Cathedral Research Paper Example | Topics and Well Written Essays - 1500 words

Cathedral - Research Paper Example On the other hand, the blind man had a purpose to draw the cathedral. He was trying to inspire the husband with his enthusiasm to complete a task. For the blind the cathedral was of two views; one, as an abandoned relic and the other, as a beautiful building of affectionate people. His perspectives of the two views were the two different conditions of his lonely life; one is his home, and the other he imagines the homely atmosphere that he like to live in. For him, the cathedral is the symbolic presentation of his present status. The drawing ultimately presents the two characters as the viewers of the same thing from different angles. 2. The drawing brings all the change to the man; he learns the way he should understand how others feel and observe things around them. When the drawing begins, he was sure he couldn’t finish it and the fear that he was not good at drawing pulls him back from his attempt. It can be considered as his real insider, a man willing to identify his own potential only with the stimulation of external pressure. The entry of the blind old man was not a happy concept for him, for he considered the person as his wife’s old friend and now a guest only to her. However, the presence of the old man was pleasing enough to draws his attention and the husband learns to behave towards the uncommon abilities of people. His wife is influential to his attitudes, and with her continuous urges, he starts the ways to talk to a blind man for the first time. He learns the way a blind person lived and realizes that physical challenges are no constraints to man’s insight and determination. I would like to consider that, the husband will surely learn to adapt himself to changing conditions in his life and workplace and respect other people’s opinion, considering the fact that people are always beyond his judgments. I strongly believe that the visit of the blind man will

Argument of After Shock Essay Example | Topics and Well Written Essays - 1750 words

Argument of After Shock - Essay Example The book Aftershock is a manual that illustrates the declining state of US economy, its consequences and after effects although the authors justly verify the purpose pf the book as stated in the text, â€Å"It ’s only bad news for your personal economy if you don ’ t do anything about it† Hence this book suggests methods and remedies through which personal economic damage can be minimized even when the economy on the whole is falling apart. As the authors say in the book, â€Å"All we can offer is realism, based on facts and logical analysis† (10) and the rest depends on the reader and his interest in benefiting from the writers’ perspective Every fact that is stated in the book is based on, â€Å"a reliable theory of economic evolution, backed up by cold, hard facts, and not random guesses† (11). So such an analysis helps in providing the readers an in depth and logical account of the current situation. The writers use the concept of a †˜Bubble’ as a metaphor to illustrate the unpredictability and the temporariness of the economic conditions of the United States. As stated in the text, â€Å"†¦economic bubbles, by nature, do not stay afloat forever. Sooner or later, economic reality, like gravity, eventually kicks in, and bubbles do fall. After they burst, they never are able to re - inflate and lift off again†¦Ã¢â‚¬  (4). In their point of view the US economy comprises of six bubbles, â€Å"These bubbles included: the real estate bubble, stock market bubble, discretionary spending bubble, dollar bubble, and government debt bubble† (5).... The fundamental advantage of this bubble economic system was that, â€Å"†¦these six linked economic bubbles helped co – create America ’ s booming bubble economy†¦ these bubbles helped us ignore slowing productivity growth, boost our prosperity, disregard some fundamental problems, and keep the party going† (31). However once the decline started there was no possible solution to stop the decline and this decline is explained in the following words in the text, â€Å"First, we had the fall of the U.S. housing bubble and its downward impact on the stock market bubble, the private debt bubble, and the discretionary spending bubble†¦ Next, in the Aftershock, the dollar bubble and the U.S. government debt bubbles will begin their unavoidable descents†¦ And as the final bubbles in America’s bubble economy begin to burst, so will the world’s bubble economy† (33). The real estate or the housing bubble was the first pillar of the economic system that collapsed because the price and expenditures of making a new house increased greatly and outpaced the increase in an individual’s salary and eventually its decline started in 2006 and hence resulted in the rest of the downfall of the economic system. The private debt bubble involves the bank loans and the mortgage payments. When the stock market and the housing economic system crumpled the private debt sector also suffered a severe shock that ultimately led to its decline. The discretionary spending bubble is concerned with the total sum of money spent by the consumer. However due to recession when people started losing their jobs and the rate of unemployment increased consequently people started cutting their

My Victory Essay Example for Free

My Victory Essay Whats happening? I heard the soldiers crying. I didnt understand how everything went wrong. First we were happy Then we were sad. It was like a blossoming flower caught in a storm. The knocking in my head wouldnt end. Were we so stupid all along? This is what happened We are going to win this war! my regiment sang happily. This was exactly what my mum always wanted me to be independent, have a family of my own and fight for my country! She would be so proud of me. Even though shed passed away a while back, she could still see me from heaven which she used to call a special place. Time flew past as we were on our way to win the war. We began digging up the damp mud to build our trenches. Our feet were sinking into the soft surface of the mud. The time had slowed down. Throughout the day, the clock ticked slower as if it has completely stopped. Our brightness had faded away. Even the smiles on our faces were forgotten. What happened? We had thought that we would win, that this war would be a war to end all wars. We thought this would be the Great War. So what was going to happen? Nobody knew. I had that feeling, which felt like the END! That feeling is fear. I was frightened that I was going to die. I was frightened that we were going to lose. I was frightened that it would get worse. And it did get worse. The Germans began to fire. My fear came back. The captain ordered us to cross no mans land; he said we had no choice. This was it. My heart was pounding like the footsteps of a running horse. We started to cross no mans land. My feet were hurting from standing in the muddy trenches. The land was so empty and lonely. I was so stiff from the coldness of the wind, trying to walk on the mud and scared to death. At if I got shot? I thought. The Germans were firing all around us and I could hear the fast beat of my blood drumming through my ears. I was motionless, trying to think of what to do. But it was too hard. At once all I could think about was my mum. Her words went through my head one day, youll find your victory! Its inside you from then on I knew exactly what to do. I knew that I would find my victory. I didnt care if my body was in pain. My mind was strong and thats what mattered. I dodged the bullets and fought so hard, running and shooting the Germans. But suddenly I felt a pain, a bigger sharper pain than Ive had before. It was just above my stomach, in the middle. It hurt so much. The ripping feeling was an agony. I looked down and saw blood everywhere. Id been shot! As I through my feet forward to walk, I couldnt take any more of the tearing pain. Slowly, I dropped to the muddy ground. Blood was running down my hands. The incapable agony of the burning bullet got worse and worse but I was still alive. And then Flash! through my eyes! Something wonderful had happened. The pain flew away, along with my fear. Flash! again, but this time I saw my whole life in a flashback right before my own eyes! It felt incredible. Everything went dark. And suddenly I saw my mum. She was standing in a bright light like an angel. This wasnt a memory this was a real fantasy. Her eyes filled with happiness. Her tears rolled down her cheeks and dripped of her lips. She was happy, and so was I. I knew that I would never lose her. I knew I found my victory.

Risk management and hedging

Risk management and hedging Risk Management And Hedging In Derivatives Market Risk management can be undertaken in several different manners, which often depends on the structure and initiatives for the specific firm. One commonly used approach is to hedge in the derivatives market, which consists of futures, forwards, swaps, CFDs, warrants, convertibles and options. Derivatives are financial instruments whose value and performance depends on the value of underlying assets, for example equities, stock market indices, exchange rates, commodities etc. The main argument for hedging is for companies to minimize risks that may arise from interest rates, exchange rates, and other market variables and volatilities. By engaging in derivatives companies manage their various risks by hedging a position, to be more certain what the outcome will be. For example, one can hedge a certain amount of currency at a future point in time, in order to know exactly how much that will be received/paid at the specific time thereby avoiding the risk of losing value because of the exchange rate risk. There are however also arguments against hedging in the derivatives market. Establishing hedging programs may be very costly, and if there are alternative and more cost efficient ways to reduce risks, such as operational and financial strategies, that could be preferable. Furthermore, sometimes hedging may lead to losses even though there is a gain on the underlying asset, which is a scenario that is difficult to explain to stakeholders. If losses appear too often, this could cause mistrust from the shareholders, and should then be avoided. One has to consider the overall trade-off between costs and savings when engaging in hedging to manage and reduce risks. It is therefore also necessary for management to undergo thorough risk assessments and to construct firm specific schedules, in order to identify the most significant risks and subsequently to establish risk preventing actions. Hedging is in addition mostly used by institutions that are extensively exposed to the various busines s and market risks, and who most of the time would benefit from undertaking such actions. However, derivatives may also be used by the private sector if necessary. The article Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry by Peter Tufanoexamines a new database that details corporate risk management activity in the North American gold mining industry. The article claims that academics know remarkably little about corporate risk management practice, even though almost three fourths of corporations have adopted at least some financial engineering techniques to control their exposures to intresest rates, foregin exchange rates, and commodity prices. There is little empirical support for the predictive power of theories that view risk management as a means to maximize shareholder value. The article furthermore describes risk management practices and tests their conformance with existing theory by analyzing an industry that seems almost tailor-made for academic investigation: the North American gold mining industry. These firms share a common and clear exposure in that their output is a globally traded, volatile commodity. Firms can manage this exposure using a rich set of instruments, including forward and futures contracts, gold swaps, gold or bullion loans, rolling forward commitments called spot deferred contracts, and options. Perhaps most importantly, firms in the gold mining industry disclose their risk management activities in great detail. The gold industry has embraced risk management: over 85 percent of the firms in the industry used at least some sort of gold price risk management in 1990-1993. Using industry-specific measures for firms exposures, cost structures, and investment programs, Tufano tests whether cross-sectional differences in risk management activity can be explained by academic theory. For example, theory predicts more extensive risk management by firms more likely to face financial distress, which in this industry can be measured by operating costs and leverage. Other theories posit that corporate risk management activities might be linked to risk aversion of corporate managers, and the form in which they hold a stake in the firm. These theories would predict that firms whose managers hold greater equity stakes as a fraction of their private wealth would be more inclined to manage gold price risk, but those whose managers hold options might be less inclined to manage gold price risk. This article tes ts the predictive (as compared with the prescriptive) power of the various theories, i.e., whether they help describe the choices made by firms. He finds that gold mining firms risk management decisions are consistent with some of the extant theory. Managerial risk aversion seems particularly relevant; the data bear out Smith and Stulzs (1985) prediction that firms whose managers own more stock options manage less gold price risk, and those whose managers have more wealth invested in common stock manage more gold price risk. These results seem robust under a variety of econometric specifications, and using a number of alternative proxy variables. In contrast, theories that explain risk management as a means to reduce the costs of financial distress, to break the firms dependence on external financing, or to reduce expected taxes are not supported strongly. He also finds that firm risk management levels appear to be higher for firms with smaller outside block holdings and lower cash balances, and whose senior financial managers have shorter job tenures. â€Å"Managing Foreign Exchange Risk with Derivatives†by Gregory W. Brown is a field study of HDG, a multinational manufacturing company of durable equipment with sales in more than 50 countries that actively encounters 24 different currency exchanges. Although multinational companies like HDG are always exposed to foreign exchange risk, this is one of very few studies that investigate the risk management operations for a non-financial corporation. Since multinational companies tend to be very complex, while using multiple strategies, a field study of this nature provides a deeper understanding of how the risk management process works. Dr. Brown attempts to answer to three main questions. First he wants to understandhowthe Forex risk management program is structured; second,whythe firm focuses on management of exchange risk; finallywhatHDG uses within their hedging derivative portfolio in order to minimize their foreign exchange risk. In order to get a comprehensive understanding Dr. Brown investigated HDG over 14 quarters starting from 1995 and ending in 1998. The structure of HDGs foreign exchange group consisted of 11 employees who were not considered â€Å"traders†, with an average experience of 4 years, whose focus was not only hedging foreign exchange risk. The program cost which included salaries and overhead was approximately $1.5M annually, and the overall transactional costs averaged around $2.3M annually. HDG had an actual foreign exchange risk policy which focused to reduce transactional, translational, and overall economic exposures. In order to meet this policy the group actively engaged in spot and forward contracts, currency put option, and currency call options. Traditional economic theories usually illustrate hedging Forex risk for benefits such as reducing taxable income, protecting against potential costs of financial distress, and reducing overall volatility of wealth. HDG however, focu sed its risk management program on smoothing out earnings impacts, providing the company with competitive pricing, and enabling improved internal control management. In some ways it seemed that HDG was attempting to use Forex risk hedging in a speculative attempt to increase potential income and thereby increase overall firm value. The procedure used in Forex risk hedging was quite simplistic. The department would not use live market feeds but rather sources such as Bloomberg to signify a â€Å"hedge rate† from current market rates and overall cost of derivatives. This information would then be passed onto the tax department and after review would be developed into a hedging strategy to forecast future hedging activity. Browns statistical studies of HDGs hedging activities concluded that the models R-squared value increased as the time horizon decreased. This indicated that the companies hedging activity was dramatically affected by its most recent hedging transactions. This may seem rather obvious but the strongest tests only indicated 55% in accuracy. In all Brown explains there is much more in the way of testing that needs to beconducted in order to better evaluate which additional factors significantly influence the Forex risk management of multinational non-financial companies. This study should be the start of a new investigation in understanding currency risk perspectives. In Risk Measurement and Hedging: With and Without Derivatives, Petersen and Thiagarajan (2000) explore the reasons for two gold mining companies to use opposite approaches in managing their risk, namely American Barrick, which aggressively hedges its gold price risk with derivatives, and Homestake Mining, which uses no derivatives. By studying two firms from the same industry, which hardly has any variation in product quality, the fundamental differences that lead to the different approaches in risk management can be examined. Homestake Mining is focused on developing its own properties and hence, spends more on exploration costs (capital and labour costs), which makes high gold prices profitable if they are not correlated with exploration costs. The greater need of investment capital Homestakes Mining has when gold prices are high makes reductions in the volatility of operating cash flow less valuable to it as a complete hedging would take cash flow away when gold prices are high, i.e. when Homestake Mining is in need of it. The different opportunities companies possess of also explain some reasons for different risk management strategies. Homestake Mining has for example lower costs of adjusting the mining output than American Barrick as the former can (over a short period) alter the quality of the ore that is mined. This mining strategy creates costs that vary positively with the price of gold and thus provides the firm with a natural hedge, which American Barrick does not possess of. As managers will act differently according to the risk they are personally bearing, compensation strategies is of upmost importance when it comes to risk management. Both the American Barrick and Homestake Mining use options to link the managerial wealth to the shareholder wealth, however, American Barrick does so more intensively. Also, its compensation is equity-focused where the bonuses are linked to the stock values, whereas Homestake Miningss bonuses are linked to the profitability, which explains why the latter adjusts its costs as gold prices change. The earnings are quite volatile, however through this can be reduced by different choices of accounting techniques, which is the reason for Homestake Mining to changes them in opposite direction to gold prices, where American Barrick rarely alters its accounting choices at all. From the above findings one may conclude that the choice of managing risks depends on various firms specific characteristics; their firm structure, management contracts and incentives. Specifically, it is a matter of the trade-off between costs and savings/benefits. Establishing and maintaining derivatives program is often quite costly, and therefore the alternative of using other methods to hedge risks may be preferable. In the article Hedging and Coordinated Risk Management: Evidence from Thrift Conversions, the writers argue that the firms risk management can be used to reallocate the firms total risk between different sources, rather than reduce it. So in this case hedging doesnt necessarily equal total risk reduction as often stated, but rather a technique of risk-reallocation or as an essential part of a firms profit-maximizing strategy. This becomes clearer if we separate risk in to two types, based on the activities where the firms have their comparative information advantages, namely: -Core business risk: Firms earn rents or economic profit for taking on activities bearing this risk. -Homogenous risk: Financial risk as interest rate changes, foreign currency exchange rates, or commodity prices. By contrast there is no compensation for bearing this kind of risk. (This doesnt necessarily apply if the firm has a comparative information advantage in the financial risk sector, then financial risk can then become core business risk. If we now consider a risky asset, it may be viewed as a portfolio of multiple claims from the owners. These claims are bundled together which basically means that the firm must take on all the projects if it wants any of them. A subset of these projects may be â€Å"core business projects† which have a positive NPV for the firm, and the remaining subset may be projects bearing homogenous risk with NPV = 0 (the firm hasnt any disadvantage/advantage compared to others in assessing the unsystematic risk). The total variability of a portfolios cash flow of course includes both risk types. An example of this could be a farmer expecting payment for breeding pigs. Then his superior equipment or animal feed preparation would be categorized as activities bearing core business risk, while the price of pork would be homogenous risk. When increase in total risk is costly, risk composition becomes more important as the firm value becomes a concave function of the expected cash flows. Therefore if the risky asset was separable (which it is not), we would only seek to invest in positive NPV projects with core business risk. However this is not the case and therefore we can instead make a trade off by decreasing homogenous risk while gaining additional exposure to core business risk and still maintain the target level of total risk. This substitution is called â€Å"coordinated risk management† and can be attained by the use of derivatives. They test for coordinated risk management in a sample of thrifts that convert from the mutual to stock form of ownership. These conversions have been used to recapitalize the thrift industry since 1982 where legal barriers were cleared. From 83 to 88, 571 conversions issuing stock totaling over $10 billion were completed, compared to only 130 mutual-to-stock conversions between 75 and 82. At the end of 82, stock saving and loans managed only 30% of the industrys assets, but by the end of 88, stock saving and loans controlled 74% of the industrys total assets, going from $686 billion to $1,4 trillion. These converting thrifts provided an interesting sample to test whether the use of hedging can be part of an overall strategy to increase total risk. They argued that converting thrifts will attempt to increase their overall level of firm risk following conversion due to changes that occur at the time of conversion. In other words, these institutions are a unique case relative to empirical studies of risk management that focuses on firms with incentives to decrease total risk. The reasons for converting institutions to increase total firm risk are likely because of these two major reasons: 1. A converting institutions ability to take risk increases at the time of conversion, even though the investment opportunities do not change. This is because conversion provides financial slack and access to capital markets. A conversion typically proceeds at least the book value of equity of the mutual thrift. Assuming that pre-conversion mutual equity meets regulatory capital requirements, doubling the capital ratio creates a larger borrowing capacity that can be used to double the asset size of the thrift. Increasing thrift size does not necessarily imply an increase of thrift risk. However, thrifts usually have incentives to grow by investing in riskier assets because of flat deposit insurance premiums that allow thrifts to shift risk to the government. 2. Converting institutions are predicted to increase the total firm risk following because of the change in their managers incentives for risk taking. Before the conversion, managers receive a fixed salary. But upon conversion, shareholders are able to include stock and stock options in a managers compensation contract, aligning the managers interest with the shareholders. In this situation, the manager will typically be more willing to take risks in order to maximize firm value. The Test Schrand and Unal has used sample data from conversions completed between January 1, 1984 and December 31, 1988. They have also made some selecting in the sample excluding the supervisory mergers and merger-conversions. Also they further exclude smaller companies by having a minimum limit of $100 million among the sample companys. As of the methodology Schrand and Unal have used a quantitative time-series study, where they have analyzed the changes in total risk, interest-rate risk and credit risk using an ordinary least squares method. The model is a form of a least squares method where they have added the term Time(t+k). The extra term is an indicator variable which is equal to one if quarter t is k quarters from the conversion quarters, and if not the term equals zero. As of the independent variables in the model, they can be seen as tests, indicating the differences between the risks of the average converting institution and the risks of the average institution in the control group. However the model doesnt indicate whether the interest risk and credit risk are coordinated. Therefore Schrand and Unal have used another model to analyze if there is an association between the interest risk and the credit risk. The model which is a pooled time-series cross-sectional regression is computed as follows: Here Schrand and Unal predict a positive slope between the interest risk (XSNET) and the credit risk (XSHIGH). The Empirical Results The study show that the converting institutions capital position increases with roughly 70 percent after the conversion. Also the study shows that the converting institutions significantly decrease their exposure to interest risk. However the Credit risk increases when converting, because of taking more risk in their loan portfolios. Further the study indicates that the investment patterns are related to the actual conversion rather than the time-trend within the industry. Also they conclude that the increased use of derivatives is a strategic decision and not a mechanical phenomenon. References Brown, G. W. (2001), â€Å"Managing foreign exchange risk with derivatives†, Journal of Financial Economics, Vol. 60, pp. 401-448. Naik, N. Y., and P. K. Yadav (2003), â€Å"Risk Management with Derivatives by Dealers and Market Quality in Government Bond Market†, The Journal of Finance, Vol. 58 (5), pp. 1873-1904. Schrand, C., and H. Unal (1998), â€Å"Hedging and Coordinated Risk Management: Evidence from Thrift Conversions†, The Journal of Finance, Vol. 53 (3), pp. 979-1013. Tufano, P. (1996), â€Å"Who Manages Risk? An Empirical Examination of Risk Management Practices in Gold Mining Industry†, The Journal of Finance, Vol. 51(4), pp. 1097-1137. Petersen, M. A., and S. R. Thiagarajan, (2000), Risk Management and Hedging: With and Without Derivatives, Financial Management, Vol. 29(4), pp. 5-30.

Processes :: essays research papers fc

While working in procurement at Lockheed Martin Missiles and Space in Sunnyvale, California, there were many processes in place that needed improvements. In this paper I plan to analyze how the organization I worked for improved its' processes. I will provide examples to support the processes and my own ideas for improving them. In my organization we purchased electronics for all the programs within Lockheed Martin that were based in Sunnyvale. Some of the processes that my organization was improving on were time management, [reducing time to place an order?] reducing the supplier base and reducing requirements. "The organization assigned the purchasing function usually has several functions and responsibilities. It must acquire items that conform to the requirements specified and obtain these items in time to support manufacturing schedules, and the items must be procured at a minimum cost." (Cappels[, page]) Our organization found that too much time was being spent getting the order to our department. The parts had to go through too many people before it finally reached our organization. The engineer began the process by filling out a form and sending it to a planner who would enter it into Sunnyvales' [Sunnyvale's] own computer based program called PROMIS. PROMIS would route the information to Quality Assurance (Q.A.) to have the proper requirements (called T-codes) added to the part. These requirements called out packaging specifications, supplier quality levels, and other provisions that may be required on a specific part. Once the T-codes had been applied, PROMIS directed the part to the correct purchasing organization. Once our organization received the order in PROMIS they would then direct through PROMIS to the correct employee who handled that specific commodity. Sometimes this process would take months [wow!]; sometimes it would take days. This often interfered with scheduling and meeting deadlines, which created line shutdowns. There was no really definite way to determine how long it would take a request to get to our organization to be purchased. One way our organization found to improve the routing process was to create "Quads" in which there would be one person from each department working together in one area attaining the same goal of procuring a part. This way if any problems occurred we had the correct person right next to us to resolve the issue. There were several times were [when? Where?] I needed to address some requirements that were placed on the order that I felt did not belong.

The Peregrine Falcon :: essays research papers

The Peregrine Falcon The peregrine falcon belongs to a group of birds called the Falconiformes. This group includes vultures, kites, hawks, eagles, and falcons. Other than vultures, all of these birds hunt and kill other animals for food. Falconiformes are equipped with hooked beaks and strong talons, making them excellent predators. All Falconiformes are daytime hunters. The peregrine falcon is the best-known of the fifty-eight birds in the falcon family. The word Peregrine comes from a word that means, "one who wanders." This falcon has definitely earned its name. For example, some of Canada's tundra peregrines fly to Brazil each winter. Peregrine falcons are found in every single part of the world except Antarctica. They were once trained by kings to hunt and bring back kills. This sport, called Falconry, is still popular. However, in the 1960s the American falcon came close to extinction. Most of the damage was done by poisons that farmers used to kill insects. The worst poison was DDT. By the time naturalists learned of DDT's effect on wildlife, it was almost too late. The American peregrine's scientific name is Falco peregrinus anatum. At one time, people called this falcon a duck hawk. That was a poor name, since falcons aren't hawks and they rarely kill ducks. The American peregrine was once found all across the eastern United States and southern Canada. In the west, the species was found from Mexico to California. DDT poisoning hit this subspecies the hardest. Even today, naturalists are still working hard to save the American peregrine from extinction. The smaller tundra peregrine (Falco peregrinus tundrius) lives farther north. Tundra peregrines range across the treeless regions of Alaska and Canada. They are also found in Greenland. Peale's peregrine (Falco peregrinus pealei) is the third North American subspecies. This western bird ranges from Oregon northward to Alaska and the Aleutian Islands. Peale's peregrine is the largest of the three subspecies. The tundra and Peale's peregrines have escaped the worst effects of DDT poisoning. Most peregrines are slate blue on the back and wings. The top of its head is black. Black feathers around the eyes reduce glare and improve the bird's vision. The white underside of a Peregrine's wings, tail, and chest show more bands of dark feathers. A peregrine falcon is a medium-sized bird about the size of a crow. Female peregrines are larger and heavier than the males. An average female (called a falcon) weighs a little over two pounds. The female is eighteen inches in length from beak to square tail. Her long,

Advertising and People of Color Essay

In their article â€Å"Advertising and People of Color,† Clint Wilson and Felix Gutierrez talk about stereotypes being portrayed in the media, even today. A good example of this is of the Aunt Jemima pancake mix. Then, the company featured a stereotypical, heavy, loud black woman (mammy) advertising the pancake mix. Some of the advertising was more neutralized; for example, Rastus is shown serving both black and white children breakfast (284). Another issue Wilson and Gutierrez talks about is the courtship of blacks and Latinos in advertising. From the civil rights movement, advertisers specifically targeted minorities, specifically blacks and Latinos for products such as liquor and cigarettes, but also advertised to minorities in culturally related advertisements. Articles such as â€Å"America’s Spanish Treasure† and books such as The $30 Billion Negro were written for advertisers to show how important it was to reach minorities to make more money. Overall, I don’t think the media has made much of a difference. I watched tv for a couple hours today to see if there were any advertisements directed toward minorities or that used minorities. My conclusion: not many. I didn’t see any that specifically were directed toward minorities and the ones that did portray minorities was a house cleaning commercial. The black lady was doing what every other middle class housewife does-clean all day (note sarcastic tone here). She was using a cleaning product while the announcer said his piece. Other than that, there was not anything (this was Fox 12, between 10 AM and 12 PM and I did do other homework while watching, lol).