Financial Crisis
Written Assignment
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Readings | Planning | Revision | Proofreading
Assignment Overview
Abstraction.
How do you understand an idea? A concept? A way of looking at the world? And why? Why is it necessary to do this?
On one level, the "how to" is easy: first read up on the subject and then, to truly understand it, write about it; second, you have to want to understand the idea or concept.
Why is that desire to understand so important? Because without it, you will not devote the necessary mental energy needed to feed your imagination. And your imagination and intellect -- the left and right side of your brain -- are necessary to fire off the neurons that will get you to understand abstractions. That understanding lies at the core of the college endeavor. It is this ability to understand connections between seemingly disparate ideas or evidence that mean the difference between a job with a corner office ("I'm presenting at the London conference") -- and a job in a grease trap ("Where does this used lard go?")
Purpose of Essay
This next assignment is designed to get you in that corner office. It will show you how to understand, form an opinion on, and then write about an abstract concept: in this case, the causes of the current recession.
Topic of Essay
The effects of the current recession are clear: all leading indicators of the economy -- employment, stock market, housing -- are down. What you'll be examining is the "why?" -- what are the underlying reasons that put us in this fine mess. This is similar to examining the problems from essay #1, but in this case, you'll be agreeing or disagreeing with these writers: instead of just reporting, you'll be making some judgments on this topic.
The importance of this kind of writing is clear: to find out how to prevent this from occurring again, we need to find out what this happened in the first place. That's what you'll be doing here.
Begin thinking early -- and asking classmates, other professors, family, friends, random people on the street, etc., questions about this topic. You'll find that some people are stuck in their own ideas about the economy or don't really think about it.
There's a problem with that. And it involves the Cement Truck of Life
In life you have to make choices. You can live the unexamined life, like Calvin (the little boy in the cartoon) above. But why not do both? Why not live for the moment and watch the road (a cement truck is one of the best examples of kinetic energy -- particularly when it hits a pedestrian). Hobbes's (that oh so intelligent tiger) motto "Look down the road" suggests that foresight and knowledge are necessary to truly enjoy life -- and to avoid being buried in an envelope.
Discourse
recession, capitalism, socialism, bailout, derivatives, stock market
These are some of the terms you've heard about: now you'll get a chance to understand them.
Written Assignment
Two choices here:
1) write an essay that argues that ____ led to the current financial crisis. This blank can consist of one overarching cause (with resulting divisions) or several causes.
2) write an essay arguing examine the economic system itself -- capitalism -- helps or hurts America.
This is an academic essay, so the tone is formal, but remember that you need to keep the reader interested. Follow the suggestions below for planning, drafting, and revising your essay. As stated in the Assignment sheet for essay #1, for this and all essays, assume your audience is college educated (or getting there).
Requirements
Final draft, minimum of 1,250 words. In addition to at least three of the assigned essays, you need to include a minimum of one other source (which means a minimum of four works cited entries and at least four in-text citations): most good essays use five-six sources. That said, the emphasis is on your reasoning: it's what you actually do with the sources that makes a good essay. Essay must include introduction (with thesis and division statement), body paragraphs, counter-arguments and rebuttal, and conclusion.
Note on sources
See "How Do I Find Sources" ( I&C 139 +) for help on, well, finding sources. If taken from the internet, sources MUST be from the libraries databases, which can be accessed through the "Library Links" on the course site through our library's home page. ANY other internet source MUST (that's MUST) be approved by me before (that's BEFORE) you include them in your essay. The penalty? A substantially lowered grade (i.e. in the "D" range).
Learning Objectives
After successfully completing this assignment you will have learned how to
- Articulate the differences and similarities between several different abstract concepts
- Move from abstraction (causes of a crisis/economic ideology) to the concrete (examples)
- Develop a narrow topic for an essay from a broader subject.
- Finding, selecting, and evaluating sources (information literacy)
- Turn information into knowledge by using current events, statistics, and/or historical examples to prove an argument
- Develop engaging introductions and conclusions
- Develop a single idea (division) over the course of two or more paragraphs
- Understand the advantages of revising your work in stages (paragraph by paragraph)
- Use more sophisticated punctuation (dashes, colons, semi-colons)
- Proofread your work so that it does not interfere with reader's comprehension of your argument
- Manage your time and complete each draft by the assigned due date
Directions
Follow suggestions below and in I&C.
Grading Criteria
To receive a passing grade, you must successfully complete the following:
Organization : A thesis statement which clearly states the subject, your position and the divisions of your essay. A counter-argument and rebuttal.
Content : Overview of issue you're discussing; clear and balanced arguments, developed with examples, descriptions and narratives, and a full and persuasive development of the reasoning behind each of the examples.
Proofreading : Sentences that are clear and no more than 5 major errors (major errors include sentence fragments, run-on sentences, verb-tense error, subject-verb agreement error, unclear phrasing, documentation and spelling/wrong word error).
Things to Watch for
Lack of explanation. Your examples do not speak for themselves -- in fact, your argument lies not in the evidence, but in why and how the evidence supports your point. And since examples can't speak, it's up to you to connect them to the point of your paragraph and the larger point of your essay.
Readings
Readings are found below.
You should make up your own writer's notes. If you like, you can copy and paste the following as a template:
____________________________________________________________
MLA works cited entry
Background information and stats on ______ (blank being your topic)
Why the author thinks ___ helps ____
Why the author thinks ___ hurts ____
Connections among essays
Finanical Discourse
Assigned Readings
Readings #1
If your focus is on the financial crisis, read these:
- The Giant Pool of Money
Overview radio essay on the background issues of the financial crisis. Listen or read the transcript.
- Capitalist Fools ; Vanity Fair Vol. 51; No. 1 , Joseph E. Stiglitz Jan 2009 | pg. pp. 48+ | Lexile Score: 1170 | Size: 17K | SIRS Researcher Summary: "There will come a moment when the most urgent threats posed by the credit crisis have eased and the larger task before us will be to chart a direction for the economic steps ahead. This will be a dangerous moment. Behind the debates over future policy is a debate over history--a debate over the causes of our current situation. The battle for the past will determine the battle for the present. So it's crucial to get the history straight. What were the critical decisions that led to the crisis? Mistakes were made at every fork in the road--we had what engineers call a 'system failure,' when not a single decision but a cascade of decisions produce a tragic result." (Vanity Fair) Author Joseph E. Stiglitz considers five key mistakes in U.S. economic policy that led to the current crisis.
- Blame Them. Full Text Available By: Fox, Justin . Time , 1/12/2009, Vol. 173 Issue 1, p43-43, 1p, 1 color, 1 bw ; ( AN 35921215 )
If your focus is on capitalism read these:
- Capitalism vs. Socialism : An Overview. By: Walter, Andrew . Points of View: Capitalism vs. Socialism , 2009, p1-1 , 1p ; Reading Level (Lexile): 1420 ; ( AN 43268219 ) HTML Full Text
- Point: Capitalism is Still the Best Economic Alternative. By: Goodwin, Chuck . Points of View: Capitalism vs. Socialism , 2009, p2-2 , 1p ; Reading Level (Lexile): 1250 ; ( AN 43268220 ) HTML Full Text
- Counterpoint: Socialism for a New Century. By: Berger, Adam . Points of View: Capitalism vs. Socialism , 2009, p3-3 , 1p ; Reading Level (Lexile): 1310 ; ( AN 43268218 ) HTML Full Text
Readings #2
If your focus is on the financial crisis, read these:
- Anatomy of a Breakdown ; Reason Vol., 40, No. 8 , Mike Flynn Jan 2009 | pg. pp. 27-34 | Lexile Score: 1240 | Size: 25K | SIRS Researcher Summary: "It was not an absence of federal intervention that produced the Great Financial Panic of 2008. Contrary to the assertions of those clamoring for new regulations....the liquidity shortage and credit freeze that triggered Washington's biggest intrusion into the economy since Richard Nixon's wage and price controls were caused by bad government policy and worse crisis management." (Reason) The author of this article details the government missteps that led up to the current financial crisis.
- Who's To Blame for Economy? ; USA Today Dec 17, 2008 | pg. p. A.10 | Lexile Score: 1180 | Size: 7K | SIRS Researcher Summary: "Responsibility for the financial meltdown is so widespread that there's plenty of culpability to go around." (USA Today) This article lists nine parties and explains why each bears some responsibility for the economic crisis.
- Bush's Broken Record: Full Faith and Bad Credit ; American Conservative Vol. 7 No. 22 , Patrick J. Deneen Nov 17, 2008 | pg. 8-10 | Lexile Score: 1340 | Size: 12K | SIRS Researcher Summary: "The longer story obscured by this year's [2008] dramatic collapse is the gradual but intentional abandonment of a functioning American economy and its replacement by a counterfeit kind of economic health based on borrowed money, cheap goods and services made with inexpensive exported and imported labor, and reliance on foreign resources." (American Conservative) This article examines President George W. Bush's stewardship of the U.S. economy. Author Patrick J. Deneen concludes that "By nearly every measure, Bush was a poor steward of the American economy, and he will be faulted almost exclusively for the economic crisis."
- Who's to Blame: Washington or Wall Street? Full Text Available Newsweek , 3/30/2009, Vol. 153 Issue 13, p30-31, 21p ; ( AN 37148137 )
If your focus is on capitalism read these:
- The Future of Capitalism August 03, 2009 ... In a series of reports, we'll be considering the future of capitalism itself. NPR Shop | NPR Social Media | Login | Register. ... The Future of Capitalism. ... http://www.npr.org/series/106303043/the-future-of-capitalism
- Brian McLaren: Go Deeper. Full Text Available By: McLaren, Brian . Tikkun , Jan/Feb2009, Vol. 24 Issue 1, p69-70, 2p ; ( AN 36110741 )
- The Near-Death of Democracy. Full Text Available By: Barber, Benjamin R. . World Policy Journal , Winter2008, Vol. 25 Issue 4, p145-151, 7p ; ( AN 36067660 )
- We Need Sustainable Capitalism ; Wall Street Journal , Al Gore and David Blood Nov 5, 2008 | pg. A.23 | Lexile core: 1250 | Size: 5K | SIRS Researcher Summary: "What is clear to us and many others is that market capitalism has arrived at a critical juncture. Even beyond the bailouts and recent volatility, the challenges of the climate crisis, water scarcity, income disparity, extreme poverty and disease must command our urgent attention. The financial crisis has reinforced our view that sustainable development will be the primary driver of economic and industrial change over the next 25 years. As a result, old patterns and assumptions are now being re-examined in an effort to find new ways to use the strengths of capitalism to address this reality." (Wall Street Journal) Authors Al Gore and David Blood contend that "we are faced with the convergence of three interrelated crises: economic recession, energy insecurity and the overarching climate crisis. Solving any one of these challenges requires addressing all three."
- America. Full Text Available (cover story) By: Lind, Michael . Foreign Policy , May/Jun2009, Issue 172, p89-90, 2p, 1 color ; ( AN 40125895 )
Unassigned Readings
- Q & A: Economy in Crisis ; New York Times Upfront (Vol. 141, No. 4) , Patricia Smith Oct. 20, 2008 | pg. 6 | Lexile Score: 1240 | Size: 16K | SIRS Researcher Summary: "The meltdown on Wall Street and Washington's rescue plan left many Americans worried--and scratching their heads. Here are some straightforward explanations to help you make sense of what's happened and where we go from here." (New York Times Upfront)
- OPINION | January 04, 2009 Op-Ed Contributors: The End of the Financial World as We Know It
By MICHAEL LEWIS and DAVID EINHORN
We have a brief chance to cure ourselves. But first we need to ask: of what?
- Why The Financial System Collapsed. Full Text Available By: Hegland, Corine . National Journal , 4/11/2009, p3-3, 1p ; ( AN 37704351 )
- WHAT THE HELL JUST HAPPENED? Full Text Available By: Junod, Tom . Esquire , Feb2009, Vol. 151 Issue 2, p2-63, 8p ; ( AN 36095636 )
- Paul Krugman NYTimes magazine 9/6/09 on economists
- OPINION | September 11, 2009 Room for Debate: Why Wall Street Reforms Have Stalled By The Editors
One year after the collapse of Lehman Brothers, financial institutions continue to resist tougher regulations.
- A Year After Financial Crisis, a New World Order Emerges ; McClatchy Newspapers , Kevin G. Hall Sep 8, 2009 | pg. n.p. | Lexile Score: 1160 | Size: 10K | SIRS Researcher Summary: "One year after the near collapse of the global financial system, this much is clear: The financial world as we knew it is over, and something new is rising from its ashes. Historians will look at September 2008 as a watershed for the U.S. economy....One year later, the easy-money system that financed the boom era from the 1980s until a year ago is smashed. Once-ravenous U.S. consumers are saving money and paying down debt. Banks are building reserves and hoarding cash. And governments are fashioning a new global financial order." (McClatchy Newspapers) This article examines the effect the global financial crisis has had on consumers and the financial system after its near collapse in September 2008.
- After 30-Year Run, Rise of the Super-Rich Hits a Sobering Wall ; New York Times (New York, NY) , David Leonhardt and Geraldine Fabrikant Aug 21, 2009 | pg. A.1 | Lexile Score: 1240 | Size: 16K | SIRS Researcher Summary: "The rich, as a group, are no longer getting richer. Over the last two years [2008-2009], they have become poorer. And many may not return to their old levels of wealth and income anytime soon. For every investment banker whose pay has recovered to its prerecession levels, there are several who have lost their jobs--as well as many wealthy investors who have lost millions. As a result, economists and other analysts say, a 30-year period in which the super-rich became both wealthier and more numerous may now be ending." (New York Times) This article explores how America's wealthiest were able to amass their fortunes and the factors that are decreasing their net worth.
- The Budget and Economic Outlook: An Update--Summary ; The Budget and Economic Outlook: An Update--Summary Aug 2009 | pg. 1-5 | Lexile Score: 1560 | Size: 14K | SIRS Government Reporter Summary: "The Congressional Budget Office (CBO) estimates that the federal budget deficit for 2009 will total $1.6 trillion, which, at 11.2 percent of gross domestic product (GDP), will be the highest since World War II. That deficit figure results from a combination of weak revenues and elevated spending associated with the economic downturn and financial turmoil. The deficit has been boosted by various federal policies implemented in response, including the stimulus legislation and aid for the financial, housing, and automotive sectors. Although various indicators suggest that the recession may have ended or is likely to end within the next few months, CBO's economic forecast anticipates a relatively slow and tentative recovery." (The Budget and Economic Outlook: An Update--Summary) This article summarizes the CBO's short- and long-term economic projections.
- The State of the Economy ; The State of the Economy , Douglas W. Elmendorf May 21, 2009 | pg. n.p. | Lexile Score: 1500 | Size: 36K | SIRS Government Reporter Summary: This article contains the statement of Douglas W. Elmendorf, Director of the Congressional Budget Office, on the state of the U.S. Economy to the U.S. House of Representatives. The article includes a discussion on the estimated impact of the 2009 American Recovery and Reinvestment Act.
- U.S. May Face Years of Sluggish Growth ; USA Today , David J. Lynch May 7, 2009 | pg. n.p. | Lexile Score: 1380 | Size: 11K | SIRS Researcher Summary: "[D]espite encouraging signs that the economy's recent disorienting plummet is slowing, the long-run picture is darker. 'Potential real GDP growth has never grown as slowly during the history of the U.S. since 1875 as it is growing today,' economist Robert Gordon told a November [2008] conference at the Federal Reserve Bank of San Francisco....In the short run, as the financial system heals from the self-inflicted wounds of recent years, the economy is likely to perform even more poorly. More than 5 million jobs have disappeared in the past 15 months, and consumers and corporations are focused on paying off debt rather than spending or investing in new productive capacity." (USA Today) This article explains why economists are forecasting slow growth for the U.S. economy and the implications of decreased productivity, which will affect "everything from job creation and stock prices to the funding of government-entitlement programs such as Social Security."
- In One Year, 24 Million Slide From 'Thriving' to 'Struggling' ; USA Today , Susan Page Mar 10, 2009 | pg. p. A.1 | Lexile Score: 1200 | Size: 12K | SIRS Researcher Summary: "More than 24 million Americans shifted in 2008 from lives that were 'thriving' to ones that were 'struggling,' according to a massive study by Gallup and Healthways, a Tennessee-based health management company. Results from its Well-Being Index—including physical and mental health as well as personal finances and job satisfaction—are being released today [Mar. 10, 2009]. The index categorizes respondents based on how they rate their current lives as well as their expectations of where they will be in five years." (USA Today) This article considers the results of a Gallup poll which showed many Americans consider themselves to be struggling financially and "faith that the next generation will have a better life than their parents—is eroding."
- A Spectre Is Haunting America ; In These Times Vol. 33 No. 3 , David Moberg Mar 2009 | pg. 30-32 | Lexile Score: 1450 | Size: 16K | SIRS Researcher Summary: "Since 1980, the idea that government is bad has dominated American politics--from Ronald Reagan's maxim that government is the problem, not the solution, to Bill Clinton's declaration that 'the era of big government is over.' But President Barack Obama's inaugural address marked the beginning of a new--or at least renewed--paradigm that shifts the balance between government and markets, or public and private power....There's a strong case that nationalization would work best, thereby meeting Obama's criteria for pragmatic governance. But private interests and ideological blinders are blocking the administration from seriously considering it. Ironically, nationalization could do more to save--and perhaps even favorably transform--capitalism than more timid uses of government power and money." (In These Times) Author David Moberg asserts that contrary to popular perception, government can take a more active role in the 2009 economic crisis, contending that "Obama needs to shift policymakers and the public toward seeing that government, when well run, can be a beneficial force that does more than monitor the flaws and clean up the wreckage left by the market and by big corporations."
- Guess What? The New Deal Worked ; History News Service , Steven Conn Feb 18, 2009 | pg. n.p. | Lexile Score: 1200 | Size: 7K | SIRS Researcher Summary: "Since the economic crisis we're now in is being compared to the Great Depression, the solutions being offered are being routinely compared to the New Deal. Republicans in particular have been quick to pronounce the New Deal a failure as a way of justifying their opposition to the new stimulus package and any other federal response to our new Great Depression....Whatever you think of the Obama administration's proposals, to declare the New Deal a failure gets the history fundamentally wrong. The legacy that FDR created proved remarkably successful and remarkably enduring." (History News Service) Author Steven Conn explains how the New Deal was a success. Conn asserts: "The New Deal operated at three levels: first, the programs established by the New Deal worked immediately to bring economic relief; second, the long-term changes the New Deal made to the structure of our economy brought the cycles of the economy under better control; and, finally, the New Deal re-shaped the social contract between our citizens and our government."
- Buying the Bull ; Mother Jones Vol. 34, No. 1 , Dean Starkman Jan/Feb 2009 | pg. pp. 36+ | Lexile Score: 1320 | Size: 19K | SIRS Researcher Summary: "I worked as a Wall Street Journal staff writer for eight years ending in December 2004 and now critique the business media full time at the Columbia Journalism Review. I'll attest that business journalists as a rule are as smart, sophisticated, and plugged-in as they seem. And yet that army of professional business reporters--an estimated 9,000 or so nationwide in print alone--for all practical purposes missed the biggest story on the beat. Why?" (Mother Jones) The author of this article answers this question by reflecting on how the changing financial and political landscape made business reporting more difficult, but doesn't excuse reporters for failing to ask the hard questions that should have been asked.
- American Heartland Suffers from Wall Street's Woes ; McClatchy Newspapers , Kevin G. Hall Oct 9, 2008 | pg. n.p. | Lexile Score: 1240 | Size: 8K | SIRS Researcher Summary: "While all eyes Thursday [Oct. 9, 2008] were on Wall Street's plunge, its cause is being felt across America as the snowballing financial crisis sends an already weak economy into an accelerating decline. Dispatches from McClatchy newspapers in 30 U.S. cities make it clear that Main Street America is suffering from the deteriorating health of Wall Street. Banks are unable or unwilling to lend amid the growing crisis, and that's deepening the downturn." (McClatchy Newspapers) This article takes a national look at the effects of a weak Wall Street on regional commerce and employment.
- Stiglitz: The Fall of Wall Street Is to Market Fundamentalism What... ; Global Viewpoint , Joseph Stiglitz and Nathan Gardels Sept. 22, 2008 | pg. n.p. | Lexile Score: 1000 | Size: 8K | SIRS Researcher Summary: In this article, Joseph Stiglitz, the Nobel Prize for Economics recipient in 2001, speaks regarding the slumping economy and what it will take to strengthen it: "Yes, America has talented people, great universities and a good hi-tech sector. But the financial markets have played a very important role, accounting for 30 percent of corporate profits in the last few years. Those who run the financial markets have garnered those profits on the argument they were helping manage risk and efficiently allocating capital, which is why, they said, they 'deserved' those high returns. That's been shown to be not true. They've managed it all badly. Now it has come back to bite them and now the rest of the economy will pay as the wheels of commerce slow because of the credit crunch. No modern economy can function well without a vibrant financial sector." (Global Viewpoint)
- Q&A: How Will Wall Street Crisis Affect Average Americans? ; McClatchy Newspapers , Kevin G. Hall Sep 15, 2008 | pg. n.p. | Lexile Score: 1260 | Size: 6K | SIRS Researcher Summary: "Average Americans have a lot at stake in how the widening financial crisis plays out. Here are some answers to questions about it: Q. What does all this Wall Street volatility mean to me?...Is this like 1929, when the stock market's crash led to widespread bank failures and the Great Depression?...Q. How do these banking-sector problems affect me?" (McClatchy Newspapers) This article asks and answers questions regarding the financial crisis of 2008 and how it will affect most people.
- Finding the Mess Behind the Mess ; New York Times (New York, NY) , Tyler Cowen Aug. 24, 2008 | pg. n.p. | Lexile Score: 1130 | Size: 6K | SIRS Researcher Summary: This article explains that "behind every financial crisis there is usually a crisis in the real economy, based in some underlying structural deficiency. Even if the financial crisis is bottoming out, sooner or later the real crisis must be faced. The fundamental problem in the American economy is that, for years, people treated rising asset prices as a substitute for personal savings. The thinking went something like this: As long as your home's value rose every year, you didn't have to set aside so much from your paycheck. If your stocks went up, too, so much the better; don't forget that the Dow Jones industrial average stood in the 800 range in 1982 and seemed to rise almost nonstop for many years. Of course, asset prices haven't been rising much lately, so many people will need more savings for their retirement or for possible emergencies. The need to save more sharpens a number of interrelated secondary problems." (New York Times)
- Economic Stimulus Package : An Overview. By: English, Marlanda . Points of View: Economic Stimulus Package , 2009, p1-1 , 1p ; Reading Level (Lexile): 1270 ; ( AN 43282372 ) HTML Full Text
- Point: The Economic Stimulus Plan is a Necessary and Appropriate Method of Addressing the 2008-2009 Recession. By: Berger, Adam . Points of View: Economic Stimulus Package , 2009, p2-2 , 1p ; Reading Level (Lexile): 1300 ; ( AN 43282373 ) HTML Full Text
- Counterpoint: The Economic Stimulus Package Will Fail in the Long Term. By: Cushman, C. Ames . Points of View: Economic Stimulus Package , 2009, p3-3 , 1p ; Reading Level (Lexile): 1580 ; ( AN 43282371 ) HTML Full Text
- Lessons of the Crash of '08. Full Text Available By: Sloan, Allan . Fortune , 9/28/2009, Vol. 160 Issue 6, p72-74, 3p ; ( AN 44245310 )
- The roots of a crisis--and how to prevent the next one. Full Text Available By: Fox, Justin . Time , 9/28/2009, Vol. 174 Issue 12, p44-45, 2p, 4 color ; ( AN 44282625 )
- THE SCIENCE OF BUBBLES & BUSTS. Full Text Available By: Stix, Gary . Scientific American , Jul2009, Vol. 301 Issue 1, p78-85, 8p ; ( AN 41130037 )
- Putting the Current Recession in Perspective. Full Text Available Economic Trends (07482922) , Jun2009, p14-16, 3p, 3 graphs ; ( AN 43885364 )
- Walls, Brakes, And Risk. Full Text Available By: MANZI, JIM . National Review , 11/3/2008, Vol. 60 Issue 20, p39-42, 3p, 1 bw ; ( AN 34853503 )
- The Real Great Depression. Full Text Available By: Nelson, Scott Reynolds . Chronicle of Higher Education , 10/17/2008, Vol. 55 Issue 8, pB9-B10, 2p, 1 bw ; ( AN 34994171 )
Planning
Most students suggest rereading selected parts of the essays. Look over your notes for specific causes for the finanical crisis or arguments for or against capitalism.
More specifically, look over the following quick outline and the more detailed examples below.
- Look over homework and group work: decide upon a position
- Make a list of 6 or so pros and cons on that issue
- Look over "How Do I Come Up With Reasons?" (I&C) to prime your mental pump and get you thinking about possible pros and cons
- Ask the following question if you're having trouble getting started:
- _____ is a possible cause for finanical crisis because it _________.
- _____ is a reason for or against capitalism.
- Look over list and
- group related ideas
- choose three reasons from these as divisions.
- Craft thesis and division statement (see below for thesis statement format)
- Use Reasons and Evidence sheet (make your own using the death penalty one as a guide) or outline to organize your thinking and notes. Get quotes from readings to support your assertions.
- Develop topic sentences that build from divisions
- Define divisions in body paragraphs
- Use two part development for each division:
- Quote/fact from the readings as basis for your division;
- Explanation of why/how quote -- and by extension reason behind your division -- proves your thesis (e.g. good/bad for America).
- Develop a counter argument
- Get draft to me ASAP
It ain't easy, is it? If you're not a demagogue, you should have conflicting opinions: you probably find that there is both good and bad elements of any issue. This is as it should be. Your goal now is to winnow out the positives and negatives and decide which, on the whole, is best for America .
"How do I winnow?" Glad you asked. Remember essay #2? After some pre-writing you generated a list of different reasons for an against a topic. Same thing here. Using the ideas in the readings, your new-found (or tried and tested) knowledge of current events, the "How Do I Come up With Reasons " in I&C, and considering both short and long term effects, generate a list of reasons for and against your topic. Putting this on paper should help you determine which position is best for America .
The main point here is to choose your divisions and practice persuading your reader why these divisions prove your position is valid. Again, try, whenever possible, to relate your position to "real-life" to illustrate its relevancy.
A general idea? Some choices depending on your focus.
- The current finanical crisis was caused by ________, ________, and _________.
- The main cause of the current finanical crisis was ________. This is illustrated by ________, ________, and ________.
- The economic system of capitalism helps/hurts America because of ________, ________, and _________.
For ideas on divisions, look over the specific reasons you've developed, both through the readings and (gasp!) through your own thinking on this issue.
When introducing (providing a context) your examples or explaining them, use the verb list in the "Citing Sources" section of I&C to shift your language into an argumentative discourse.
You could also try the following:
"The problem with ___ is that _____."
"This ______ helps American workers/industry/rich because __________"
The advantage/s of ________ is/are _______."
It's your job to prove the validity of your ideas on the causes of the current financial crisis or the harm or the benefits of capitalism. Using argumentative discourse will help ("This will" "These statistics prove") shift your essay into, well, an argument.
Should you use personal examples? Yes. Should you use examples from the readings and or from textbooks from other courses? Yes. Should you use examples from "real life"? Yes. Could you invent scenarios? Yes. Should you tell your readers that these scenarios are invented? Yes. Most importantly, should you remember that this is only the first of many drafts and the most important thing to do is finish the darn thing? Yes. Are you tired of me asking "yes" questions?
Consider, finally, a more traditional outline such as the example below
- Introduction
- Definition paragraph
- Thesis
- Division #1 (1-2+ paragraphs)
- Topic sentence
- Prove validity of division/reason with fact (explanation?)
- Argue why this proves/suggests thesis is correct.
- View of other position? (Counter argument)
- Division #2 (1-2+ paragraphs)
- View of other position? (Counter argument)
- Division #3 (1-2+ paragraphs)
- View of other position? (Counter argument)
- Conclusion
- Shout "Wa Hoo!" (note that this is shouted -- do not include in essay)
Revision
See revision section of Packet on Income Inequality for suggestions on revision (a different but related topic). Make allowances for changes in the topic.
Proofreading
See proofreading section of I&C and packet above for suggestions on proofreading.
© 2009 David Bordelon