Claims of outstanding balance - Free Essay Example

Sample details Pages: 9 Words: 2690 Downloads: 9 Date added: 2017/06/26 Category Law Essay Type Argumentative essay Tags: Act Essay Did you like this example? We have been asked to advise Xana on the likelihood of her being able to bring a successful claim against Yvette under EC law to recover the outstanding balance of her account; namely, that proportion of the total fees payable required, under the Free Movement of Services Act 2008, as a contribution towards the quality audit which Xana is required to undergo in accordance with the provisions of that same Act. Central to this problem question is the Law of the European Union pertaining to the freedom to provide and receive services and also the freedom of establishment In order to provide a reasoned argument in response to this question it will be necessary to examine the provisions of Council Directive 2006/123/EC, which the Free Movement of Services Act 2008 purports to implement; Articles 43 to 55 of the Treaty of the European Union (1992), which provide (inter alia) the core governing principles on which restrictions to aforementioned freedoms are permiss ible under EC Law; and, the case law of the European Court of Justice, the decisions from which provide insight into how these principles are likely to be interpreted and applied, in order to determine whether or not: . Don’t waste time! Our writers will create an original "Claims of outstanding balance" essay for you Create order The tutorial services supplied to Yvette by Xana, on a distance-learning basis, are likely to be considered à ¢Ã¢â€š ¬Ã‹Å"servicesà ¢Ã¢â€š ¬Ã¢â€ž ¢ for the purposes of Articles 43 to 55 of the Treaty of the European Union and Council Directive 2006/123/EC; The à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ restriction imposed on Xana by the Free Movement of Services Act 2008 is permissible under European law; and, The à ¢Ã¢â€š ¬Ã‹Å"contribution requirementà ¢Ã¢â€š ¬Ã¢â€ž ¢ imposed on Yvette by the Free Movement of Services Act 2008 is valid, taking into account the overriding objectives of Articles 43 to 55 of the Treaty of the European Union and Council Directive 2006/123/EC. In regard to whether or not the tutorial services supplied to Yvette by Xana, on a distance-learning basis, are likely to be considered à ¢Ã¢â€š ¬Ã‹Å"servicesà ¢Ã¢â€š ¬Ã¢â€ž ¢ for the purposes of Articles 43 to 55 of the Treaty of the European Union and Council Directive 2006/123/EC: For the purpose of the freedom to provide and receive services across the European Union, a à ¢Ã¢â€š ¬Ã‹Å"serviceà ¢Ã¢â€š ¬Ã¢â€ž ¢ is defined by Article 50 EC, which states: à ¢Ã¢â€š ¬Ã…“Services shall be considered to be à ¢Ã¢â€š ¬Ã‹Å"servicesà ¢Ã¢â€š ¬Ã¢â€ž ¢ within the meaning of this Treaty where they are normally provided for remuneration, insofar as they are not governed by the provisions relating to freedom of movement for goods, capital and persons.[1]à ¢Ã¢â€š ¬Ã‚  While it has been held by the European Court of Justice, in the case of Belgium v. Humbel[2], that the provision of education by the State does not fall within the scope of this definition, even where students are required to pay fees towards the operational costs of the institutions providing their education; in the present case, because the services provided by Xena are fully commercial and independent from the duties of the United Kingdom to provide subsidized education to its citizens, it is highly likely that the services in question would be deemed to fall within the scope of Article 50 EC. For the purposes of Council Directive 2006/123/EC, a à ¢Ã¢â€š ¬Ã‹Å"serviceà ¢Ã¢â€š ¬Ã¢â€ž ¢ is defined by Article 4(1) of the Directive as being, à ¢Ã¢â€š ¬Ã…“any self-employed economic activity[3], normally provided for remuneration, as referred to in Article 50 of the Treaty.[4]à ¢Ã¢â€š ¬Ã‚  Additionally, a list of activities which are expressly excluded from the scope of the Directive is provided by Article 2(2)(a)-(l) and Article 2(3) of the Directive, which includes such activities as private security services[5] and gambling activities[6]. Because the services provided by Xena to Yvette are o f an economic nature, being provided in return for valuable consideration, and are not of the kind excluded by Articles 2(2) and 2(3) of the Directive, we can conclude that it is likely that the services in question would be deemed to fall within the scope of Council Directive 2006/123/EC. One exception to these rules should be noted briefly: In the case of Grogan[7] it was held that the provision of financial information did not fall within the Treatyà ¢Ã¢â€š ¬Ã¢â€ž ¢s definition of a service, it rather representing a manifestation of freedom of expression. While it could be argued that Xenaà ¢Ã¢â€š ¬Ã¢â€ž ¢s primary business activity is supplying her clients with information, the reason that the Grogan decision can be distinguished from this present case is that, in Grogan, the information was being provided for free Xena charges for her information and offers it as part of a structured educational service. We can therefore conclude with some confidence that the service pr ovided to Yvette by Xena qualifies as a à ¢Ã¢â€š ¬Ã‹Å"serviceà ¢Ã¢â€š ¬Ã¢â€ž ¢ for the purposes of the European Treaty and also Council Directive 2006/123/EC. Bearing this conclusion in mind, we must now turn to consider whether or not the à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ restriction imposed on Xana by the Free Movement of Services Act 2008 is permissible under European law: Of particular relevance to this enquiry is the freedom of establishment as provided by Article 43 EC[8]. This Treaty Article provides, inter alia, that: à ¢Ã¢â€š ¬Ã…“[R]estrictions on the freedom of establishment of nationals of a Member State in the territory of another Member State shall be prohibited.à ¢Ã¢â€š ¬Ã‚  Within the context, establishment includes the à ¢Ã¢â€š ¬Ã…“setting-up of agencies, branches or subsidiaries by nationals of any Member State established in the territory of any Member State,à ¢Ã¢â€š ¬Ã‚  and also, à ¢Ã¢â€š ¬Ã…“the right to take up and pursue activ ities as self-employed persons and to set up and manage undertakings, in particular companies or firms.[9]à ¢Ã¢â€š ¬Ã‚  While it is true that the à ¢Ã¢â€š ¬Ã‹Å"audit requirementà ¢Ã¢â€š ¬Ã¢â€ž ¢ does not prohibit establishment of English language service providers in the United Kingdom, the jurisprudence of the European Court of Justice has interpreted the freedom of establishment widely. In the Gebhard[10] case, the European Court of Justice provided four conditions which must be satisfied in order for a restrictive nation measure to be deemed valid at law: à ¢Ã¢â€š ¬Ã…“It follows from the Court s case-law that national measures liable to hinder or make less attractive the exercise of fundamental freedoms guaranteed by the Treaty must fulfil four conditions: they must be applied in a non-discriminatory manner; they must be justified by imperative requirements in the general interest; they must be suitable for securing the attainment of the objective which they pursue; and they must not go beyond what is necessary in order to attain it.[11]à ¢Ã¢â€š ¬Ã‚  This latter requirement of à ¢Ã¢â€š ¬Ã‹Å"necessityà ¢Ã¢â€š ¬Ã¢â€ž ¢ was provided in the earlier case of Kraus v Land Baden-Wuerttemberg[12] and is further supported by Council Directive 2006/123/EC: à ¢Ã¢â€š ¬Ã…“[N]o such authorisation scheme or restriction should discriminate on grounds of nationality. Further, the principles of necessity and proportionality[13] should always be respected.[14]à ¢Ã¢â€š ¬Ã‚  The questions which therefore fall for determination are as follows: Is the à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ requirement imposed by the Free Movement of Services Act 2008 an imperative requirement in the general interest[15]? If so, is the à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ requirement a suitable and proportionate way of achieving those objectives? And, If so, does the à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ requirement go beyond what is necessary to achieve its legitimate objectives? In regard to (a); the justifications which have been proffered by the government of the United Kingdom for the imposition of the à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ requirement are two-fold: First, that it promotes à ¢Ã¢â€š ¬Ã‹Å"the purity of the English languageà ¢Ã¢â€š ¬Ã¢â€ž ¢; and, second, that it à ¢Ã¢â€š ¬Ã‹Å"protect jobs in the UK further and higher education sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢. In regard to the latter of these aims, because it is an economic aim, i.e. promoting employment for the benefit of the United Kingdomà ¢Ã¢â€š ¬Ã¢â€ž ¢s economy, the Courts are unlikely to consider this in the à ¢Ã¢â€š ¬Ã‹Å"general interestà ¢Ã¢â€š ¬Ã¢â€ž ¢ or a à ¢Ã¢â€š ¬Ã‹Å"legitimate public interestà ¢Ã¢â€š ¬Ã¢â€ž ¢[16]. This conclusion is further supported by the decision in the case of Finalarte Sociedade de ConstruÃÆ' §ÃƒÆ' £o Civil V Urlaubs und Lohnausgleichskasse der Bauwirtschaft[17]. In regard to the former aim: While it is true that one of the legitimate aims suggested by Council Directive 2006/123/EC is the objective of promoting higher quality in education[18], it is difficult to argue that the aim of à ¢Ã¢â€š ¬Ã‹Å"promoting purity of languageà ¢Ã¢â€š ¬Ã¢â€ž ¢ falls within this legitimate category, especially since the European Courts of Justice generally take an highly restrictive interpretation of à ¢Ã¢â€š ¬Ã‹Å"legitimate aims[19]à ¢Ã¢â€š ¬Ã¢â€ž ¢. If anything, this profferred justification fits more comfortably inside one of the cutural heads of public policy objectives, such as for the à ¢Ã¢â€š ¬Ã‹Å"promotion of the national language[20]à ¢Ã¢â€š ¬Ã¢â€ž ¢. However, even if this former aim is considered legitimate and in the general interest, it is not obvious that imposing a costly and rigid[21] à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ is a proportionate way of achieving this objective, nor that it is necessary in order to achieve that objective. For example, Xena might already be in possession of a quality appr oval certification from her home State which would serve the purpose equally well. While this is mere speculation, it reveals one circumstance under which the à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ imposed by the Free Movement of Services Act 2008 is a disproportionate and unnecessary requirement in light of the objective of promoting the national language. However, as per the decision in the case of Jean Thieffry v Conseil de lordre des avocats ÃÆ'   la cour de Paris[22], this argument will only defeat the UKà ¢Ã¢â€š ¬Ã¢â€ž ¢s claim (that the derogation for the freedom of establishment is justified) if it can be shown that there exist equivalent à ¢Ã¢â€š ¬Ã‹Å"qualificationsà ¢Ã¢â€š ¬Ã¢â€ž ¢ or audit certification processes in other Member States of Europe. If such equivalences exist, then the UKà ¢Ã¢â€š ¬Ã¢â€ž ¢s claim is more likely to be successful and the à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ provision of the 2008 Act will likely be deemed valid. Converse ly, if it is held that equivalences do exist in other Member States, then I would argue that the Courts would not be satisfied that the à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ requirement satisfies the test as set out in the Gebhard[23] case. One final point on this enquiry: We have not been provided with details of the enforcement mechanisms which have been adopted under the 2008 Act to compel business compliance; if this Act creates a criminal law offence for failing to undergo the à ¢Ã¢â€š ¬Ã‹Å"quality audità ¢Ã¢â€š ¬Ã¢â€ž ¢ process, which is quite possible, then the measure must be deemed contrary to the objectives of Council Directive 2006/123/EC which, at Article 1(5) states: à ¢Ã¢â€š ¬Ã…“Member States may not restrict the freedom to provide services by applying criminal law provisions which specifically regulate or affect access to or exercise of a service activity[24]à ¢Ã¢â€š ¬Ã‚  We are not in possession of the facts required to make any firm conclusion in this regard. In regard to the final enquiry of this paper; namely, whether or not the à ¢Ã¢â€š ¬Ã‹Å"contribution requirementà ¢Ã¢â€š ¬Ã¢â€ž ¢ imposed on Yvette by the Free Movement of Services Act 2008 is valid: Of particular relevance to this enquiry is Article 14(1) of Council Directive 2008/123/EC which provides that: à ¢Ã¢â€š ¬Ã…“Member States shall not make access to a service activity in their territory subject to compliance with discriminatory requirements based directly or indirectly on nationality[25]à ¢Ã¢â€š ¬Ã‚  Because only residents of the United Kingdom are subjected to this contributory surcharge, there is no doubt that this measure would be deemed discriminatory by the European Court of Justice. This is supported by the decision in the case of Van Binsbergen[26] in which it was held that measures discriminating on grounds of nationality (whether directly or indirectly) must be abolished in accordance with Article 49 of the European Treaties. While it could be argued that because the measure looks to country of residence rather than nationality, per se[27], that it does not discriminate on the basis of nationality. However, this argument is likely to fail as, in practice, this means that more UK nationals are likely to be affected negatively by the measure than non-UK nationals[28]. In conclusion, if Xena brought a claim against Yvette, Yvette would likely be successful in arguing that she should not have to pay the additional audit charge. Even if the Court do accept that the objectives of imposing this charge on Xena are legitimate, proportionate and necessary, the restriction to Yvettes freedom to access educational services has been compromised by a discriminatory measure; namely, the requirement that recipients of English language services in the United Kingdom must pay a surcharge to contribute to the costs of the audit process imposed under the Free Movement of Services Act 2008. References: Barnard, C. and J. Scott, à ¢Ã¢â€š ¬Ã‹Å"The Law of the Single European Marketà ¢Ã¢â€š ¬Ã¢â€ž ¢, Hart Publishing, Oxford and Portland, Oregon, 2002. Craig, P. and G. De BÃÆ' ºrca, à ¢Ã¢â€š ¬Ã‹Å"EU Law Text, Cases and Materialsà ¢Ã¢â€š ¬Ã¢â€ž ¢, Fourth Edition, Oxford University Press, Oxford, 2007 Foster, G. à ¢Ã¢â€š ¬Ã‹Å"Blackstoneà ¢Ã¢â€š ¬Ã¢â€ž ¢s Statutes EU Treaties Legislationà ¢Ã¢â€š ¬Ã¢â€ž ¢, Eighteenth Edition, Oxford, Oxford University Press, 2007 Tobler, C., à ¢Ã¢â€š ¬Ã‹Å"Indirect Discrimination: A Case Study Into the Development of the Legal Concept of Indirect Discrimination Under EC Lawà ¢Ã¢â€š ¬Ã¢â€ž ¢, Antwerpen à ¢Ã¢â€š ¬Ã¢â‚¬Å" Oxford, Intersentia, 2005. Footnotes [1] Article 50 of the EC Treaty [2] Belgium v Humbel (Case 263/86) [1988] ECR 5365 [3] Insight into when an activity will be considered à ¢Ã¢â€š ¬Ã‹Å"economicà ¢Ã¢â€š ¬Ã¢â€ž ¢ is provided by paragraph 17 of the text of the Directive which states: à ¢Ã¢â€š ¬Ã…“This Directive covers only services which are performed for an economic consideration. Services of general interest are not covered by the definition in Article 50 of the Treaty and therefore do not fall within the scope of this Directive.à ¢Ã¢â€š ¬Ã‚  [Council Directive 2006/123/EC, para.17] [4] Article 4(1) of Council Directive 2006/123/EC [5] Article 2(k) of Council Directive 2006/123/EC [6] Article 2(h) of Council Directive 2006/123/EC [7] The Society for the Protection of Unborn Children Ireland Ltd v Stephen Grogan and others (1990) Case C-159/90. [8] The reason that the freedom of establishment provisions of the European Treaty are relevant here rather than the freedom of services provisions is because the services being supplied by Xena are permanent, in that she plans to provide these educational services in the United Kingdom on a regular basis for a significant duration of time. This is very similar to the arrangement pursued by Mr. Gebhard in the Gebhard case: At paragraph 27 in this case it was held: à ¢Ã¢â€š ¬Ã…“However, that situation is to be distinguished from that of Mr Gebhard who, as a national of a Member State, pursues a professional activity on a stable and continuous basis in another Member State where he holds himself out from an established professional base to, amongst others, nationals of that State. Such a national comes under the provisions of the chapter relating to the right of establishment and not those of the chapter relating to services.à ¢Ã¢â€š ¬Ã‚  Gebhard v Consiglio dellà ¢Ã¢â€š ¬Ã¢â€ž ¢Ordine degli Avvocati e Procuratori di Milano [1995] Case C-55/94 ECR I-4165 at para. 27. [9] Article 43 EC [10] Gebhard v Consiglio dellà ¢ â‚ ¬Ã¢â€ž ¢Ordine degli Avvocati e Procuratori di Milano [1995] Case C-55/94 ECR I-4165 [11] Ibid, at para. 37 [12] Dieter Kraus v Land Baden-WÃÆ' ¼rttemberg (1992) Case C-19/92. [13] In regard to the applicability of the principle of proportionality to assessments of these kind, it was held, in the case of Bond van Adverteerders v Netherlands State [1988] Case 352/85 ECR 2085, that whenever a Member State seeks to rely upon a public policy justification for derogating from a freedom contained in the European Treaty, a proportionality assessment must be conducted when deciding upon the validity of that derogation. [14] Council Directive 2006/123/EC at para. 56. [15] The way that Craig and De Burca (2007) describe this requirement is as follows: à ¢Ã¢â€š ¬Ã…“[T]he restriction must be adopted in pursuit of a legitimate public interest, which is not incompatible with Community aims.à ¢Ã¢â€š ¬Ã‚  Craig and De Burca (2007) p827. [16] For example, see the case of SETTG V Ypourgos Ergasias [1991] Case C-350/89 ECR 1-2387, paras. 22-23 [17] Finalarte Sociedade de ConstruÃÆ' §ÃƒÆ' £o Civil V Urlaubs und Lohnausgleichskasse der Bauwirtschaft (1998) Case 71/98. [18] Para. 40 of Council Directive 2006/123/EC: à ¢Ã¢â€š ¬Ã…“[T]his Directive has been developed by the Court of Justice in its case law in relation to Articles 43 and 49 of the Treaty and may continue to evolve. The notion as recognised in the case law of the Court of Justice covers at least the following grounds: the need to ensure a high level of education.à ¢Ã¢â€š ¬Ã‚  [19] Barnard and Scott (2002) p9. For an example of a restrictive approach for permitting public policy derogations, see the case of Raymond Kohll v Union des caisses de maladie (1996) Case C-158/96. [20] Fn.12 [21] Rigid in that the audit must be conducted by a à ¢Ã¢â€š ¬Ã‹Å"designated auditorà ¢Ã¢â€š ¬Ã¢â€ž ¢ appointed from one of the Schools of Education of UK universities and colleges. [22] Jean Thieffry v Conseil de lordre des avocats ÃÆ'   la cour de Paris (1976) Case 71/76 [23] Fn. 10. [24] Article 1(5) of Council Directive 2006/123/EC. [25] Article 14(1) of Council Directive 2006/123/EC. [26] Van Binsbergen (1974) Case 33/74 [27] For example, Yvette is a Polish national being levied with the audit surcharge because she utilized the service while residing in the United Kingdom. [28] Jean Thieffry v Conseil de lordre des avocats ÃÆ'   la cour de Paris (1976) Case 71/76. For a detailed analysis of this argument, see Tobler (2005) p129.

Identifying Socialization Assignment Assignment

Conceptualizing Socialization Assignment Ayelen Ferrer Florida International University Conceptualizing Socialization Assignment Levels of Social Identities List of social group identity My social identities Social status for this identity: Targeted or Privileged Explain or give examples why your social status is either targeted or privileged Racial identity White Privileged I feel free to walk around a store without feeling watched because someone is suspicious. Sex (Biological) Female Privileged I can count on there being a restroom designed for my sex almost everywhere (unlike transgender). Gender (Social) Woman Targeted At the macro level, I am seen as a sex symbol that not able to think objectively and generally gets paid. Sexual orientation Heterosexual Privileged I feel free to post pictures, share news, and publicly show my love for my partner. Class (Low/middle/high) Middle Privileged At the macro level, this class is seen as more intelligent and educated. Ability/disability Able-bodied Privileged I can be assured that I will have no problem entering any building anywhere. Religion Non- Denominational ? I am unsure as to where I fit here. I was born and raised into Christianity. Throughout my life I have â€Å"embraced† other branches of Christianity and other religious (like Judaism). Although I have my beliefs, I don’t think I belong in any religion. As a young Christian, I never felt privileged through. I always saw othersShow MoreRelatedInterview Assignment : The Peterson Family1203 Words   |  5 PagesInterview Assignment The Peterson family resides in a small residential suburb in Southeastern Virginia. Previous, the family had lived in Italy due to Mr. Peterson s position in the United States Military but had moved to Virginia two years ago. Mrs. Peterson works at night and the parents have five children together. Christian is an intelligent 12 year old boy that was diagnosed with Autism Spectrum Disorder (ASD) by the United States Navy Developmental Pediatrician in Naples, Italy when heRead MoreThe Human Being And Universe Diversified And Unique From Other Animals845 Words   |  4 Pageschildren are inherited the similarities from their parents such as blood type, physical characteristics, and personality. However, they are not completely and totally inherited everything from their parents. A young teenager may develop any kind of identifying characteristics that he is taught or is impacted through the actions of adults and peers. For instance, he must comply the rules from his parents and pla y video games for hours. This is one of the major factors that makes the human being and universeRead MoreCase Assessment1307 Words   |  6 PagesCognitive-Behavioral Case Formulation Client Name: Ms. Date: Identifying Information: middle-aged female, married with two children Mental Status Examination She appeared neatly dressed in an outfit, which was age-appropriate. She was alert and oriented to person, place, and time. The client made every effort to be open and honest. Furthermore, she maintained a cooperative attitude toward the examiner. Her mood and affect were depressed and anxious. Speech was coherent and relevantRead MoreRelationship Between Education And Society1191 Words   |  5 PagesIn this assignment I will be looking at what the sociological perspective contribute to the relationship of education and society. The term education means when an individual is learning and gaining knowledge and skills after studying a particular subject and helps an individual to understand something (Merriam-Webster, n.d). Society is when people are living together in a community and share and follow the same customs. There is a strong relationship between education and society as they both workRead MoreA Research Study On Learning Theory Essay979 Words   |  4 Pagesexperien ces concerning the student and his community develop profound conclusions about the experiments (Lay, 1903, p. 2). Also, the observations, statistics and the experiment are substantial in the conclusions. Dewey (1897) was perplexed about how socialization played such a rewarding part in the educational process of children (Dewey, 1897, p. 24). Thorndike (1903) wrote several textbooks about the psychology of educating, teaching, children so they will learn subject skills. In the textbook of EducationalRead MoreGender And Nature Vs. Nurture994 Words   |  4 Pagespeople live their lives being told what it should look like or be. Scholars and scientists debate over the heaviest influences on an individual’s gender; thought to be generally comprised of some mixture in brains, genetics, evolution, biology, and socialization. Modern debate looks at supposed ‘nature vs. nurture’ influences and gender’s ever-relevant role in the LGBT+ community. However, it is foggy what chiefly constitutes a person’s gender and makes them different from the next person, what is clearRead MoreStreet Gang And Street Gangs950 Words   |  4 Pagesâ€Å"street gang† is consistently intertwined with â€Å"youth gang†. However, the term â€Å"street gang† can mean two particular meanings that raise it’s face value. 1st, it proposes a common quality of gangs: They usually contain a street presence. Street socialization is a huge attribute of young gangs. 2nd, this expression also refers to â€Å"street crimes,† that is, violent and grave crimes (e.g., assaults, drive-by shootings, robberies, homicides) that happen on the streets and that frequently cause concernRead MoreNew Labour, Old School Tie : What Is Education For?997 Words   |  4 PagesOn the other hand, there were a lot of failures that New Labour party was unable to address. For example, New Labour s aim was to raised standards for everyone in education not just for few people. Blunkett had successfully implemented this by identifying 18 failing schools that served disadvantaged communities and replacing them with new schools. The approach to name and sham e was to signal that new labour was having a zero tolerance policy in education. However, I disagree with this because itRead MoreAutism Is Not A Single Disease?2025 Words   |  9 Pagesautistic individuals are rarely brought to the surface of this conversation. This means that one should consider those with disabilities as another minority category. Those with autism cannot express their thoughts well, showing their lack of socialization with anyone. Knowing that autistic individuals are born with this genetic disease serves as a detriment when they face a classroom environment, where communication is quite important, especially in the K-12 system of the United States. ThereforeRead MoreDepression And Bipolar Support Alliance1375 Words   |  6 Pagesmyself. I was in attendance about twenty minutes before the meeting commenced for an introduction with the team leader. He gave a brief introduction of the support group and ascertains my role in the meeting; which is to listen, no name or any identifying information was allowed and he will be introducing me to the members of the group. The meeting began at about 7:15 pm when every body in attendance was sited in a round table, the group leader commenced with the meeting by introducing himself and

Concepts in Childhood Studies Free-Samples-Myassignmenthelp.com

Question: Critically Analyse David Buckingham's Assertion. Answer: Introduction There is a big concern in the world today regarding childhood. Many people dont understand the status of the highly cherished concept of childhood. The concept has become a topic of discussion in several disciplines, among them developmental psychology, sociology, and pedagogy. Very many views have been raised regarding the concept of childhood. On topic regarding childhood that has since become a matter of debate is the disappearing or changing nature of childhood. There are people in the world today who claim that childhood is disappearing. On the contrary, there are also people who are rubbishing the concept that childhood is disappearing (Buckingham, 2000, p. 5). This group of people claims that childhood is not disappearing but is changing its form and structure. Very extreme views have been raised. Some people have even claimed that childhood is as good as dead since its fast disappearing (Bruce, 2013, p. 77). However, there is another group of people who are of the belief that childhood is alive. They believe that there are just some changes that childhood has undergone. The children of today have been fully empowered. They have also been liberated in a manner that has never been witnessed in the past. As at now, there are few systematic studies which have shed light on this topic. One such author is David Buckingham (Buckingham, 2008, p. 23). According to Buckingham, childhood is not disappearing. He is of the opinion that childhood is simply changing its form and structure. He advises that the society should forget about the idea that childhood is disappearing. Buckingham has carried out a study to establish whether childhood has changed or not (Eysenck, 2012, p. 81). From the results, he established that childhood is still the same today as it was several years ago. The only misleading aspect is the fact that Childhood today tends to copy the contemporary Western society which is compl etely different from the historical times. The author had the idea that childhood has been liberated and is of a different kind (Allison Adrian, 2012, p.45). By comparing the nature of human beings today and during the contemporary history, there seem to be some major differences. It is the differences that have prompted some people to believe that childhood is slowly disappearing (Buckingham, 2008, p. 23). The following are some of the reasons why people tend to believe that childhood is disappearing: Children have been given similar rights to those of adults. They are highly protected by law to the extent that they have to decide on whether to take or not to take orders from adults. Traditional games that were played by children have slowly disappeared. Children have instead embraced technical games that were traditionally reserved for adults only. Children today engage in extreme cases, for example, committing crimes such as murder that was traditionally associated with adults only. No one could ever imagine that a minor could commit murder. Children were brought up in an orderly and respectable manner that they could not ever think of committing such crimes. Despite all these changes which have been witnessed in children, people must understand that childhood is not disappearing (Heywood, 2001, p. 76). Childhood is a stage that everyone must pass before they become adults. Instead, childhood is simply changing its form and structure. There are some innovations and changing trends that have forced childhood to change its form and structure. Lets take the print culture for example. During the 19th century, there was a hierarchy that had been created by the printed world. Children could not read a lot of materials as adults could do. Adults, therefore, managed to keep some information away from children. Knowledge and information regarding violence and sex were purely reserved for adults only. Children were therefore only associated with innocents and to larger extent ignorance (Wyse, 2009, p. 53). The culture of television has also emerged in the recent past and has hugely contributed to changing the structure and form of childhood. Television has erased the distinction that existed between childhood and adulthood. It has destroyed information hierarchy which has been existence since time in memorial. There are no special skills that children must acquire to access and operate televisions. Authority from adults is diminished. Children have become very knowledgeable from the contents that they have been able to access from televisions. As a result, their innocen t has slowly disappeared, and they are not ignorant anymore (Johnston Nahmad-Williams , 2008, p. 90). Children have spent a lot of time watching television instead of engaging in other social activities that promote childhood development. From the televisions, children have discovered that laws have since changed and they deserve to be treated with respect just the same way adults are respected. Children have also discovered that living standards have since changed (Wild Street, 2013, p. 49). According to Buckingham (2000), there is enough evidence that suggest that childhood is not disappearing. Childhood games are still being played by many children who have failed to get access to the innovative materials such as print media and televisions. It has also been observed that there is still clear distinction evidence between the children and adults. What should be clear to people is the understanding that children have developed the capacity to create and independent culture for themselves, a culture that is totally different from that of adults. David Buckingham states the digital media has played a great role in transforming the structure of childhood. He suggests that there is a need for adults, particularly parents to regulate the media which are used by children. There is a kind of schizophrenia which came with the invention of digital technologies. Digital media has been accused by many people of a being a bad influence on the behaviour of children. One major case th at has been raised is the fact that children tend to imitate all that they observe and read from the digital media. Digital media has therefore on many occasions resulted in imitative violence. The shooting incidence which took place in 1999 at Combuline High School in the USA was blamed by many people to have been promoted by violent computer games that were commonly played by students in the school (Parker-Rees Leeson , 2010, p. 65) There were also people who believed that the students would have been influenced by the hate information that they accessed on some of the websites that they commonly visited. It is argued that website that spread hate behaviour negatively influences children (Sharman Cross , 2007, p. 44). Children believe that what they observe in computer games is reality and hence they go ahead and try to copy them. The technology of computer games has also been said to have a bad influence on the development of brains of children (Buckingham, 2000, pp. 34-36). The children have become addicted to the games. As a result, they have no time to involve themselves in other activities that promote their physical and moral development so that they can grow to become responsible adults. Parents have been encouraged to invest in computers that would promote the education of their children. The move has been seen by many as the only way that would divert the attention of the children from the computer gam es that are not of great benefit to them (Buckingham, 2008). A good number of parents in the developed world have embraced the move and have gone ahead and bought their children computers that promote their education. However, many parents have failed to allocate enough time so that they can assist their children in using computers as education resource tool. Some parents also lack the expertise needed to operate the computers so that they can guide their children in using the computers (Bruce, 2013, p. 213). Some people may claim that the children have computers in school and hence the benefit they get from the school computers is enough. The problem that comes with the use of school computers by children is the fact that the computers are inadequate in most cases (Palfrey Gasser, 2011, pp. 19-21). There is also a limited time in schools when the children can freely access the computers. In addition, parents have failed to hold discussions with teachers so that they can iron out the issue. In most families, males are regarded as decision makers while females are regarded as people who are incompetence (Johnston Nahmad-Williams , 2008, p. 117). Mothers are therefore rendered to the role of providing care to their children. Fathers, on the other hand, are the ones who are expected to guide the children in using computers as educational tools rather than playing toys. This has further reduced the possibility of potential support for the children (Kehily, 2008, pp. 36-37). Fathers rarely sit back at home with their children because they believe that it is the duty of mothers to spare some of their time so that they can be together with the children and in the process attend to their needs. David Buckingham states that there is a need for people to find out how they can strike a balance between aspects of education and entertainment from the new digital media. The use of digital media to advance entertainment among children is influenced by the childrens social relationships. Parents, therefore, need to find out how their children get information regarding new technology (Kehily, 2008, p. 37). Some notions have been promoted in the Western world regarding children. People in the western world and their governments have developed some norms that have further changed the structure of childhood. They have reserved childhood as a separate stage of life that must be treated with a lot of care and concern (Valkenburg, 2004, p. 93). Children have therefore developed the feeling that they are crucial and deserve their space in the society. The western governments have also regarded children as people who are innocent at all times. They should not even be punished when they commit crimes because they still belong to the group of childhood. Children have been regarded as people who are very vulnerable and should not perform any economic role in the society. They are dependents who expect to be provided with all their needs and wants (Trevithick, 2005, p. 213). Today, the notion which originated from the western world regarding childhood has been globalized. The privileges that have been advocated for by western countries are currently promoted in all the countries of the world. Children have been placed in a comfort zone whereby they are provided with all the things that they require (Mook, 2016, p. 42). As a result, children have become idle. They have therefore remained with one role only, fighting with adults so that they can be accorded attention that they dont deserve in the long run. There are also campaigns that have been promoted in third world countries concerning children, particularly street children. Children closely monitor the campaigns and develop a feeling within them that they deserve better treatment than what they are being accorded. The westerners want the rest of the people to treat children the way they are being treated in the western world (Postman, 2011, p. 69). One thing that they have forgotten is that every community in the world has been able to bring up rightful children in the past and according to their respective cultures. There was no influence from any quarter during those years (Mook, 2016, pp. 42-44). The children had a lot of respect for their parents as well as other adults. They were well aware that they are minors in the society. They clearly understood that their duty was to take orders from adults without complaints at all times. In this view, it is very wrong for some people to believe that childhood is disappearing. Childhoo d is still in existence, and it is there to stay. We only have to accept the fact that its form and structure has greatly changed (Allison Adrian, 2012, p. 42).The childhood stage is even likely to evolve further in the coming years if things are kept as they are today. There is a high likelihood that new technology that which has greatly contributed t the changes in childhood would improve even more in the future. The regulatory measure should, therefore, be put in place to ensure that children understand their childhood stage and all that is expected of them. They should understand that there are rights that are reserved only for adults. In addition, they must learn to take all the orders from adults whether they like them or not (Postman, 2011, p. 12). There has been a major transformation in most families of the world. Since the 19th century, many families have moved from traditionally family set up to modern family set up. Modern family members have kept away from neighbours. They spend most of their time indoors. The change has been promoted by economic, cultural and social changes which came about during the Industrial Revolution (Parker-Rees Leeson, 2010, p. 88). The revolution led to the division of labour and break-up of many family structures. Homes became very comfortable for many children. The homes provided them with a lot of comfort and security. They kept off from the harsh and demanding external environment. Families had clear structures with distinct boundaries between childhood and adulthood stages of life. The roles of people in each of the groups were also clearly defined (Palfrey Gasser, 2011, p. 107). Children had a lot of respect for parents and adults in general. Orders from adults were always unquestionable . Moral values guided the children. Children regarded the childhood as a stage whereby they were expected to participate in their education, play children games and finally prepare themselves for adulthood (Nick, 2001, p. 53). The adults, on the other hand, insisted upon protecting the children from the harsh realities that are found in adulthood. All events and activities that are done in adulthood were kept the secret to the children. Childrens innocence was therefore highly preserved. There were toys, clothes and literature books that were purely reserved for children. As time went by, the childrens world became very protected and isolated. The children were even separated from their parents in the houses in which they lived. They were mostly in the company of their tutors if they were not in nurseries. From the nurseries, the children managed to see their mothers for restricted periods during the day (Nick, 2001, p. 23). A lot of attention was paid to the children of their parents and even other adults within the community. However, the modernisation of the western culture has since changed this. The close care that was accorded to children was no longer there. Children were left to take care of themselves. It is during the process that the children managed to access adult contents from digital media which was within their reach then. Parents who could look after them have become very busy in their places of work. They spent petite time in their residential places (Bruce, 2013, p. 34). By granting children all the freedom in the absence of their parents, they have done a lot of exploration. They have accessed a lot of materials that were purely reserved for adults. The children have also discovered a lot of secrets. They have established that there is some information that they have been denied accessibility. They have worked tirelessly hard and have managed to discover secrets that have been reserved for adults only (Trevithick, 2005, p. 26). Looking at the manner in which children reverted and started to behave the way they are doing at the moment, it would be abnormal for anyone to claim that childhood is disappearing. If the stage were to disappear then, it would have disappeared a long time ago. There are just several changes that have happened in the recent past. The changes have exposed children, and they have become prone to manipulations. As a result of the changes that have been brought about by the emergence of new technologies, developments in the Western world among others, the structure of childhood stage has completely changed. There is nothing that can be done to return the original structure. Technology is speedily advancing, and people have to move with it at the pace at which it is advancing (Valkenburg, 2004, p. 35). Conclusion The western world population has agreed that childhood has been changing of late. However, the topic has brought a lot of contradiction and confusion as well. The main area of concern has pointed for the reason that might have led to the changes in childhood. Some people claim that childhood is on the verge of disappearing. They have even gone ahead and said that childhood is as good as dead. This statement has prompted many authors to investigate if that is the gospel truth or not. One of the authors is David Buckingham. Buckingham did his research alongside other authors and researchers and finally disagreed with the notion that Childhood is on the verge of disappearing (Buckingham, 2000, pp. 22-24). He established that childhood was simply changing its form and structure. Buckingham highlighted some emerging issues that most likely contributed to the change in shape and structure of childhood. The rapid developments in the field of innovations and changing trends have been identif ied as the main factor that has led to the changes in structure and form of childhood. The advent of digital media such as televisions, computers and print media has exposed children to a lot of information which they never accessed before. In the past, parents and other adults regulated the information which could be accessed by the children. Information that promoted hate and immoral behaviour were kept away from the reach of children (Buckingham, 2000, pp. 31-32). Children were therefore brought up as innocent and ignorant beings. They believed that they have to do things that would please adults. They could never imagine of engaging in immoral behaviours because they never witnessed such behaviour anywhere around them. However, with the invention of televisions and computer games, children have seen people promote hate and immoral behaviours. They too have gone ahead to imitate all that they have observed over the media platforms. In addition, children have learned that they hav e rights that must be protected. They have therefore rebelled against adults whenever they feel that their rights are being violated even when the case is not true. As a result, many adults have been reduced to mere spectators. They can no longer fully control and discipline the children when they engage in immoral behaviour since their mandate is limite References Allison , J. Adrian, J., 2012. Key Concepts in Childhood Studies. s.l.:SAGE. Bruce, T., 2004. Developing Learning in Early Childhood. 1 ed. London: SAGE Publications Ltd. Bruce, T., 2013. Early Childhood. 2 ed. London: Sage Publications Ltd. Buckingham, D., 2000. Youth, identity, and digital media. s.l.:MIT Press. Buckingham, D., 2008. Youth, identity, and digital media. s.l.:MIT Press. Eysenck, M. W., 2012. Simply Psychology. 3 ed. New Jersey: Psychology Press. Heywood, C., 2001. A History of Childhood: Children and Childhood in the West from Medieval to Modern Times. 1 ed. London: Polity Press . James, A. Prout, A., 1997. Constructing and Reconstructing Childhood: Contemporary Issues in the Sociological Study of Childhood. 2 ed. London: Routledge. Johnston, J. Nahmad-Williams , L., 2008. Early Childhood Studies: Principles and Practice. 1 ed. London: Routledge. Kehily, M. J., 2008. An Introduction To Childhood Studies. s.l.:McGraw-Hill Education (UK). Lindon, J., 2005. Understanding Child Development: Linking Theory and Practice (A Hodder Arnold Publication). New Edition ed. New York: Hodder Education. Maynard, T. Powell, S., 2013. An Introduction to Early Childhood Studies. 3 ed. London: Sage Publications Ltd. Meggitt, C. Bruce, T., 2006. Child Care and Education. 4th Revised ed. New York: Hodder Education. Mook, B., 2016. The Changing Nature of Childhood and Boyhood: A Metabletic Study . Retrieved from https://www.questia.com/library/journal/1P3-1365445301/the-changing-nature-of-childhood-and-boyhood-a-metabletic. Questia, pp. 1-52. Mooney, C. G., 2013. Theories of Childhood, Second Edition: An Introduction to Dewey, Montessori, Erikson, Piaget Vygotsky. 2nd Revised edition ed. London: Redleaf Press. Moyles, 1989. Just playing?: Role and Status of Play in Early Childhood Education. 1 ed. New York: Open University Press. Nick, l., 2001. Childhood and society: growing up in an age of uncertainty. s.l.:Open University Press. Nutkins, S., McDonald , C. Stephen, M., 2013. Early Childhood Education and Care: An Introduction. 1 ed. London: Sage Publications Ltd. Palfrey, J. G. Gasser, U., 2011. Born Digital: Understanding the First Generation of Digital Natives. s.l.:ReadHowYouWant.com,. Parker-Rees, R. Leeson , C., 2010. Early Childhood Studies. 3 ed. New York: Learning Matters. Parker-Rees, R. Leeson, C., 2010. Early Childhood Studies. 3 ed. New Jersey: Learning Matters. Postman, N., 2011. The Disappearance of Childhood. s.l.:Knopf Doubleday Publishing Group. Sharman, C. Cross , W., 2007. Observing Children and Young People. 4 ed. Chicago: Continuum International Publishing Group Ltd. Trevithick, P., 2005. Social work skills: a practice handbook. s.l.:Open University Press. Valkenburg, P. M., 2004. Children's Responses to the Screen: A Media Psychological Approach. s.l.:Routledge. Wild, M. Street, A., 2013. Themes and Debates in Early Childhood. 1 ed. London: Sage Publications Ltd. Wyse, D., 2009. Childhood Studies: An Introduction. 1 ed. New Jersey: John Wiley Sons.

Fixed Income Analysis Trading and Trading

Question: Analyse that how the USA Government have controlled the Mortgage Backed Securities in the US market? Answer: Executive Summary: This report helps us to analyse that how the USA Government have controlled the Mortgage Backed Securities in the US market. It also helps us to see that the Mortgage Backed Securities has more advantageous than the Fixed income trading. This research shows that US Government took the steps to prevent the Mortgage Backed Securities. It also shows that how the US Government uses Fannie Mae, Freddie Mac and Ginnie Mae to control the Mortgage Backed Securities. Introduction: Fixed income is source of income from the investment in which the seller or the buyer is bound to pay or earn money of a set sum of money on a fixed schedule. The fixed income did not rise or fall like the dividend paid by the company or the fixed income does not change due to the rise or fall in inflation rate or the interest rate of the country. The fixed income market research obeys the Bloomberg Market. In the year 1992, a magazine was released in the market of United States Of America as Bloomberg magazine. This magazine was released for the users of United States who gambles in the financial market. Fixed income market is bigger than the equity market. This fixed income market is usually played by the organisational investors. The United States mortgage market in the residential purpose has gone through many commotions during the year 2007 to 2008. The US banks are giving loans to the people by mortgaging the houses with the banks and lending the loans to the people behalf of mortgaging the houses. The banks sell the houses to get liquidity with them. But the economic conditions are so disgrace that the no one in the US wants to buy the houses at a very high cost. This creates the bank to face a lot of trouble. This is because the banks do not have money with them. They converted the money into the assets. This creates an economic problem in United States Of America. In the capital market, there is various investment strategies which are available in the United States market are being developed by the financial professionals. This capital market allows the traders to invest in many field like equity, debt, forward, option, future and also in bonds. Literature Review: From the year 2008 financial disorder, several numbers of developments has been restructured like many regulations reformed, developing the United States market structure and also introduced some technological improvement in the market capital. Plenty of Mortgaged Based securities are there in the market of United States (McLean and Nocera, 2010). Mortgaged Backed Securities are based on the loan. In the beginning, the banks of the US or the company who use to give the home loans in the US market uses the home loans then the firm or the US based bank sells the same home loans to the investment bank of the United States, or the agencies for example Freddie Mac, Fannie Mae which are controlled by the United States Government. The Mortgage Based Securities is mainly sold by the Government agencies in United States (McLean and Nocera,2010). This schemes is attracts the traders because of the money back guarantee from the Federal Government. As the Government of United States involves in the matter, the traders also relies on the mortgaged backed securities. This is because the traders know that they will receive a lump sum amount of money back by the Government agencies of Mortgaged Backed Securities. Different types of mortgage based securities With the help of types of Mortgage based securities helps the company to get in depth studying of the model of Mortgaged Backed Securities market in the United States of America. Mortgage Loan. Mortgage Pass Through CMO / REMIC. Mortgaged Backed Securities Portfolio. One of the most difficult model is Mortgaged Based Securities. In this MBS market the holder of the mortgage gets the shares from the principal amount to the interest amount. Mortgage Based Securities are launched in the market by the United States Government to bring revolt in the department of house loan and the US mortgage trade. This MBS market helps the people of the United States to buy the homes in the United States (McLean and Nocera, 2010). During the year 2000 to 2005, the real estate was running their business in the booming condition. That period most of the banks and the mortgages companies has made a lot of profit in the market. But in the year 2007 to 2008, the condition of MBS market went down. The banks of the United States do not have enough liquidity with them. For the volatility of the MBS market condition in the United States, the Government launched three agencies in the market like Ginnie Mae, Fannie Mae, Freddie Mac. The mortgage backed securities in the home loan purpose are divided in to the two parts: Sanctioned by the institutional agencies. Sanctioned by the private agencies. We should focus on the United States of America mortgage sector (McLean and Nocera, 2010). This is because it plays a very valuable role in the capital market due to its size occupying in the U.S. capital market (Goldmann, 2010). The fixed income is a market which lies in the edge of rushing into a fundamental industrial change with the rigid drivers throwing the old structure of the market and modernising the structure of the market. Rules are indicating the banks to decrease the money (Goldmann, 2010). Mortgage Backed Securities is a very important part of the capital market. This mortgage rate defines the rate at which the home owner pays the rate of the interest. Mortgage Backed Securities Valuation is the valuation of a security that can be expressed in the terms of NPV (net present value). The discounting factor is obtainable from the market (Fabozzi and Modigliani, 1992). The time is mentioned by the mortgage company that for the time period a person is taking the mortgage from the market. Ginnie Mae: Ginnie Mae was the first company that has introduced the MBS in 1968 by the US government national Associations. Ginnie Mae is one of the governmental organisation that issued the MBS back by the credit of US government (Ambrose and Sanders, 2008). Ginnie Mae is ben guaranteed payment of the principal amount along with principal has been one of the pillar of the constructs irrespective of the default in mortgage payments by the borrower (Lugo, 2014). Fannie Mae: It another major company who issues the MBS and are very much has ethical responsibility of the US government to rate the credit value of the mortgage. The FNMA (Federal National Mortgage association) is very much work on the basis of the treasury regulation of the money market guarded the federal bank of America (Antinolfi and Brunetti, 2010). Freddie Mac: It is stockholder owned government sponsored corporation that has been formed in order to enhance the mortgage credit and give quick liquidity. It is owned by the federal home loan Mortgage associations and has line of credit with the government of America (Cantor and Hu, 2009). Application/ Discussion: The three instruments of lending the mortgages is Freddie Mac, Fannie Mae, Ginnie Mae. Freddie Mac mainly enhances the mortgage credit and quickly converts the mortgages into the liquidity assets (Wiedemer et al. 2014). The owner of the Freddie Mac is the federal home loan mortgage association. Fannie Mae is a company who is the leading point of giving liquidity for the residential purpose. Ginnie Mae is also known as the government national mortgage association (Stone and Zissu, 2005). The owner of the Ginnie Mae is federal corporation within the United States. It was launches in the year 1968. The main functions of the Ginnie Mae is to attract new point of getting money in the purpose of hose mortgage purpose (Schofield and Bowler). Effects On The MBS Market The mortgage backed securities have a very volatility in the year 2007 to 2012 (Amerman, 2010). After the year 2012 the mortgage backed securities recovered from high volatility to low volatility by the United States banks. The market backed securities have backed by most bonds. The market where the traders get into the short position and the traders gets into the long position. A very large number of mortgages are sold in very less amount of money due to lack of liquidity with the banks (Stone and Zissu, 2005). This makes banks sell all the residents taken in mortgages at a very cheaper rate due to lack of liquidity with the bank (Tuckman and Serrat, 2012). The three aspects for giving the price discount on the mortgages residents are: The difference in price by giving the loan to the people who are keeping their houses as mortgages and selling the mortgages to the people for the less liquidity with the bank (Amerman, 2010).. This lack of liquidity forces the bank to give discount in the TBA market. The discount of price shows a higher risk of repayment (Amerman, 2010). This are affects which affects the Mortgage Backed Securities the most. Description of Bloomberg in bond index Base Currency USD Yield to Maturity 2.36 % Yield to Worst 2.16 % Spread (OAS) 21.96 Average Life 5.22 Number of Issues 473 Bloomberg index reflects that the value of the markets rate of return of maturity is 2.36% according to the combined rating of Ginnie Mae, Freddie Mae and Fannie Mae (Wiedemer et al. 2014). The rating reflects that United States was very fragile in the financial year 2008. The average life of the US MBS is almost 5.22 years as shown in the chart (Tuckman and Serrat, 2012). Yield to maturity means the rate of return is by 2.36%. If the market condition is in very worst condition the rate of return will be 2.36 %. We have seen that the condition of the market when the market is at better condition is 2.36 % and when the market condition is worst still the market have rate of return is 2.36 % (Stone and Zissu, 2005). This shows that the market is at recession period. The Federal Reserve reported that the deterioration is seen in the market of mortgage backed securities and the Fed is almost buying $ 40 billion in bonds. The dealers almost of 20 % are responded the market in Mortgage backed securities had reduced in the US market (Amerman, 2010). Mortgage back securities performance in compare top world during 2008 crisis is given below: Looses faced by the companies during 2008 in terms of MBS Amount $, Bn Lehman brothers -18.1 Merrill Lynch -8.6 Barclays -2.3 Wachovia bank -8.4 JP Morgan chase -1.3 Bank of America -4.4 Citi Group -9.83 During 2008, crisis as per the Bloomberg report, Merrill Lynch reportedly has been confirmed the net loss worth of more than $ 8.6 billion that broke the stock market down. Then there is collapse of the one of the strongest housing mortgage company Lehman brothers who have collapsed due to increase in the default in payments and price of real estate is being lowering done which lead to global catastrophe (Zhou, 2010). As per the bloom index USD MBS is been going through rough phase that point of time. During that period of time, MBS has been able to garnered controversy which tends to lend the subprime crisis. MBS is been one of the part of the subprime lending that start rooting the housing bubble bursts (Goldmann, 2010). Since then the government of treasury has changed the US MBS bond norms and brought more transparency and more of clear concept rather the complex structure which turns into the nightmare for the US and rest of the world. Name Values Change Effective yield US treasury Bond index 121.60% -0.91 1.58% US agency Bond Index 116.8% -0.44 1.45% US corporate Bond index 137.50% -1.10 3.11% US MBS bond Index 123.47% -0.45 2.36% Fund rate 0.9 Prime rate 3.25 Graph 1: MBS bond in compare to other bonds (Source: www.bloomberg.com) From the graph we can say that the Bloomberg with an analysis on the bonds and MBS are developing slowly in the US market (Wiedemer et al. 2014). The bonds which are given by the corporate have very high rate of return. But the large market shows a very healthy rate of return. So, now we can see that the market is developing vigorously in the capital market. MBS has many benefits. One of the essential importance of MBS has very high quality (Wiedemer et al. 2014). According to the Ginnie Mc and Freddie Mac, the most advantageous of using MBS market is this market has very high class debt (Tuckman and Serrat, 2012). The owner of this instrument is United States Of Government and this instruments are controlled by the United States Government itself. Mortgage Based Securities market is a very low risk market if we measure up to the equity or any other types of securities (Stone and Zissu, 2005). This market also gives profitable income. This is because MBS is controlled by the United States Government. And the payment is based on monthly wages. Income is monthly based: MBS have many benefits in the market. And one of the essential benefits is the return gets by the trader is monthly based whereas, the fixed income trading investors gets the rate of return after a long period of time (Stone and Zissu, 2005). This provides the investor to play in a very low risk. But the investors in the fixed income trading plays in a very high risk. The MBS can be treated as a source of monthly income whereas the fixed income trading does not have this advantage. Once you have invested in the fixed income trading the return the investors will get after a very long time period. Bloombergs also shows that the mortgage backed securities is taxable (Goldmann, 2010). Conclusion: Fixed income trading is almost same as the mortgage backed securities (MBS). The fixed income trading gives the trader for the long term investment. Whereas the Mortgage Backed Securities have short term securities. The rate of return in the MBS is low whereas the rate of return of fixed income trading is very high. The risk in MBS is very low whereas the risk in the fixed income trading is very high. The risk factor of the MBS is very low whereas the risk factor of the Fixed income trading is very high. The lack of transparency causes the MBS market very complex. In Mortgage backed securities, the returns or the values cannot be measured. From the above research we understood that Mortgage Backed Securities is very valuable market for investment by the investors which is controlled by the United States Government agency. Three key agencies who serves the investor to get a good return from MBS market is Ginnie Mae, Freddie Mac and Fannie Mae. The owner of the three agencies Ginnie Ma e, Freddie Mac and Fannie Mae in the MBS market is United States Government. And the three agencies are also controlled by the United States Government. References: www.bloomberg.com/news/articles/2013-07-08/fed-says-a-few-dealers-report-deterioration-in-mbs-market [Accessed 7 Mar. 2015]. Goldmann, P. (2010). Fraud in the markets. Hoboken, N.J.: Wiley. Green, R. (2013). Introduction to Mortgages Mortgage Backed Securities. Burlington: Elsevier Science. Wiedemer, R., Wiedemer, D. and Spitzer, C. (2014). Aftershock. Hoboken: Wiley. Amerman, D. (1993). Mortgage securities. Chicago, Ill.: Probus Pub. Co. Arditti, F. (1996). Derivatives. Boston: Harvard Business School Press. Stone, C. and Zissu, A. (2005). The securitization markets handbook. Princeton, NJ: Bloomberg Press. Amerman, D. (1993). Mortgage securities. Chicago, Ill.: Probus Pub. Co. Arditti, F. (1996). Derivatives. Boston: Harvard Business School Press. Fabozzi, F. and Modigliani, F. (1992). Mortgage and mortgage-backed securities markets. Boston, Mass.: Harvard Business School Press. McLean, B. and Nocera, J. (2010). All the devils are here. New York: Portfolio/Penguin. Stone, C. and Zissu, A. (2005). The securitization markets handbook. Princeton, NJ: Bloomberg Press. Batten, J., Fetherston, T. and Szilagyi, P. (2006). Japanese fixed income markets. Amsterdam: Elsevier. Colin, A. (2005). Fixed income attribution. Hoboken, NJ: Wiley. Jegadeesh, N. and Tuckman, B. (2000). Advanced fixed income valuation tools. New York: Wiley. Jha, S. (2011). Interest Rate Markets + Web site. Hoboken: John Wiley Sons. Schofield, N. and Bowler, T. (2011). Trading the fixed income, inflation and credit markets. Chichester, West Sussex: Wiley. Tuckman, B. and Serrat, A. (2012). Fixed income securities. Hoboken, NJ: Wiley. Amerman, D. (1993). Mortgage securities. Chicago, Ill.: Probus Pub. Co. Stone, C. and Zissu, A. (2005). The securitization markets handbook. Princeton, NJ: Bloomberg Press.