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The financial crisis of 2007-08
The financial crisis of 2007-08
Background of the 2007-2008 financial crisis
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Robert Morris was born in Liverpool United Kingdom on January 31, 1734. His childhood was short and uneventful as he worked as an ironworker until he was 13. At age 13 Morris immigrated to Maryland with his father to become a tobacco exporter in Oxford, Maryland. He studied in Philadelphia for a short period of time, and then moved on to make his own companies. At this time he was also the first person to keep his accounts in money instead of pounds, gallons, etc. When Robert Morris was in his twenties, he and some of his friends put some of their money together to help create the London Coffee House. The London Coffee House was home to the beginning of the Philadelphia Stock Exchange. During the 7 year war, …show more content…
Morris strongly thought that the Americans were not ready for self rule away from Brittan; he also thought that if they did break away from Brittan that the colonies would break in to anarchy because they did not have rules or someone to follow. Morris was more of a pacifist than a fighter, so he was trying to encoring not going in to war with the strongest country of the day. This point of view strongly influenced Morris because when the time to vote for independence came, he decided to abstain from voting. There has been a lot of debate on whether or not Morris was present when the Declaration of Independence was approved, but he was present when it was time to sign it. From then on Morris dedicated all of his time to helping the patriots. One of the more notable things that he did to help was that before the Battle of Trenton he was able to supply guns, blankets and finical support. Later in 1777 Morris went back to congress to sign Articles of Confederation. In 1778 Morris retired from congress and went back to Pennsylvania Assembly working with checks and balances, along with helping to protect …show more content…
During the time he was appointed the government was in a finical crisis, so he created the first national funding proposal. He slashed government and military spending and bought military supplies with his own money, he also begged the other colonies to help pitch in money for the government. After Morris left the office he used over a million notes of his own money to feed and pay the troops, thought most of the money he had was from loans he had in France. While doing that Morris was building the first bank in America ( The Bank of North America ). Once the war ended Morris made it his duty to pay back all of his debs to France, even though he was basally bankrupt because of using his own fortune to help the country win the war. In 1784 Morris sent the first American ships to China to establish the China trade route. 3 years later in 1787, Morris hosted/escorted George Washington to Constitutional Convention in Philadelphia. Ware Morris Voted for Washington to be the Chairman of the Convention. Morris then signed the new U. S. Constitution. Morris was one of 2 signers that had signed all three founding
Later he was elected to the House of Commons and associated himself with the conservative sect. He supported things such as complying with the Treaty of Paris. During the Constitutional Convention he remained in the background, but did play a very important role. He cast a tie breaking vote for the Great Compromise and also implied the threat that the South would not support the constitution unless it supported the Three-Fifths compromise. Although he constantly stated his support for the Three-Fifths Compromise he also implied that he would be willing to compromise with the North as long as they respected the basis of the Compromise. Although he did not sign the Constitution, His threats of a Southern walkout from the Convention and his unrelenting dedication to getting proper representation were some of the reasons that the Three-Fifths Compromise was
Nathaniel Gorham was born in Massachusetts on May 27, 1738. His family was descendants of John Howland, who was a founder of the Plymouth colony, hence the reason he was raised in Massachusetts. He married Rebecca Call in his mid-20s and together they had nine kids. His father was a packet boat operator, and he a merchant. He received an insufficient education growing up, but always seemed to nudge his way into political affairs. Gorham accomplished much with his career before the convention, played an important role as a politician during the convention, and showed great participation after the convention.
Throughout The Wars, there are many characters introduced that have their own personal internal or even external battles that they face during their time being represented in the novel. Two such characters are Robert Ross who is depicted as the main character of the book and his mother Mrs. Ross who also plays a large part in the story. These two face similar and different wars that they lose and win at different turns. The mother must face her internal struggle with sending her son off to war to most likely die in the name of king and country. She may not have sent him, but he did choose to go and she couldn’t make him change his mind this led to many scenes of her coming to grips with losing her second child in only a few years after her eldest daughter Rowena, who was very sickly and delicate, had a bad fall and passed away.
The title of this novel, “The Wars” is illusory. Upon first glance, it makes one expect a protagonist who goes to an actual war, uses physical strength to fight on the battlefield and becomes a war hero.While part of that is true, there are also other significances of the war associated with this title. This novel recounts the journey of the protagonist, Robert Ross as he starts out as a shy, introvert and an inexperienced person before he goes to war; he experiences a change in himself as a result of the people and the battle(s) that he fights with the factors in his surroundings. Therefore, “The Wars” doesn’t necessarily mean the war with the enemy but it includes the wars at home, wars against nature and wars of relationships. Which
During his term as secretary of the treasury, he acted with the power and commanding force of a Prime Minister. None of the other founding fathers contributed as much to the economy’s growth, and the shape of the country in general, as he did. Alexander Hamilton was the most influential of the United States’ early politicians in the development of the country’s economy. One of the earliest examples of Hamilton’s power was his role in the national assumption of state debts. After the Revolutionary War, individual states had varying amounts of debt.
One of the greatest conflicts in the history of the United State of America, the Revolutionary War, was started when the colonies of North America declared themselves independent from British rule. A group of men known as the Founding Fathers, which included George Washington, Benjamin Franklin, John and Samuel Adams, Thomas Jefferson, and others, formed the Continental Congress to rule their new nation. They chose Thomas Jefferson to write the Declaration of Independence, which they would send to King George III to make their independence official. Jefferson knew that he needed to use strong language to make a solid agrument against British rule in the colonies and to convince the colonists that independence was the only choice to maintain their freedom as human beings. The powerful use of parallelism, ethos, pathos, and logos helpd Thomas Jefferson to convey his idea that all men are created equal with unalienable rights and that it is the duty of the government to protect those rights.
resulted in the doubling of the debt of the United States. He used the money for
...arliament, caused the colonies to become more and more independent throughout the eighteenth century. Yet the colonists wanted to exhaust every remedy to their grievances before resorting to war. Declaring independence was never going to be a swift process, as each colony progressed at a different rate. Nonetheless, forming a colonial army at the same time as attempting to negotiate peaceful conciliation with the British was not at first a popular decision, yet to many the benefits outweighed the possible losses. In the end, the rejection of the Olive branch represented a watershed in the evolution of a national identity that was completely independent of a British identity, for its dismissal stiffened the patriots’ resolve toward independence and paved the way for the penning of a much more famous letter to the king, the Declaration of Independence.
Thomas Paine was born on January 29th, 1737 in Thetford, England. He began working for his father at the age of 13 which is when his formal education ended. He became a tax-collector and began teaching himself to further his short-lived formal education. Paine was released from his tax-collecting job for pushing for higher wages stating that higher wages would reduce corruption (Claeys). A few months before the American Revolution began he moved to America after meeting Benjamin Franklin who urged him to move to America (Henretta and Brody).
Lewis Morris says for the third time that “New York abstains, courteously.” John Hancock continues and shouts to Morris saying, “What in Hell goes on in New York?!” Lewis Morris responds to Hancock’s shouting saying that New York’s legislature has never given him “explicit instructions on anything” and that at meetings of the New York legislature “nothing ever gets done.” Then, Mr. Morris decides to go ahead and sign the Declaration of Independence thought New York had abstained every time the vote came about. He makes that decision after a letter from General George Washington is read, on July 3rd, which lets the Congress know about a destruction of property, Morris’ property. That was Morris’ final string. His only redeeming quality in the film is that he “man’s up” at the end, and takes the New York legislature’s indecision into his own
When declaring independence, the bulk of the people thought that would be “…to burn the last bridge, to become traders in the eyes of the mother country.” (Garraty 110). John Dickinson had stated, “ ‘Torn from the body to which we are united by religion, liberty, laws, affections, relation, language and commerce, we must bleed at every vein.’ “ (Garraty 110). The people were afraid to break away, they pondered “ ‘Where shall we find another Britain.’ “ (Garraty 110). Eventually independence was inevitable. There was a great mistrust towards both Parliament and George III when the colonists heard that the British were sending hired Hessian soldiers to fight against them in the revolution. The pamphlet written by Thomas Paine entitled Common Sense called boldly for complete independence. This reflected his opinions on George III, calling him a brute, and also attacking the idea of monarchy itself. “Virtually everyone in the colonies must have read Common Sense or heard it explained and discussed.” (Garraty 110). John Adams dismissed it as something he had said time and time again. “The tone of the debate changed sharply as Paine’s slashing attack took effect.” (Garraty 110). A committee was appointed by Congress, consisting of Thomas Jefferson, Benjamin Franklin, and many more. “The committee had asked Jefferson to prepare a draft” that would soon become known as the Declaration of Independence. (Garraty 112). It consisted of two parts: an introduction which justified the abstract right of any people to revolt and described the theory on which the Americans based their creation of a new, republican government, and a second part that made George III, rather than Parliament, look like the ‘bad guy’. “…The king was the personification of the nation against which the nation was rebelling.” (Garraty 112). “The Declaration was intended to influence foreign opinion, but it had little immediate effect outside Great Britain, and there it only made people angry and determined to subdue the rebels.
He would not apply himself to studies either. At age 21 his father set him up in a business that he bankrupted shortly thereafter. Finally the general public disgust in Hanover and pressure from his young family (he had married at the age of eighteen) caused him to study for six weeks and take the bar exam, which he passed, and begin work as a lawyer.In 1764 he moved to Louisa county, Virginia, where, as a lawyer, he argued in defense of broad voting rights (suffrage) before the House of Burgesses. The following year he was elected to the House and soon became its leading radical member. It was that year that he proposed the Virginia Stamp Act Resolutions. Few members of the Burgesses, as aristocratic a group of legislators as existed in the colonies, would argue openly for defiance of Gr. Britain. Henry argued with remarkable eloquence and fervor in favor of the five acts, which by most accounts amounted to a treason against the mother country. In 1774 he represented Virginia in the First Continental Congress where he continued in the role of firebrand. At the outbreak of the revolution, he returned to his native state and lead militia in defense of Virginia's gunpowder store, when the royal Governor spirited it aboard
However, a majority of his family members and friends sided with loyalists, Morris would fear the freedom from Britain movement. To add on to his family being redcoats, he feared the patriot’s ideas, due to fact that he believed that this would bring to the ruling of the mob. However, to contradict his initial beliefs, he joined the Whigs Party during the year of 1775. Later that same year, he took the served in New York's Revolutionary provincial congress for two years, representing the Westchester County. One year later, John Jay, Robert Livingston, and Morris drafted the first constitution of the states and he also fought in the militia. Then in 1777, he joined the council of
He wasn’t fully famous until 1765 when he argued voraciously against the right of the Stamp Act. He argued that the Acts deprived American colonists of the basic rights to be taxed by the people agreeing and to be tried by a jury of peers. Later on he threatened in public to the Massachusetts governor and his council that the act was invalid.
As a reader I never thought I would read a book that made me root for the german side of the war. In the end I realized Germans and the Americans were both right in the war, which I never thought of before. The author of the book, Erich Maria Remarque, did a great job of making a pacifist novel and makes you think through the entire book about who was in the right. I think it was a good book near the end but the beginning was a little slow. In the end I was rooting for the germans to win because I got attached to the characters of the book. Remarque did a great job with the book all together. I would recommend this book to people who want to learn about war and why it is bad.