The period has come to be known as the Market Revolution.10 It was characterized by changes in the law governing contracts,11 improvements in transportation that increased the volume of business conducted among strangers within the states,12 a shortage of circulating currency that contributed to a vast expansion of credit,13 and a market-wide lack of information on the reliability and creditworthiness of merchants.14 One change in contract law that influenced the tenor of the period was the rise of the doctrine of caveat emptor. At common law before the rise of caveat emptor, a seller was deemed to warrant the quality of his goods, as well as his title to them, whether or not he made express commitments to do so.15 Under the new doctrine of caveat emptor, however, the law no longer imp...
Cooper Tire & Rubber adheres to the standards prescribed in Statement of Financial Accounting Standards (SFAS) No. 131, whereas Briggs & Stratton and Caterpillar follow the "management approach" in reconciling their segment numbers to their enterprise numbers. Despite their diverging from SFAS No. 131, the annual reports of the latter two companies received "clean opinions" from their auditors. This article delves into the key aspects of SFAS No. 131 that have an impact on important strategic business growth considerations. It provides an overview of current financial reporting requirements under the Statement, followed by an analysis of the SFAS No. 131 reporting by three industrial companies - Cooper Tire & Rubber Co, Briggs & Stratton Corp, and Caterpillar, Inc - with...
Senate Majority Leader Harry Reid capitulated to the liberal wing of the Democratic Party and proposed health care reform legislation with a public option for Senate vote. Aside from the paradigm shift from a private sector medical system to a government run and controlled medical system, the public option will inevitably lead to higher medical costs, lower quality health care and ultimately health care rationing. It also is the gateway to single payer government-run health care because ultimately regulated private insurance companies cannot compete against subsidized government health care. It is instructive to follow the inevitable chain of events that will lead to inferior single-payer government health care using simple economic analysis. The operating political assumption behind th...
According to the Federal Housing Administration, mortgage rates are at their lowest levels since 1971, plus there's an overabundance of homes on the market - with frustrated homeowners anxious to move on that are eager to sell. According to the 2008 Profile of New Jersey Home Buyers and Sellers compiled by the National Association of Realtors, the number of first time homebuyers in the Garden State rose to 49 percent from 36 percent in 2007.
Over the next three months, the Kerry-Edwards presidential ticket will be making frequent visits to Black churches, hoping and praying that its loyal Black constituents will not look under the hood of "A Strong, Respected America," the 2004 Democratic National Platform. When Sen. John Kerry and Sen. John Edwards are unavailable, Black used-car salespersons and escorts will be employed to keep Blacks distracted until November 2. [Fannie Lou Hamer] did not suffer from any illusions. Mississippi Blacks suffered from both political and social exclusions. Hamer was a field Black. Things are different in 2004. Blacks may sit at the table. Political presence, however, fails to equal political representation. In other words, Blacks may be seen but not heard unless they are doing the Crown's bus...
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