Coney Island Questions Essay Example | Topics and Well Written Essays - 1000 words

Coney Island Questions - Essay Example He contends that, amusement parks provided relief and respite at the turn of the century for the socio-economic groups striving for ethical and societal status in America. During the nineteenth century, Victorian public order and conventions governed the American society. Kasson quotes, â€Å"Nineteenth-century American was governed by a strikingly coherent set of values, a culture in many respects more thoroughly Victorian than the England over which Victoria reigned† (Kasson, 1978, p. 1). New York presented a sharp contrast due to the socio-economic disparities between the affluent, Park-Ave mansion owners, and poor working families in the slums. Coney Island was the first platform, which brought the economically disparate segments together by providing entertainment for all. Hence, it helped the culture to evolve at the turn of the century. This cultural transition move assisted people in forming their own unique identity. This book enlightens the readers about the emergenc e of a novel culture by portraying the clash between the genteel values and the emerging identities that ensued from industrialization. â€Å"Moral, integrity, self-control, sober earnestness, industriousness- among the citizenry at large† (Kasson, 1978, p. 1) characterized the pre-Coney Island as Kasson wrote. Unfortunately, the vast majority of New Yorkers found it impossible to attain these virtues and consequently, lived in sub-human circumstances. Leisure time was a privilege enjoyed by only the affluent and elite; even though, Victorian values advocated that this time was integral for edifying and informative activities. Such genteel cultural norms encouraged the establishment of parks like the Central Park in New York to provide a retreat to both, the industrial class and elites. Unfortunately, the working class lacked the time or financial resources to benefit from the Central Park; hence, the genteel class primarily benefited from it. However, unlike the Central Park , Coney Island aimed at providing entertainment. Coney Island that constituted of three inter-connected parks, namely, Steeplechase Park, Luna Park, and Dreamland ended up offering categorically different form of entertainment than ever witnessed before as Kasson terms it â€Å"architecture of pleasure† (Kasson, 1978, p. 63). Built on the ideas of Chicago’s Midway, Coney Island provided an opportunity to see the unusual, unheard characters as Kasson writes, â€Å"Midgets, giants, fat ladies and ape-men were both stigmatized and honored as freaks† (Kasson, 1978, p. 50). The illustration of the Streets of Cairo demonstrates that people had the extraordinary opportunity to see a glimpse of the lives of people around the world. Additionally, novel amusement rides like the Ferris wheel provided thrill and adventure; hence, they added color to the mundane working lives of the industrial class. For the first time, men and women were relieved of societal pressure and ha d the opportunity to come together. Not astoundingly, the novel emerging culture was dramatically opposed to the genteel cultural values as Kasson quotes, â€Å"Coney Island in effect declared a moral holiday for all who entered its gates† (Kasson, 1978, p. 50). Thus, Coney Island depicted the cultural transition in the masses from the Victorian values towards the emerging culture. Consumption formed the cornerstone of this novel mass culture. No longer were the working class limited to working and sleeping. Instead, they now had time and money at

Dream Essay Essay Example for Free

Dream Essay Essay Imagine yourself 10 years from now. After spending most of your young life cramped inside of an overpopulated school, you are anxious to begin your dream job, the job that you have been waiting for since grade school. Now, it’s finally yours and no one can take it away from you, no matter how hard they try. Everyone has a dream that they would like to have come true later in life, whether it’s to have their dream job, or to meet their favorite celebrity. My dream in life is to finish school and become a doctor. I want this dream to come true because ever since the doctors at Saint Barnabas hospital saved my mother from dying from birth, my brother from dying from multiple asthma attacks, and my grandma from breast cancer, I knew I wanted to be like them someday, helping to save the lives of young(and old)people. There are multiple steps that I would have to take for me to fulfill my dream of becoming a doctor. The first step to accomplishing my goal is attending an Ivy League School. The best way to be able to attend an Ivy League School is getting admirable grades early. Ivy League Schools most likely won’t admit you to their school if you start doing well in school late in high school. You should also challenge yourself academically. This means taking advanced courses, especially ones that offer college credits. Ivy League Schools prefer students who do well in a challenging course than one that does exceptional in an average one. Although this may be a tedious task, I believe that it’s worth the wait. To accomplish my goal to become a doctor, I will have to be very studious and diligent for me to be able to finish school. When I close my eyes, I can imagine myself 15, 20 years from now, accomplishing my dream of becoming a doctor. After a long day of working as a doctor in my office in California, I finally get to come home to my wonderful husband, 2 kids, 2 dogs, a turtle, a hamster, and a guinea pig. The scene when I get home is different everyday. Sometimes, I come home to the find everything serene and the kids doing homework or the kids watching television with the dogs at their feet. But other times, I come home to total chaos. The kids are fighting for no apparent reason and the house is flipped completely upside down. But, even with the chaos, I love my family and wouldn’t change anything, even if I could. I can already imagine myself taking care of a patient. I’m working in my office when the doctors rush him in, telling me that he’s been in a horrible car accident and is unresponsive. They also tell me that a piece of the metal highway barrier has entered his body and when I look down, I can see it jutting out of the lower section of his thigh. We rush him into an operating room, give him the anesthesia, and start the procedure to remove the jutting highway barrier from the man’s body. After 6 hours, 3 cups of coffee, and a lot of skin and blood lost, we finally removed the piece of metal out of the man’s thigh. After the procedure, I got many accolades from my fellow doctors. Being a doctor demonstrates all of the capricious things that happen in life, but everyday, I revel the fact that I get to live out my dreams. Now that my dream is a reality, I can say that after many years of working hard in school, have accomplished my goal of becoming a doctor. Now, I can probably better understand how tired my mom actually was taking care of two kids and working full time. Working full time and becoming a mother to two kids makes me appreciate my mother even more than I already do. I know how hard she works to take care of me and my little brother and also to be able to pay all bills. Becoming a doctor changed my family’s life because now, instead of them taking care of me, I am old enough to take care of myself, and my family members. I hope that instead of fantasizing about it, I will actually get to live out my dream 15, 20 years from now.

How An Ordinary Man Became An Extraordinary Leader Politics Essay

How An Ordinary Man Became An Extraordinary Leader Politics Essay Introduction Before starting this essay I feel it is important to define the term Leadership. Leadership is the relationship among leaders and their followers or supporters who intend to make real changes that reflect their shared purposes. Leadership is much more than the management of an individual or a team it is also the ability to make the team or company as successful as possible. As the 40th President of the United States, Ronald Reagan was widely renowned for his leadership skills. Through out his two terms in office Reagan used these skills to full effect. These skills where largely acquired during his early acting years when he was involved in the Screen Actors Guild. During Reagans first term in office, Reagan created new economic and political initiatives which were often referred to as Reaganomics, he brought about de-regulation and he also implemented substantial tax cuts in 1980s. During this first term Reagan survived an assassination attempt on his life. In the 1984 presidential election Reagan won in an out right victory to earn a second term in office. During this term Reagan was largely focused on foreign policy which was top of his agenda. Ending of the cold war with the Soviet Union which Reagan referred to as an evil empire was his top priority. The negotiations that followed with Soviet Union resulted in a decrease of both countries nuclear w eapons. This was hailed as a huge triumph. Reagan is widely known today as one of the greatest ever leaders that ever lead America. Leadership Skills Communications The art of been able to communicate is vital in any management or leadership role. Been able to communicate plays a very important role for an engineer, on a daily basis an engineer will be in constant communication with various different groups from architects to labours. Been able to get your point across is very important in ensuring the success of the project. To be an effective leader one must have an effective communication skill. This was one of Reagans most talented leadership skills. Reagan had a great ability to been able to communicate with his followers i.e. the people. Reagan was such good communicator that he earned the nickname The Great communicator. Once Reagan had a vision what he thought should be done he would then convey it to the people. Often he would use visual aids such as charts to convey his message. Been able to communicate your visions of what you think needs to be done with your followers is crucial for any leader. Any ordinary leader can have a vision of what he thinks will work but it takes a good leader to be able to communicate it with his followers. Reagan was able to take any complex matter such as his economic initiatives which he proposed and dilute it down to simple terms so the ordinary person would be able to understand it. There are many examples of where Reagan would take complex matters such as his economic initiatives which he proposed to help Americas economy to grow and turn into a non complex matter by doing so the people understood what to be done to help America recover. Once the people understood the matter on hand they would back him. Reagans economy initiatives were of huge success, with the economy growing over a third in size and with every group in society benefited the poor grew rich while the rich grew richer. Another example where we see Reagan making use of his communications skills is where he proposed the Strategic Defence Initiatives a defence system which was capable of shooting down enemies missiles. Reagan explained to the nation why there was a need for such a costly defence system. Even though the media termed it stars wars Reagan pressed ahead with the idea as he knew the people understood. Reagan often used simple charts to convey his message. Reagan said there was a need to able to defend ourselves. Reagan thrived on been able to communicate and building relationships with his people. Often he made people feel that he had a connection with them building these relationships with his people is one many reasons for his success and popularity among the people. Negotiations and conflict resolutions The skill of been able to resolve resolutions and been able to negotiate is a very important factor in the characteristic of a good leader. Reagan clearly had this skill in abundance they are many examples where Reagan used this skill to his advantage. The art of negotiation plays an important role of that of an engineer, on a daily basis engineers deals with new clients, contractors and various other professions. Been able to negotiate will play an important role in determining how good of an engineer you will be. The engineer will also on a daily basis have to settle disputes. Throughout the book DSouza illustrates many examples where we see Reagan negotiating and solving conflicts with other leaders. For example during the cold war period a time of intense hostile between the democratic Americans and the communism Russians, Russia started to build up a large amount of weaponry and for the first time its army size surpassed that of the United States, Reagan knew that he had to negotiate with Russia to ensure the safety of his country. Reagan began to encourage Gorbachev the Soviet Leader on an arms reduction treaty STARTS, Strategic Arms reduction talks. The two leaders agreed on a treaty to reduce its arsenal of weaponry. Getting the soviets to agree on this treaty was an astonishing achievement on Reagans part as at this time the two nations where on the brink of a war. Here we seen the negotiations skills that Reagan possessed in managing to pull off such a feat. On coming to office the main goal of Reagan was to prevent the spread of communism. Reagan hoped of to end Communism and its control around the world. Reagan began a process of negotiations with the Soviet Leader; from the start Reagan knew that it was going to be a challenge. Reagan persisted and in the end brought about an end to the cold war. Gorbachev was stated as saying, He was a man who was instrumental in bringing about the end of the Cold War. Here we can learn a lot from a great leader, in his pursue of his goal. Reagan set out to end communism which he manage to so by employing all his leadership skills which was mainly his negotiations skills. Leadership Styles There are many different types of leadership styles some of these styles include directive, supportive, participative and achievement-oriented leadership. Directive leadership is where the leader provides guidance of what should be done. Supportive leadership is showing concerns for the needs of the employees while be approachable. Participative leadership: consulting with employees and seriously considering their ideas when making decisions. Achievement-oriented leadership is where the leader encourages the employees to perform at their highest possible level he/she does this by setting challenging goals and also by demonstrating a significant confidence in their employee abilities. Throughout this book DSouza makes it very clear that Reagans leadership style was that he was both a supportive and a participative leader. Reagan was very supportive of the various aides and advisers that he had around him. Reagan would always listen to their concerns on various matters; he would sometimes leave his advisers debate the topic on hand without intervening in either side till both sides were finished. Reagan would seriously listen to both sides before then making the final decision on the matter on hand. Reagan did this as he felt if he gave his opinion at the start it would influences the debates, as he felt some times his advisers picked the side of the president. DSouza also it makes it very clear that he and other advisers never had any trouble approaching Reagan on any matter and that he was always friendly. A truly great leader is approachable at all times, a person who employees do not fear of going to or are not afraid to give their opinions on matters which are of concern to them. Motivation According to Burke motivation is an inner force that causes or induces someone to be inspired to do something (Burke, 2007). It is important to note that what inspires one person may or may not inspire someone else. It is up the manager to influence this working environment which encourages the individual in question to motivate them in such a way that they achieve the project goals set out. DSouza highlights many situations where the staffs working for Reagan were motivated to work. Such examples where we see how the staff where motivated include Reagan handing over many sections of the running of the country to his advisers and aides. By giving his staff more responsibility for the running of the country they were motivated to work as it gave them a sense of achievement. Reagan also encouraged his staff to lead a balanced life, come 5 O Clock he would often he would go into the various offices in the white office telling his workers to go home. This motivated them as they felt the president cared for them and their families as he wanted them to lead a balance life style between work and at home. One of Reagan famous quotes dealing with issue of hard work its true hard work never killed anybody, but I figure, why take the chance? .This quotation is typically of Reagan showing his humorous side and his take on work. Working with stakeholders Stakeholders are people who are either actively involved in the project in hand or who are effected by the project being implemented. It is the leaders job to identify all the stakeholders and to determine their expectations. These expectations should be managed to determine its success (Burke, 2007). In How an Ordinary Man Became an Extraordinary Leader we see that Reagans stakeholders were the general public. It is the people who are affected by every decision that Reagan makes. To work with his stakeholders Reagan did his best to communicate with them. Reagan would call press conferences in which he would inform the nation in the most simplicity way that he could the topic that was on hand. Reagan believed it was best telling the public in the simplicity of ways as it gave them of a clear picture of what needs to be done. The other stakeholders working with Reagan were his advisers and aides, Reagan would always encourage them to contribute their skills and knowledge on the topic on hand as he believed it was vital for the success of the project. Optimism Throughout the book with can see that Reagan was always optimism. DSouza gives many quotes from Reagan through out the book showing his optimism such quotes include To believe that together we can and will, with Gods help, resolve the problems that now confront us.   Which Reagan gave in his first inaugural address Reagan was trying to be optimistic telling the nation that better times were ahead. Having optimism is very important when been a leader as it offers hope to your followers . Accountability Another important trait that Reagan held is that Reagan was not afraid to hold people accountability we see an example of this is when on August 1981 workers in the Professional Air Traffic Controllers Organization walked went on strike in an organized strike they demands been a reduce working week to 32 hour week. When the striking air traffic controllers refused to return to work, Reagan fired them and banned each of the members from federal service for life. Ronald Reagan the air traffic control workers accountable. This is action of a good leader as he shows he willingly hold people responsibility while also being strong. Likeable To be a good leader you must be likeable. The more likeable a leader is the more people will follow him as people tend not to follow people they dislike. Reagan was vey much a likeable man, throughout the book we see that he was described by people who worked for him as a kind and a decent person. A lot of the time Reagan would use humour which people enjoyed if they werent on the receiving end. Reagan would often use humour to avoid answers from the press or to win crucial arguments in public debates. Admit Mistakes A key component to any good leader is to been able to admit to your own mistakes. This is very important as through your life time you will make mistakes, and a good leader will put his hand up and admit that he is wrong, he will the move on. An example of this we see when Reagan admits that he is wrong through the intervention in Lebanon. One of Reagan policies was to intervene in other countries policies in order to preserve democracy but this had devastating consequences when in Lebanon an attack on an army barks killed 240 American soldiers. Reagan was quick to realise his mistake and quickly withdrew from the area. Being able to recognise your mistakes is a key element in becoming a good leader. Conclusion From reading this book we learn some important lessons on leadership. We learn how one man Ronald Reagan used the different leadership skills to achieve so much while in office. We learn the importance of been able to communicate and how important it is to be able to communicate your visions with your followers. One of the most important lessons we learn is how importance is it to reduce your visions to the simplest terms so that your followers will be able to understand them. We learn how to deal with conflicts and how to resolve them as through out the book we see how Reagan resolved various conflicts. On the bigger picture we learn about the different leadership skills and how important that they are in order to be an effective leader. By reading this book the reader will quickly learn how important it is to know the key requires of being a good leader. Reason why you choose this book One of the main reasons why I choose this book Ronald Regan How an Ordinary Man Became an Extraordinary Leader by Dinesh, is that I feel that it would be very beneficial to a young graduate engineer entering the workforce. This book gives us an insight into the life of possible one of the worlds greatest ever leaders Ronald Reagan the 40th president of America. From this book we learn about the different leadership skills that Reagan possessed. I feel it is truly amazing how a man who came from such an ordinary background managed to be elected as the most powerful person in the world. Reagan came from a working class background whose father was an Irish emigrant. Through out his education period Regan was an average achiever he obtained a grade C in his finals, yet he still managed to become president of United States of America. Not only did Reagan manage to become president, but he also accomplished many achievements that will never be forgotten in history. From reading this book t he reader will learn about the different traits that a good leader must have. The achievements that Reagan managed to accomplish through out his terms in office are truly inspiring. Some of his most noticeable achievements include: introducing new economic initiatives to help America recover from the 1980s recession, introducing policies to help with the energy crisis that was happening at the time, introducing substantial tax cuts in 1981, one of his greatest achievements that Reagan will always be remember was the part he played in ending the cold war, as Margaret Thatcher the British prime minister later recalled He ended the cold war without firing a bullet. I feel that a lot can be learnt from reading this book as the reader learns how Reagan used his leadership skills to guide America through a difficult period in their history. We see many of his leadership skills that he possessed been deployed through this book. Achieving the above achievements as mentioning above takes a special kind of leader, a leader that has all the known leadership skills, this enforced my reason for the selection of this book. How is this relevant to graduate engineers? I feel that this book would be of huge benefit to a graduate engineer going into the workforce as it demonstrates how such an ordinary man became such an inspiring leader. Throughout the book we can see the characteristics of Ronald Reagan that made him such a great leader. As an engineer you are expected to lead large groups with such a diversity of talents on a range of different and complex jobs, even though the groups you will be leading wont be as large as the groups Ronald Reagan had to the lead, the basic traits of a good leader are the same. These traits that Reagan used are highlighted by DSouza throughout the book. By reading this book we see how Reagan managed individuals and groups such as his advisers on various matters, we see his negotiations skills in action also. Such examples include: when he is negotiating with Gorbachev the Soviet leader in various arms treaties. We see how he communicated with his followers; we see how he resolved conflicts, such as avoiding a nuclear war with Russia during the cold war. We see how he used motivation to encourage the productivity of his staff, such as handing over more responsibility to his staff they felt that had a personal achievement if they got the task done. Throughout the career of an engineer he/she will have to put to the test their management skills, negotiations and conflict skills communication and motivation skills this book will help in understanding theses key skills and how an ordinary man managed to mobilise them to great effect. As engineer you will be faced with a varied of different challenges that will test your leadership skills by reading this book the reader will understand the concepts of a good leader. I feel that many of the techniques that Reagan used during his time in office to lead the nation, are very applicable to us engineers.

Sex in Movies Essay -- Media Entertainment Films Essays

Sex in Movies Has the role of sex gained too much importance in todays movie industry? The answer to this highly publicized question, although highly depending on personal opinion, is no. The growth of sex in movies is directly related to the growth of its role in modern society. The movie industry has no choice but to adapt to a society with changing entertainment needs. The movie industry is just what it says, an industry. An industry that has one goal similar with all other industries, to make money. Compare the movie industry to other industries in todays society. Other forms of industry like the alcohol industry are allowed to operate without constant criticism from public figures. I understand that the alcohol industry runs on a strict set of guidelines and provides for reasonable age limits, but switch back to the movie industry. Most movies are mere ideas of their original versions after they are subjected to industry limitations. The rating system also provides for assurance that viewers are of a mature age to handle the content of movies. Skeptics of modern society use the movie industry as a scapegoat. They make unjust claims that the movie industry is the cause of changes in our society. This is impossible, a movie completely contrary to modern standards and beliefs would not be accepted. In todays high dollar industry one flop would be enough to nearly end the career of a new producer or company. A mistake this costly is not worth the risk. Skeptics should look for actual causes of the shift of morals in society and not concentrate on an industry that happens to be profiting from the shift. Other critics would like to see sex portray... ...st is always on the move and has a fear of settling down. Her true love for Tomas and Teresa is shown in the final scene when she learns of their death. Tomas, Teresa, and the artist are all caught up in a dangerous love triangle in this movie. The sexual action catches the attention of the audience and arouses their curiosity on sexual inhibitions. This play on human curiosity is a genius move on the part of the film makers. Sex is a needed part of this movie. Although it may drown out the political plot of the movie, it is also an equally important plot. The film makers used the war setting to show that humans and their sexual habits exist everywhere through any type of chaos. Overall sex in the movie industry is natural. Humans want sex. Sex is a physical fact. The movie industry is just practicing good business.

Role of Money Market in Economic Development of Nigeria

Discount Houses Operations, the Money Market and the Nigerian Economy: A Preliminary Investigation C. B. Ezirim and F. E. Enefaa Abstract This paper investigates the relationships subsisting between the operations of discount houses and the performance indices of the money market and the general economy. The method used involved the estimation of regression models and subsequent analysis of results using conventional statistics. The findings indicate that positive and significant relationships existed between the indicators of discount houses and those of the money market and the macro economy.Thus, the operations of these houses reserve the potentials to boost the performances of the money market and the economy considerably. This calls for policy options that would favor the encouragement of existing houses and licensing of new ones to adequately carter for the needs of the overall economy. Introduction It has been underscored that discount houses play very important roles in stimu lating investments in the economy and in boosting the general operations of the money market.Not only do they serve as catalyst in the market, they are, on their own, large-scale investors in the money market as well. Their role in facilitating profitable open market operations is worth stressing (CBN, 2004; Ezirim, 2005). Notwithstanding these and other roles performed by discount houses in a typical economy, the Nigerian money market operations are said to be sub-optimal in terms of engineering desired growth in the economy. The observed sub-optimality of the Nigerian money market is blamed, in part, on the poor performance of discount houses and other money market institutions.Discount houses, from the onset of their operations in the country, were expected to cause the Nigerian money market to operate optimally. Since the money market is yet to achieve this objective, can we then say that the discount houses have failed in their expected duties? It is the burden of this study to ravel the true position by x-raying the relationships between relevant variables representing the operations of the money market and those of the discount houses.Furthermore, the entire activity of the discount houses is expected to directly or indirectly boost aggregate domestic investment, output, and income. The levels of these macro magnitudes, even with the advent of discount houses, have left much to be desired. Does this suggest that these institutions, alongside others, have failed in their critical duty to the economy? The need to investigate the relationship between the 94 operations of these financial institutions and relevant macro indicators is only rife.It is, therefore, main purpose of this study to analyze the operational performance of discount houses in a bid to see how they relate with the general performance of the money market and the macro economy. Theoretical Framework and Review Concept and Roles of Discount Houses Discount houses are recent but novel develo pments that are meant to further the catalytic processes in the economic advancement of the less developed countries (LDCs) like Nigeria, especially in the money market sub-sector.By definition, discount houses are financial institutions devoted to trading in money market securities in the secondary market. As in Ezirim (2005), discount houses (DHs) were established to serve as financial intermediaries between the Central Bank of Nigeria (CBN), licensed banks, and other financial institutions. DHs mobilize funds for investments in securities by providing discounting/rediscounting facilities in government short-term securities.According to Central Bank of Nigeria (2004: 1) Revised Guidelines for discount houses in Nigeria, â€Å"a discount house means any person in Nigeria who transacts a discount house business which in the main consists of trading in and holding of treasury bills, commercial bills and other securities and whose operations are in the opinion of the CBN those of a d iscount house†. Local Banks and other financial institutions including insurance companies, with or without the participation of international finance institutions acceptable to the CBN, can subscribe to the shares of a iscount house business. However the maximum permissible equity holding for any single investor in a discount house is 40%. Kakawa Discount House Ltd. (2005) provided a distinct approach to understanding the discount house phenomenon. To them, a discount house is a specialist financial institution, which intermediates in the money market by accepting short-term monies for onward investment in short-term financial securities from commercial, universal, investment and development banks, building societies, other financial institutions and high net worth individuals.They are credited with playing a vital role in the Nigerian Monetary System by sitting at the centre of the money market, and offering the safest avenues available for investment in Nigeria today. They invest mainly in government treasury bills and to a lesser extent in commercial bills issued by blue chip companies, and accepted by creditworthy bank. Their principal specialization is in providing primary liquidity in the Nigerian financial sector through the buying and selling of security in huge volumes for very short period of time.A discount house in Nigeria is a specialist financial institution that acts as an agent for facilitating the Open Market Operation (OMO) allocations; and as a market marker in Nigeria money market. Ajie and Ezi (2001) maintained that the establishment of discount house in Nigeria has been an important development that led to an increased level of activity, fund flows and growth of the money market. 95 Establishment and Raison d’etre of Discount Houses in Nigeria Discount Houses were set up by the provisions of Section 28, of the Central Bank of Nigeria (CBN) Decree No. 4 of 1991 and sections 61 of Banks and Other Financial Institutions (BOFID) Decree No. 25 of 1991 as amended. Three discount houses commenced operations in 1993 while two others joined between 1995 and 1996. Discount Houses were primarily created in Nigeria to carry out the following functions: (a)Promotion of rapid growth and efficiency in the money market; (b) Acting as an intermediary between the CBN and licensed banks in Open Market Operations (OMO) transactions and other eligible transactions; (c ) Facilitating the issuance and sale of short termGovernment securities, (d) Providing discount/re-discount facilities for Treasury Bills, Government Securities and other eligible financial instruments; (e) Accepting short-term investments on an intermediary basis from banks and wholesale investors; and (f) Providing short term financial accommodation to banks. The CBN injects or withdraws funds from the money market through the Discount Houses, whose operations will enable them serve as a mirror with which the CBN gauges the liquidity position in the market. Discount Houses help banks to adjust their books on a daily basis, resulting in the stimulation of the money market and paving the way for healthy growth, efficiency and professionalism. Following the recent CBN 2004 Guidelines, the functions of a Discount House were expanded to include: (a) Providing portfolio and funds management services, (b) Providing financial and business solutions, and (c ) Other functions that may be prescribed by the CBN from time to time (CBN, 2004).Regulation and Control of Discount Houses in Nigeria The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) regulate and control the activities of the Discount Houses. In a bid to keep Discount Houses secure, the CBN strictly regulates them through daily, weekly, monthly, semi-annual and annual reporting of their statement of affairs while relevant quarterly reports are sent to SEC. This keeps the regulatory agencies continuously informed of the situation prevailing in the Discount H ouses on a daily basis ( Kakawa, 2005).In terms of prudential requirements, the CBN (2004) required that every discount house shall: (a) transfer to the statutory reserve a minimum of 15 percent of profit after tax if the reserve fund is less than the paid-up capital and a minimum of 10% if the reserve fund is equal to or more than the paid-up capital; (b) maintain capital funds to risk assets ratio of 1:13 and cash asset ratio (CAR) of 10% or as may be prescribed by the CBN from time to time; (c ) not exceed a maximum ratio of 50:1 between its total borrowing and capital plus reserves without the prior approval of the CBN; (d) not grant to any bank, facility of more than 75% of its shareholders’ funds unimpaired by losses without the prior approval of the CBN; (e) (i)at all times maintain not less than 60% of total borrowing in government securities; (ii) Any discount house which fails to maintain the 60% of borrowings in government securities is guilty of offence and liable to fine as stipulated in Section 15(4)(b) of BOFIA as amended. (f) shall classify and make provision for its risk assets in line with prudential guidelines for banks; (g) maintain proper books of accounts; (h) every discount house shall display its daily rates or interest in a conspicuous position in all its offices; (i) 96 hanges in the discount house’s top management and Board of Directors shall be subject to the prior approval of CBN; (j) every discount house shall appoint an auditor approved by the CBN whose duties shall be to make to the shareholders a report of their annual balance sheet and profit and loss account. The qualifications, duties, powers and responsibilities of the approved auditors shall conform to the provisions of Section 29 of BOFIA 1991, as amended; and (k) all repurchase transactions (Repos) by discount houses shall be reported on the balance sheet if the securities used are owned by the discount houses with the affected assets remaining in the books of the sellers (discounting houses), while the cash received by them shall be recognized as a liability (CBN, 2004). Services and Financing of Discount Houses Discount Houses offer a wide range of financial products to Banks, Non-Bank Financial Institutions and the general public.The main services include: (a) Securities trading which includes buying and selling of: Treasury Bills, Treasury Bonds, Government Bonds, and Commercial Bills; (b) Accepting short-term investments from banks and providing short-term accommodation to banks; (c) Short-term financial intermediation through the acceptance of funds and simultaneous investment of the funds in: Commercial Papers, Bankers Acceptances, Government Securities; (d) Providing personalized wealth management to high net-worth individuals through a network of investment managers, financial consultants and other specialists; (e) Effective portfolio management on both discretionary and non-discretionary basis through the provision of medium to long term investment management services to: Pension funds, Private clients, Employee Schemes, Trustees of family settlements and charities; and (f) Providing Business Solutions in: Financial Arrangement and Management, Mergers and Acquisitions, Privatization, Business Assessment, Business Structuring, and Data Resource and Management (kakawa Discount House Ltd. , 2005) The Sources of funds for discount houses in Nigeria included: (a) Equity – Paid- up Capital and Reserves. (b) Call money and short-term borrowings of not more than three years maturity. (C) Call money placed by banks with discount houses shall form part of the specified liquid assets of the respective banks for the purpose of the liquidity ratio requirement. d) A discount house that is short of funds may: (i) obtain from the CBN an overnight advance against acceptable collateral. However such an advance shall not exceed 20 percent of the total assets of the discount house and shall not in any event be gran ted if the discount house has exceeded the borrowing limit as prescribed by CBN; (ii) sell short-term bills and/or other securities to the CBN. The CBN shall provide rediscounting facilities for treasury and other eligible securities; and (iii) enter into Repurchase transactions with the CBN using eligible securities. The short-term nature of the liabilities of a discount house requires that its assets be substantially liquid.The assets of a discount house shall consist of the following: a) Treasury Bills; b) Treasury Certificates; c) Negotiable Certificates of Deposit (NCDs); d) Bankers’ Acceptances; e) Commercial Papers (eligible); f) Asset-Backed Securities (of not more than three years to maturity); g) Federal Government Development 97 Stocks (development stocks not exceeding five years); h) Eligible State Bonds (bonds with not more than five years to maturity); i) Promissory Notes issued by State Governments; and j) Any other securities that may from time to time be appr oved by the CBN. Discount Houses, Open Market Operations, and the Money Market Open Market Operations (OMO) is an indirect monetary policy technique that is used to control the level of money supply.It involves the sale/purchases of money market instruments in the open market. In Nigeria, the money market instrument used for OMO auctions is the Treasury Bills. Discount houses are the exclusive agents, in the conduct of OMO in Nigeria. OMO auction are held on a weekly basis. Presently, the notice is put out on Wednesday. Banks and other participants forward their bids to the discount houses on Thursday whilst the results are released the following day, Friday. The Discount House submits bids from authorized dealers, including its needs for OMO instruments, to the Central bank and facilitates the payments and settlement of the transactions.The money market is a wholesale market for low risk, highly liquid, short-term debt instruments. Shortterm refers to a tenor of less than one year. In Nigeria, the instruments traded in the main are Treasury Bills, Bankers Acceptances and Commercial Paper. The heart of activity in the money market occurs in the dealing rooms of discount houses and banks. Each day, billion of Naira is traded between operators in the money markets (CBN, 2004; Kakawa, 2005). Performance of Discount Houses in Nigeria Since inception, the discount houses have especially increased the level of activity in the secondary market for government securities. This is apparent from the volume of treasury bills currently held by banks. This increased from N5,181. million in 1992 to N38,286. 8 million in 1994. This is very remarkable when we consider that the treasury bills issued by the CBN had shown a downward slide from N81152. 1 million in 1992 to N30633. 2 million in 1994 and N20247. 7 million in 1996. As at 2002, there were 5 discount houses operating in Nigeria. Relative to their performance in 2001, they recorded significant growth in 2002. The total assets of the 5 operating Houses amounted to N57. 3 billion at December 2002 and N67. 3B as at the end of 2004 ( See Table 1 below). Total funds available amounted to N28. 7 billion compared with N9. 7 billion in 2001. The funds were sourced mainly from money-at-call (N13. billion), other amounts owed to bank and non-bank customers (N11. 7 billion), accretion to capital and reserves (N1. 6 billion), and reduction in cash and balances with banks (N1. 5 billion). 98 Table 1: Selected Indicators of Discount Houses, Money Market and Nigerian Economy Discount Houses Shareholders’ Funds (DHSF) NM 1993 436. 0 1994 565. 7 1995 865. 6 1996 1251. 7 1997 1430. 5 1998 1710. 3 1999 2136. 5 2000 3730. 7 2001 4948. 6 2002 6511. 0 2003 7679. 0 2004 9924. 5 Source: CBN Annual Reports, various years. Year Discount Houses Assets (DHASS) NM 4,461. 8 9,583. 2 3,431. 9 1,178. 4 6,996. 1 7,842. 6 15,049. 6 30,260. 8 32,353. 7 57,282. 52,731. 2 67,346. 2 The funds were largely utilized for investmen ts in government securities (N19. 7 billion), settlement of claims to banks (N2. 4 billion), and acquisition of other assets (N2. 4 billion) among other uses (CBN, 2002: 42, 43). The Central Bank (2004a) reported that the level of activities of discount houses recorded relatively improved performance in 2004 relative to compared with what obtained in 2003. The total assets/liabilities rose from N52. 7 billion in 2003 to N67. 3 billion in 2004, representing an increase of N14. 6 billion or 27. 7 per cent, while the total funds sourced amounted to N22. 6 million, compared with N15. billion in the preceding year See Table 1). The funds were sourced mainly from non-bank customers (N8. 1 billion), reduction on claims by banks (N5. 7 billion), and an increase in reserves (N2. 2 billion). The funds were utilized mainly in the purchase of Federal Government securities of less than 91-days maturity (N16. 2 billion). Discount houses’ investment in Federal Government securities of less than 91 days maturity amounted to N38. 1 billion at end-December 2004, representing 80. 1 percent of their total deposits liabilities. This was 20. 1 percentage points higher than the prescribed minimum of 60. 0 per cent for fiscal 2004 (CBN, 2004a).These show how important the impact of the discount houses has largely been felt in the level of activity and nature of holding of government debts instruments. Research Methodology Design of the study and Data: The study investigates the effect of the operational Performance of the discount houses on the Nigerian economy. The method employed included the estimation and analysis of regression models. For the purpose of this study, the research design used was the investigative research method which is mainly biased to inferential statistical analysis (Baridam, 2005). This study was intended to cover the entire discount houses operating in Nigeria.Accordingly, time series annual data 99 covering the period of 1993 through 2004 were obtain ed and analyzed. The Annual Report and Statement of Account of the CBN for various years constituted the sources of the time series data for the estimations. Operational Measure of the Variables: The dependent variables in this study are the operational performance indices of the money market and the entire economy, namely the total value of operations of the money market and the real GDP respectively. The independent variables are the operational performance indices of the discount houses, namely the discount houses shareholders’ fund (DHSF) and discount houses assets (DHAS).Data Analysis Techniques: Besides the desk research method which informs an extensive review of the theoretical underpinnings related to this topic, the study involved the estimation of conventional regression models as earlier mentioned which assisted in analyzing the data. The ordinary least square (OLS) technique was also adopted using the SPSS software for the estimation of the variables. The tand F- tests were used to test for significance of the results obtained. Hypotheses, Estimation Results, and Analysis Two hypotheses were formulated to the intent of finding the nature and magnitude of relationship existing between discount houses operations, on one part, and the money market operations and the general economic activity of the country, on the other. The resultant linear regression models were estimated and analyzed below. Relation between Discount Houses’ and Money Market Operations The first ypothesis states that: there is no significant relationship between the country’s money market operational performance and the operations of discount houses in the country. As expected the regression statistics were calculated using the SPSS computer software programme. The indicator of the money market, namely money operations from 1993 through 2004 were regressed against the indicator of discount houses, namely, the total capital injections (shareholders fund – DHSF) of discount houses on one part, and total assets of discount houses (DHAS) on the other. This procedure yields two subhypotheses: one relating money market operations (MMOP) with discount houses shareholders’ fund (DHSF) and the other linking MMOP with discount houses assets (DHAS).The results of the computations are summarized on Table 2 which depicts the regression results of relations between the above variables. In each case, the MMOP remained the dependent or explained variable, while the DHSF and DHAS were the independent variables. As shown by the Table, for the MMOP-DHSF relation, the observed coefficient of regression was 0. 995, while the same statistic was observed as 0. 978 for the MMOP-DHAS relation. 100 This suggested that the degree of association between the money market performance and the discount houses’ operations was very high, being at least 97%. The observed high degree of relationship was confirmed by each of the coefficient of determinat ion (r2) of 0. 91 and 0. 957 respectively. The results of the r2 showed that at least 95. 7% of the variations in money market operations can be attributed to the effects of discount houses’ operation, when the explanatory variable was DHAS. Table 2: Regression Results Showing Relationship between Discount Houses and Money Market Operations Independent Variables Statistics DHSF DHAS Coefficient of Regression (R) . 995 . 978 Coefficient of Determination (r2) . 991 . 957 Adjusted R Square . 990 . 952 F-Ratio 1050. 12 220. 522 Significance Level of F . 000 . 000 Regression Coefficient (beta) . 995 . 978 t-Statistics 32. 406 14. 85 Significance level of t . 000 . 00 * Dependent variable is MMOP. Source: Computer Printout (SPSS) The level of explained variation when the explanatory variable was DHSF was 99. 1%. The range of the degree of explained variation attributable to the models, thus, was between 95% and 99%. After adjusting for the effects of small sample size (number of ob servations) and number of independent variable (which remained constant however in each case implying that only sample size was adjusted), the adjusted coefficient of determination, r2, were 0. 99 for DHSF and 0. 952 for DHAS. By implications after the necessary adjustments, the proportion of explained variation remained at between 95% and 99%.The F-ratios of 1050. 12 for DHSF variable and 220. 522 for DHAS variable are all significant at 1% level or less (P = . 000 in each case). This implies that the relationships between MMOP and DHSF and DHMS are statistically significant at the conventional levels. The relative effects of each independent variable as denoted by the t-statistics are equally computed to be statistically significant as expected (t = 32. 406 for DHSF and t=14. 85 for DHAS; P= . 000 in each case) at 1% level of significance. Given these, we cannot accept a null hypothesis of no significant relationship between operations of the money market and those of the discount houses.Thus, there is a statistically significant relationship between discount houses operations and money market performance in Nigeria. Discount houses operating in Nigeria affect the Nigerian money market both positively and significantly. Relationship between Aggregate Economic Performance and Discount Houses Operations The second hypothesis attempts to know whether or not the general economy has been significantly impacted by the discount houses’ operations in the country. This hypothesis stated in the null is as 101 follows: There is no significant relationship between the aggregate economic performance represented by the GDP and the operations of discount houses in Nigeria.Table 3: Regression Results Showing Relationship between Discount Houses’ Operations and Real DGP Independent Variables Statistics Coefficient of Regression (R) Coefficient of Determination (r2) Adjusted R Square F-Ratio Significance Level of F Regression Coefficient (beta) t-Statistics Sign ificance level of t DHSF . 971 . 943 . 937 163. 97 . 000 . 971 12. 805 . 000 DHAS . 947 . 898 . 887 87. 705 . 000 . 947 9. 365 . 000 * Dependent variable is real GDP. Source: Computer Printout (SPSS) The regression statistics were calculated using the SPSS computer software program. The indicator of the economy namely Real GDP from 1993 through 2004 were regressed against the indicators of iscount houses, namely, the total capital injections (shareholders fund – DHSF) of discount houses on one part, and total assets of discount houses (DHAS) on the other. This procedure yielded two subhypotheses: one relating Real GDP (RGDP) with discount houses shareholders funds (DHSF) and the other linking RGDP with discount houses assets (DHAS). The results of the computations are summarized on Table 3 which depicts the regression results of relations between the above variables. In each case, the RGDP was treated as the dependent or explained variable, while the DHSF and DHAS were the in dependent variables. As shown by the Table, for the RGDP-DHSF relation, the observed coefficient of regression was 0. 971, while the same statistic was observed as 0. 947 for the RGDP-DHAS relation.This suggested that the degree of association between the aggregate economic performance and the discount houses’ operations was very relatively high, being at least 94%. The observed high degree of relationship was confirmed by each of the coefficient of determination (r2) of 0. 943 and 0. 898 respectively. The results of the r2 showed that at least 89% of the variations in aggregate economic activities can be attributed to the effects of discount houses’ operations, when the explanatory variable was DHAS. The level of explained variation when the explanatory variable was DHSF was 93. 7%. The range of the degree of explained variation attributable by the models thus was between 89% and 94%. 102After adjusting for the effects of small sample size (number of observations) and number of independent variable (which remained constant however in each case implying that only sample size was adjusted), the adjusted coefficient of determination, r2, were . 937 for DHSF and . 887 for DHAS. By implications after the necessary adjustments, the proportion of explained variation remained at between 88% and 93%. The F-ratios of 163. 97 for DHSF variable and 87. 7 for DHAS variable are all significant at 1% level or less (P = . 000 in each case). This implies that the relationships between RGDP and DHSF and DHAS are statistically significant at the conventional levels. The relative effects of each independent variable as denoted by the t-statistics are equally computed to be statistically significant as expected (t = 12. 8 for DHSF and t = 9. 4 for DHAS; P= . 00 in each case) at 1% level of significance. Given these, we cannot accept a null hypothesis of no significant relationship between aggregate economic activities of Nigeria and operations of the discount houses . Thus, there is a statistically significant relationship between discount houses operations and economic performance of Nigeria. Discount houses operating in Nigeria affect the Nigerian economy both positively and significantly. Concluding Remarks It was thus the main purpose of this study to analyze the operational performance of discount houses in a bid to see how they relate with the general performances of the money market and with the macro economy.Put simply, the study investigated the effects of the operational Performance of the discount houses on the Nigerian money market and the economy. The method employed included the estimation and analysis of regression models. The results indicated that: there is a statistically significant relationship between discount houses operations and money market performance in Nigeria. Discount houses operating in Nigeria affect the Nigerian money market both positively and significantly. Furthermore, there is a statistically significant rel ationship between discount houses operations and economic performance of Nigeria. Discount houses operating in Nigeria affect the Nigerian economy both positively and significantly.The results suggest that the establishment of discount houses has been shown to be one of the potent measures that have tremendous potentials to strengthen and cause real growth to the money market and the economy. In keeping with the above, the Government and the Central Bank should endeavor to license more discount houses since their operations are beneficial to the country. The five discount houses currently operating are too few to satisfy the requirements of a vast country like Nigeria. The opearational Houses and the authorities should also endeavor to awake the consciousness of the investing and the business public to proper usage of the facilities and services provided by discount houses.Candid awareness should be provided and information made available to the investor public to know which discoun t house is performing better and good for patronage. The management of the operating discount house should endeavor to improve in their service offerings to their customers especially in the area of making their discount charges to be reasonably competitive. This could also improve the clientele level of the 103 operating discount houses in the economy. It is important that discount houses’ management, investors and government critically analyze and understand the effect of under-utilization of services or facilities provided by discount houses.It is the humbly suggestion of the authors that further empirical works be carried out on the identified relationships using more powerful and sophisticated tools and larger number of observations such as in the cases of monthly and quarterly data. Comparisons between the Nigerian experiment and the experiences of other developing countries should also be made. These would assist the general understanding of the unique roles of discoun t houses in the less developed countries. 104 References: Ajie, H. A. and Ezi, C. T. (2001) Financial Institutions and Markets, Paragraphics Publishers, Enugu. Baridam, D. M. (2005) Research Methods in Administrative Sciences. NTA Road, Port Harcourt. Sherbrooke Associates. Central Bank of Nigeria (2002) Annual Report and Statement of Accounts. Abuja: CBN Press. Central Bank of Nigeria (2004) Revised Guidelines for Discount Houses. CBN Press.Central Bank of Nigeria (2004a) Annual Report and Statement of Accounts. Abuja: CBN Press. Ekezie, E. S. (1990) Elements of Banking. Ibadan: University of Ibadan Press. Ezirim (2005) Finance Dynamics: Principles, Techniques, and Applications. Port Harcourt: Markowitz. Federal Government of Nigeria (1991) Banks and Other Financial Institutions (BOFID) Decree No. 25 of 1991. Lagos: Government Press. Federal Government of Nigeria (1991) Central Bank of Nigeria (CBN) Decree No. 24 of 1991. Lagos: Government Press. Kakawa Discount House Limited (2005 ) Discount Houses in Nigeria. www. Google. com, Accessed October 2005. Layi Afolabi (1992) Law and Practice of Banking. Lagos: Lagos University Press. 105

The eNotes Blog Ode to Adolescence and Maybe John Green #VeryRealisticYA GetsReal

Ode to Adolescence and Maybe John Green #VeryRealisticYA GetsReal If theres one thing we love here at its literature.  We also love wit, and the latest trending hashtag combined both. Last week  #VeryRealisticYA began trending and the results were nothing short of hilarious and harshly truthful. The YA (young-adult) fiction genre is alluring and entertaining for many audiences,  but can be melodramatic and oftentimes unrealistic.  The hashtag participators sought to bring light and realism to the genre.  Theres nothing quite as postmodern as the ironic, honest words of the Twitterverse. Here are a few of our favorites: Broody bad boy says something sexist to quiet, bookish girl. Girl puts him in his place. They never go out ever. #VeryRealisticYA Ava Jae (@Ava_Jae) March 29, 2015 On his 15th birthday, a young man smokes cigarettes and realizes no one really gets The Smiths the way he does. #VeryRealisticYA Saladin Ahmed (@saladinahmed) March 29, 2015 Boy goes to wizard school. Incurs crushing debt; graduates; wizard job market is terrible. Does nothing with wizard degree. #VeryRealisticYA Jeff Zentner (@jeffzentner) March 29, 2015 Girl gets a note reading I KNOW WHAT YOU DID LAST SUMMER. Shes relieved someone is finally reading her tumblr. #VeryRealisticYA (@TheBloggess) March 29, 2015 Boy steals camera. Makes film to impress girl. Creates modern German cinema. #VeryRealisticYA Werner Twertzog (@WernerTwertzog) March 29, 2015 Rebel teens get decent jobs maintaining Dystopian System, decide that its not so bad after all. #VeryRealisticYA Nick Mamatas (@NMamatas) March 29, 2015 Where are you going, young lady? To help the Outsiders overthrow the Authority. Not on a school night, youre not. #VeryRealisticYA Paul Krueger (@NotLikeFreddy) March 29, 2015 Girl of unearthly beauty shows up. Her dark secret? She spends a fortune on moisturizer. #VeryRealisticYA Christina Ladd (@OLaddieGirl) March 30, 2015 Girl doesnt base relationship expectations on Twilight. Becomes a successful, emotionally balanced human being. #VeryRealisticYA Emily M. (@EmiWHEEEEEEEEEE) March 30, 2015 guy playing human wizard rolls a 1 for his skill check while asking out girl playing elvish archer in-game #VeryRealisticYA todd dillard (@toddedillard) March 30, 2015