Essay on Annotated Bibliography Robert Graves - 1099 Words

Annotated Bibliography: Robert Graves Kathy Johnson Excelsior College ENG 252 Victoria Schmidt April 21, 2013 Annotated Bibliography: Robert Graves 1dkennedy.org. (2004, July 15). The Greek Myths: 1 - Robert Graves. Retrieved from dkennedy.org Book reviews: http://www.dkennedy.org/C2025243227/E518045992/index.html This analysis of Robert Graves, The Greek Myths, was far from what I expected. The author begins with stating that he is a great admirer of Robert Graves and has always enjoyed reading the Greek Myths. However, he goes on to say that Robert Graves take on the Greek Myths was geared towards a much younger demographic and that he leaves out a lot of the really good stuff. The author also†¦show more content†¦A good short read with a lot of information. Graves, R. (n.d.). Robert Graves, The Art of Poetry No. 11. (P. Buckman, W. Fifeild, Interviewers) This interview was very intriguing and as I read, it drew me in. The interview begins with a physical description of Robert Graves and of the surroundings in his home. Robert Graves then asks the interviewer if he notices anything strange about his room, he did not. Everything in the room was handmade, even the books. It paints a picture of his character and personality. Robert Graves talks about the day when he moved there and his return after leaving for ten years. The Interviewer also describes what he is doing while the interview is being conducted like correcting a manuscript, picking carrots in his garden, singing folk songs or checking references. This being said, it shows the reader that he was a man that you couldnt easily keep up with. The interview goes on to include his work The White Goddess, the Muse, I Claudius, and some of his other works. The interview gets into his writing style, his view on poetry, his history with Laura Riding, and some of his other inspirations a nd influences. Out of all the references listed, this one gets you to understand who Robert Graves is from hearing his answers to the interviewer’s questions. Penguin Carcanet. (2005-2010). Robert Graves 1895-1985. Retrieved from Poetry Archive:Show MoreRelatedWas the Provisional Government Doomed from the Beginning? a Russian Revolution5087 Words   |  21 PagesGovernment and Structuralist opinions. P 4 – 6 †¢ Chapter 2: Structuralist response P 7 – 8 †¢ Chapter 3: Intentionalist response P 9 – 12 †¢ Conclusion P 13 †¢ Bibliography P 14 †¢ Annotated Bibliography P 15 - 16 Was the Provisional Government doomed from the beginning? After the February revolution on 1917 which saw the abdication of the Tsar, Russia was in turmoil. It had gone (in a matter of days) from beingRead MoreEdgar Allan Poe and Gothic Imagery in The Cask of Amontillado2286 Words   |  10 Pageslined with human remains, piled to the vault overhead†¦Ã¢â‚¬  (DiYanni, 2004). Some of the bones are piled upon the floor, leaving a niche in one of the walls about â€Å"four feet in depth, in width three, in height six or seven† which resembled a horizontal grave and leaves the reader with a suspenseful assumption that this will be where Fortunato will end up. According to the interesting theory of one critic, â€Å"the whole imagery of the crypt suggests that the word ‘Amontillado’ is a metaphor that evokes theRead MoreDomestic Violence in Immigrant Families Essay5608 Words   |  23 PagesCanadian Human Rights Report Topic – Violence against immigrant women in South Asian, African and Korean communities Instructor: Jane Birbeck March 21st, 2011 Annotated Bibliography: Violence against Immigrant Women in South Asian, African and Korean Communities An annotated bibliography Annotated Bibliography Introduction This paper analyzes the phenomenon of violence against immigrant women, specifically within South Asian, African and Korean communities in North America. The paperRead MoreSynopsis Of Disney Disneyland Opening Day2642 Words   |  11 PagesLizzy Davis, Caitlin Madden, Jen Tymann Waugh 7 Annotated Bibliography Primary Sources: 1955 Disneyland Opening Day [Complete ABC Broadcast]. Youtube. N.p., n.d. Web. 11 Nov. 2014. http://youtu.be/JuzrZET-3Ew. It is easy tell that the opening day of Disneyland was a big deal, as the community of Anaheim, California awaits the opening of the gates. This video documents that magical day, July 17, 1955. Alice and Wonderland Title Screen. The Encyclopedia of Disney Animated Shorts. N.p., n

Hemmingway Free Essays

string(90) " words that you could not stand to hear and finally only the names of places had dignity\." American Novel 8/04/2013 Q) Hemmingway’s depiction of the condition of man in a society that has been upset by the violence of war, in light of â€Å"The Sun also Rises† and â€Å"A Farewell to Arms†. No American writer is more associated with writing about war in the early 20th century than Ernest Hemingway. He experienced it first hand, wrote dispatches from innumerable frontlines, and used war as a backdrop for many of his most memorable works. We will write a custom essay sample on Hemmingway or any similar topic only for you Order Now Commenting on these experience years later in  Men at War,  Hemingway wrote: â€Å"When you go to war as a boy you have a great illusion of immortality. Other people get killed; not you. . . . Then when you are badly wounded the first time you lose that illusion and you know it can happen to you. After being severely wounded two weeks before my nineteenth birthday I had a bad time until I figured out that nothing could happen to me that had not happened to all men before me. Whatever I had to do men had always done. If they had done it then I could do it too and the best thing was not to worry about it. Many persons whose outward lives do not in the least resemble that of a typical ‘Hemingway’s character’ are still conscious of the dislocation due to war, and of which he has made himself the outstanding fictional spokesmen of our time. Hemingway’s characters are soldiers, sportsman, Prize fighter and his world of fiction swarm with ferrets, drunkards and prostitutes. He is greatly pre-occupied with death and violence. ‘A Farewell to Arms’ shows Hemingway’s ability to create life like cha racter, both male and female, in such a way as to make us feel that we have actually met them. The First World War plays an important role in the novels of Ernest Hemingway. He has depicted all real war experience in his novel. The war led up to a deep distrust of all established institutions and values religions, ideals, society, patriotisms etc. Only concrete experiences were valued. Thus, Hemingway emphasized the sense and the experience based on them. The Sun also Rises is one of his such novels. It is a story of a few American expatriates who were living in Paris after the War. There were all wounded either physically or psychologically by the war. I got hurt in the war,† I said. â€Å"Oh, that dirty war. † We would probably have gone on and discussed the war and agreed that it was in reality a calamity for civilization, and perhaps would have been better avoided. I was bored enough. Just then from the other room someone called: â€Å"Barnes! I say Barnes! Jacob Barnes! † (3. 9)| The banal discussion of the war that Jake and Georgette narrowly escape i s one that’s unsatisfactory and not comprehensive. We get the feeling that there’s a lot more to be said about the war, but nobody knows how to communicate it yet. â€Å"My dear, I am sure Mr. Barnes has seen a lot. Don’t think I don’t think so, sir. I have seen a lot, too. †Ã‚   â€Å"Of course you have, my dear,† Brett said. â€Å"I was only ragging. † â€Å"I have been in seven wars and four revolutions,† the count said. â€Å"Soldiering? † Brett asked. â€Å"Sometimes, my dear. And I have got arrow wounds. Have you ever seen arrow wounds? † (7. 18)| The count’s definition of â€Å"seen a lot† is associated with war – as though war is the only real experience a man can have. The old pre-war values cannot give them the direction that they are looking for and in this lost world they are all lost souls. They drink heavily to quieten their inner distressed voices. Jake Barnes is a casualty of the First World War. He has been made impotent due to his injury and thus is now ‘half the man than he was before. ’ His physical impairment has made it impossible for him to consummate his love and thus this becomes the tragedy of his love for Brett Ashley. Although there is no mention of it in the novel directly, it has been implied in certain scenes. As Brett is not willing to settle for less, Jake is drowned in the ocean of unrequited love. Thus, Jake then becomes a tragic hero, one of the most praised heroes of Hemingway’s books. We see that the war has taken away his masculinity from him leaving him incomplete for life. As Jake’s war doctor remarks on his loss, â€Å"He has given much more than his life. † As the title of the novel makes clear,  A Farewell to Arms  concerns itself primarily with war, namely the process by which Frederic Henry removes himself from it and leaves it behind. The few characters in the novel who actually support the effort—Ettore Moretti and Gino—come across as a dull raggart and a naive youth, respectively. The majority of the characters remain ambivalent about the war, resentful of the terrible destruction it causes, doubtful of the glory it supposedly brings. The novel offers masterful descriptions of the conflicts senseless brutality and violent chaos. The scene of the Italian army’s retreat remains one of the most profound evocations of War in American Literature. As the neat columns of men begin to crumble so does the soldier’s nerves, minds, and capacity for rational thought and moral judgement. Henry’s shooting of the engineer for refusing to help free the car from the mud shocks the reader for two reasons, first, the violent outburst seems at odds with Henry’s detached character, and secondly, the incident occurs in a setting that robs it of its moral import, the complicity of Henry’s fellow soldiers legitimizes the killing. The murder of the engineer seems justifiable because it is an inevitable by-product of the spiralling violence and disorder of the War. I had seen nothing sacred, and the things that were glorious had no glory and the sacrifices were like the stockyards at Chicago if nothing was done with the meat except to bury it. There were many words that you could not stand to hear and finally only the names of places had dignity. You read "Hemmingway" in category "Papers" Certain numbers were the same way and certain dates and these with the names of the places were all you could say and have them mean anything. Abstract words such as glory, honour, courage, or hallow were obscene beside the concrete names of villages, the numbers of roads, the names of rivers, the numbers of regiments and the dates. To Henry, such abstractions as honour, glory, and sacrifice do little to explain or assuage the unbelievable destruction that he sees around him. What matters, he decides, are the names of villages and soldiers, the concrete facts of decimated walls and dead bodies. He believes that in order to discuss the war honestly, one must dismiss artificial concepts and deal with terms grounded in the reality of the war. He tarnishes the romanticized ideal of the military hero by equating the â€Å"sacrifices† of human lives in war with the slaughter of livestock. He further compares romantic riffs about honor and glory to burying meat in the ground. Nothing can be sustained or nurtured by such pointlessness. Hemingway believed that in this corrupt world it is no longer possible to have a decent, self-respecting and dignified life. It is the end of love, end of human dignity, end of personal relationships and a realisation that man is all alone in the world and he has to fend for himself. It is the realisation that the ultimate reality is nothing but nada, a Spanish word which means ‘nothingness’. â€Å"Nada†, someone said. â€Å"It’s nothing. Drink up. Lift the bottle. † (The Sun Also Rises, chapter15) The Sun Also Rises portrays a few American and British young men whose experiences of the war are qualitatively not different from those of Nick Adams and Jake Barnes and they are lost in a world which they do not understand. Their meaningless wanderings in Paris and later in Pamplona are the equivalents of their confused minds which have failed to find any guiding principles in life. Bull-fighting for them becomes a symbol of life in which the matador demonstrates how a man facing death can retain dignity. As a matter of fact it is in the face of danger and confrontation with death that they show courage, so that they can lead a life in which they can respect themselves. There is a vague realisation on the part of these expatriates that they cannot implement the matador’s code in their lives because of the wounds inflicted by the war will take quite some time to heal. In A Farewell to Arms Henry realizes that his idealism which had guided him into the front is meaningless in the face of total destruction symbolized by the war. Whether he performs his duties or not, it does not make any material difference to the unit to which he belongs. The endless round of drinking and brothels is equally futile because he cannot find any object to which he could align himself and seek some sort of satisfaction that would give some meaning to his life. His love affair with Catherine Barkley is a temporary relief from the inner disquiet and finally with the death of Catherine he is no better off than the dog nosing in the dust bin for something to eat but where there is nothing for him to find. His own wound had also but killed him. This feeling of nada then led to â€Å"the lost generation†. The term lost generation is generally applied to those who had actively participated in the First World War and as a consequence of this realised that life was meaningless. As a result of the domination of machine over man, man had felt that they were extremely helpless. This disillusionment could have taken either the shape of nihilism or a search for enduring values and absolutes. In the mechanised war there was no room whatsoever for the assertion of manhood or courage and bravery. In a famous passage in A Farewell to Arms Hemingway brings out this disillusionment. In the rain, the words like honour, glory, patriotism seemed obscene to him and what was real were the names of the regiments, streets and towns. The Sun also Rises and A Farewell to Arms celebrate the conditions that led to this disillusionment and how man sought desperately to clutch at straws in this meaningless and valueless world. There is no sentiment whatsoever about the retreat ion A Farewell to Arms or the adventures of Brett Ashley. They are delineated with the realism of a scientist but with the tenderness of an artist. There is a feeling of boredom and disgust with the half-truths and sentiments of the earlier generations. Hemingway has, along with Remarque, revealed the grotesque and the animal nature in man. Worship of instinct instead of rationality became the order of the day. The world that Hemingway has portrayed is unrecognizably part of the modern world. The violence of war is still with us. And added to it is the anxiety and fear of the cold war that seems to have become part and parcel of the Twentieth Century life. His preoccupation with violence, decay and death may be neurotic but are still part of the twentieth century temper. The lack of morality is with us to stay. There are no religious values that can provide balm to the troubled mind. As Jake Barnes states in The Sun also Rising, â€Å"I’m a rotten Catholic. † In the words of Philip Young, â€Å"It is a hell of a world, and we should protest it. But on the other hand we should be hard-pressed to prove that it is not the one we inhabit†¦ While other writers were watching the side acts, Hemingway’s eyes were from the start focused on the main show. The devout ask for peace in our time but ironically there is no peace in our time. This is the vision that Hemingway presents in his works and it is difficult to refute its authenticity so long as our world is going to be haunted by the fear of a thermo-nuclear war. As Hemingway wrote in A Farewell to arms, â€Å"If people bring so much courage to this world the worl d has to kill them to break them, so of course it kills them. The world breaks everyone and afterward many are strong at the broken places. But those that will not break it kills. It kills the very good and the very gentle and the very brave impartially. If you are none of these you can be sure that it’ll kill you too but there will be no special hurry. † Work Cited: http://onviolence. com/? e=313 http://www. hrmars. com/admin/pics/1043. pdf http://www. amazon. com/Hemingway-War-Ernest/dp/0743243293 http://en. wikipedia. org/wiki/Ernest_Hemingway http://www. archives. gov/publications/prologue/2006/spring/hemingway. html Book: Hemingway on War How to cite Hemmingway, Papers

Jungle Book 2 Essay Example For Students

Jungle Book 2 Essay Part 1: Identifying1.) Protagonists- In a story or movie the Protagonist(s) is/are the main character(s). In the story A separate Peace the protagonist is Phineas(Finny). 2.) Antagonists- In a story or movie the Antagonist(s) is/are the character or force in conflict with a main character, or Protagonist(s). In the story A Separate Peace the Antagonist is Gene. 3.) Setting- In a story or movie the Setting is the time place of the action. In the story A Separate Peace the setting is at the Devon School. 4.) Mood- In a story or movie the Mood is the feeling created n the passage. In the story A Separate Peace the mood is sad because jealousy ruined Gene Finnys friendship. 5.) Conflicts- In a story or movie the Conflict is a struggle between opposing forces. There are two types of Conflicts: Internal ; External. An Internal Conflict involves a character in conflict with himself or herself. In the story A Separate Peace the Internal Conflict is Gene vs. himself. In an external conflict, the main character struggles against an outside force. In the story A Separate Peace the External Conflict Gene vs. Finny. 6.) Suspense- In a story or movie the Suspense is the feeling of curiosity or uncertainty about the outcome of events. In the story A Separate Peace the Suspense is when Gene shakes the tree limb ; Finny falls ; shatters the bone in his leg. Part 2: Elements of plot1.) Exposition- In a story or movie the exposition is the background information, which sets the scene for the conflict. In the story A Separate Peace the exposition is the following: At the beginning of the story Gene has been out of school for fifteen years ; has decided to come back ; visit. While visiting he saw the tree that Finny ; he had jumped from into the Devon so many years a go, which brought back a lot of memories. He then remembers the Super Suicide Society of the Summer Session. That was the club that Finny came up with. To be in the club you had to jump off a high tree limb ; into the Devon. Since Finny was a daredevil, he decided to go first. Gene was an intellectual ; was afraid to jump, but he jumped anyway. They were then late for supper, which had been noted by Mr. Prudhomme. The next morning Mr. Prudhomme came to Gene ; Finnys room because missing supper was against the rules. Finny tried talking his way out of it achieved successfully. Later on that day Gene Finny had tea with Mr.Patch-Withers his wife. After having tea with Mr. Mrs. Patch-Withers, Gene Finny went to jump out of the tree together, but Gene lost his balance. Gene almost fell, but didnt because Finny grabbed him before he fell. Thats how they came up with the Super Suicide Society of the Summer Session. They began initiating guys who wanted to be in the Society every night, even though Gene hated it. Finny decided to try break the 100 Yards Free Style;. To Gene his surprise he broke the record. Gene was going to go get someone to come witness the record breaking again, but Finny didnt want anyone to know except for Gene. Finny just wanted to prove to himself that he could do it. Now he knew that he could do it!Later on that day Finny decided that he wanted to go to the beach, even though it was hours away by bicycle ; risking expulsion ( being expelled). They began their long journey to the beach. Finny told Gene that he was his best pal. They fell asleep on the beach. The next morning Finny wanted to go for a short swim, but it would take the boys about three hours to get back to the school. It was seven oclock then Gene had a trigonometry test at ten oclock. When they got back to Devon School, Gene took the test ; failed it. Gene blamed Finny for him failing his test. That way they would be even because Gene hated Finny for breaking the school record ; Finny hated Gene for making an A in every class except for the last term. Gene believed that Finny deliberately set out to wreck his studies. 2.) Conflict- In a story or movie the Conflict is a struggle between opposing forces. In the story A Separate Peace the conflict is Genes jealousy of Finny vs. Finnys jealousy of Gene. .u05df11e2b914fde54ea3d95730d77005 , .u05df11e2b914fde54ea3d95730d77005 .postImageUrl , .u05df11e2b914fde54ea3d95730d77005 .centered-text-area { min-height: 80px; position: relative; } .u05df11e2b914fde54ea3d95730d77005 , .u05df11e2b914fde54ea3d95730d77005:hover , .u05df11e2b914fde54ea3d95730d77005:visited , .u05df11e2b914fde54ea3d95730d77005:active { border:0!important; } .u05df11e2b914fde54ea3d95730d77005 .clearfix:after { content: ""; display: table; clear: both; } .u05df11e2b914fde54ea3d95730d77005 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u05df11e2b914fde54ea3d95730d77005:active , .u05df11e2b914fde54ea3d95730d77005:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u05df11e2b914fde54ea3d95730d77005 .centered-text-area { width: 100%; position: relative ; } .u05df11e2b914fde54ea3d95730d77005 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u05df11e2b914fde54ea3d95730d77005 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u05df11e2b914fde54ea3d95730d77005 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u05df11e2b914fde54ea3d95730d77005:hover .ctaButton { background-color: #34495E!important; } .u05df11e2b914fde54ea3d95730d77005 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u05df11e2b914fde54ea3d95730d77005 .u05df11e2b914fde54ea3d95730d77005-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u05df11e2b914fde54ea3d95730d77005:after { content: ""; display: block; clear: both; } READ: Korean war Essay Paper3.) Rising action- In a story or movie the rising action is all of the events leading up to the climax. In the story A Separate Peace the rising action is when Gene becomes very jealous of Finny ; jumps to the conclusion that Finny was jealous of him ; so he deliberately made him fail his test so that he wouldnt have an A in all of his courses. Later on that night the Super Suicide Society of the Summer Session had an initiation. Both Finny Gene had to jump out of the tree into the Devon. 4.) Climax- In a story or movie the climax is a high point of interest or suspense. In the story A Separate Peace the climax is when Gene deliberately made the limb shake so that Finny would lose his balance fall out of the tree. 5.) Falling Action- In a story or movie the falling action is action that lead to the resolution. In the story A Separate Peace the falling action is that after Finny fell out of the tree he shattered the bone in his leg since he was an athlete, he wouldnt be able to play sports again. Finny soon went back home. Leper Lepellier went into the army. Sometime after Finny went home, Gene went ; visited him. Gene told Finny about what he had done, but Finny didnt believe him. Later on Finny went back to school started training Gene for the 1944 Olympics. Finny came up with the idea of having a winter carnival. He got a lot of the guys together gave them different jobs to do to get ready for the carnival. During the carnival, Gene received a telegram from Leper saying that he had escaped from the army was now at home. So after the carnival, Gene went visited with Leper. After his visit with Leper, Gene went back to school Finny the rest of the guys were having a snowball fight. Brink er said that he had seen Leper at school then began calling Leper crazy. Gene he began talking about Finny Leper. Dr. Stanpole came took Finny into the infirmary worked on his healing leg. That night Gene snuck in Finnys room because he felt that he should be there. He went ; saw Finny the next morning ; said that Finny was in high spirits. 6.) Resolution- In a story or movie a Resolution is the End of the central conflict. In the story A Separate Peace the resolution is that Finny died while Dr. Stanpole was setting his bone. The marrow somehow escaped into his blood stream, went to his heart ; stopped his heart. Part 3: Characterization1. Gene- Intellectual2. Phineas(Finny)- very athletic3. Brinker Hadley- the hub of the class4. Elwin(Leper Lepellier)- very crazy5. Chet Douglass- a friend of Finny ; Gene6. Bobby Zane- a friend of Finny ; Gene7. Mr. Prudhomme- a substitute master8. Mr. Patch-Withers- another substitute master9. Mrs. Patch-Withers- Mr. Patch-Withers wife10. Dr.Stanpole- The Doctor who took care of Finny. 11. Cliff Quackenbush- crew manager12. Mr.Ludsbury- another master13. Brownie Perkins- Brinkers roommate14. Mr. Hadley- Brinkers fatherPart 4: ThemeTheme: Dont take a friendship for granted. References: Gene let his jealousy ruin his friendship with Finny. He hurt Finny both mentally physically by being jealous of him. He took his friendship for granted he lost his best friend.

Macroeconomics free essay sample

The current global recession has been caused to a large degree by debt-fuelled growth in the housing market, often due to irresponsible lending practices, coupled with unregulated trading of mortgages on the bonds and derivatives markets. One of the key factors that allowed for the property bubble to expand so rapidly was the ubiquitous nature of ‘subprime’ mortgages. These were essentially loans, which generally required no deposit, that were extended regularly to people without the requisite income to pay off the debt. In an effort to fight off a recession arguably as bad the Great Depression, governments worldwide have attempted to combat growing unemployment and shrinking economies by way of massive stimulus packages. This essay will analyse the aforementioned issues surrounding the causes and severity of the current recession, governmental responses to the economic crisis, and how these responses differ from the Great Depression, in the context of relevant macroeconomic theory in order to reach an informed conclusion regarding the effectiveness of contemporary government intervention. We will write a custom essay sample on Macroeconomics or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The subprime mortgage is widely agreed to have been the catalyst for the recession as a whole. There were, however, a number of other causes that contributed to the problem. Firstly, in the case of the USA, the Federal Reserve was slow to raise the interest rates after the US economy recovered from the 2000/01 recession. As the interest rate continued to remain low, the interest rate effect on aggregate demand encouraged greater spending on investment goods. In the case of many Americans, investment goods equated to housing and thus many took out mortgages to purchase houses purely on the basis that they could resell them for a profit. This was made possible in large part due to the prevalence of subprime loans and interest-only loans. A sub-prime mortgage is a mortgage that is given to a borrower whose credit rating would not ordinarily qualify them for a conventional mortgage; hence they inherently have a higher risk. Interest-only loans, of which a large percentage were also subprime, are structured in such a way that the borrower is initially only paying back the interest on the mortgage of a house at a lower interest rate for a period usually between 1 to 5 years. Whilst many consumers took out these types of loans with the idea of reselling the house for a profit before the interest rate rose, this concept only worked if house prices continued to rise. Inevitably, when interest rates settled at a higher equilibrium due to the high demand (Mankiw, 2002), many people with interest-free loans were stuck with houses they couldn’t sell and interest rates that they weren’t able to afford, leaving the bank with a house that would have to be sold at a loss. These high-risk loans becomes tools of financial engineering as banks bundled good and bad loans into derivatives which were in turn often bundled into CDO’s (collaterised debt obligations) whose worth was tied to the value of the mortgages. When these mortgages began to default rapidly, many investment funds began to panic and began selling these CDOs as quickly as possible, causing a shift of the aggregate demand curve to the left due to the pessimism in the market and removing trillions of dollars of value from many of the major funds. As Investment (I) constitutes a portion of GDP, this massive loss caused a substantial decline in GDP, and because GDP is inversely linked to income this led to much higher than usual levels of unemployment. (Garrison, 2000) This is due to a large drop in aggregate demand, which caused companies to lay off workers in an effort to reduce costs and remain in business. The fallout from the CDOs was global, many of the investment funds that had purchased these bonds represented international or foreign investors and as such the impact was both severe and worldwide. Key economic indicators all indicate that the effects of the recession have been harsh: World industrial production is down 10%; World stock markets down 30%; and the Volume of world trade down 20%. Governmental response to the economic crisis so far has been based primarily on large stimulus packages designed to reduce unemployment and revive the economy. Obama’s stimulus plan, the â€Å"American Recovery and Reinvestment Act of 2009†, alone has spent $787 billion (USD), on top of the $152bn spent on the 2008 stimulus bill. This policy is supported to a certain extent by the concept of the multiplier effect. This theory states that government purchases have a ‘multiplier effect’ on aggregate demand, so that each dollar of public spending will generally raise the aggregate demand by more than one dollar, with the formula equating to m = 1/(1 – MPC). (coursebook ref) A number of factors, however, combined to dampen the impact of this government spending. Pessimism about the economic climate, along with the perception that the rebate was a one-off measure, caused some individuals to change their spending habits, leading to a number of people using the lump sum tax rebates of the 2008 stimulus package to either pay off debt or save the money. This effect, in fact, was not as widespread as many economists predicted, household spending actually rose on average by 3. 5%, causing some studies to label the plan as a success (Broda Parker, 2008). The 2009 plan suffered to an extent from the crowding out effect, caused by higher interest rates due to elevated levels of government spending. An application of the laws of supply and demand reveals that an increase in the price of a loan, i. e. the interest, leads to a decrease in the amount of credit demanded.