Pesticides In Ground Water and Drinking Water :: Drinking Water Quality

What is a pesticide?A pesticide is a chemical substance used to kill pests, especially insects. A pesticide is also refered to as a biocide. Most pesticides are applied in spray form but occasionaly you will see pesticides that are in powder or pellet form. Pesticides are used on a variety of things, anything from crops like corn, barley, and wheat, to plants like petunias, marigolds, and rhodadendrons, which are usually found in small gardens greenhouses, and even in your backyard. What is ground water? Water is the life blood of every living creature on earth. Approximately 70 percent of the earth's surface is covered with water. Through the wonders of nature, water can take on many different forms. It is easy to understand the significance water plays in our lives but it may be difficult to understand the water that exists below the earth's surface. This water is called groundwater. Groundwater is usually held in porous soil or rock materials, much the same way water is held in a sponge. The source for much of the world's drinking water is ground water. When pesticdes are sprayed on crops, where do the pesticides go after they are applied to the crops? They soak into the ground where the roots can pick up the pesticide.That further proves my point that pesticides soak into the ground. Pesticides in ground watrer seems to be a continual problem with people now days, because they think that the pesticides dont soak into the ground water. They believe that when a pesticide is sprayed on a plant the leaves are what pick up the pesticide but thats false, the roots pick up the pesticides which proves that the pesticides have to soak at least a few feet into the ground.

Data Link Control (internet) :: essays research papers

Society has become based solely on the ability to move large amounts of information across vast distances quickly. The natural evolution of computers and this need for ultra-fast communications has caused a global network of interconnected computers to develop. This global network allows a person to send E-mail across the world in mere fractions of a second, and enables even the common person to access information world-wide. With the new advancements in technology there must be a set of â€Å"rules† or better known as protocols that must be established and utilized at all times. In this short ten page paper I will be demonstrating the advancements in these protocols and there uses today. To properly show the significant advancement, it will be best to show why Data Link Control was established. In the early 1970’s, the U.S. Defense Advanced Research Projects Agency (DARPA) started a research program interlinking computer to share information. While sending information from one site to the other many problems arose with loosing data (Society). To decrease the amount of corrupted data being transmitted, protocols were established. These protocols were a drawn out process that was very slow but was able to transfer data all across the world. By 1986, the US National Science Foundation Started the NSFNET which today provides one of the biggest backbones for the internet. This supercomputer was able to send packets on its 45 MBps trunk to different locations. Once this was in place the internet was born with TCP/IP Protocols of TCP/IP protocol suite became available in the 1980's. . By 1991-93 Home computers were starting to take advantage of the vast amount of information that is available. By this time the OSI protocol was created and by the end of 1991 the internet has grown to include 5,000 networks in three countries, serving over 700,000 host computers used by over 4,000,000 people. This was all possible due to strict sets of protocols that were followed (Society). By the mid to late 1990’s society was using 56K modems in the residential areas and companies were purchasing faster dedicated connections. At this period of time flow control, error control, and High-level Data link Control (HDLC) were being implem ented. The control of the data being processed is referred to as flow control. Flow control was needed to be established to regulate the speed of data being transmitted. Regulating the speed of the transmission evens out the data so that very little errors will occur.

Free Essays - Themes and Voices in Mary Shelleys Frankenstein :: Frankenstein essays

Themes and Voices in Frankenstein There are many different narrative voices that take place in the novel Frankenstein. These narrative voices not only help the reader appeal to different characters, but they develop characters personality as well. The monster's character evolves in many ways throughout the novel, depending on the point of view it's coming from. When the monster himself speaks (first person) the reader tends to feel sympathy as well as pity, towards him. He is loving and gentle at the beginning of his life, childlike in his curiosity and experiences, but after several harsh encounters with humans, he becomes bitter. Thus seeking revenge on his creator for making him so hideous and rendering him permanently lonely because of his ugliness. He doesn't come across nearly as horrific as he is believed to be in the eyes of Frankenstein. All the monster wanted was to love and to be loved in return and instead he was the true outcast of society. The monster shows a unique ability to analyze humanity because, though he's not a human himself, he has the intelligence of one. He explains, "I heard about the slothful Asiatics; of the stupendous genius and mental activity of the Grecians; of the wars and wonderfu l virtue of the early Romans--of their subsequent degenerating--of the decline of that mighty empire; of chivalry, Christianity, and kings." This synopsis of culture in a nutshell shows the monster's ability to put humanity in perspective. Yet this education only furthers the monster's realization that he is disconnected from the humans he admires. The reader's take on the monster however changes dramatically when Victor is the narrator. Frankenstein's creation becomes a wretched and terrible villain of the story when it is told through him (third person). For example Victor's disgust and hatred for the monster is evident right from the first time he sees him, as he says "A flash of lightning illuminated the object and discovered its shape plainly to me; its gigantic stature, and the deformity of its aspect, more hideous than belongs to humanity, instantly informed me that it was the wretch, the filthy demon to whom I had given life." When the story is told through Victor it is all about what the monster is doing to him and how heartless the creature is.

Medea Essay

In Euripides’ play â€Å"Medea† the main character is a powerful, but controversial woman – Medea herself. Reading the story some people might be confused with the actions that the protagonist decides to take. She is violent, vindictive, bloody and seemingly crazy. By looking at actions alone, Medea would certainly be considered evil. However, the author creates a character decidedly more complex. We can see it through the background story of the character and development of the play’s plot.That is why I think the full presentation of the character in the work makes people react more sympathetically towards the character. As the Nurse at the beginning of the story tells, Medea gave up everything she had to be with Jason. She left her family, and even killed her own brother to be able to run away with him. Medea, who has been dishonestly betrayed by her husband, uses revenge to punish him for his deeds and to seek the rewards which it offers to  ones prid e.The reader begins to feel pity for the main character and even excuse her actions. That is a result of identification with Medea, as a cheated spouse. In any kind of relationship during life, people expect fidelity, so they clearly understand why she wanted revenge. Medea’s other main reason why she took such a bloody revenge on Jason, was the fact that, she was under a spell, that Athena cast on her. Thus her actions are not completely under her control. The love spell is so strong, that the protagonist decided to kill even her own kids.She wanted him to feel the mutual pain, she went through after the betrayal. At the end the story Jason stays without descendants or wife, and on a foreign land, what makes him unable to improve his social status. At this point of the story the reader understand, that Medea is not completely mentally healthy, so they don’t judge her as harshly, as an absolutely conscious person. At the end I would like to mention about the other reas on, why Medea decided to kill her children. Her main purpose was to look out for what was â€Å"best for her kids†.She thought it would be better to kill her children then to leave them for her enemies that they would soon have to face, after her exile. Medea suspected that they might get killed out of revenge for what she did to the princess and the king. The reader starts to sympathize her, because of the tough decision she had to confront as a loving and carrying mother. For some people Medea might be seen as a cruel and evil character. However, I certainly can state that the reader tend to sympathize her more, by looking at the whole character, instead of only judging her by the actions.The character was under a very powerful love spell and moreover, she had been betrayed by her beloved what might led her to put those drastic plans into actions. Furthermore, Medea was trying to do the best she could for the children, despite of the tragic ending that was either way about to happen. All those circumstances definitely led her to an emotional instability and also to choose the bloody path of revenge. Probably she would have never done all this without provocation.

Siddhartha and The Alchemist comparison essay

Every individual’s life is a journey. There are different stages in life that one goes through and by experiencing these different stages of life one becomes wiser. In the novel, Siddhartha and The Alchemist the protagonist Siddhartha and Santiago both go through man different stages in life which made them grow, learn and transform into wiser people. Both protagonists go on a journey which is eventually the same but the purpose of journey is different. Similarly, both protagonist struggles through their journey to become a wiser people. However, the end result for both protagonists was the same which is discovering themselves. Both the father discourages them for leaving their house and going on their journey.Siddhartha the protagonist in Siddhartha is the son of the respected and wealthiest Brahmin. However he is not happy even though he has everything he could ever ask for. Siddhartha realized that he made everyone else happy but that he himself wasn’t. He also got t he feeling that he had already learned the best of what his teachers had to teach but it still wasn’t enough. He still wasn’t satisfied. â€Å"Tomorrow morning, my friend Siddhartha is going to join the Samanas. He is going to become Samana† (Hesse, 9). . Samanas are monks who go around begging for food and they are known for their spirituality.Siddhartha thinks of joining the Samanas as he wanted to become spiritually knowledgeable and get rid of the â€Å"self†, which is a sense of greed and jealousy. But before he could go join Samanas he has to go ask his father’s permission to let him go. When Siddhartha goes to see his father to ask for permission his father was unhappy with Siddhartha’s decision because he wanted Siddhartha to stay home, take care of the house as well as take over the Brahmins position. But however, Siddhartha was not willing to take no for an answer and said â€Å"I will stand here and wait, you will grow tired Sidd hartha, I will grow tired, you will fall asleep Siddhartha, I will not fall asleep, you will die Siddhartha, I will die† (Hesse, 11) which shows his passionate desire for enlightenment.The father and son disagreement is also in Alchemist but it is less intense than the disagreement between Siddhartha and his father. Santiago is a young boy who decided that he did not want to become a priest but a shepherd. His father  tries to explain Santiago to think again about his decision of traveling by saying â€Å"Among us, the only ones who travels are the Shepherds† â€Å"well then I’ll be a shepherd† (Coelho, 9). While going against what was wanted of his parents, his father showed acceptance of his decision to become a shepherd by giving him three ancient Spanish gold coins. Santiago’s life as a shepherd and his journey started from that day.Santiago was comfortable with being a shepherd. He knew how to be a shepherd; he trusted the sheep and the sheep trusted him too. But being a shepherd did not truly make Santiago happy. One day Santiago was taking shelter with his sheep’s under the old church. He has the same dream every time he falls asleep under the sycamore tree that grows out of the ruin of the church. Santiago was so driven by the reoccurring of the same dream and eventually Santiago sold his flock of sheep and embarked on his great journey to the pyramids. Throughout the novel, each protagonist showed their strong will to go on journey even if it meant going against their family.The Protagonist in both novels faces obstacles along their journey but these obstacles made them stronger and wiser. On his journey to get answers for his question and reach Nirvana. Siddhartha struggles, starves, get burned and sacrifices his easy life and chooses this hard path just in order to gain Nirvana (enlightenment). As he leaves home to become Samana, he realizes that the path he has chosen is not the right one.† It was th e self, the character and to rid myself of the self, to conquer it, but I could not conquer it. I could only deceive it†¦..I am Siddhartha; and about nothing in the world do I know less than about myself, about Siddhartha† (Hesse, 38).Siddhartha struggles not knowing what to do, where to go and who he was. Siddhartha was trapped in a cycle of losing and regaining his self. â€Å"You have observed well, you have seen everything. You have seen Siddhartha, the son of Brahmin. Who left his home to become a Samana and who has been Samana for three years. But now, I have left that path and came into this city, and the first one I met, even before I had entered the city, was you. To say this, I have come to you, oh Kamala! You are the first woman whom Siddhartha is not addressing with his eyes turned to the ground. Never again will I love my eyes when I meet a beautiful women† (Hesse, 53).Things suddenly changes after meeting Kamala. Siddhartha starts getting involved in the things that he was once against which are pleasure and money. He struggles and works  hard in-order to impress Kamala. In the same way, Santiago faces numerous obstacles along his journey as well. On his journey when Santiago arrives in tangier, he meets a boy who is his age who speaks Spanish and offered to help him get to the pyramids. When they were about to leave the bar owner grabs Santiago and tells him something. â€Å"The boy push the owner aside and pulls Santiago outside with him† and tells him that â€Å"the owner wanted Santiago’s money† (Coelho, 37). But the owner of the bar was trying to warn Santiago about his new friend. Santiago ends up getting tricked and losing all his money.He later realize the bar owner was trying help him. After that incident he ends up working at a crystal shop in order to earn money for his trip. Another obstacle he faces is when there was a battle going on in the desert. Some armies blocked him and the alchemist fr om going. The alchemist told the armies that Santiago is someone† who understand the force of nature† (Coelho, 163). By listening to what alchemist said. The armies put Santiago on test. If he fails they would kill him. Both protagonists go through a lot of obstacles on their journey. Having the ability to succeed to your personal legend, and find self-discovery allows people to open their minds and see the world for what it really is and how everything has a purpose in life.On his path to self-discovery, Siddhartha, had to confront many challenges, such as leaving his family, friends, and loved ones as he kept going on his journey. Siddhartha overcame these problems through introspection and help from others Siddhartha couldn’t figure out how he could find Nirvana (enlightenment). He understood it when his son left him to follow his own dreams. â€Å"His face resembles that of another person, whom he had once known and loved and even feared. It resembles the fac e of his father, the Brahmin. He remember how once, as a youth, he had compelled his father to let him go and join the ascetics, how he had taken leave of him, how he had gone and never returned†¦Ã¢â‚¬ ¦.had not his father died long time ago, alone, without having seen his son again?† (Hesse, 131).He realizes that he wouldn’t have been able to stop his son just; like how his father wasn’t able to stop from leaving. Santiago’s dream was to make it to the pyramids, but the adventure that he found himself on in order to get to those pyramids taught him more than he ever thought. â€Å"He thought many roads he have travelled, and of the strange way god have chosen to show him  his treasure. If he hasn’t believed in the significance of recurrent dreams, he would not have met the gypsy women, the king, the thief or†¦Ã¢â‚¬  (Coelho, 165). He learns many things on the way to find his treasure. Therefore, his journey becomes successful as he fi nds treasure.While staying with the crystal shop owner he learns that â€Å"every blessing ignored becomes a curse† (Hesse, 58). And also learns that it is necessary to adopt different methods in order to succeed in life. Siddhartha and Santiago come across things that came in their heart which made them wiser. Throughout the novel, each protagonist shows that their life is a journey, not a destination, and that the real treasure is in the journey itself. They showed strong determination which resulted in success of their journey. Each protagonist faces numerous obstacles which made them grow wiser and they discover their true selves.

The Host Chapter 44: Healed

â€Å"Wanda†¦Ã¢â‚¬  â€Å"We don't have time. I'd do it myself, but I can't get the angle right. There's no other way.† â€Å"I don't think I can†¦ do it.† â€Å"For Jamie, even?† I pushed the good side of my face as hard as I could against the headrest of the passenger seat and closed my eyes. Jared was holding the rough fist-sized stone I'd found. He'd been weighing it in his hand for five minutes. â€Å"You just have to get the first few layers of skin off. Just hide the scar, that's all. C'mon, Jared, we have to hurry. Jamie†¦Ã¢â‚¬  Tell him I said to do it now. And make it a good one. â€Å"Mel says do it now. And make sure you do it hard enough. Get it all the first time.† Silence. â€Å"Do it, Jared!† He took a deep breath, a gasp. I felt the air move and squeezed my eyes tighter. It made a squishing sound and a thud-that was the first thing I noticed-and then the shock of the blow wore off, and I felt it, too. â€Å"Ungh,† I groaned. I hadn't meant to make any sound. I knew that would make it worse for him. But so much was involuntary with this body. Tears sprang up in my eyes, and I coughed to hide a sob. My head rang, vibrated in aftershock. â€Å"Wanda? Mel? I'm sorry!† His arms wrapped around us, pulled us into his chest. â€Å"‘S okay,† I whimpered. â€Å"We're okay. Did you get it all?† His hand touched my chin, turned my head. â€Å"Ahh,† he gasped, sickened. â€Å"I took half your face off. I'm so sorry.† â€Å"No, that's good. That's good. Let's go.† â€Å"Right.† His voice was still weak, but he leaned me back into my seat, settling me carefully, and then the car rumbled beneath us. Ice-cold air blew in my face, shocking me, stinging my raw cheek. I'd forgotten what air-conditioning felt like. I opened my eyes. We were driving down a smooth wash-smoother than it should have been, carefully altered to be this way. It snaked away from us, coiling around the brush. I couldn't see very far ahead. I pulled the visor down and flipped open the mirror. In the shadowy moonlight, my face was black and white. Black all across the right side, oozing down my chin, dripping across my neck, and seeping into the collar of my new, clean shirt. My stomach heaved. â€Å"Good job,† I whispered. â€Å"How much pain are you in?† â€Å"Not much,† I lied. â€Å"Anyway, it won't hurt much longer. How far are we from Tucson?† Just then, we reached pavement. Funny how the sight of it made my heart race in panic. Jared stopped, keeping the car hidden in the brush. He got out and removed the tarps and chains from the bumper, putting them in the trunk. He got back in and eased the car forward, checking carefully to make sure the highway was empty. He reached for the headlights. â€Å"Wait,† I whispered. I couldn't speak louder. I felt so exposed here. â€Å"Let me drive.† He looked at me. â€Å"It can't look like I walked to the hospital like this. Too many questions. I have to drive. You hide in the back and tell me where to go. Is there something you can hide under?† â€Å"Okay,† he said slowly. He put the car into reverse and pulled it back into the deeper brush. â€Å"Okay. I'll hide. But if you take us somewhere I don't tell you to go†¦Ã¢â‚¬  Oh! Melanie was stung by his doubt, as was I. My voice was flat. â€Å"Shoot me.† He didn't answer. He got out, leaving the engine running. I slid across the cup holders into his seat. I heard the trunk slam. Jared climbed into the backseat, a thick plaid blanket under his arm. â€Å"Turn right at the road,† he said. The car was an automatic, but it had been a long time and I was unsure behind the wheel. I moved ahead carefully, pleased to find that I remembered how to drive. The highway was still empty. I pulled out onto the road, my heart reacting to the open space again. â€Å"Lights,† Jared said. His voice came from low on the bench. I searched till I found the switch, then flicked them on. They seemed horribly bright. We weren't far from Tucson -I could see a yellowish glow of color against the sky. The lights of the city ahead. â€Å"You could drive a little faster.† â€Å"I'm right at the limit,† I protested. He paused for a second. â€Å"Souls don't speed?† I laughed. The sound was only a tad hysterical. â€Å"We obey all laws, traffic laws included.† The lights became more than a glow-they turned into individual points of brightness. Green signs informed me of my exit options. † Take Ina Road.† I followed his instructions. He kept his voice low, though, enclosed as we were, we could both have shouted. It was hard to be in this unfamiliar city. To see houses and apartments and stores with signs lit up. To know I was surrounded, outnumbered. I imagined what it must feel like for Jared. His voice was remarkably calm. But he'd done this before, many times. Other cars were on the road now. When their lights washed my windshield, I cringed in terror. Don't fall apart now, Wanda. You have to be strong for Jamie. This won't work if you can't do that. I can. I can do it. I concentrated on Jamie, and my hands were steadier on the wheel. Jared directed me through the mostly sleeping city. The Healing facility was just a small place. It must have been a medical building once-doctors' offices, rather than an actual hospital. The lights were bright through most of the windows, through the glass front. I could see a woman behind a greeting desk. She didn't look up at my headlights. I drove to the darkest corner of the parking lot. I slid my arms through the straps of the backpack. It wasn't new, but it was in good shape. Perfect. There was just one more thing to do. â€Å"Quick, give me the knife.† â€Å"Wanda†¦ I know you love Jamie, but I really don't think you could use it. You're not a fighter.† â€Å"Not for them, Jared. I need a wound.† He gasped. â€Å"You have a wound. That's enough!† â€Å"I need one like Jamie's. I don't know enough about Healing. I have to see exactly what to do. I would have done it before, but I wasn't sure I'd be able to drive.† â€Å"No. Not again.† â€Å"Give it to me now. Someone will notice if I don't go inside soon.† Jared thought it through quickly. He was the best, as Jeb had said, because he could see what had to be done and do it fast. I heard the steely sound of the knife coming out of the sheath. â€Å"Be very careful. Not too deep.† â€Å"You want to do it?† He inhaled sharply. â€Å"No.† â€Å"Okay.† I took the ugly knife. It had a heavy handle and was very sharp; it came to a tapered point at the tip. I didn't let myself think about it. I didn't want to give myself a chance to be a coward. The arm, not the leg-that's all I paused to decide. My knees were scarred. I didn't want to have to hide that, too. I held my left arm out; my hand was shaking. I braced it against the door and then twisted my head so that I could bite down on the headrest. I held the knife's handle awkwardly but tightly in my right hand. I pressed the point against the skin of my forearm so I wouldn't miss. Then I closed my eyes. Jared was breathing too hard. I had to be fast or he would stop me. Just pretend it's a shovel opening the ground, I told myself. I jammed the knife into my arm. The headrest muffled my scream, but it was still too loud. The knife fell from my hand-jerking sickeningly out from the muscle-and then clunked against the floor. â€Å"Wanda!† Jared rasped. I couldn't answer yet. I tried to choke back the other screams I felt coming. I'd been right not to do this before driving. â€Å"Let me see!† â€Å"Stay there,† I gasped. â€Å"Don't move.† I heard the blanket rustling behind me despite my warning. I pulled my left arm against my body and yanked the door open with my right hand. Jared's hand brushed my back as I half fell out the door. It wasn't a restraint. It was comfort. â€Å"I'll be right back,† I coughed out, and then I kicked the door shut behind me. I stumbled across the lot, fighting nausea and panic. They seemed to balance each other out-one keeping the other from taking control of my body. The pain wasn't too bad-or rather, I couldn't feel it as much anymore. I was going into shock. Too many kinds of pain, too close together. Hot liquid rolled down my fingers and dripped to the pavement. I wondered if I could move those fingers. I was afraid to try. The woman behind the reception desk-middle-aged, with dark chocolate skin and a few silver threads in her black hair-jumped to her feet when I lurched through the automatic doors. â€Å"Oh, no! Oh, dear!† She grabbed a microphone, and her next words echoed from the ceiling, magnified. â€Å"Healer Knits! I need you in reception! This is an emergency!† â€Å"No.† I tried to speak calmly, but I swayed in place. â€Å"I'm okay. Just an accident.† She put the microphone down and hurried around to where I stood swaying. Her arm went around my waist. â€Å"Oh, honey, what happened to you?† â€Å"So careless,† I muttered. â€Å"I was hiking†¦ I fell down the rocks. I was†¦ cleaning up after dinner. A knife was in my hand†¦Ã¢â‚¬  My hesitations seemed like part of the shock to her. She didn't look at me with suspicion-or humor, the way Ian sometimes did when I lied. Only concern. â€Å"You poor dear! What's your name?† â€Å"Glass Spires,† I told her, using the rather generic name of a herd member from my time with the Bears. â€Å"Okay, Glass Spires. Here comes the Healer. You'll be fine in just a moment.† I didn't feel panicked at all anymore. The kindly woman patted my back. So gentle, so caring. She would never harm me. The Healer was a young woman. Her hair, skin, and eyes were all a similar shade of light brown. It made her unusual looking-monochromatic. She wore tan scrubs that only added to that impression. â€Å"Wow,† she said. â€Å"I'm Healer Knits Fire. I'll get you fixed up directly. What happened?† I told my story again as the two women led me down a hallway and then through the very first door. They had me lie down on the paper-covered bed. The room was familiar. I'd been in only one place like this, but Melanie's childhood was full of such memories. The short row of double cabinets, the sink where the Healer was washing her hands, the bright, clean white walls†¦ â€Å"First things first,† Knits Fire said cheerfully. She pulled a cabinet open. I tried to focus my eyes, knowing this was important. The cabinet was full of rows and rows of stacked white cylinders. She took one down, reaching for it without searching; she knew what she wanted. The small container had a label, but I couldn't read it. â€Å"A little no pain should help, don't you think?† I saw the label again as she twisted the lid off. Two short words. No Pain? Was that what it said? â€Å"Open your mouth, Glass Spires.† I obeyed. She took a small, thin square-it looked like tissue paper-and laid it on my tongue. It dissolved at once. There was no flavor. I swallowed automatically. â€Å"Better?† the Healer asked. And it was. Already. My my head was clear-I could concentrate without difficulty. The pain had melted away with the tiny square. Disappeared. I blinked, shocked. â€Å"Yes.† â€Å"I know you feel fine now, but please don't move. Your injuries are not treated yet.† â€Å"Of course.† â€Å"Cerulean, could you get us some water? Her mouth seems dry.† â€Å"At once, Healer Knits.† The older woman left the room. The Healer turned back to her cabinets, opening a different one this time. This, too, was filled with white containers. â€Å"Here we are.† She pulled one from the top of a stack, then took another from the other side. Almost as if she were trying to help me fulfill my mission, she listed the names as she reached for them. â€Å"Clean-inside and out†¦ Heal†¦ Seal†¦ And where is†¦ ah, Smooth. Don't want a scar on that pretty face, do we?† â€Å"Ah†¦ no.† â€Å"Don't worry. You'll be perfect again.† â€Å"Thank you.† â€Å"You're very welcome.† She leaned over me with another white cylinder. The top of this one came off with a pop, and there was an aerosol spray nozzle underneath. She sprayed my forearm first, coating the wound with clear, odorless mist. â€Å"Healing must be a fulfilling profession.† My voice sounded just right. Interested, but not unduly so. â€Å"I haven't been in a Healing facility since insertion. This is very interesting.† â€Å"Yes, I like it.† She started spraying my face. â€Å"What are you doing now?† She smiled. I guessed that I was not the first curious soul. â€Å"This is Clean. It will make sure nothing foreign stays in the wound. It kills off any of the microbes that might infect the wound.† â€Å"Clean,† I repeated to myself. â€Å"And the Inside Clean, just in case anything has snuck into your system. Inhale this, please.† She had a different white cylinder in her hand, a thinner bottle with a pump rather than an aerosol top. She puffed a cloud of mist into the air above my face. I sucked in a breath. The mist tasted like mint. â€Å"And this is Heal,† Knits Fire continued, twisting the cap off the next canister, revealing a small pouring spout. â€Å"It encourages your tissues to rejoin, to grow the way they should.† She dribbled a tiny bit of the clear liquid into the wide cut on my arm, then she pushed the edges of the wound together. I could feel her touch, but there was no pain. â€Å"I'll seal this up before I move on.† She opened another container, this one a pliable tube, and then squeezed out a line of thick, clear jelly onto her finger. â€Å"Like glue,† she told me. â€Å"It holds everything together and lets the Heal do its job.† She wiped it over my arm in one swift pass. â€Å"Okay, you can move that now. Your arm is fine.† I held it up to look. A faint pink line was visible under the shiny gel. The blood was still wet on my arm, but there was no source anymore. As I watched, the Healer cleaned my skin with one quick pass of a damp towel. â€Å"Turn your face this way, please. Hmm, you must have hit those rocks just exactly wrong. What a mess.† â€Å"Yes. It was a bad fall.† â€Å"Well, thank goodness you were able to drive yourself here.† She was lightly dripping Heal onto my cheek, smearing it with the tips of her fingers. â€Å"Ah, I love to watch it work. Looks much better already. Okay†¦ around the edges.† She smiled to herself. â€Å"Maybe one more coat. I want this to be erased.† She worked for a minute longer. â€Å"Very nice.† â€Å"Here's some water,† the older woman said as she came through the door. â€Å"Thank you, Cerulean.† â€Å"Let me know if you need anything more. I'll be up front.† â€Å"Thanks.† Cerulean left. I wondered if she was from the Flower Planet. Blue flowers were rare-one might take a name from that. â€Å"You can sit now. How do you feel?† I pulled myself up. â€Å"Perfect.† It was true. I hadn't felt so healthy in a long time. The sharp shift from pain to ease made the sensation more powerful. â€Å"That's just how it should be. Okay, let's dust on a little Smooth.† She twisted the last cylinder's top and shook an iridescent powder into her hand. She patted it into my cheek, then patted another handful onto my arm. â€Å"You'll always have a small line on your arm,† she said apologetically. â€Å"Like your neck. A deep wound†¦Ã¢â‚¬  She shrugged. Absentmindedly, she brushed the hair back from my neck and examined the scar. â€Å"This was nicely done. Who was your Healer?† â€Å"Um†¦ Faces Sunward,† I said, pulling the name from one of my old students. â€Å"I was in†¦ Eureka, Montana. I didn't like the cold. I moved south.† So many lies. I felt a twist of anxiety in my stomach. â€Å"I started out in Maine,† she said, not noticing anything amiss in my voice. As she spoke, she cleaned the blood from my neck. â€Å"It was too cold for me, too. What's your Calling?† â€Å"Um†¦ I serve food. In a Mexican restaurant in†¦ Phoenix. I like spicy food.† â€Å"Me, too.† She wasn't looking at me funny. She was wiping my cheek now. â€Å"Very nice. No worries, Glass Spires. Your face looks great.† â€Å"Thank you, Healer.† â€Å"Of course. Would you like some water?† â€Å"Yes, please.† I kept a grip on myself. It wouldn't do to bolt the glass down the way I wanted to. I wasn't able to stop myself from finishing it all, though. It tasted too good. â€Å"Would you like more?† â€Å"I†¦ yes, that would be nice. Thank you.† â€Å"I'll be right back.† The second she was out the door, I slid off the mattress. The paper crackled, freezing me in place. She didn't dart back in. I had only seconds. It had taken Cerulean a few minutes to get the water. Maybe it would take the Healer just as long. Maybe the cool, pure water was far away from this room. Maybe. I ripped the pack off my shoulders and wrenched the drawstrings open. I started with the second cabinet. There was the stacked column of Heal. I grabbed the whole column and let it clatter quietly into the bottom of my pack. What would I say if she caught me? What lie could I tell? I took the two kinds of Clean next, from the first cabinet. There was a second stack behind the first of each, and I took half of those, too. Then the No Pain, both stacks of that. I was about to turn back for the Seal, when the label of the next row of cylinders caught my attention. Cool. For fevers? There were no instructions, just the label. I took the stack. Nothing here would hurt a human body. I was sure of that. I grabbed all the Seal and two cans of Smooth. I couldn't press my luck any further. I closed the cabinets quietly and threw my arms through the straps of the pack. I leaned against the mattress, making another crackle. I tried to look relaxed. She didn't come back. I checked the clock. It had been one minute. How far away was the water? Two minutes. Three minutes. Had my lies been as obvious to her as they were to me? Sweat started to dew up on my forehead. I wiped it away quickly. What if she brought back a Seeker? I thought of the small pill in my pocket, and my hands shook. I could do it, though. For Jamie. I heard quiet footsteps then, two sets, coming down the hall.

Securitisation

Outline the advantages and disadvantages of the securitisation of bank loans 1. 1 Introduction â€Å"The recent turmoil in credit markets has highlighted how securitisation has changed in only a few years from being a relatively niche market in the euro area to being a major force behind capital market developments†. This growth in securitisation reflects the increased pace of financial innovation in the financial markets.It is rational to say that this global trend of the growth in securitisation is a result of the advantages that are derived by the different parties engaged in the transaction. Securitisation has become an important tool for many companies and a key part of the global capital markets. However, while securitisation has benefited the financial system as a whole through enhancing its ability in performing its various functions, it has concurrently changed the underlying economics of the banking system, which brought consequences as those experienced in the 2007 financial crisis.Whether the gains exceed the losses is a debatable issue in itself as some intellectuals believe that securitisation has â€Å"contributed to the development of a far more flexible, efficient, and resilient financial system than existed just a quarter-century ago†, while others believe the opposite. The significance of securitisation has led to there has been talks by influential bodies about how securitisation can be regulated or changed as to maximise the benefits and minimize the costs.In this essay, to answer the above question I will define securitisation, explain its mechanics and nature and lastly discuss its advantages and disadvantages for the different parties engaged in it and the financial system as a whole. The scope of this essay is secondary securitisation, so the above will be discussed specifically to this type and not primary and tertiary. 1. 2 Definition of key terms Securitisation in general is the â€Å"creation and issuance of debt secu rities, or bonds, whose payments of principal and interest derive from cash flows generated by separate pools of assets†.There 2 types of securities that can be issued. When the securitised assets are mortgages, the securities issued are known as Mortgage -Backed Securities (MBS) and where it is other assets which are non-mortgage loans then Asset-backed securities (ABS) are issued. In the latter type, assets included are such as consumer loans, credit card receivables and car loans. These securities are marketable financial instruments, and tradable. In every securitisation transaction the capital markets are displacing the banks regardless of its type, whether primary secondary or tertiary, i. . disintermediation. Secondary securitisation is Asset Backed. Bank of England defines this type as â€Å"a transaction or scheme whereby the credit risk of an asset or a pool of assets such is transferred to an external undertaking (the securitisation special purpose vehicle or struc ture), which then transfers this credit risk onwards to investors in fixed-income securities known as asset backed securities issued by that undertaking. The investors in the securities may be either external investors or the institution that originated the underlying assets†.Another way to look at this process is through Professor Llewellyn definition which explicitly high lightens the benefits. He defines secondary securitisation as ‘the conversion of cash flows from a portfolio of assets into negotiable instruments or assignable debts which are sold to investors, are secured on the underlying assets and carry a variety of credit enhancement†. To clearly outline the pros and cons of the participants in the process, one needs to understand their roles as shown below in figure 1. Figure 1 1. 3 How it worksWhen a bank transforms a portfolio of loans that it is currently holding on the balance sheet into tradable securities issued by a bankruptcy-remote special purpo se vehicle it follows a basic procedure as seen in the diagram. A number of customers borrow from the bank. They all have to payback regular interest and principal payments to the bank as agreed upon on the contract. Starting from the originator in this case the bank, it pools together a number of these loans (assets) and constructs a portfolio of which it sells to the special purpose vehicle SPV.The SPV usually acquires the underlying assets from the originator in what is known as a true sale. It is critical that the transfer of assets from the originator to the SPV is legally viewed as a â€Å"true sale†. This is because it gives the investors rights over the specific assets of the originator, such that the investors are not affected by the performance, or bankruptcy of the originator. This would obviously necessitate that the investors, or the SPV which is a conduit on behalf of the investors, has legally acquired the assets.If it is not a true sale the investor will be vu lnerable to claims against the asset originator in this case the bank. The SPV then issues asset – backed securities to investors which investors can them trade in the financial capital markets. Investors then buy these securities and the SPV receives the regular interest and principal payments from the borrowers through the originator or servicer (if the bank does not retain the servicing function) who charge a certain fee. The SPV pays the originator for the portfolio in a lump sum rather than a stream of payments spread over time.It is important to acknowledge that the bank continues to maintain the relationship with the customer and it does not have a duty to inform this about this process. The credit quality of the securities issued by the SPV is rated by a rating agency before being sold to investors. Also another important participant though missing in figure 1:1, is a credit enhancer. This is either internally or externally done and it might take the form of â€Å"ov er – securitisation (placing a higher value of loan in the portfolio than the value of the sale), a third party guarantee or a guarantee from the seller†.This has the effect of limiting the risk to investors. The underwriter is usually an investment bank that serves as an intermediary between the issuer (SPV or the trust) and investors. The swap counterparty as seen in the diagram is normally involved to hedge the interest rate and currency risks on the pool and the trustee ensures that the money is transferred from the servicer to the SPV and that investors are paid in accordance with the promised priority. A crucial aspect of securitisation is the isolation of assets. After a true sale, the assets (collateral) are held by the SPV or equivalent.This protects the seller (originator) from the risk of the assets and investor from the risks of the bank, because even if the bank goes bankrupt, the payments on the assets will continue to be made, so investors still receive t he interest and principal payments. An SPV might be a completely independent entity or a subsidiary of the bank itself. In the crisis it was more of the latter. However, for it to be a subsidiary it will only work if the SPV is bankruptcy remote, as explained earlier. This is where under company law the SPV is immune to the bankruptcy of the ank. This makes their risk entirely different and this is how credit risk isolation and shifting is possible. Also an SPV might become a Structured Investment Vehicle. Often the SPV has a higher credit rating (most secure a AAA rating) than the originator. The SPV performing the asset-backed securitization(s) also usually has a backup liquidity facility in place provided by a stand-by commitment from a syndicate (group) of banks. This facility protects the investors who purchase the commercial paper issued by the SPV as the assets are being purchased and pooled.If for some reason the SPV cannot attract the same or new investors to roll over the commercial paper or there is insufficient cash flow generated by the pool to pay off maturing commercial paper then the SPV draws on the backup liquidity facility to pay off the investors and the bank group then become the owners of the assets held by the SPV (to either wait for the cash flow to improve or to liquidate the portfolio). Credit enhancements are required in order to receive higher debt ratings and thus improve marketability and financing costs.The credit enhancement of a securitization can be achieved by dividing it into tranches and allowing some tranches be exposed first to any loss from defaulting / under-performing individual asset or group of assets first. In this manner, these front-line tranches almost function like an equity piece such that the investors in the other tranches (Mezzanine tranches) are satisfied first before the lower tranches. These lower-rated (first loss) tranches usually receive a higher yield (due to their higher risk position) when the secur ity is first structured in order to attract investors when first brought to market. . Advantages of secondary securitisation There are different aspects to the benefits of securitisation, the benefits derived by the issuer (bank) and those derived by the investor and the financial system as a whole. 2. 1 The issuer Secondary securitisation benefits the banks by helping them generate more funds but also by allowing them to manage their assets and liabilities, risk and also capital. * A source of funding Securitisation enables banks to change the illiquid portfolio of loans into liquid tradable securities. It makes loans marketable.So the banks get funds immediately from selling the portfolio to the SPV. Also there being a secondary market for these securities in itself increases the attractiveness of investors to buy the securities meaning more funds. The funding source is also widened because as the risk are specific, asset –backed securities often appeal to investors who wou ld not normally make funds available to banks by themselves. This source of funding may also be cheaper for the bank. This is because banks do not need to increase their interest rates to ‘attract marginal deposits to fund their loan book’.Also because the banks transfer the asset to the SPV they do not need to hold capital against the loans (assets) which is a cost, making this type of funding cheaper. Ultimately this means that it can offer lower interest rates to borrowers, which could have the effect of increasing the quantity of loans demanded. This cheapness is not always possible; it only depends on the nature of the risks of the portfolio after and before securitisation. * Asset and liability management The fact that securitisation allows banks to shift the assets from their balance sheet allows them to change their asset composition on the sheet within a given total.They can change the structure of their assets and ‘reduce exposure to a particular loan ca tegory’ by securitizing those loans which also helps in managing risks. It also provides the balance sheet with flexibility and facilitates diversification of the loan portfolio. * Risk management As the definition implies, securitisation allows banks to transfer and shift credit risk from their balance sheet to those who are willing and more able to absorb them. Hence this allows banks to manage their risk and limit their risks by selling those loans.The transfer of risk allows banks to not hold any capital against the risks, so as earlier said reduces the cost of banking. It also allows them to manage interest rate risk. * Capital Management Due to the increasing competitive pressures, they cannot earn a sufficient return on the assets to service their capital base well. Securitisation saves them capital as explained earlier. * Other Banks can earn additional income by charging fees on originating loans that it does not intend to keep on its balance sheet.Also banks still g et to maintain their relationship with their customers and reduce the overall cost of intermediation by concentrating on their comparative advantages (originating loans). 2. 2 The investor * It gives investors the opportunity to earn a higher rate of return (on a risk-adjusted basis). Also the high liquidity of securities means that investors can trade them for cash at their own convenience. * Asset backed securities allows the isolation of credit risk from the originator.This could benefit investors in that they are not exposed to the banks risks of which could increase the credit rating of the underlying assets themselves. * Investors also get the opportunity to invest in a specific pool of high quality assets: Due to the stringent requirements for corporations (for example) to attain high ratings, there is a dearth of highly rated entities that exist. Securitizations, however, allow for the creation of large quantities of AAA, AA or A rated bonds, and risk averse institutional in vestors, or investors that are required to invest in only highly rated assets, have access to a larger pool of investment options. Investors can gain portfolio diversification as they tend to invest in securities that may be uncorrelated  to their other bonds and securities. 2. 3 The Financial System In general securitisation, being part of innovation has benefits for the financial system and the economy as a whole by contribution to the basic functions of the financial system: risk-transference, pricing of risk, liquidity-enhancement, credit-generation and financial intermediation, insurance, asset and liability management, an efficient allocation of financial resources, and the funding of financial institutions.Securitisation as a technique means that loans are assed more frequently and hence to current terms as when they are just on a bank’s balance sheet. In a way this allows the risks prices to be adjusted accordingly. Also another important direct contribution is the ability that it offers banks to lend more to the economy by knowing that it can sell the loans. This has its drawbacks which will be discussed later, but while it is possible, it helps the real economy as governments encourage more lending for the betterment of the real economy.In addition, securitisation allows different parties to concentrate on their comparative advantages such as banks being originators. It is in this ways that securitisation increases the efficiency of the financial system which is a social benefit to its people. The Bank for international settlements summarises this in ‘â€Å"the development of credit risk transfer [CRT] has a potentially important impact on the functioning of the financial system. It provides opportunity for more effective risk management, promises the relaxation of some constraints on credit availability, and allows more efficient allocation of risk to a wider range of entities.The pricing information provided by new CRT markets is al so leading to enhanced transparency and liquidity in credit markets. † 3. Disadvantages of secondary securitisation 3. 1 The issuer * The first transaction has to be significant and it can be costly also. There are compliance costs and reduced control by the originator of the assets sold to the SPV. * Though it the securitisation structure looks fairly simple, just like other CRS (credit shifting instruments), they are very complex in nature, to the extent that banks and other institutions did not fully understand the risks which they were taking and exposing themselves to.As seen in the crisis, the risk were not always shifted, sometimes they were just transferred, from credit risk to a liquidity risk and finally to a funding risk , which was evident in the crisis when Interbank Market almost dried up and there was no securities trading. This is what contributed to the financial crisis as while every bank was diversifying into this business, they financial system became less diverse. * If banks do this in large amounts, they could become dependent on the securities market which proved to have it consequences, when trading ceased. As the wealthy reader summarised; â€Å"Without risks, bank went crazy. Credit scores didn't matter, â€Å"liar loans† were common†. This proved to back fire for the banks themselves because they were also investing in securities issued by other banks and it led to huge losses for the banks. 3. 2 The investors Securitisation exposes investors to a number of risks such as * Credit/default risk when maintenance obligations on the underlying collateral are not sufficiently met as detailed in its prospectus. A key indicator of a particular security’s default risk is its credit rating. Different tranches within the ABS are rated differently, with senior classes of most issues receiving the highest rating, and subordinated classes receiving correspondingly lower credit ratings’ . However, the crisis has ex posed a potential flaw in the securitisation process; ‘loan originators retain no residual risk for the loans they make, but collect substantial fees on loan issuance and securitization, which doesn't encourage improvement of underwriting standards’. Prepayment/reinvestment/early amortisation: The majority of revolving ABS is subject to some degree of early amortization risk. The risk stems from specific early amortization events or payout events that cause the security to be paid off prematurely. Typically, payout events include insufficient payments from the underlying borrowers, insufficient excess Fixed Income Sectors: Asset-Backed Securities spread, a rise in the default rate on the underlying loans above a specified level, a decrease in credit enhancements below a specific level, and bankruptcy on the part of the sponsor or servicer. Currency interest rate fluctuations: Like all fixed income securities, the prices of fixed rate ABS move in response to changes in i nterest rates but floating rate securities are affected more. * Moral hazard: Investors usually rely on the deal manager to price the securitizations’ underlying assets. If the manager earns fees based on performance, there may be a temptation to mark up the prices of the portfolio assets. ‘Conflicts of interest can also arise with senior note holders when the manager has a claim on the deal's excess spread’ * There is also a risk that the payments will be late from the servicer. . 3 The financial system The consequences of securitisation that were experienced in the crisis were expensive as Sir Howard Davies inferred â€Å"[CDOs] are the most toxic element of the financial markets today† . Securitisation and Collateralised Debt Obligations (CDOs) are described as two major instruments at the centre of the financial market turmoil. European banks also took on board significant securitisation programmes. . They contributed highly to the global financial cri sis which has had massive costs to the tax payers, governments and central banks.An important aspect of securitisation is that it has changed the traditional model of banking and hence underlying economics of banking. With securitization banks accept deposits, originate loans, utilizes it comparative advantages, as it did traditionally. However with securitisation is does not accept risk, does not hold it on its balance sheet and therefore needs no capital backing and insurance, things which it traditionally did. This change of model have had severe implication for the financial system as banks stopped acting like banks, and it was clear that they did not quite understand the implications.Another big effect is the effect that this had had on the financial system stability of which in itself is an ambiguous issue. 4. Conclusion There has been a division in the overall effects of securitisation to the global economy and financial system. While influential people like Warren Buffet reg ard it as a lethal weapon, others think the opposite. Regardless of the costs there are substantial benefits for the system. It is now evident that when a securitisation gets beyond the critical device of market participants, however, it is capable of destroying value.The potential harm is greater in globally interconnected markets. Hence it would be beneficial for the whole system if regulators, supervisors and all participants learn the flaws of securitisation from the crisis and improve the process to form one which ensures that the benefits are derived at the minimum costs, or no costs. As Professor David Llewellyn states; â€Å"the baby (of securitisation) should not be drowned in the bathwater (of regulation)†. Bibliography * Llyewellyn. , T, David. , 2000,. Securitisation a technique for asset and liability management * Casu, B. , Girardone. , Molyneux P. 2006. Introduction to banking. Essex: Pearson Education Limited. * ECB financial stability review. , 2008. , securi tisation in the Euro area. Available at http://www. afi. es/EO/securitisation%20in%20the%20euro%20area. pdf [ Accessed 5/4/11] * http://www. banque-credit. org/EN/banks/advantage-securitisation. html[Accessed on 19/04/11] * Lederman, J. , 1990. , The Handbook of Asset-Backed Securities * Tarun, S. , Securitisation: Understanding the Risks and Rewards . Available at http://www. qfinance. com/contentFiles/QF02/gjbkw9a0/17/0/securitisation-understanding-the-risks-and-rewards. df [Accessed :01/05/11] * Llewellyn, T, D. , 2009. , the global banking crisis and the post crisis banking and regulatory scenario . Price Waterhouse Coopers. , 2011. , using transparency to thaw the securitisation market. * Available at http://wealthyreader. com/articles/securitization-good-idea-gone-bad-or-what-just-happened/ * Llyewellyn, T, David. , 2008. , Financial innovation and a new economics for banking * Bank of England. , 2007. , general notes and definitions. Available at http://www. bankofengland. co . uk/statistics/reporters/defs/def_gene. pdf . [Accessed 01/05/11] * ttp://ftalphaville. ft. com/search? q=growth+in+securitisation. [Accessed 30/05/11] ——————————————– [ 1 ]. ECB financial stability review. , 2008. , securitisation in the Euro area. Available at http://www. afi. es/EO/securitisation%20in%20the%20euro%20area. pdf [ 2 ]. Llyewellyn, T, David. , 2008. , Financial innovation and a new economics for banking. [ 3 ]. Price Waterhouse Coopers. , 2011. , using transparency to thaw the securitisation market. [ 4 ]. Llyewellyn. , T, David. , 2000,. 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Available at http://www. tavakolistructuredfinance. com/Reporting%20v%20PR_Meredith%20Whitney%20and%20AIG%20March%2023%202009. pdf [ 30 ]. Available at http://www. banque-credit. rg/EN/banks/advantage-securitisation. html. [ 31 ]. Llewellyn, T, D. , 2009. , The Northern Rock Crisis: A Multi-Dimensional problem waiting to happen [ 32 ]. Llyewellyn, T, David. , 2008. , Financial innovation and a new economics for banking [ 33 ]. Tarun, S. , Securitisation: Understanding the R isks and Rewards . Available at http://www. qfinance. com/contentFiles/QF02/gjbkw9a0/17/0/securitisation-understanding-the-risks-and-rewards. pdf [Accessed :17/04/11] [ 34 ]. Llewellyn, T, D. , 2009. , the global banking crisis and the post crisis banking and regulatory scenario .