Personnel procedures and the constitution Essay Example | Topics and Well Written Essays - 500 words

Personnel procedures and the constitution - Essay Example Whereas before an entire crop of new positions had come upon each time that a new executive took the helm, such a provision ensured that it would be against the law for such an action to continue to take place. However, like many political actions, there were equal and opposite reactions. One of the largest negative reactions that the Pendleton Act evoked was the reliance of government on funds from the private sector and/or businesses. Due to the fact that hopeful executives could not longer rely on donations from hopeful applicants to guaranteed positions, this meant that the government put itself at the mercy of the business sector as a means of accruing revenue. Article Seven of the United States constitution specified how many states were required to ratify the US Constitution in order for it become law. As such, Article VII denotes that 9 of the 13 original colonies would need to ratify the Constitution prior to it becoming the founding charter and law of the newly formed United States. The first ten amendments to the US Constitution, collectively known as the Bill of Rights provides a rigid set of limitations on governmental power with regards to what the founders saw as the natural rights of the citizen. Though these Bill of Rights had little bearing on the way in which the individual states sought to exert their own power, the Fourteenth Amendment made it possible for these rights to be transferred explicitly to the state level. These first ten amendments were originally proposed and written by James Madison in 1789 and were ultimately ratified by 1791 for inclusion in the US Constitution. Although Madison himself proposed that there be 12 amendments, only 10 were ultimately passed and ratified by the states as law. These rights have become fundamental to an interpretation and understanding of what US

International finance Essay Example | Topics and Well Written Essays - 1750 words

International finance - Essay Example This traditional system increased the necessity for the bankers to carefully evaluate the creditworthiness of debtors. However, as the years passed, a huge change was observed in the entire system of raising and borrowing funds. Under the new system it was observed that brokers started raising funds and lent it to the borrowers instead of the bankers. This particular process was termed as â€Å"originate and distribute model† wherein the brokers were paid depending upon the number of mortgages they sold to the borrowers. This in turn played a huge role in causing the financial crisis, as the brokers were not concerned whether the borrowers defaulted from the mortgage owing to limited liability in the transaction; instead they were only concerned about selling more number of mortgages. Consequently, the economies of numerous Asian and European nations were adversely affected by the US securitization system. For instance, there was a 4% fall in the GDP of Japan in the year 2009 wherein there was heavy decline in the overall industrial production of the nation due to which, its economy suffered largely. Thus, it was considered that one of the major causes for the financial crisis was due to the change in the U.S. mortgage industry (Allen and Carletti, 1-43). Global imbalances and the advent of the US housing bubble were also considered as a cause for the financial crisis being faced by the economy of various nations. It was believed that global imbalances resulted in bursting the US housing bubble, due to which, the global financial crisis occurred. Correspondingly, it is argued that the global imbalances was a result of economic policies framed in the East Asian regions, export-led development strategy, undervaluation of the exchange rate in China and accrual of global reserves that was driven by self-insurance purposes. Export-led development strategy was also considered as a cause due to the