In October of 2008, the government started to react to the struggling economy. On October 3, Congress passed the EmergencyEconomicStabilizationAct of 2008 (EESA) which authorized the Treasury to create government programs to purchase troubled assets and stimulate the economy. Since the passage of EESA, the government, under both the Bush and Obama Administrations, has established a flurry of new government programs to combat the Financial Crisis. The more than twenty different programs instituted to date are often referred to by the government and in the media by their acronyms, such as EESA, TARP, TALF, FSP, CPP, CAP, SCAP, and SSFIP. To the casual observer, this myriad of federal programs must start to look more like a bowl of alphabet soup than a concerted plan for financial recovery.
Paulson and Federal Reserve Chairman Bernanke:
While we understand that we are in an extreme financial
emergency, the program announced this morning runs the risk in the long run of profoundly changing the nature of our financial system and, specifically, undermining the nation’s banking system. The debt instruments in a money market mutual fund will pay a higher interest rate, and therefore the fund will pay a higher interest rate, than a bank deposit or short-term CD. It also appears there will be no limit on how much an individual or institution can invest in these funds. Therefore, such funds will be in a significantly superior market position to FDIC-insured bank deposits. . . .
This paper studies the desirability of earmarked taxing against general fund financing based upon the implications of economicstabilization. Under general fund financing the tax revenues from different sources are placed in a general fund, from which different government programs are financed. For example, in the case of national defense, federal taxes from many sources are collected and placed within the Treasury, and then Congress spends the amount it deems appropriate for national defense without regard to where the revenues were raised. Alternatively, in earmarked taxes the revenues are designated to particular spending activities, thus providing a direct link between tax revenues from one source and earmarked expenditure for a particular task. For instance, the federal gasoline taxes and motor vehicle fees, airport and air ticket taxes, television licensing fees, tolls and hotel room and tourist taxes in some countries are earmarked for the activities in the transportation and tourist sector, including the building and maintenance of transportation services. Another example is cigarette taxes, carbon taxes and air pollution fees that are earmarked for the activities in the health service and environmental overwatch sector. 1 Coffee taxes in Colombia are a famous example of earmarked taxes. According to Teja and Bracewell-Milnes (1991), a number of taxes are levied on coffee exports. A considerable percentage of the proceeds are earmarked for its price stabilization activities and subsidizing domestic coffee consumption. Thus, earmarked spending is not only in infrastructure but also in other aspects. Even in infrastructure, as this example shows, the infrastructure is built in coffee-producing area that is mostly for the use in the coffee industry and little else for other industries. In all of these sectors the tax revenues from a particular source/sector go toward a relevant spending destination /sector. 2
The plans must, at a minimum, provide for (a) post-accident com- munication such as secondary telephone lines or equivalent two- way communications; (b) post-accident tracking to locate under- ground personnel; (c) post-accident breathable air in sufficient quantities to maintain miners underground for a sustained period of time; (d) post-accident lifelines to enable evacuations; (e) train- ing; and (f) local coordination with emergency response personnel to facilitate above ground activities in support of rescue efforts. In addition to these general requirements, this section directs the Sec- retary to require wireless two-way communications and an elec- tronic tracking system permitting those on the surface to locate persons trapped underground within 3 years, or to set forth, within the plan, reasons such provisions cannot be adopted at that mine and alternative means of compliance. The intent of this section is for operators to use the most advanced technology available that works best in their particular mine, to provide a means for the plan to be continuously adapted to changes in the mine or in the commercial technical equipment market, and to avoid the ‘‘behave only to the letter of the standard’’ syndrome that stifles innovation and delays the implementation of new methods or equipment. Minor limitations shall not discourage mines from adopting new technology, in cases where it has significant safety benefits.
From the 25/07/2001, which the lending rate was at 1%, it began a gradual increase. The increase continued throughout the duration of the housing bubble. On 29/6/2006 the rate reached at 5.25%. Thereafter, the Fed began reducing the interest rates as the first signs of the crisis emerged. During the crisis, the Fed continues to lower interest rates, sometimes apart from strategic planning by making unexpected movements due to the emergency of that period. On December 16, 2008 interest rates reached a record low of 0.25%. The former head of Fed, Alan Greenspan had admitted that the policy of reducing interest rates created the housing bubble.
For maximum effectiveness, fiscal policy should be planned on both long-run and short-run basis. Long- run fiscal policy obviously is concerned with the long- run trends in government income and spending. Within the framework of such a long-range plan of fiscal operations, the budget can be made to vary cyclically in order to moderate the short-run economic fluctuations. 1.1 Importance and role of Fiscal Policy for Economic Stabilisation Economies rise, economies fall, and governments try to keep them steady.The role of fiscal policy on economic growth has driven several studies both on the theoretical and empirical framework. Modern macroeconomic literature emphasizes both the short-run and the long-run objectives of FP [Romer, (2006)]. In the short run it can be used to counter output cyclicality and/or stabilize volatility in macro variables, which is descriptively same as the effects of the short run monetary policy. Further, for the long- run, FP and the debt financing methods can also affect both demand and supply side of the economy. The various tools of fiscal policy such as budget, taxation, public expenditure, public works and public debt can go a long way for maintaining full employment without inflationary and deflationary forces in underdeveloped economies. Obviously, taxation and public expenditure is a powerful instrument in the hands of public authority which greatly affect the changes in disposal income, consumption and investment. An anti-depression tax policy increases disposable income of the individual, promotes consumption and investment. This will ultimately result in increase in spending activities which in turn, increase effective demand of the
labor market will raise. When economic activity is low and unemployment is high, these conditions are referred as e recession, or if they are quite serious a depression. After the rescission reaches bottom and economic conditions begin to improve, the economy begins an expansionary stage. During the expansion phase, business sales will rise, GNP will grow rapidly, and the unemployment rate will decline. The expansion blossoms into another boom. But the boom will eventually peter out and turn to a contraction, beginning the cycle anew (Figure 3) (Gwartney, 1976). Schumpeter also proposed four types of business cycles, which however did not enjoy much support. These four types are called; Kitchin inventory cycle (period of 3 to 5 years), Juglar cycle (period of 7 to 11 years) which is usually taken as the business cycle, Kuznets cycle (period of 15 to 25 years) and Kondratiev wave (period of 45 to 60 years) which is sometimes as well referred to as long technological cycle (Funa, University of Ljubljana, 2009).
To ensure inclusive participatory response planning and as part of its programming toolkit, UNDP develops Governorate Profiles capturing the main socio-economic characteristics in the target governorate , priorities and needs of affected groups, partnership opportunities and potential entry points for livelihoods and resilience programming. As such, the profiles facilitate the recognition of local strengths and weaknesses, threats and risks, programmatic and operational opportunities, endogenous potential and available resources in the governorate, and the identification of major bottlenecks for early recovery and livelihoods interventions in close collaboration with local stakeholders. The stakeholders mapping and analysis, which is an integral part, is crucial to better understand the socio-economic dynamics in the target governorate and ensure the inclusiveness of all concerned - including affected groups - in the local response plan.
It is important to note that the bylaws of an organization or the provisions within a city charter may specifically require a city committee to post its meetings pursuant to the Act. If there is such a local requirement, it would apply even if the Act would not otherwise require compliance. Conversely, cities cannot, through their city charters or local ordinances, waive the requirements of the Act. Further, if members of a governmental body attend a committee meeting, then the committee would be subject to the Act when a quorum of the governmental body is present at the meeting and members of the governmental body “receive information from, give information to, ask questions of, or receive questions from any third person, including an employee of the governmental body, about the public business or public policy” over which the governmental body has authority, regardless of whether the committee members or any members of the governmental body speak or otherwise engage in deliberations. 8 The presence of a quorum of the body and deliberation about
(6) The State or the District Legal Services Authority, as the case may be, to alleviate the suffering of the victim, may order for immediate first-aid facility or medical benefits to be made available free of cost on the certificate of the police officer not below the rank of the officer in charge of the police station or a Magistrate of the area concerned, or any other interim relief as the appropriate authority deems fit.". @ % Amendment of section 372. ! 29. Amendment of section 372. - In section 372 of the principal Act, the following proviso shall be inserted, namely:- "Provided that the victim shall have a right to prefer an appeal against any order passed by the Court acquitting the accused or convicting for a lesser offence or imposing inadequate compensation, and such appeal shall lie to the Court to which an appeal ordinarily lies against the order of conviction of such Court.". @
The major difference between the period 1996-2002 – which ended with a slight increase in the adjusted wage share – and the more recent period 2003-2005 concerns the movements in real labour costs per employee. Here, too, the business cycle played a very important role. In response to the deteriorating economic situation in 2001, companies tried to keep their labour costs down. In 2001 and 2002, that was achieved mainly by adjusting the number of hours worked per employee in line with the slowdown in production, via the system of temporary lay- offs and by cutting the amount of overtime. This effect was in addition to the structural trend towards shorter working hours as a result of the expansion of part-time work. However, the impact on labour costs per employee was limited during those years because hourly labour costs continued rising by more than 4 p.c. per annum. In Belgium, the movement in private sector labour costs is influenced mainly by collectively agreed wages, via real agreed adjustments or indexations. Under the law on the safeguarding of competitiveness, the increase in nominal hourly labour costs is largely determined by the indicative wage norm, defined by the social partners in the biennial negotiation of a central agreement on the basis of the expected movement in labour costs in the three main trad- ing partners – Germany, France and the Netherlands – and any adjustments for slippages in the preceding two years.
Actually, IMF programs have tended to be less strongly tied to quotas in recent years. At the same time, emerging and developing countries have kept asking for more say in Fund’s decisions, irrespective of their potential needs in terms of the finance. In fact, the rising emphasis on the surveillance role of the IMF is consistent with greater weight given to the last purpose of quotas clarifying voting rights – relative to the others. These moves may have complicated the discussions on IMF quotas, as the overlap between the different functions of quotas has loosened over time, suggesting different formulas for each function. Of course, there is an undeniable fact that the countries should struggle to apply the suggested policies. And also, the political environment is an important issue for the stabilization of their economies.
Contribute to the rapid post-conflict recovery in 4 Caza in the Mohafaza of South Lebanon and Nabatiye, addressing two main problems: a) risk of UXO/mines that threatens mostly those groups whose houses and camps were bombarded and who depend on these belongings for their survival; b) victims of UXO/mines to be supported psychologically and with services, potentially addressing their socio- economic insertion.
As provided by the PPA, underfunded single-employer defined benefit plans may be subject to certain restrictions on benefits and benefit accruals. 19 Under one of these restrictions, if a plan’s “adjusted funding target attainment percentage” (AFTAP) 20 is less than 60 percent (i.e., generally speaking, if a plan is less than 60 percent funded) for a plan year, a plan must stop providing future benefit accruals. 21 Section 203 of WRERA provides that for the first plan year beginning during the period of October 1, 2008 through September 30, 2009, this restriction on benefit accruals is determined using the AFTAP from the preceding year, instead of the current year, if the AFTAP for the preceding year is greater. Thus, this provision allows a plan to look to the
A 15-year-old boy with a previous traumatic brain injury arrives in the emergency department (ED) with aggressive behavior. During his ED visit and admission to the inpatient unit, the boy initially requires physical restraints and medications to treat his aggression. A thorough medical evaluation reveals that his behavior is a symptom of constipation. After medical treatment, along with mental health counseling and adjustment of his psychiatric medications, he is discharged from the hospital with outpatient rehabilitation, regular pediatrician visits, and community mental health services. The health care team was able to identify effective physical and mental health treatments using a collaborative multidisciplinary approach.
This paper seeks to critically analyse the requirements of the duty imposed on directors 12 to act for a proper purpose as provided in section 76(3)(a) of
the 2008Act whenever they distribute company money and/or property. 13
This analysis is conducted with the obligations imposed under sections 4 and 46 of the 2008Act in mind. The purpose is not to question the inclusion of this duty in the 2008Act. It is simply to question whether common law interpretation of the duty still suffice in the face of section 76(3) of the 2008Act, which seems to suggest that a different standard of judgment must be used. The argument that is sought to be made here is that the use of common law principles in interpreting proper purpose is well and good when the actions of directors are challenged based on the common law, but, where this duty has been incorporated into statutory law the interpretation of the duty in the context of the wording of the statute should be paramount. In addition, when interpreting any provision of the statute, consideration of its objects becomes inevitable. The interpretation of the duty cannot, in the face of the changes brought about by the statute, remain stagnant by continued reliance on common law standards of judgment. Therefore, the wording of the provision in question and the purpose of the statute cannot and must not be ignored; they must be given effect. A comparative approach is adopted, using legislation and case law from Australia and Canada as poles of comparison. These two jurisdictions are selected solely because like South Africa their legal heritage is based on English common law, and a comparison of the three jurisdictions therefore makes sense.
The purpose of this study was to understand the effects Section 5210 of the ACA has on healthcare systems, specifically in relation to emergency preparedness planning. The ACA is considered by some U.S. citizens as being the most controversial piece of legislation passed during the Obama administration (Faria, 2012). Additionally, a lawsuit in 2014 included the claim that the use of subsidies to help low-income citizens afford insurance needed congressional approval (King v. Burwell, 2014). Regardless, each local government can prepare the nation for unforeseen catastrophic events and minimize unintended consequences. The successful emergency management of these events often depends on emergency preparedness planning to facilitate stabilization and achieve the intended objective. When these events occur, it is important to have a clear, feasible, and executable plan that includes strong communication with the public population. It is necessary to understand the effects Section 5210 of ACA in relation to emergency preparedness planning in order to continue to prepare the United States for possible disaster.
a logical interpretation to section 3-A but surprisingly this section is subject to sub section (2) of Section 3. Sub section (2) provides that the authentication of the electronic record shall be effected by the use of asymmetric cryptosystem and hash function which envelop and transform the initial electronic record into another electronic record. Does this mean that Section 3-A is governed by Section 3? If it is so, then why was section 3-A incorporated because this interpretation would not change the legal position that stands before the amendment. This interpretation, though legally correct, goes against the avowed purpose of making the IT Act technologically neutral as outlined in the statement of objects and reasons of the Amendment Act. Furthermore Section 3-A makes affixing of electronic signature optional as it uses the word “may” as against Section 3 which uses the word “shall” and thus makes use of asymmetric cryptosystem and hash function mandatory. The best option before the legislature was (a)to delete Section 3; (b) make authentication mandatory(c) make IT Act technology neutral by omitting the expression “subject to the provisions of sub-section(2)”.