A recent major decision that was made in the United States Assignment

A recent major decision that was made in the United States - Assignment Example One of the assumptions was by the management of financial, mortgage and insurance institutions that the real estate prices would continue rising. According to Bianco (2008), after a decade long of continuous rise in property prices, lending institutions assumed that this would go on and disregarded the long known real estate price cycles. As a result, they continued lending to willing consumers majority of who are oblivious of such real estate price patterns. It is difficult to conceive how real estate and financial experts failed to project the burst in real estate prices, instead relaxing their lending requirements to take advantage of the price boom. Insurance institutions also bought into this assumption and thus insured such unsustainable investments. The second assumption is on the part of the government; driven by free market assumptions that competition and market forces would result in self-regulation, the government watched along as standards were relaxed in fierce competition to sell mortgages (Akif, 2011). The government failed in providing oversight and regulation which would have resulted in the lending institutions acting ethically and following sound financial projections. A number of explanations have been provided as to why the much experienced financial experts, who had witnessed real estate price cycles before, would assume the prices would not fall on this occasion. Bianco (2008) argues that unscrupulous and unethical behavior from financial institutions was behind the assumption. This is supported by the view that financial institutions loosened their standards, offering high risk and fraudulent mortgages. The author provides evidence of this by citing the statistics that fraud in mortgages had increased by 1411% between 1997 and 2005. On the part of the government, Akif (2011) ponders whether the assumptions were a result of naà ¯ve optimism that social utility would accompany self

Chinese Exclusion Act Research Paper Example | Topics and Well Written Essays - 1750 words

Chinese Exclusion Act - Research Paper Example A closer outlook into the issues that this Chinese Exclusion Act resolved to address point out that it brought about many significant restrictions against free immigration into the United States (Gyory, 2008). This paper will seek to discuss the inbounds of the Chinese Exclusion Act provided therein by the Act. The Act The establishment of the Chinese Exclusion Act saw thousands of both skilled and unskilled laborers of Chinese decency barred from entering the United States for ten good years (Gold, 2012). According to historical analysts, the Act made it clear that if any of the mentioned persons went against this stipulation, he or she stood to face a punishment of either deportation or imprisonment of a term equal to or exceeding ten years (Hune & Nomura, 2003). In deed, this stipulation brought about a consistent weary among the Chinese people where they were unable to go against the Act as it became fully enforceable by the US laws. During this time when the Chinese Exclusion Ac t was in full force, large numbers of Chinese suffered aimlessly mainly because of their decency as they were beaten brutally (Soennichsen, 2011). Additionally, the few who were able to migrate had to undergo a series of requirements, which were very expensive as they involved individuals proving to the government that they were in a position to immigrate (Gold, 2012). Many scholars argued that the enforcement of the Chinese Exclusion Act was simply a misnomer and did not deserve to be in place under any circumstances. This is so because, the existing laws that witness the Chinese face exclusionary problems came about because of the enactment of the Chinese Exclusion Act (Gyory, 2008). Getting the certification needed by the US government for it to allow a potential Chinese to live in America was hard, tedious, and expensive. The Chinese individuals living during this time suffered a misdemeanor effect simply due to the existence of segregation among people along boundaries that con sisted of race and gender among others. Suggestions show that the enactment of this Act also affected other people including the Asians. In fact, documented evidence maintains that if any Chinese individual left the United States for another country, he or she had to obtain a reentry permit when coming back (Hune & Nomura, 2003). This kind of certification went ahead to afflict the chances Chinese people had when it came to becoming full citizens of the United States. As such, the Chinese and Asians would remain complete aliens whenever residing in the US territorial boundaries (Soennichsen, 2011). Following this preamble, it is seeable that when this Act came into passage, all the Chinese men living in the United States lost any chances of ever reuniting with their families and wives back at home on one end. On the other end, they also unable to establish a family of their own since they were no more but just mere aliens who had few privileges and tones of restrictions (Gold, 2012) . Amendments Although several capitalists opposed the passage of the Chinese Exclusion Act on matters related to economic factors, many Chinese people staying in the US faced a huge dilemma; they wondered whether to choose to go back to China and reunite with their families or stay in US forever (Gyory, 2008). In spite of the widespread enmity and dislike for the Chinese, some of the US ruling clergymen did not seem to draw satisfaction from the already set restrictions. They went ahead to