-equipped, smoothly-run, economy-size cars, these sorts of households must have been very common. Again the fact that these people lack individuality is being focused on and it is disputed whether this is correct. The rest of the family are presented as stereotypes.


“one economy - sized Mum, one Anthony Squires- Coolstream � Summerweight Dad, along with two other kids, Straight off the Junior Department rack.”


Every aspect of this family is described in a sexist, impersonal, monotonous manner. His siblings aren’t described by their sex or age � they are just summarised as children who wear the same clothes as everyone else. and regulations imposed upon him everywhere he goes.


“WALK. DON’T WALK.TURN LEFT. NO PARKING. WAIT HERE. NO SMOKING. KEEP CLEAR/OUT/OFF THE GRASS”


These are all instructions that he must abide. Bruce Dawe then satirically mocks these signs by implying that everything about a person is controlled in this world, even their breathing.


“NO BREATHING EXCEPT BY ORDER.”


The purpose of this stanza was to show that the car journey described in it is a fairly accurate representation of this boy’s life. The first sign of any emotion in the poem is “He enjoyed”, the child’s opinion, in the fourth stanza. He is challenging this world of people with iced-over emotions. The child is still innocent in this stage of his life � he is enthralled by nature, uninfluenced by material things, and not staring into the screen watching people make “incomprehensible and monstrous love” as all of the adults are. Children are innocent until we pollute their minds with the filth of society is what Dawe is saying. Owen describes the sky as “Littered with stars”, ironically, as the stars are pure and not soiled with the filth of mankind. Thus by saying the sky is littered with stars, he is taking the point of view of society � the fact that they would want to bring order and conformity to everything. These stars are scattered across the sky in an unorderly fashion, and “no one had got around to fixing [them] up yet”. He is highlighting that society takes beautiful, unadulterated natural things and pollutes them with their rules and regulations. Moving from childhood to the middle ages in but a few lines, highlighting that it’s not worth mentioning the rest of his childhood, as it was all had too much of a resemblance to what has already been said. There is a quick and noticeable change of tone as the man is described as a “money-hungry”, “back stabbing” and “miserable”, no longer the image of innocence as he was portrayed in the first 4 stanzas. Not guarded by adolescence any more, he enters the real world and is instantly polluted with the filth of society. He says goodbye to the stars � their natural splendour no longer interests him, he is now a part of the materialistic world. He will no longer show any emotion, and he is now ‘realistic’, in other words, fake. The following dialogue is a symbol of the man’s beliefs, what he has been taught and what he now accepts morally.


“I’m telling you straight, Jim, it’s Number One every time for this chicken, hit wherever you see a head and kick whoever’s down”


The basic message behind this dialog is the fact that you have to get your own way in life � thinking of no-one else but yourself. Use people, backstab, kick them when they’re down � everything is justified as long as you end up on top. Bruce Dawe notices that a large percentage of the population live by these morals, and he is showing through the example of this man how futile such a materialistic life really is. An abrupt change in the dialog and we hear the words of the man thanking a woman, Clare, for a lovely evening. The readers hold their breath, thinking that maybe there still is some humanity left in this man who has just said such harsh words. But in the sixth stanza it is revealed that he was merely being two-faced and fake. He is in the car with his wife. There are no signs of affection, his wife is just like another possession to him.


“I’ve had enough for one night, with that Clare Jessup,”


Here he reveals the truth � a total opposite of what he told Clare herself. Or perhaps this too is not the truth, and he is also lying to his wife in order to gain sympathy. At the end of the paragraph Dawe abruptly stops the man in mid sentence and leaves only a dash, showing how quickly and suddenly one can lose ones life. In the seventh paragraph the true extent of people’s brainwash is underlined. Such a tragic event has just occurred, and the funeral guests pay attention to only the materialist aspects of his death. They notice that he looks very good, tanned, healthy. This could also be a paradox for the fact that what people look like on the outside can be the opposite of what they are � the insincerity in society. The unsympathetic guests are emotionless and fake, just like he was. Dawe then describes the place the man goes after death as an underground metropolis � underground hinting that due to his dishonest nature and lack of morals he went to hell.


“permanent residentials, no parking tickets, no taximeters ticking, no Bobby Dazzlers here, no down payments, nobody grieving over halitosis”


It is a place with none of the materialistic beliefs that litter this world. It is imposed that people in our world grieve over halitosis, or bad breath, but as we saw at the funeral, do not grieve over death. He’s six feet down and nobody’s interested � they’re all too busy going about their own selfish, self-centred lives.


“Blink, Blink. CEMETERY. Silence.”


The last word is not done in block letters, as all of the other signs � because it is not a sign. There is silence in the cemetery already, and there is no-one to hush up there.


“Momento, homo, quia pulvis es, et in pulverem reverteris…”


A definition of this epigraph is very important to the moral of this poem. “Remember, man, that thou art dust, and unto dust thou shalt return.” This ties in with the theme of this man’s whole life going past, and having no impact on the world. Having lost his individuality, he fitted in with society only when he gave into mass-conformity and consumerism. The futile cycle of human lives in a materialistic world is portrayed in this poem, underlining all of the shallowness and facades in society. It is clear that Bruce Dawe’s purpose in writing this poem was to challenge this cycle that he observed, and to show people, through only a few moments in a person’s life, the extreme of this problem. Blinded by materialistic things this man sacrificed his morals and ethics, no longer caring for his fellow humans, or for nature. And neither did those around him. Dawe is showing us how lonely and emotionless a person’s life can really be.


The other poem, ‘Life-cycle’, is one of his well-known poems that deals with how Victorians are influenced by football. It ridicules the fact that football for people has become like a religion. Not speaking of a specific event as in ‘Enter without so Much as Knocking’, this poem describes the general cycle of life of a resident of Victoria. From birth people are encouraged to barrack for their teams, and build a life around football. This ‘religion’ is implied on the ‘innocent monsters’ by their parents and surroundings.


“they are wrapped in the club-colours, laid in beribboned cots, having already begun a lifetime’s barracking”


Dawe is showing that this will be the purpose of the child’s life. He will grow up living & breathing football, and worshipping it without giving a second thought to the true purpose of life. Using simple structure and simple language, he is able to best convey his morals to the common people that it affects. Gently mocking people with his vibrant expression of the game, with Christian symbolism he compares it to the bible � highlighting that it is, but shouldn’t be regarded of the same importance as Christianity.


“They will forswear the Demons, cling to the saints and behold their team going up the ladder into Heaven”


Dawe describes the actual important things in life � marriage, proposals, as just a sidetrack to football, done quickly in between games. Football is the focus of these people’s lives � anything else is merely a diversion to football and should be taken care of quickly so that they can get back to the game.


“- the reckless proposal after the one-point win, the wedding and the honeymoon after the grand-final…”


We almost begin to pity these poor people, to whom living their lives has taken second place in importance to football. By using triumphant words such as ‘behold’ ‘passion’ and ‘empyrean’ Dawe is showing great sarcasm, as he did with the Christian symbolism. It is like he is asking the readers why football is now as important to the Victorians as their religion, and highlighting the fact that it is not supposed to be like this.


“having seen in the six-foot recruit from Eaglehawk their hope of salvation”


Bruce Dawe purposefully makes the last word of the poem salvation. This word, generally associated with heaven, and the fact that living a good, Christian life will lead to our salvation and we will go to heaven, not hell. But it is not from God that these people gain their salvation � they see salvation in the recruit, the strong football player who has come to play for their team and could bring the team victory. With that Dawe makes obvious the skewed priorities of these people, and how futile and pointless their existence is. ‘Carn, carn’ they cry, from birth unto death, never knowing anything else, never living.


We can see by Dawe’s techniques and words in both of these poems that his main purpose was to open the public’s eyes to the mishaps of society. He challenges society, pointing out all of the injustices and hardships that ordinary people face every day. He shows us how we can become selfish and materialistic, and how we can become so involved in something that we no longer recognise the beauties of life and nature. He makes these morals accessible to all people through his simple poetry, communicating his ideas and ethics accurately.


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Thursday, December 29, 2011

‘Films rely on symbolic and technical codes to encourage the viewer to identify and accept particular representations of individuals or groups of people.’

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The way in which viewers are encouraged to perceive certain groups of people or individuals is predominantly influenced by the symbolic and technical codes used by the filmmakers. In the feature film Erin Brockovich viewers are positioned to identify with the major characters and accept the way in which they are represented. Erin Brockovich consists of a small variety of groups of people as well as the important characters that are portrayed as the individuals. Film producers rely heavily on the use of symbolic and technical codes to present the characters but the direction of viewers’ attitude towards these representations is also influenced by additional methods.


The feature film Erin Brockovich is a true story about a determined woman who tackles the corporate giant, Pacific Gas and Electric in a lawsuit regarding the deceit directed towards a small Californian town, Hinkley, as to the misleading statements regarding the condition of their water supply. With the assistance of Ed Masry’s legal expertise, Erin and Ed commit themselves to help these unfortunate people whose lives have been destroyed because of the diseases and various types of illnesses the contaminated water has forced upon them.


Symbolic techniques are used in the feature film Erin Brockovich to foster an influenced representation if individuals. This is intentional, as the viewer can accept and identify with these individuals. Erin Brockovichs’ storyline is categorized into the Archetypal narrative of the underdog against the more powerful foe. This is highlighted in a distinct and powerful scene when Peter Jensen, husband of Donna Jensen, is seen in absolute dismay and distress, crying, whilst throwing stones at the Hinkley Water Corporation that is seen in the distance. The viewer witnesses camera shots of his homestead with his lights on seen through the windows and then reverts to camera shots of the Hinkley plant itself. The predominant colour used in this scene is a blue-grey which is somewhat symbolic to the emotions Peter is feeling, further scooping the whole underdog notion. Through the throwing of stones at the Hinkley plant the powerful similarities seen between the ‘David and Goliath’ bible tale are clearly unmistakable. Through this specific scene the viewer can observe the severity of damage PG and E have caused individuals such as Peter Jensen, as he has just learnt that his wife has a malignant tumor in her breast. The movie producers purposely use the symbolic technique of colour to further heighten the emotions of the viewer and to make the viewer understand the situation as being somewhat similar to ‘David and Goliath’. The viewer feels a level of empathy and commiseration for Peter Jensen as PG and E have instigated horrible life-threatening damages to his family. The negative representation of PG and E is acquired as the viewers look on to the suffering they have caused and through this determine that PG and E are the antagonists in this situation. As the viewer values family and life, they cab accept and identify with Peter Jensen as an individual.


Feature film producers in Erin Brockovich employ symbolic codes to portray a certain representation of a group of people such as the plaintiffs. All plaintiffs differ as individuals but all withhold the link of exposure to hexavalent chromium during their time in Hinkley. All of the six hundred and fourteen plaintiffs are represented in Erin Brockovich to belong to the same socio-economic grouping. Obviously this is not the case for all of the plaintiffs but the minority whoa re seen, through their appearance; the viewer can assume that these people are not very well off. This is displayed through costume, as their clothing is middle class. Also through setting the viewer witnesses the conditions of their homesteads and how the town is constructed as a whole. The viewer sees the diversity of the plaintiffs through their dress in a series of scenes referred as jump cuts when Erin and Ed are driving around knocking door to door to obtain the extra one hundred and fifty signatures needed for the arbitration proposal. The viewer sees a diverse range of people, all having a different appearance seen through the symbolic code costume. This is done intentionally by feature filmmakers to put some emphasis on the assortment of people affected by PG and E. Another scene where the viewer sees the diversity of the plaintiffs is where Ed Masry is explaining the arbitration proposal to the town at a group meeting on a relatively humid night. This scene is seen from the perspective from Ed Masry as the viewer witnesses the audience he is addressing dressed at a middle class level trying to battle the humidity. Also through setting the viewer interprets that there is not a high demand for living in Hinkley because when the representative for PG and E offers $50,000 for the Jensen’s home he is cocky and cynical as he states that this is a above market value for an area such as this. The representative hints to the audience that Hinkley is not a very desirable place to live. All scenes where the viewer observes the plaintiffs determine on what level the viewer accepts and identifies with them therefore somewhat relating to them. The viewers of Erin Brockovich can relate to these plaintiffs and they accept the representation that they belong to the lower to middle class who are merely trying to sue PG and E in order for compensation to enable some future security through financial means. Through the symbolic code, costume, the viewer understands that PG and E are far superior to the plaintiffs in social-economic grouping. The viewer accepts this representation and can identify with the plaintiffs as some viewers may feel they are deserving of compensation and also some viewers may have similarities with them too such as appearance. The viewer is enabled to accept these people as a group due to the representation that they are normal everyday citizens whose lives have been crushed by another conflicting group, PG and E.


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Technical camera shot are employed in Erin Brockovich to portray an influenced representation of PG and E itself. With the further aid of audio codes, technical camera shots can be further emphasized and help the viewer in fully understanding what is carried out in a scene. When Erin is at home she receives a disturbing phone call from an anonymous man. This anonymous man is an unseen individual representing the PG and E group. The mystery caller states that Erin should be careful and should nor continue her investigations further and implies to her that if she continues he will use her children as a means to damage her. After the audio phone call that the viewer is fully able to hear, camera shots clearly show that Erin is now high-strung and edgy. Due to her nervousness she closes her blinds and checks her house for some further assurance on personal security and privacy. A long shot is used as well as a series of close ups of Erin’s face to show the audience that she is now rattled and worried. The viewer can identify with Erin’s natural maternal instinct to protect her children from harm. This unseen anonymous character is an individual represented as the PG and E group and therefore as a group they are reflected to be negative as they would intentionally harm children to hide the truth. The viewers of Erin Brockovich value family, so this further enables a level of identification and acceptance between them and Erin. The viewer interprets PG and E as dangerous and evil as childhood innocence and life is valued by the majority of society. The negative representation is clear as they are prepared to harm more people to cover up the truth regarding contaminated water. The viewer accepts this negative representation of PG and E because of the direction of Erin reacted to the hostile threat. Although due to Erin’s strong character she still continues her investigations to help the plaintiffs. Erin is seen as the movies protagonist and therefore the viewer sides with Erin.


Technical camera angles are use by feature filmmakers to show an influenced representation of Erin as an individual. In a scene when Erin arrives home late one night, she discovers Jeorge is ready to leave her as she has been neglecting him as a partner in their relationship. Jeorge is shown through camera manipulation to look upset as a long shot is used to symbolize his loneliness. Jeorge tells Erin she has to find a different job or a different guy. Erin replies “For the first time in my life, I got people respecting me. Please don’t ask me to give that up”(1)


Erin clearly does not wan to give up her job as she has worked very hard and the Hinkley community respects her. Erin is sick and tired of being pushed down by the constraints of a male-dominated society and she wants to be successful in life. By witnessing this camera angle of Jeorge and Erin’s personal reaction to it can help the viewer in successfully identifying and accepting Erin as an individual. Erin is seen as a heroine for not falling for Jeorge’s request and fighting for her independence, as she does not want to confirm with the conventions of males being dominant over women. The viewer accepts this positive representation of Erin because she gives so much to help people and she does not want to give that up even if it deters her away from her partner, Jeorge. The viewer accepts and identifies with Erin as well as the representation that she sacrifices a lot of time from her personal life to help the PG and E case run smoothly. The viewer can relate to Erin because of their similar ties with values and attitudes, as well as the manipulation of technical codes such as long shots and full shots to enable on the correct character representation to come across to the audience. Technical codes play an essential role in the acceptance and identification of Erin as an individual by the viewers.


Viewers throughout the feature film Erin Brockovich are somewhat influenced to perceive certain representations of individuals and groups of people through the aid of technical and symbolic codes. Viewers are purposely positioned by feature filmmakers to identify and accept all characters whether in a positive or negative light. Also all characters whether they belong to a group or seen as individuals are purposely constructed by film directors to achieve a certain response from the viewer. Film directors depend heavily on the use of symbolic and technical codes to further present these characters. Other codes such as audio codes play a role in the fine-tuning of a scene and the light in which an individual or a group is represented.





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Domestic Violence

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Domestic violence includes


1. Physical abuse (punching, kicking, hitting, choking, weapons)


. Psychological, emotional and verbal abuse (threats and insults)


. Sexual assault and abuse (force sexual activity)


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4. Financial or economical abuse (no access to or control of money)


5. Social abuse (not allowed to see family friends, stalking)


The abuse from domestic violence is a pattern of behaviour that one person uses against another to intimidate, dominate and control them. Fear and undermining of self esteem are usually the start followed by assaults; which the victim then believes they either deserve, or, cannot change.


Domestic violence is a crime which primarily effects women and children. This form of violence has no social, age, religious or sexual barriers. Adult victims have legal and welfare support available. However, children caught in the middle can suffer emotionally and physically with the trauma of seeing their parent abused and living in fear in what may happen.


The moral issues involved with domestic violence include unlawful physical assault, mistrust, jealousy and anger to control people.


Humiliation and threats to hurt people. Threats and pressure to impact on peoples liberty.


Domestic violence is not just an outburst of anger � it is managed and controlled and targeted only against their victim. Domestic violence is about power and control.


The Catholic Church condemns relationships involving violence - whether it be real or threatened. Domestic violence removes the persons basic dignity and any caring for the welfare of others. The fact it is a crime and breaks Gods commandments makes domestic violence morally wrong.


Domestic violence opposes Catholic morality as it removes Gods gift of love, life choices, freedom, attitude and lifestyle from a relationship.


Domestic violence removes love from a relationship and it can be summerised in an excerpt from ‘Don’t Bash the Loving Out of Me’ by Maurine Watson.


You cry to me after, and swear you’ll change, and you beg me not to leave you,


But it builds up and I go through it again,


So how can I believe you?


I turn away from the fear in my babies eyes,


That everyone but you can see,


You kill a child’s pride in their daddy,


And bash the loving out of me.





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Wednesday, December 28, 2011

THE RELATIONSHIP BETWEEN FINANCIAL DISTRESS ANDTHE STOCKHOLDER-BONDHOLDER CONFLICT

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Abstract


This study documents the extent of the different forms of restructuring undertaken by financially distressed firms before a Chapter 11 filing. The study focuses on the following question Does financial distress cause agency problems?, which is based on the analysis of financial statement ratios. Further analysis shows that the success or failure of financial restructuring before bankruptcy is a function of the assets. Due to time limitations, and considering the complexity of the ZETA� model, this study is based in the Altman (188) considerations.


The relationship between financial distress and the stockholder-bondholder conflict


Introduction


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Financing policy by firms requires managers to identify ways of funding new investment. The managers may exercise three main choices use retained earnings, borrow through debt instruments, or issue new shares.


Thus, financing policy, capital structure and firm ownership are all strongly linked in explaining how economic agents form and modify their asset-acquisition behavior through firms and capital markets, and thereby influence their incomes and returns to asset holdings, whether in the form of direct remuneration, capital gains or dividends (Prasad, Green and Murinde, 001).


A particular firm wishes to finance projects in excess of the firm’s internal resources. The firm has two options to issue equity or debt. If the firm issues equity, the shareholder’s fractional interest within the firm decreases. This increases the incentives for a shareholder to undertake excessive perk consumption since the costs to the owner of such activities have been lowered as a result of a reduction in his fractional interest. Such costs include;


i) the monitoring expenses of the principal (the equity holders);


ii) the bonding expenses of the agent (the manager); and


iii) the money value of the reduction in welfare experienced by the principal due to the divergence between the agent’s decisions and those that maximize the welfare or the principal.


In the presence of efficient markets, which incorporate expectations, external investors anticipate such actions by the shareholder of the firm (James, 1). Accordingly, the price of new equity is discounted to take into account the monitoring costs of external shareholders. Under these circumstances, the shareholder would prefer to finance new projects using debt rather than equity. Issuing debt to finance investment also incurs agency costs. These arise as a result of the conflict of interest between external lenders and the shareholder. The issue of debt increases the shareholder’s incentive to invest in high-risk projects, which, if successful, offers high returns, which accrue exclusively to the shareholder but at the same time, increase the likelihood of failure. If the projects fail, the shareholder exposure is limited to the value of his equity holdings. Bondholders, on the other hand, do not share the profits of success, but will share in the costs of a bankruptcy they are incurring extra risk without additional expected returns. As the amount of debt increases, bondholders will demand a higher premium to compensate them for the increased probability of failure. Thus, the agency costs of debt include the opportunity costs caused by the impact of debt on the investment decisions of the firm; the monitoring and the bond expenditures by both the bondholders and the shareholder; and the costs associated with bankruptcy and reorganization (Hunsaker, 1).


In this study, the relationship between the financial distress and shareholder-bondholder conflict are analyzed, by considering the assets restructuring as a way to reduce the financial distress.


Literature Review


Agency costs associated with equity are at a maximum when the shareholder share of equity is zero, and stockholder wholly owns the firm. These costs fall to zero as the shareholder equity share rises to 100%. Similarly, the agency costs of debt are at a maximum when all external funds are obtained from debt. As the level of debt falls, agency costs are reduced first, because the amount of wealth that can be reallocated away from bondholders falls; and second, since the fraction of equity held by the shareholder is being reduced, the shareholder share of any reallocation also falls.


When a firm is close to bankruptcy, shareholders have no incentive to inject new capital into value-increasing projects since the returns of such a venture will accrue mainly to bondholders. The larger the debt level of the firm, the less the incentive to invest in value-increasing projects.


The conflict between shareholders and managers takes several distinct forms. The first, (Jensen and Meckling, 176) is that managers prefer to have greater perquisite levels and lower effort levels, provided that they do not have to pay for these through lower wages or by a lower market value of their personal equity holdings. A second arises because managers may prefer short-term projects, which produce early results and enhance their reputation quickly, rather than more profitable long-term projects (Masulis, 188). Third, managers may prefer less risky investments and lower leverage to lessen the probability of bankruptcy (Hunsaker, 1). Fourth, managers will wish to minimize the likelihood of employment termination. As this increases with changes in corporate control, management may resist takeovers, irrespective of their effect on shareholder value (Garvey and Hanka, 1). Managers and shareholders may also disagree over a firm’s operating decisions Harris and Raviv (10) observe the managers will typically wish to continue operating the firm even if liquidation is preferred by shareholders, managers may also prefer to invest all available funds even if shareholders want to be paid dividends (Stulz, 10).


Various underlying factors have been identified within the literature on the conflict of interest between shareholders and bondholders (Smith and Warner, 17).


i) Dividend payments Bonds are priced according to the level of dividends paid by the firm. In the limit, a firm could sell all its assets and pay a liquidating dividend to its shareholders with the bondholders being left with valueless claims.


ii) Claim dilution Bonds are normally priced assuming that the firm will not carry any more leverage. If the firm does issue additional debt, then existing debt will fall in value if the newly issued debt has higher priority. Even if it does not, existing debt will fall in value if the risk of bankruptcy is perceived to have increased.


iii) Asset substitution Bonds are priced in relation to the risk of the projects, which is being financed. Thus, lenders’ claims are reduced if the firm substitutes projects that increase the firm’s value. This transfers wealth from bondholders to shareholders.


iv) Under-investment and mis-investment A firm in financial difficulties has an incentive to reject low-risk, low (positive) net present value projects whose benefits accrue mainly to bondholders, in favor of high-risk, high net present value projects, thus creating under-investment or misallocation of investment.


To minimize these conflicts, firms with high growth opportunities should have higher leverage and use a greater amount of long-term debt than firms in more mature industries.


A general view of financial distress is that it results from a mismatch between the currently available liquid assets of a firm and its current obligations under its “hard” financial contracts.


The costs of financial distress will have important implications for the liquidity and leverage policies of a firm. In particular, when the costs of financial distress are high, the firm may maintain a larger fraction of its assets as liquid assets and/or be cautious in taking on debt (hard contracts).


Methodology


The financing contracts of a firm can be loosely categorized into hard and soft contracts. An example of a hard contract is a coupon debt contract, which specifies periodic payments by the firm to the bondholders. If these payments are not made on time, the firm is considered to be in violation of the contract and the claimholders can seek specified and unspecified legal recourses to enforce the contract. Common stock and preferred stock are examples of soft contracts.


A firm is in financial distress at a given point in time when the liquid assets of the firm are not sufficient to meet the current liquidity requirements of its hard contracts.


Since financial distress results from a mismatch between the currently available liquid assets and the current obligations of its “hard” financial contracts, mechanisms for coping with financial distress involve correcting the mismatch by either increasing the liquidity of the assets (through asset sales) or decreasing the “hardness” of the debt contracts (through debt renegotiation).


As financial distress can be resolved through asset restructuring (asset sales or other liquidations) and/or financial restructuring (private or formal debt renegotiations), the costs of these different mechanisms of resolving distress will represent financial distress costs.


Financial distress will be relatively more costly for firms whose assets are more intangible or firm specific. Replacement costs approximate what the firm’s assets could be sold, and are positively correlated with the liquidation value of the asset. Firms with a higher market value/replacement costs ratio will have higher costs of asset liquidations.


For several reasons, assets are more likely to be sold when debt is restructured in Chapter 11 rather than privately. First, automatic stay gives the debtor more power over the disposition of the firm’s assets, by enjoining creditors from exercising their non-bankruptcy right to sue the firm and seize collateral. Second, since the debtor can undermine the value of lenders’ collateral and grant new lenders super priority standing, fully secured lenders will in general prefer liquidation over reorganization. This may create additional pressure for asset sales in bankruptcy. Finally, purchasing assets from a financially distressed firm is less risky in Chapter 11, because asset sales are executed by a court order and are thus free from legal challenge.


Therefore the hypotesys designed for the evaluation of this consideration are based on the assets of the company, the hypotesys are


H0 Financial distress is resolved through assets restructuring


HA Financial distress is not resolved through assets restructuring


And the variables to consider in this analysis are Earnings Before Income Tax (EBIT), Net Working Capital (NWC), Sales (S), Market Value of Equity (MVE), Acummulated Retained Earnings (ARE), Total Assets (TA) and the Book Value of Debt (BVD).


Statistical Model


After careful consideration of the nature of the problem and of the purpose of this analysis, the discriminant analysis (MDA) is chosen as the appropriate statistical technique. In recent years, this technique has become increasingly popular in the practical business world as well as in academia. Altman (181) discusses discriminant analysis in-depth and reviews several financial application areas.


MDA is a statistical technique used to classify an observation into one of several a priori groupings dependent upon the observation’s individual characteristics. It is used primarily to classify and/or make predictions in problems where the dependent variable appears in qualitative form, for example, male or female, bankrupt or non-bankrupt. Therefore, the first step is to establish explicit group classifications. The number of original groups can be two or more. Some analysts refer to discriminant analysis as “multiple” only when the number of groups exceeds two. The multiple concepts will refer to the multivariate nature of the analysis.


After the groups are established, data are collected for the objects in the groups; MDA in its most simple form attempts to derive a linear combination of these characteristics which “best” discriminates between the groups. If a particular object, for instance, a corporation, has characteristics (financial ratios), which can be quantified for all of the companies in the analysis, the MDA determines a set of discriminant coefficients. When these coefficients are applied to the actual ratios, a basis for classification into one of the mutually exclusive groupings exists. The MDA technique has the advantage of considering an entire profile of characteristics common to the relevant firms, as well as the interaction of these properties.


Another advantage of MDA is the reduction of the analyst’s space dimensionally, that is, from the number of different independent variables to G-1 dimension(s), where G equals the number of original a priori groups. This analysis is concerned with two groups, consisting of bankrupt and non-bankrupt firms. Therefore, the analysis is transformed into its simplest form one dimension. The discriminant function, of the form


Z=V1X1+VX+…+VnXn,


transforms the individual variable values to a single discriminant score, or z value, which is then used to classify the object where


V1, V,….Vn=discriminant coefficients, and


X1, X,…Xn=independent variables.


The MDA computes the discriminant coefficient; V1 while the independent variables X1 are the actual values.


When utilizing a comprehensive list of financial ratios in assessing a firm’s bankruptcy potential, there is a reason to believe that some of the measurements will have a high degree of correlation or co linearity with each other. While this aspect is not serious in discriminant analysis, it usually motivates careful selection of the predictive variables (ratios). It also has the advantage of potentially yielding a model with a relatively small number of selected measurements, which convey a great deal of information. This information might very well indicate differences among groups, but whether or not these differences are significant and meaningful is a more important aspect of the analysis.


Perhaps the primary advantage of MDA in dealing with classification problems is the potential of analyzing the entire variable profile of the object simultaneously rather than sequentially examining its individual characteristics. Just as linear and integer programming have improved upon traditional techniques in capital budgeting, the MDA approach to traditional ratio analysis has the potential to reformulate the problem correctly. Specifically, combinations of ratios can be analyzed together in order to remove possible ambiguities and misclassifications observed in earlier traditional ratio studies.


As seen, the Z-score model is a linear analysis in that at least five measures are objectively weighted and summed up to arrive at an overall score that then becomes the basis for classification of firms into one of the a priori groupings (distressed and nondistressed).


A frequent argument is that financial ratios, by their very nature, have the effect of deflating statistics by size, and that therefore a good deal of the size effect is eliminated. The Z-Score model (ZETA�), discussed below, appears to be sufficiently robust to accommodate large firms. The ZETA� model did include larger sized distressed firms and is unquestionably relevant to both small and large firms.


The variables are classified into five standard ratio categories, including liquidity, profitability, leverage, solvency, and activity. Five variables are selected as doing the best overall job together in the prediction of corporate bankruptcy. The final discriminant function is as follows


Z = . X1 + 1. X + 1.0 X + 0.6 X4 + 1.4 X5


Where


X1 = Earnings Before Income Tax / Total Assets,


X = Net working Capital / Total Assets,


X = Sales / Total Assets,


X4 = Market Value of Equity / Book Value of Debt,


X5 = Accumulated Retained Earnings / Total Assets


Z = Overall Index


X1, Earnings Before Interest and Taxes / Total Assets/ (EBIT/TA), this ratio is a measure of the true productivity of the firm’s assets, independent of any tax or leverage factors.


X, Net Working Capital / Total Assets (NWC/TA), is a measure of the net liquid assets of the firm relative to the total capitalization.


X, Sales / Total Assets (S/TA), is a measure of management’s capacity in dealing with competitive conditions.


X4, Market Value of Equity / Book Value of Debt (MVE/BVD), the measure shows how much the firm’s assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.


X5, Accumulated Retained Earnings / Total Assets (ARE/TA), retained earnings is the account,


which reports the total amount of reinvested earnings and/or losses of a firm over its entire life.


Considering the data evaluated by Altman, the following values of Z were obtained to make the final observations about the effectiveness of using the assets in restructuring the debt of the company


Z 1. predicts bankruptcy


1. Z .0 indicates caution in financial status


Z .0 indicates effective restructuring


Due to time limitations, and considering the complexity of the ZETA� model, this study is based in the Altman (188) considerations.


To rebuild this study, future investigators must base the analysis in data found at F&S Index of corporate Change, which list companies that filled a Chapter 11 Bankruptcy petition, trhe Wall Street Journal Index, COMPUSTAT and Estandar & Poor Register of Corporations.





Conclusion


This study documents the extent of the different forms of restructuring undertaken by financially distressed firms before a Chapter 11 filing. We find that asset plays significant roles before bankruptcy. Altman (000), analysis shows that the success or failure of financial restructuring before bankruptcy is a function. The high failure rate suggests that the holdout problem among creditor groups is severe. We find that the size of private loans relative to long-term debt is an important factor in determining whether the firm financially restructures during the pre-filing period. Our empirical evidence also suggests that, by granting super priority status to new lenders of bankrupt firms, Chapter 11 allows the firm to get an infusion of much needed liquidity. References


Altman, E. (000) “Predicting Financial Distress of Companies Revisiting the Z-score and Zeta Models.


Garvey, G.T. and Hanka, G. (1), “Capital Structure and Corporate Control The Effect of Antitakeover Statutes on Firm Leverage”, Journal of Finance, Vol. 54, No. , p.51-46.


Harris, M. and Raviv, A. (10), “Capital Structure and the Informational Role of Debt,” Journal of Finance, Vol. 45, pp. 1-4.


Hunsaker, J. (1), “The Role of Debt and Bankruptcy Statutes in Facilitating Tacit Collusion”, Managerial and Decision Economics, Vol. 0, No. 1, pp. -4.


Jensen, M.C. and Meckling, W.H. (176), “Theory of the Firm Managerial Behaviour, Agency Costs and Ownership Structure”, Journal of Financial Economics, Vol. , pp. 05-60.


Masulis, R.W. (188), The Debt/Equity Choice, Cambridge Ballinger, Massachusetts.


Prasad, S., Green, C.J., and Murinde, V. (001), “Company Financing, Capital Structure and Ownership A survey, and implications for developing economies”.


Ross, S.A., Westerfield, R.W. and Jaffe, J (00), Corporate Finance, 6th edition, New York, McGraw-Hill.


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Tuesday, December 27, 2011

Going Home

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GOING HOME


TOPIC The stories in “Going Home” are painful because there is only despair and no chance of real happiness”. Discuss.


I agree that in “Going Home” the stories are painful because they are full of despair. Because the aborigines are not treated with respect or equality and do not get the same opportunities that white people get. But I think there is still a chance of happiness for the Nyoongahs. Throughout “Going Home”, the white people treat the aboriginals with disrespect.


I agree that the stories in “Going Home” are painful because the aboriginals are treated like dirt and have racist comments thrown at them as if they are considered lesser human beings. The stories also show painful ways that the aboriginals are treated. In “Going Home”, Billy Woodward and Darcy go to the pub to buy some alcohol to celebrate Billy’s 18th birthday, and the barmen takes as long as possible to serve them and then the barmen is racist towards them, “You can piss off, too, before I call the cops. They’ll cool you down, you smart black bastard”. As soon as Billy comes back home he is not welcomed by his mother, which creates an uncomfortable atmosphere and hurts Billy. As soon as Billy comes back home the police automatically falsely accuse him of committing crimes he did commit, and is called racist names, “I want to know, black prick. I want to know everything about you”.


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In “The Boxer”, the police arrested Clayton’s dad, claiming that Jack had committed crimes, which he had not actually committed, because he was an aboriginal and they had no respect for him. Which shows that aboriginals are disadvantaged because of their skin colour and don’t get a fair chance. Also Clayton’s dad is sentenced to jail because the judge could not be bothered wasting his own time for Jack to prove himself not guilty, “an impatient magistrate was not prepared to allow an adjournment. After all, everyone knew Aborigines were liars as well as thieves. Which shows that once again aboriginals in this story are not treated equally and all aborigines are stereotyped and therefore experience a painful life.


In “Going Home” it shows examples of despair, of how the Nyoongahs and aboriginals wish they were white so that they didn’t have to have such a painful life and so they could live without worries of racism and without being treated unequally.


I do not believe that the aboriginals in “Going Home” have no chance of real happiness. In “Johnny Blue” even though Johnny died, Jesse was always full of happiness because he had a friend who was white and treated him as good as he treated white people. Also Johnny stuck up for Jesse when the principal was unfair towards him and belted him.


In “Cooley” There is another example of how there is chance of happiness for the aborigines, Cooley meets a girls who he eventually makes love with and she becomes his girlfriend. This girls name is Rachel; she makes Cooley very happy which shows that there is chance for happiness. “They had talked and made love and talked some more. So today he was relaxed and happy”.


I agree that the stories in “Going Home” are painful because they are full of despair, because of racism and Aborigines treated unequally. The majority of characters in this book mention the desperation of being white and how good it would be to be white which also causes pain upon them because they know that whatever they do will not change the fact that not everyone will treat them as they would like to be treated.


I also do not agree to the statement that there is little or no chance of happiness for the aborigines, as I have shown there are examples of aborigines finding happiness throughout the book.





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Greed

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Greedy Greed Greed is a selfish desire for more than one needs or deserves. Greed can make honest men murderers. It has made countries with rich valuable resources into the poorest countries in the world. We are taught it is bad and not to practice it. But consider a world without greed, where everyone is as sharing as Mother Theresa was. The progress of humankind would be at a standstill. Greed has given our society faster travel, better service, more convenience, and most importantly, progress. Greed has created thousands of billionaires and millions of millionaires. But why is greed associated with evil? In their day, most capitalists like Cornelius Vanderbilt and John D. Rockefeller were depicted as pure evil. Vanderbilt stole from the poor. Rockefeller was a snake. But the name-calling did not come from the consumers; it was the competing businesses that complained. The newspapers expanded on these comments, calling them robber barons. These are inaccurate terms for these businessmen. They were not barons because they all started penniless and they were not robbers because they did not take it from anyone else. Vanderbilt got rich by making travel and shipping faster, cheaper, and more luxurious. He built bigger, faster, and more efficient ships. He served food on his ships, which the customers liked and he lowered his costs. He lowered the New York to Hartford fare from $8 to $1. Rockefeller made his fortunes selling oil. He also lowered his costs, making fuel affordable for the working-class people. The working-class people, who use to go to bed after sunset, could now afford fuel for their lanterns. The people, who worked an average 10-1 hours a day, could now have a private and social life. The consumers were happy, the workers were happy, and they were happy. Bill Gates, CEO of Microsoft Corporation is another example of a greedy person. He is the richest man in the world with about $40 billion and he continues to pursue more wealth. Just because he has $40 billion does not mean the rest of the world lost $40 billion, he created more wealth for the rest of the world. His software created new ways of saving time and money and created thousands of new jobs. Bill Gates got rich by persuading people to buy his product. His motive may have been greed, but to achieve that, he had to give us what we wanted. Both parties benefited from the transaction and everybody wins. In general, many businesses donate a percent of its wealth to charity. People not only want but also expect those businesses to donate their money away. Vanderbilt gave one percent of his money away to start Vanderbilt University. Ted Turner donated $1 billion to the United Nations. But why do people think that giving away money is better than making money? Giving away money is much easier than building a new business. Building a new business creates new jobs for people, giving someone the means to support himself. When you give money away, it does not help them become more self-sufficient. Charity does not always make big impacts, as people believe they do. For example, who changed the world more, Micheal Milken or Mother Teresa? Milken pioneered a new way for companies to raise money, creating tens of thousands of new jobs. He saved Mattel, the toy maker, by his junk bonds. It is now the worlds biggest toy company. His bonds rescued TWA, Revlon, and many other companies. Millions of people now joy cheaper phone calls because he funded the phone company, MCI. His bonds made CNN and other Turner companies possible. On the other hand, Mother Teresa donated every penny to charity and helped tens of thousands of people in slums of Third-World countries. She spent her life doing charity work for the poor. Her deeds continue after her death; four thousand sisters now continue what she begun. Without a doubt, people would say Mother Teresa did more for the world. But their judgements are blinded by the fact that they are looking at their motives. Michael Milken didnt suffer; he didnt go into the slums. Mother Teresa went into the slums and she suffered. Milken persuaded wealth because of greed and Mother Teresa did charity work in the name of Christianity. People tend to believe charity work is nobler than making money. Greed isnt a nice thing or a noble thing. Unrestrained greed would mean theft, fighting, and taking by force. But as long as theft is illegal, as long as we have to trade with each other to get what we want, greed is a productive force. So the next time someone tells you youre greedy, remind them that greed helped build civilization. Is that so bad? English III Honors Bibliography none Word Count 77





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Monday, December 26, 2011

Advocating Changes: You Can Make A DifferenceTuesday, March 25, 2003Wallace State Office Building, Des Moines, IowaWhat is Advocating Change?Advocating Change: You Can Make a Difference is a day designed specifically for persons with disabilities to learn

If you order your cheap custom essays from our custom writing service you will receive a perfectly written assignment on Advocating Changes: You Can Make A DifferenceTuesday, March 25, 2003Wallace State Office Building, Des Moines, IowaWhat is Advocating Change?Advocating Change: You Can Make a Difference is a day designed specifically for persons with disabilities to learn. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Advocating Changes: You Can Make A DifferenceTuesday, March 25, 2003Wallace State Office Building, Des Moines, IowaWhat is Advocating Change?Advocating Change: You Can Make a Difference is a day designed specifically for persons with disabilities to learn paper right on time.

Out staff of freelance writers includes over 120 experts proficient in Advocating Changes: You Can Make A DifferenceTuesday, March 25, 2003Wallace State Office Building, Des Moines, IowaWhat is Advocating Change?Advocating Change: You Can Make a Difference is a day designed specifically for persons with disabilities to learn, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your Advocating Changes: You Can Make A DifferenceTuesday, March 25, 2003Wallace State Office Building, Des Moines, IowaWhat is Advocating Change?Advocating Change: You Can Make a Difference is a day designed specifically for persons with disabilities to learn paper at affordable prices with LivePaperHelp.com!



Advocating Changes You Can Make A Difference


Tuesday, March 5, 00


Wallace State Office Building, Des Moines, Iowa


What is Advocating Change?


Write my Essay on Advocating Changes: You Can Make A DifferenceTuesday, March 25, 2003Wallace State Office Building, Des Moines, IowaWhat is Advocating Change?Advocating Change: You Can Make a Difference is a day designed specifically for persons with disabilities to learn cheap

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Advocating Change You Can Make a Difference is a day designed specifically for persons with disabilities to learn about communicating with their legislators and elected officials. Participants will have the opportunity to visit with available legislators, other elected officials and lobbyists; watch the legislative process from the galleries (provided the Senate and/or House are in session); attend a rally; and tour the State Capitol. Lunch will be provided.


Attendance is limited. Interested parties are encouraged to register early.


Registration Fee


There is no registration fee to participate in Advocating Change. However, participants are responsible for their transportation to and from the Capitol Complex.


Lunch will be provided through generous contributions from various corporations including HyVee & Wells Blue Bunny.


Security at the Capitol


Security at the Capitol has increased over the last year. The public may enter the building through the lower entrances on the west, south and east sides of the Capitol. Visitors will need to walk through a metal detector and bags will be scanned. Please be aware of these security measures as you plan your attendance at Advocating Change.Advocating Changes You Can Make A Difference


Tuesday, March 5, 00


Wallace State Office Building, Des Moines, Iowa


What is Advocating Change?


Advocating Change You Can Make a Difference is a day designed specifically for persons with disabilities to learn about communicating with their legislators and elected officials. Participants will have the opportunity to visit with available legislators, other elected officials and lobbyists; watch the legislative process from the galleries (provided the Senate and/or House are in session); attend a rally; and tour the State Capitol. Lunch will be provided.


Attendance is limited. Interested parties are encouraged to register early.


Registration Fee


There is no registration fee to participate in Advocating Change. However, participants are responsible for their transportation to and from the Capitol Complex.


Lunch will be provided through generous contributions from various corporations including HyVee & Wells Blue Bunny.


Security at the Capitol


Security at the Capitol has increased over the last year. The public may enter the building through the lower entrances on the west, south and east sides of the Capitol. Visitors will need to walk through a metal detector and bags will be scanned. Please be aware of these security measures as you plan your attendance at Advocating Change.


Advocating Changes You Can Make A Difference


Tuesday, March 5, 00


Wallace State Office Building, Des Moines, Iowa


What is Advocating Change?


Advocating Change You Can Make a Difference is a day designed specifically for persons with disabilities to learn about communicating with their legislators and elected officials. Participants will have the opportunity to visit with available legislators, other elected officials and lobbyists; watch the legislative process from the galleries (provided the Senate and/or House are in session); attend a rally; and tour the State Capitol. Lunch will be provided.


Attendance is limited. Interested parties are encouraged to register early.


Registration Fee


There is no registration fee to participate in Advocating Change. However, participants are responsible for their transportation to and from the Capitol Complex.


Lunch will be provided through generous contributions from various corporations including HyVee & Wells Blue Bunny.


Security at the Capitol


Security at the Capitol has increased over the last year. The public may enter the building through the lower entrances on the west, south and east sides of the Capitol. Visitors will need to walk through a metal detector and bags will be scanned. Please be aware of these security measures as you plan your attendance at Advocating Change.


Please note that this sample paper on Advocating Changes: You Can Make A DifferenceTuesday, March 25, 2003Wallace State Office Building, Des Moines, IowaWhat is Advocating Change?Advocating Change: You Can Make a Difference is a day designed specifically for persons with disabilities to learn is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Advocating Changes: You Can Make A DifferenceTuesday, March 25, 2003Wallace State Office Building, Des Moines, IowaWhat is Advocating Change?Advocating Change: You Can Make a Difference is a day designed specifically for persons with disabilities to learn, we are here to assist you. Your cheap research papers on Advocating Changes: You Can Make A DifferenceTuesday, March 25, 2003Wallace State Office Building, Des Moines, IowaWhat is Advocating Change?Advocating Change: You Can Make a Difference is a day designed specifically for persons with disabilities to learn will be written from scratch, so you do not have to worry about its originality.

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Hidden Lives - In what ways does the author convey use of language?

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In what ways does the writer’s use of language convey the different moods she describes?


In the extract, Hidden Lives by Margaret Forster, the author makes a considered choice of words in order to covey a precise meaning or feeling. The writer’s use of language conveys the rollercoaster of different moods she describes in this extract in many ways.


At the start, the writer transmits a mood of nauseating anxiety and apprehension as the girl, “feeling so sick and dizzy,” waits for the postman to deliver a letter. She likens her emotional “sickness” to the physical “…as though the jaundice had returned.” The extract builds up its atmosphere of nervous tension by the writer’s use of words like “struggle” and the use of character silence - the girl “couldn’t… utter a word” and her mother “…said nothing…” creates an increased feeling of apprehension whilst she is waiting.


This already tense atmosphere is heightened when she sees the postman delivering a letter of acceptance on the other side of the road. This builds to a piercing crescendo when the boy’s mother breaks the silence, screaming ‘“He’s passed! Colin’s passed for the Grammar school!’


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The writer then describes the girl as being “anxious” to receive her letter - and the belief that she must have passed as well leads to bewilderment as the postman walks by her gate without a letter for her. The thick atmosphere of tension dissipates into disappointment when her mother quietly whispers ‘”Just go to school,”’ and the girl walks “stiffly… a tragic little figure…” onwards, dragging herself up the street in the doomed robotic repetition of “one-two, one-two.”


When the girl crosses the road and almost gets run over by a milk float, the driver shouts at her to look where she was going. The girl replies that ‘”I wasn’t going anywhere, alas,” � the double meaning makes the new atmosphere of disappointment and misery more poignant as she trundles by.


The mood changes again in the last two lines of the first paragraph, when her mother, “breathless”, catches up with her and tells her that it was a mistake and gives her the envelope accepting her for Grammar school.


In the next paragraph, the author uses words such as “happiness” and “ecstatic” to describe the girls “overwhelming” and “miraculous” elation � “such joy, such relief.” The repeated word � in capitals “HAPPY HAPPY HAPPY” � emphasise the complete turnaround in mood. She is “sweetness and light” at home now in comparison with “pitiful” and “anxious” in the first paragraph.


The style of writing and the language used is very different to the “running commentary” style used in the first paragraph. The second paragraph does not as intricately describe the events afterwards; instead the author has written them in like a brief overview � concentrating instead on the feelings and the emotional developments of the girl and how she savours each word and list for her new Grammar school. It is also written in a different, more meandering, lighter and breezier way because of this change. There is also a visible role reversal in mood during the second paragraph with regards to the girl and her mother. Whilst the girl’s optimism and spirits are “unquenchable” it is now the mother who is anxious after a visit to the school


“She had to go down to the High School… She came back apprehensive.”





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Sunday, December 25, 2011

Critical Analysis of Hemingway’s short story

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After I had studied Ernest Hemingway’s stories that are “A Clean Well Lighted Place”, “Indian Camp”, and “Hills Like White Elephants”, I felt that all of them interest me very much. To really understand these stories, I think the readers must have some knowledge of Hemingway. So I will explore which story is influenced by his life.


There are both different and similar parts in three stories that I would like to present. Also, I will show new ideas after I analyze them in detail again.


The influence of Hemingway’s life to his works


In “Indian Camp”, the story is only five pages long and cover a time only one night. But the readers can depict parts of the story which are influence by Hemingway’s life. The first example of how Hemingway took his past life in “Indian camp” is the description of Nick and his father and their relationship. Hemingway grew up in Oak Park, a middle class family. His parents were Ed and Grace Hemingway. Ed Hemingway was a doctor who sometimes took his son along medical trips across Walloon Lake to the Ojibway Indians during summer vacations( www.mps.k1.vt.us/msms/timeline.htm - 6k ). So these trips that taken by Ernest and Ed provide the background information about Nick and his father on their trip in “Indian camp”.


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In this story, Nick lays back into his father’s arms for a sense of security. When Nick encounters the death of Indian. His father is by his side to comfort him. From this I assume that Ernest and his father were very close like Nick and his father were. I also wonder about Nick’s mother why Nick does not have mother. Hemingway did not tell about their close mother-son relation. It’s probably that Hemingway would like to write this story only for his father, or he was close with father more than mother was.


However, I think Hemingway’s love for his own father is not always positive. In “Indian Camp”, Hemingway used the conversation between Nick and his father about the suicide of the Indian to show his distaste for his own father’s suicide.


“Why did he kill himself, Daddy?”


“I don’t know, Nick. He couldn’t stand things, I guess.”


“Do many men kill themselves, Daddy?”


“Not very many, Nick.”


“Is dying hard, Daddy?”


“No., I think it’s pretty easy, Nick. It all depends.”


I think Hemingway saw his father as a weak man. Ed committed suicide in 18 (http//www.lostgeneration.com/paris.htm). Hemingway used “Indian Camp” to express his feeling that his father was a coward. He wrote this by Nick’s father refer to suicide, as being “pretty easy” which is the way coward people choose. Thus, Hemingway used the story to portray his father’s death as coward.


The same as “A Clean Well Lighted Place”. This story was late and everyone has left the caf� except an old man sat in the shadow of the tree that against the electricity. The old man, who maybe a reflection of Hemingway’s own writhing in caf� in Paris. I think that it is also possible to see Hemingway in this story. The old man is someone that has become success by society’s standards. “He had plenty of money.”, but not by his own. The old man is rich just as Hemingway was famous.


The similar part of three stories


Ernest Hemingway is well known both in his life and his work. He lived in an extremely world- a world of war hunting and bullfights. Because of his own character, he invented a concept known as “The code hero” or “Hemingway hero”. These heroes had almost always been a man (www.hemingway.org/life/biographies.html ). In “Indian Camp” and “A Clean Well Lighted Place”, there are both Hemingway’s hero. The boy, Nick accompanies his father and his Uncle George to an Indian Camp. In this journey he knows the truth in life that u death is always present. I think it becomes the hero’s task to accept it. Death is called by various names like nada or nothingness that most people who must face with it like the old man in the caf�. The characters whom Hemingway is most sympathetic are those who are grace under pressure of an awareness of death just like Nick and the old man in caf�.


However, In Hemingway’s short story, “Hills like White Elephants” we discover a female character, Jig. She is just a girl who has to face with pain and suffering in the most difficult situations. In this story the man and the girl are in extremely tense situation. She is pregnant and he wants her to have an abortion. They are discussing a life and death situation. I think Jig was one of the Hemingway’s heroes but she is a woman. True heroes show courage in all aspects of their life. In this story, Jig is the courageous one. She is willing to call the situation what it is to speak out their superficial relationship. “That’s all we do isn’t it �look at things and try new drinks?” It seems that she is brave enough t go through with the pregnancy while he is too selfish and scary. “But I don’t want anybody but you. I don’t want anyone else.” He is the one trying to build up her courage to have the operation.


In addition, all of three stories, Hemingway uses dialogue. It goes to show how much we can learn from characters just by the way they talk or what they say. In “Hills like White Elephants” the narrative is all dialogue between Jig and the American man. For “Clean Well Lighted Place” is the conversation between the old waiter and the young one. The author omits to use guide in dialogue, so the reader has to decide that the speaker is the young waiter or the old waiter. But the dialogue guide is unnecessary because each sentence shows the two very different attitudes. Also” Indian Camp” Nick, his father, and Uncle George were talking to each other almost all story.


Different idea from different story


When the reader analyze texts, it is neither right or wrong because it is up to each perception of people. There is one more idea that we can get from short stories. The more you read. The more idea you get.


In “Hills like White Elephants” I don’t think that the man is as horrible as some people think he is. He just did it like other married men maybe did in this situation. After all, Jig is stated as “The girl” and he is stated as “The man”. So I think that the man probably married. I believe that the man have already had his own family because I base this on the way Hemingway named him. He called him a man. For me this means he is probably a well-established man in society. So I think this is it’s possible that the American is either married or dealing with someone else. The reason why the man tries to persuade Jig to the abortion because he knows that it would be the best thing for both of them. She probably is the girl of easy virtue. He does not truly love Jig. If not, he will never want her to have the abortion. Then Jig got pregnant. She says that she does not care about herself. That means she cares about him, but not herself. She is just trying to make him feel guilty. She thinks if she must go through the abortion, it will be because of him, not her. She probably realizes that the only thing keeping the man staying her right now is the baby. Although the man prefers her to have abortion, he says that the final decision is up to her. In the beginning of the story, the girl is sitting in the dry country and overlooking the hills. “They look like white elephants” I believe that white elephants are very rare animal and should be appreciates if we have seen them. Moreover, according to Buddhist text, before the Lord Buddha was born, his mother dreamed that a white elephant came to present her with lotus, the symbol of purity and knowledge. So I think she doesn’t want to have abortion, and this is why when the man said he had never seen a white elephant before she sarcastically said, “No you wouldn’t have.” So I think we cannot always interpret based on slang “white elephant” that may be unrelated.


In “Indian Camp” I think it is more than the boy learns the journey of life because it is full with ethical problem. The first is a cruel sequence of medical events. Is it good that the father forces his son to become a part of a cruelness of medical events? Is he too young to see blood steams down from Indian woman’s body and a knife covered in blood? Moreover, I think Nick’s father treats Indian woman as if she is animal. It is just because his race is different from hers. He operates by only a pen knife and fishing leader as his instrument and no anesthesia for the Indian woman. No doubt the woman will cry of terrible pain. “Oh Daddy, can’t you give her something to make her stop screaming?” asked Nick. “No. I haven’t any anaesthetic,” his father said. “But her screams are not important. I don’t hear them because they are not important.” After that, the doctor is proud of himself about his success in surgeon and discovers that the woman’s husband has silently cut his own throat. It is probably that he is unable to tolerate his wife’s pain and the racism of the white visitors. Although the medical treatment could save life of both woman and her child, but I think there is the cruelness of two white men that brings about the unnecessary death of the father. Therefore, the way doctor acts to children and to patients is immorality, racism and sexism.


For “Clean Well Lighted Place” The old man does not what to go his home, but still be in caf�, just like what the old waiter want. Many readers will sympathize with them, but not for me. I think the reason why they are unhappy and lonely, it is because they are greedy for everything. The old man had already have everything; niece who looks after him, plenty of money, wife. But he himself probably also thinks that both his niece and his wife don’t care about him and all of this is not enough for his desire. He wants more and more. Thus, he once killed himself and prefers to spend time at caf� alone to be sarcastic his life. Also, I believe that the old waiter envy the young waiter because the younger has confidence, youth and job but the older waiters says he never had confidence and is no longer young. He wants to be young again and is not satisfied at his own age at this moment.


Clearly, we cannot deny that some knowledge about the author’s life is meaningful to understand the story. Because if the character in a story a little disturbed, then we tend to think the author may have a problem. These two point always tie to each other. Also, the idea that a person may read a story and pick up different message that depends on their mood at the time they read.





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