Too Big to Fail, by Andrew Ross Sorkin, is a 2009 novel that focuses on the events leading up to the demise of the financial industry in September, 2008, and the actions that were taken by the Federal Reserve in the months that followed. Too Big to Fail begins in March, 2008 with the acquisition of Bear Stearns by JP Morgan with the help of the Fed. The novel supports current thinking about the financial crash, and it does so in tremendous detail. As a result, the reader gets an excellent feel for exactly what went down in the months leading up to the crisis, specifically the crash of Lehman Brothers and merger of Merrill Lynch and Bank of America.
Current thinking generally focuses on how the Fed “let Lehman fail”, despite the prestigious firm potentially being “too big to fail.” However, the novel goes in depth about exactly what happened behind closed doors leading up to Monday, September 15th, 2008, when Lehman collapsed. Sorkin supports my broader goal of showcasing a systemic problem with the financial industry as a result of deregulations that took place in the decades before. He highlights the extensive risks investment banks were taking, which enhances my argument.
Sorkin is a renowned journalist who was won many awards over his young career. Working for the New York Times and CNBC’s Squawk Box, he has established a history of credibility and consistency regarding financial reporting. He is a credible source who greatly improved the evidence featured in my White Paper report.
Sorkin, Andrew Ross. Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis–and Themselves. New York: Viking, 2009.
This CNN article by William Cohen expresses his distaste of the 21 year old drinking age in the United States, especially in regards to how it affects college campuses. This is a sentiment that many others, including many university presidents, agree with, stating that it causes a severe amount of dangerous binge drinking on college campuses.
The American Medical Association’s (AMA) mission is for the betterment of the public health and to advance the interests of physicians and patients. As the largest and highest respected professional association of physicians, I decided to use AMA as my society resource as to the health sectors response to the health affects of misleading overly airbrushed advertisements have on the public. Continue reading Resources Proposal
This paper espouses a very different point of view in the globalization debate: that regionalization has larger impacts on the business cycles than globalization. This is very different from the predominant point of view that because of globalization, international actors such as corporations and wordwide regulatory agencies such as the WTO have much more leverage and significance in determining a specific country’s economic outcome.
Society Resource Proposal
This study, conducted by Ramogi Huma, the President of the National College Players Association and Ellen Staurowsky, Ed.D., a professor of Sports Management at Drexel University
“documents the shortfall that exists between what a ‘full’ scholarship covers and what the full cost of attending college is compared to the federal poverty guideline, an estimation of players’ fair market value, and offers perspective on the disproportional levels of compensation to which college sport officials have access compared to the limits imposed on revenue-generating athletes who serve as the talent and inspire the financial investment in the product of college sport.” (3) Continue reading The Price of Poverty in Big Time College Sports
Society Resource Proposal
There is an increase in reliance and obsession with technology seen in the millennial generation. For many individuals in this generation there has never been a point in their life that technology wasn’t present and as they mature it only becomes more prevalent. Continue reading Society RP: Technology and Stress
“A 2004 study showed that forty to fifty per cent of all food ready for harvest in the United States never gets eaten” (Jones, 2014). The amount of food that’s thrown away across the world each day is absolutely despicable. The United Nations Food and Agriculture Organization released an estimate between 2010 and 2012 that estimated nearly 1 in 8 people in our world are “suffering from chronic undernourishment.” Continue reading RP – Social: Clean your plates!
The American Psychological Association has found that there is a prevalent and strong association between media exposure and body shaming. In a Meta Analysis of experimental and correlational studies conducted by University of Michigan’s L. Monique Ward and University of Wisconsin’s Shelly Grabe, several conclusions supporting this were found. The study, called The Role of the Media in Body Image Concerns Among Women, was conducted on the beliefs that, “It is believed that the media’s consistent depiction of a thin ideal leads women to see this ideal as normative, expected, and central to attractiveness. However, because media presentations of women’s bodies are so skewed, showcasing an ideal that is out of reach to most, adopting this reality may lead to decreased satisfaction with one’s own body” (2008).
This study examined previous studies and broke down the media’s affect on body image into four separate categories including (a) body dissatisfaction (b) body self consciousness/objectification, (c) internalization of the thin ideal and drive for thinness and (d) eating behaviors and beliefs. In all of the cases listed above, articles and studies were categorized into one of the above and were analyzed on their findings. For each category, difference, confidence intervals, and p-values showed support that exposure to mass media ‘depicting the thin ideal body is related to women’s vulnerability to disturbances related to body image” (2008). In several instances, it is important to note that this study found that these negative influences have been increasing in the 2000s compared to the 1990s, and that ideal images of body weight are becoming thinner and thinner with time.
This meta analysis provides me with sufficient and pertinent information because it allows me to draw on reasoning for increased policy in media regulation. These numbers provide broad and well rounded statistics that summarize the impact of media on body image with concrete numbers. Even more, because this Meta Analysis comes from the American Psychological Associate, it’s credibility is valid. More, the Meta Analysis is encompassing of many other previous studies, and therefore accounts for many findings and eliminates the error of a narrow viewpoint. However, it is important to note that results were derived for the most part from english speaking white females.
Grabe, Shelly, Janet Shibley Hyde, and L. Monique Ward. “The Role of the Media in Body Image Concerns Among Women: A Meta-Analysis of Experimental and Correlational Studies.” Psychological Bulletin 134.3 (2008): 460-76. Print.
White Paper on Ticketmaster – Livenation
This white paper was very useful, because it is an in depth look at one of the topics I will discuss in my paper, the ethics of Live Nations perceived monopoly. I am attempting to figure out whether Live Nation is ethical and good for the music industry, and this paper raises many concerns about its merger with Ticketmaster. Perhaps most importantly to the author: “The most problematic of these from an antitrust perspective is primary ticket sales, where Ticketmaster and Live Nation are horizontal competitors and, by far, the two leading firms in the market.” Live Nation used to book all the concerts and own all the venues. By merging with Ticketmaster who may have had some previous leverage in the price and marketing of tickets, they in a sense have complete control over all ticket prices.
Since this is the case, the resource also considers the barriers to entry in the market. “This vertical integration would effectively frustrate new entry because, as a practical matter, it would require firms seeking to compete seriously against Live Nation Entertainment to enter the industry on several levels at once.” So essentially, the barriers to entry in this market are extremely high, and with LiveNation extending its services beyond ticket and venues, it presents itself as extremely unethical.
This proposal also provides key statistics showing the negative, monopolistic effect LiveNation may have on Ticket Sales: “Between 1996 and 2003, revenue per show increased by 60%, the super-star artists performed 18% fewer shows, and the total number of tickets sold by the industry declined. The increase in revenue per show results from both an increase in the number of tickets sold per show and an increase in ticket price.”
Live Nation is also so powerful that other players in the industry fear Live Nation’s growth into other markets Many members of the recording industry believe that, after the merger, Live Nation Entertainment will go beyond Live Nation’s current emphasis on superstars and undermine the recording companies’ relationships with its own artists.
Considering that Live Nation monopolizes the venue management industry, and there already are players in the booking and recording industry, is Live Nation powerful enough to overtake these companies?
James B. Hurwitz. “Commentary: Ticketmaster – Live Nation” The American Antitrust Institute.4-28-2009. The American Antitrust Institute.12-11-14. http://www.antitrustinstitute.org/files/TICKETMASTER%20Revised.4.28.09_043020092221.pdf