05/15/11

BP Rig Missed 16 Inspections Before Explosion

 

BP’s Rig Explosion back on April 20, 2010 rocked the entire country. Investigations began immediately on how something of this magnitude could happen. This news article reports on how upon government inspection it was seen that BP’s Deep Water Horizon Rig was only inspected 6 times in the year 2008. Rigs are supposed to be inspected once a month, meaning it had missed 6 for that year, and 16 in total since 2005. The most updated inspection during the time of the upcoming explosion was on April 1 by Eric Neal, a novice who had just started his inspection training four months prior. It was obvious that an explanation was needed and serious in depth investigating on what when on behind the scenes of the inspection agency and BP.

 

 

http://www.cbsnews.com/8301-31727_162-20007514-10391695.html <—Source

05/13/11

Eligibility Standard for “Companies that are Too Big to Fail”

http://video.nytimes.com/video/2011/05/12/business/100000000816342/bernanke-takes-on-too-big-to-fail.html

 

Barack Obama has signed the Dodd-Frank Wall Street Reform and Consumers Act in July 2010. This law allows the government to oversight and regulate financial companies that are critical to the economy; however, the government finds it difficult to determine the eligibility standards for the companies. At this point, the regulators have decided that any banks with over $50 billion worth of assets will automatically fall under the standard for additional regulations, but as for financial firms, such as hedge fund and insurance companies, the regulators will need more information and guidelines to determine the standard. The government claims to formulate the standards by this summer, while the deadline for the grand decision is January 2012.

 

The Dodd-Frank Wall Street Reform and Consumer Act, which increases government regulation and eliminate certain economical freedom, is opposite to the Gramm-Leach-Bliley Act of 1999, which gave financial more freedom by allowing them to consolidate. The Gramm-Leach-Blieley has repealed the prohibition of combining insurance, securities, and banking by the Glass-steagall Act of 1933. By eliminating such restriction, the US economy has move a tiny step closer toward a free economy. However, the US economy has taken a larger step toward government regulated economy after the passage of the Dodd-Frank Wall Street Reform and Consumer Act.

 

 

 

Article Link: http://www.nytimes.com/2011/05/13/business/13regulate.html?_r=1&scp=1&sq=government%20regulation&st=cse

04/9/11

Martin Luther King- “I have a Dream”

http://www.youtube.com/watch?v=iEMXaTktUfA

Martin Luther King is the most well known civil rights warrior who fought against the racial injustices against black people. King became an active in civil rights campaign during his protest in the Montgomery bus boycott, in which a black woman, Rosa Parks, was arrested for refusing to give up her seat to a white passenger on a city bus. The Montgomery bus boycott inspired King to fight racial inequality with non-violent protests. Consequently, many of Martin Luther King’s speeches and movements emphasize the black citizens as part of America, appeal to Christians with ideas from the bible, and scream for the establishment of freedom for other races.

The most famous speech given by Martin Luther King, “I have a Dream”, echoed the demand of equality and freedom, and envisioned the peace among whites, blacks, and people of other races. King’s speech also indicated that even in the 1960s, racial discrimination carried out by the white majorities and state governments were still prevailing. The same sort of racial suppression still persists even though the Civil War had ended one hundred years ago.

02/6/11

Fake Memory… Revealing!

The saying, “history is written by winners,” proves that history is not always accurate as what people think. In fact, history is accurate at all because people have their own views of history, and difference between them is whether they are close to accuracy or not. I think the book “Race and Reunion: The Civil War in American Memory” by David W. Blight sounds very interesting because what he does in the book is to reveal the different aspects of how we remember the Civil War. Race, religion, culture, region, and other factors affect how we look at the history. Not everyone is historian or has the interest to discover the “real” history. The major source of where our knowledge about the history comes from text books, which might not provide enough details about the certain events. Therefore, I think everyone should read this book and will eventually take something out of it. Blight gives several examples that memory of history can be made up by somebody else. For instance, a memory that was once promoted by the Southern Historical Society claimed that slavery did not exist in the South and the African Americans were just faithful servants to their white masters. We all know that this is untrue because we have all the evidences that can prove it. 

The war between Americans and Native Americans was another piece of memorythat is remembered in different ways. The peace was broken when British came and took over Native Americans’ homeland. This was not the end of the exclusion. When the U.S was formed, Americans started to expand their territory to the west, which many of Native Americans had been killed because of the expansion. On the face of it, Americans were saying to civilize those savages. But in fact, they were taking their lands and lives away. Eventually, they were forced to move to the Indiana Territory. The memory for Native Americans are painful because they were driven out of their mother land, and many of their people were killed because of the enforcement. On the other hand for Americans, it might not seem as bad as it is in Native Americans’ eyes. Most people think they have a better life under the U.S. Government’s control and they are well protected. As what it says in the review, “the Civil War is not over.” It might seem it is over, but the gap between people is getting bigger. Discrimination, prejudice, injustice, and stereotyping are signs of this continuous war. I think many of the memories are politically motivated because the government will always try to adjust their figure positively, which many of the improper facts can be potentially hidden.