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Heros walk essay

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Black Tuesday October 29th 1929 Revisited? These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again. - John D. Heros! Rockefeller on the Depression in 1933. History would suggest that once every couple of generations there is a “cleansing cycle” that occurs within the financial markets, society, and even within humanity as a whole. Financial institutions collapse, diseases rage, locusts fly, hailstones fall, earthquakes increase, volcanoes rumble, Sunspots explode out from no child behind arguments essay our heat source, wars breakout all over and despotism reigns supreme. We appear to be entering one of these historic cycles at this seminal point in the maturation of the human race. Almost as if the entire planet is vibrating out of control, has some kind of harmonic resonance pushed us out of heros essay, kilter, like we are getting disconnected from our core and spiraling out of control? Maybe it’s our collective lack of moral backbone precipitating these events, as historically, such perilous times tend to follow a period of wild excess. The last time this happened was in the 1920’s, 30’s and 40’s. It started with the no child left arguments essay Wall Street Crash of heros, 1929, then it moved through to the Great Depression and ended beyond World War II.

The question is: is it cyclically returning? On Tuesday October 29 th , 1929, Wall Street witnessed a 13% decline in the Dow Jones, an episode that became known in financial mythology as “ Black Tuesday .” It is generally recognized that Black Tuesday was the beginning of the Great Depression. Between early September and the end of October 1929 the market lost a total of 40% in less than 8 weeks. In reality Black Tuesday was just the end of the beginning of the crash on Wall Street. As you can see from the times essay graph below, the market continued to fall for several years after Black Tuesday . By the end of the slide some pundits conjectured that the market might actually go to zero.

From its high of heros walk essay, 386.10 in September ’29 to its low of 40.60 on July 29, 1932, the market had lost a total of 89%! What happened on that day is little understood and highly controversial. Ameren Accounting! What history suggests is that the heros essay mass of investors capitulated, in writing for essays, essence said, “enough is enough,” and ran from the market, most of them never to return. But there is another version of events that needs to be understood. Lets look at both versions, and then you decide which you think is the more believable: Version One , the Official History, goes something like this: During the roaring 20’s there existed a climate of “irrational exuberance” and speculative excess (does this sound familiar to you?…Ed.). New fangled technology, like the radio (RCA) and the car (Ford started mass production) coupled with real estate speculation, especially in Florida (like the Ponzi Scheme), created an economic temperament of “get rich quick.” Jazz was all the rage and clubs were starting up in the major cities. Life, in general, was good in heros, America, although poverty was very evident. Stock prices were run up to excessively high levels, which everyone knew (so we are told) were unsustainable. Essay Prompts! For the first time in investing history the masses of investors were allowed to walk borrow on the margin in order to buy stocks. Industrial production was rising, and research paper this fueled the speculation.

However, production and GDP were rising at a much slower rate than the stock market. Below, in order to add a little Hollywood spice to heros walk essay this version of history is the voice-over from the opening to a 1939 classic “The Roaring Twenties” starring Cagney, Lane and Bogart . (1929) As the dizzy decade nears its end, the investors go stock market crazy. The great and the humble, the rich man and the workingman, the for essays housewife and the shopgirl, all take their daily flyer in the market. And no one seems to lose. Essay! Then like a dark bombshell, fortune drops that never-to-be-forgotten Black Tuesday , October 29 th . Research Paper! Confusion spreads through the walk essay canyons of payroll research, New York City's financial district and men stare wild-eyed at the spectacle of complete ruin. More than sixteen and a half million shares change hands in a single day of frenzied selling. The paper fortunes built up over the past few years crumble into nothing in this disaster, which touches every man, woman, and child in America.” Another echoing of heros walk essay, this version of history comes from establishment economist John Kenneth Galbraith's narrative on new york, the time, The Great Crash: 1929 . “….the twenties in heros walk essay, America were a very good time. Production and employment were high and no child left arguments rising. Wages were not going up much, but prices were stable.

Although many people were still very poor, more people were comfortably well-off, well to do, or rich, than ever before. Finally, American capitalism was undoubtedly in walk essay, a lively phase. Between 1925 and 1929, the number of manufacturing establishments increased from 183,9000 to 206,700; the value of their output rose from $60.8 billions to film thesis $68.0 billions. The Federal Reserve index of industrial production which had averaged only heros walk essay 67 in 1921 (1923-25 = 100) had risen to 110 by techniques for essays, July 1928, and it reached 126 in June 1929. Essay! In 1926, 4,301,000 automobiles were produced.

Three years later, in 1929, production increased by over a million to 5,358,000…” (Galbraith) Then all of a sudden, on magnetic thin film, Black Tuesday , the walk rug was pulled out from under the feet of the market. The masses lost faith in the value of stocks and opted to no child arguments sell -- all at the same time! This caused a panic. Stocks started to decline precipitously, leading to more selling. Investors couldn’t pay the interest on their margin accounts causing the banks that had loaned the money to go out of business. The house of cards came tumbling down and we have no one to blame but our own greediness and desire to be rich without having to work for it. It’s really that simple or so we are told.

Black Tuesday had such an impact that the market did not recover from the lows of 1929 until 1954, long after WWII, 25 years later! “A veritable bedlam of activity reigned in leading stock brokerage houses in walk, Seattle today as the greatest avalanche of security selling known to writing techniques for essays history was launched on New York exchanges. Executives and clerks, worn by almost constant application to duty for days past, and with little respite gained by the Saturday afternoon and Sunday intermission breasted the heros great tide of buying and selling orders with philosophical resignation. And the orders poured in from the floors of the board houses, over teaming batteries of telephones, and by telegram … Curiosity seemed to prompt attendance of the greater part of the left behind milling throngs in the board rooms” ( The Seattle Times , October 29, 1929). In conclusion, version one depicts a kind of heros essay, orderly human crisis brought about by “the people” – our greed and ignorance drove us to want something for nothing and behind arguments ultimately ended in essay, disaster, the Great Depression . The nation is marching along a permanently high plateau of prosperity. Yale University economist Irving Fisher (5 days later Black Tuesday occurred!!) Version Two , the for essays Unofficial History, goes something like this: To understand this version of what happened on Black Tuesday it is imperative to learn some of the heros essay history of the Federal Reserve Bank system of the United States, where it came from, the powers it possesses, and how it uses them to affect the times nannies economy and markets. This is not an easy subject. Fundamentally, the alternative history suggests that banking manipulations caused the irrational exuberance, thus the speculative excesses, the Crash of 1929 that followed, and therefore the Great Depression of 1933 , which then ultimately lead to World War II.

In order to present this alternative view it is necessary to quote from an expert source from the era. There is heros essay no more respected and outspoken source on banking in that period than Congressman Louis McFadden. Here’s some background on Pennsylvania Congressman Louis McFadden and his expert opinion on the Federal Reserve. Louis McFadden’s brief biography: Louis Thomas McFadden was born in Troy, Bradford County, Pennsylvania on October 1, 1876. He attended public schools and a commercial college. At sixteen he took a job as office boy in the First National Bank in Canton, Pennsylvania, a small town near his birthplace. Seven years later he was a cashier, and in 1916 he became the president of the bank. Meanwhile, in 1898 he had married Helen Westgate of Canton, by whom he had three children, two sons and one daughter. His political career began in 1914 when he was elected to photo essay Congress as Republican representative from the essay 15th district.

In 1920, he was appointed chairman of the influential House committee on accounting, Banking and Currency, a position he held until 1931. During his tenure on the committee he learned first hand about the heros essay Federal Reserve Bank system, its owners and operators, and subsequently became quite passionate about the subject! McFadden presented a long record of Congressional speeches throughout the ameren accounting assignment 1920’s and heros 1930’s. Here are extracts from some of them: “In 1912 the National Monetary Association, under the chairmanship of the late Senator Nelson W. Aldrich, made a report and presented a vicious bill called the National Reserve Association bill. Writing Techniques For Essays! This bill is usually spoken of as the Aldrich bill. Senator Aldrich (Grandfather to the Rockefeller brothers, Ed) did not write the Aldrich bill. He was the tool, but not the accomplice, of the European-born bankers who for heros nearly twenty years had been scheming to set up a central bank in informational, this country and who in 1912 had spent and were continuing to spend vast sums of money to accomplish their purpose.

The Aldrich bill was condemned in the platform upon which Theodore Roosevelt was nominated in heros essay, the year 1912, and in that same year, when Woodrow Wilson was nominated, the Democratic platform, as adopted at the Baltimore convention, expressly stated: ' We are opposed to the Aldrich plan for a central bank.' This was plain language. The men who ruled the Democratic Party then promised the people that if they were returned to payroll research power there would be no central bank established here while they held the walk reigns of government. Thirteen months later that promise was broken, and the Wilson administration, under the tutelage of those sinister Wall Street figures who stood behind Colonel House (Author of Philip Dru, Administrator' Ed), established here in our free country the worm-eaten monarchical institution of the 'king's bank' to control us from the top downward, and to shackle us from the cradle to the grave. The Federal Reserve act destroyed our old and characteristic way of photo, doing business; it discriminated against our one-name commercial paper, the finest in the world; it set up the antiquated two-name paper, which is the present curse of this country, and which wrecked every country which has ever given it scope; it fastened down upon heros walk essay, this country the very tyranny from which the framers of the Constitution sought to writing for essays save us. One of the greatest battles for the preservation of this Republic was fought out here in Jackson's day, when the Second Bank of the essay United States, which was founded upon for essays, the same false principles as those which are here exemplified in the Federal Reserve act, was hurled out of walk, existence. After the downfall of the Second Bank of the paper United States in 1837, the country was warned against walk essay, the dangers that might ensue if the predatory interests, after being cast out, should come back in disguise and no child left arguments unite themselves to the Executive, and through him acquire control of the Government. That is walk essay what the predatory interests did when they came back in the livery of hypocrisy and under false pretenses obtained the passage of the Federal Reserve act.” The danger that the country was warned against accounting, came upon us and is shown in the long train of horrors attendant upon the affairs of the traitorous and heros dishonest Federal Reserve Board and the Federal Reserve banks are fully liable. Film Thesis! This is an era of financed crime and in the financing of crime; the Federal Reserve Board does not play the part of a disinterested spectator. It has been said that the draughtsman who was employed to heros essay write the text of the Federal Reserve bill used a text of the research Aldrich bill for his purpose.

It has been said that the language of the Aldrich bill was used because the Aldrich bill had been drawn up by expert lawyers and seemed to be appropriate. It was indeed drawn up by lawyers. The Aldrich bill was created by heros, acceptance bankers of European origin in New York City. It was a copy and in general a translation of the statutes of the Reichbank and other European central banks. No Child! Half a million dollars was spent on heros walk essay, part of the propaganda organized by those same European bankers for the purpose of misleading public opinion in regard to it. It also served the purpose of giving Congress the impression that there was an overwhelming popular demand for that kind of for essays, banking legislation and heros the kind of currency that went with it. It was; namely, an asset currency based on human debts and obligations instead of an honest currency based on gold and silver values. Dr. H. Parker Willis had been employed by the Wall Street bankers and propagandists and informational essay when the heros essay Aldrich measure came to naught and film thesis he obtained employment with Carter Glass to assist in heros walk essay, drawing a banking bill for the Wilson administration, he appropriated the text of the writing Aldrich bill for his purpose. There is no secret about essay, it. The text of the Federal Reserve act was tainted from the beginning.” Basically McFadden is saying that the creation of the Fed was unconstitutional, that it handed the powers of money/debt creation to a cabal of private bankers, effectively took the US off the gold standard, and lead to excesses that could/would be disastrous.

Here are a few more excerpts from various speeches he made regarding the Fed and the Great Depression. “Meanwhile and on account of it, we ourselves are in the midst of the greatest depression we have ever known. From the Atlantic to the Pacific, our Country has been ravaged and laid waste by research, the evil practices of the Fed and walk essay the interests which control them. At no time in our history, has the general welfare of the people been at magnetic film thesis, a lower level or the minds of the people so full of despair.” Every effort has been made by the Fed to conceal its powers- but the truth is- the heros Fed has usurped the Government. It controls everything here and it controls all of payroll paper, our foreign relations. It makes and breaks governments at will.” No man and no body of men is more entrenched in power than the arrogant credit monopoly which operate the Fed. What National Government has permitted the Fed to steal from the people should now be restored to the people. The people have a valid claim against the Fed.

If that claim is walk essay enforced the Americans will not need to stand in the bread line, or to suffer and die of starvation in the streets. Women will be saved, families will be kept together, and American children will not be dispersed and ameren assignment abandoned. The sack of these United States by the Fed is the heros walk essay greatest crime in thesis, history.” Some people think that the Federal Reserve Banks’ a United States Government institution. They are private monopolies, which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and heros predatory moneylenders. In that dark crew of financial pirates there are those who would cut a man's throat to get a dollar out of his pocket; there are those who send money into states to buy votes to control our legislatures; there are those who maintain International propaganda for the purpose of ameren accounting assignment, deceiving us into granting of new concessions which will permit them to cover up their past misdeeds and set again in motion their gigantic train of crime. These twelve private credit monopolies (the Regional Fed Banks, Ed) were deceitfully and walk essay disloyally foisted upon this Country by behind arguments, the bankers who came here from walk essay Europe and repaid us our hospitality by undermining our American institutions. Those bankers took money out of this Country to finance Japan in a war against Russia. They created a reign of terror in Russia with our money in order to help that war along. They instigated the separate peace between Germany and Russia, and thus drove a wedge between the allies in writing techniques, World War I. They financed Trotsky's passage from heros walk New York to Russia so that he might assist in the destruction of the essay Russian Empire. Heros Walk Essay! They fomented and research paper instigated the Russian Revolution, and placed a large fund of American dollars at Trotsky's disposal in one of their branch banks in Sweden so that through him, Russian homes might be thoroughly broken up and heros essay Russian children flung far and wide from their natural protectors.

They have since begun the breaking up of American homes and the dispersal of American children. ' Mr. Chairman, there should be no partisanship in matters concerning banking and currency affairs in this Country, and I do not speak with any.' The most intriguing speech that McFadden delivered to Congress was the payroll following: “In 1928 the member banks of the Federal Reserve system borrowed $60,598,690,000 (that's billions, in 1928 US$. Essay! Ed) from the paper Federal Reserve banks on their fifteen-day promissory notes. Think of it! Sixty billion dollars payable upon demand in gold in the course of one single year. The actual payment of such obligations calls for six times as much monetary gold as there is in the entire world. Heros! Such transactions represent a grant in the course of one single year of about $7,000,000 to every member bank of the accounting Federal Reserve System. Is it any wonder that there is a depression in this country? Is it any wonder that American labor, which ultimately pays the cost of all banking operations of this country, has at last proved unequal to the task of essay, supplying this huge total of cash and credit for the benefit of the stock-market manipulators and foreign swindlers?” This speech would appear to point to a “smoking gun” regarding the mysterious financial events that led to the Crash of ‘29. Essay! It finds a culprit in the Federal Reserve that financially choked the American people in order to line the pockets of its member banks.

Could this be the alternative reason for the Depression? McFadden continued: “A few days ago, the President of the walk essay United States, with a white face and payroll research paper shaking hands, went before the heros walk Senate on behalf of the moneyed interests and asked the Senate to levy a tax on the people so that foreigners might know that the magnetic United States would pay its debt to them. Most Americans thought it was the heros essay other way around. What do the United States owe to foreigners? When and by whom was the debt incurred?

It was incurred by the Federal Reserve Board and new york times essay the Federal Reserve banks when they peddled the signature of this Government to foreigners for a price. It is what the United States Government has to pay to redeem the obligations of the Federal Reserve Board and the Federal Reserve banks. Are you going to let those thieves get off scot-free? Is there one law for the looter who drives up to the door of the United States Treasury in his limousine and heros walk essay another for the United States veterans who are sleeping on the floor of a dilapidated house on the outskirts of no child behind essay, Washington?” McFadden contends that the crash and depression were brought on by the heros essay actions of the Fed, that through its greed (or some other unknown agenda) it usurped control of the central banking authority of the United States government, ran up huge debts to its international banking partners, bankrupted the country and then subsequently forced the American taxpayer, through the (technically) illegal income tax system, to repay the debt over the following 20+ years! On May 23, 1933, Congressman Louis T. McFadden brought formal charges against the Board of Governors of the Federal Reserve Bank system, The Comptroller of the Currency and the Secretary of United States Treasury, for numerous criminal acts, including but not limited to, CONSPIRACY, FRAUD, UNLAWFUL CONVERSION, AND TREASON. The petition for Articles of photo essay nannies, Impeachment has thereafter been referred to the Judiciary Committee and has YET TO BE ACTED ON. Heros! Congressman Louis McFadden died a mysterious death in payroll research, 1936. The only reference I could find of it comes from the excessively right wing rag of the time, “Pelley’s Weekly,” that stated on Oct.

14 th : “Now that this sterling American patriot has made the Passing ……it became known among his intimates that he had suffered two attacks against his life. The first attack came in the form of two revolver shots fired at him from ambush as he was alighting from a cab in front of one of the Capital hotels. Fortunately both shots missed him, the bullets burying themselves in the structure of the cab. Heros Walk! He became violently ill after partaking of food at a political banquet at payroll research, Washington. His life was only saved from what was subsequently announced as a poisoning by the presence of a physician friend at the banquet, who at once procured a stomach pump and subjected the walk essay Congressman to emergency treatment. Now let us take a look at a more recent indictment of the Fed. Techniques! Congressman Dr. Ron Paul could rightly be this new century's version of heros essay, Louis McFadden in his interpretation of the present Fed's activities. He is a representative from Texas. First, I offer a short biography (for his full biography click here): Ron Paul was born and raised in Pittsburgh, Pennsylvania. He graduated from writing Gettysburg College and the Duke University School of Medicine, before proudly serving as a flight surgeon in heros walk, the U.S.

Air Force during the 1960s. He and his wife Carol moved to Texas in 1968, where he began his medical practice in Brazoria County. As a specialist in obstetrics/gynecology, Dr. Paul has delivered more than 4,000 babies! He and Carol, who reside in Surfside Beach, Texas, are the proud parents of ameren, five children and have sixteen grandchildren. Heros Walk! In the words of former Treasury Secretary William Simon, Dr. Paul is the one exception to the Gang of research paper, 535 on heros walk, Capitol Hill.

He has served on the House Banking committee, where he was a strong advocate for sound monetary policy and an outspoken critic of the Federal Reserve's inflationary measures. He also was a key member of the Gold Commission, advocating a return to a gold standard for our currency. He currently serves on the House of Representatives Financial Services Committee, and the International Relations committee. Accounting! Dr. Heros! Ron Paul is well known in informational essay, Congress for his running battle with Fed Chairman Alan Greenspan. In 1966, Greenspan, personal friend of Ayn Rand at the time, penned a famous essay on the gold standard entitled “Gold and Economic Freedom. Heros! Interestingly, in it he stated opinions and views of the left behind arguments Crash of ‘29. When business in the United States underwent a mild contraction in 1927, the Federal Reserve created more paper reserves in walk essay, the hope of forestalling any possible bank reserve shortage. More disastrous, however, was the Federal Reserve's attempt to payroll research paper assist Great Britain who had been losing gold to us because the Bank of walk essay, England refused to allow interest rates to rise when market forces dictated (it was politically unpalatable). The reasoning of the authorities involved was as follows: if the Federal Reserve pumped excessive paper reserves into American banks, interest rates in the United States would fall to a level comparable with those in Great Britain; this would act to stop Britain's gold loss and avoid the political embarrassment of having to raise interest rates. The Fed succeeded; it stopped the no child left behind arguments essay gold loss, but it nearly destroyed the economies of the world, in the process.

The excess credit which the Fed pumped into the economy spilled over into the stock market triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to essay sop up the excess reserves and finally succeeded in breaking the boom. But it was too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the times photo essay American economy collapsed. Great Britain fared even worse, and heros essay rather than absorb the full consequences of her previous folly, she abandoned the gold standard completely in 1931, tearing asunder what remained of the fabric of confidence and magnetic inducing a world-wide series of bank failures. The world economies plunged into essay the Great Depression of the 1930's.

So here we have the current Federal Reserve Chairman admitting in a 1966 essay, prior to his involvement with the government and the Fed, that “excess credit” pumped by the Fed into the economy caused a speculative boom that resulted in a crash and then a depression! Most recently, Ron Paul took the Fed Chairman to task and ameren asked him if he stood by what he had written in 1966, to which Sir Alan Greenspan answered he “ wouldn't change a single word.” Ron Paul said in a recent interview with Donald Luskin of Capitalist Magazine, when asked what he would do about the current system, “What would we do for essay money? Paul says, Get the government out of money. Let the market determine it. Ameren Assignment! Let American Express extend credit and decide what they want to back it with. But that's sort of idealism… so if the government is going to be involved, then government should just maintain the integrity of the monetary unit. Government should define the dollar as a weight in gold and maintain it. If I'm the Secretary of Treasury, I shouldn't issue the currency unless I've got the gold . Finally, lets turn to walk Professor Murray N. Rothbard (1926-1995), a proponent of the Austrian School of magnetic thin, Economics. He illustrates how this system works: So now we see, at last, that the business cycle is brought about, not by any mysterious failings of the free market economy, but quite the opposite: by systematic intervention by government (Fed) in the market process. Government intervention brings about bank expansion and inflation, and, when the inflation comes to an end, the subsequent depression-adjustment comes into play.

OK, that ends Version Two , the Unofficial History. I know it was long and hard reading, but if it were easy it would probably be the Official History!! O SON OF BEING! Busy not thyself with this world, for with fire We test the gold, and with gold We test Our servants. — Baha'u'llah, from The Hidden Words. I do realize that I have presented here far more evidence for the “Unofficial History” of the Crash of ‘29 and subsequent Great Depression – however it is worth noting that history, in general, has grossly underestimated the cause of walk, both – and magnetic thin film our children’s text books bare witness to heros this fact. As I write, we are in the midst of a record breaking Dead Cat Bounce: all of the markets globally are in their fourth day of techniques for essays, a massive bear market rally that is pumping confidence and the desire to re-invest; and not “miss” the walk essay expected economic recovery. Today (Oct 15 th 2002) the DOW finished up 378.28 points or 4.8% - one of the biggest bear market rallies of all time. In the past 4 trading days the markets have recovered approximately 10% of their value (see chart below). I have included the ameren stock price of J P Morgan Chase Bank in heros walk, this chart, as they have been very instrumental over time in plunge-protecting the markets. During the writing techniques Crash of ’29 here is what happened: On Thursday October 24 th 1929 at essay, 1:30 p.m., during panic selling on the trading floor, Richard Whitney, vice-president of the New York Stock Exchange and floor broker of J.P.

Morgan and Company, walked onto the stock exchange floor. Silence descended over the crowd. Everyone expected Vice-President Whitney to announce an techniques, early closing for the market; instead, as representative of the heros essay House of Morgan, he asked for the latest bid on U.S. Steel. 195, someone shouted. Whitney promptly announced he was buying 10,000 shares at 205. With JPM shares off nearly 50% so far this year, due to various scandals surrounding the Derivative Mountain they sit on top of, amongst others, it appears very doubtful that they will have the clout to bale out the magnetic film thesis market this time around! It does seem highly unlikely that we are in the midst of a recovery at heros, all, the fundamental economic metrics all point to a continuing decline into prompts the 2 nd Great Depression. History shows us that excessive loose monetary policy, which we have experienced throughout the 1990’s and early 2000’s, leads to a correction of walk essay, equal proportions, or even worse! Is the cycle repeating?

Given the extent of the easy money pumped into the US and world economies, it is a pretty safe bet that this market rally will be short-lived. None of us want to new york essay believe this, or indeed see this come to pass – however, through educating ourselves we can at least mitigate for some of the suffering these kinds of conditions invariably bring to heros pass. Could it be that we will even see a second Black Tuesday , October 29 th – but this time in 2002 – 73 years later to the very day? Clearly, there is a mountain of information out there that can be accessed about these difficult and ameren accounting often “dismal” topics. However, it is imperative that we, as citizens of the “free” world, use our God-given powers to independently investigate the truth for walk essay ourselves. This requires commitment, time, diligence, passion, and desire. We are all born with these qualities, let's use them! One author, Paul Rogat Loeb, is optimistically committed to making a difference today in his new book, “Soul of A Citizen.” The Philadelphia Inquirer recently said about his navigational guide: “Brims with stirring stories of everyday heroes who saw something wrong, heeded the voice of their conscience, gathered support and, acting in concert with others, changed things and made a difference. We would all benefit from writing his inspirational insights for these [seem to heros walk essay be] the payroll research paper times that try men's souls. Heros Walk! (Thomas Paine) I am convinced that ONLY a spiritual solution can fix these seemingly insurmountable human problems.

No amount of political will or secular kindness is now going to magnetic thin film be enough to remedy a situation that is spanning the entirety of humanity and threatens the peace and security of all peoples. The good news in all of this is heros essay that after the storm there is a lull. The forces of evil (in our definition “man’s inhumanity to informational man”) run their course. Belief and Faith in One God, One People, reinvigorates the people. Heros Essay! The innate goodness (nay greatness) of our species takes back the reigns. Great things can be accomplished in the world and massive progress made across the spectrum of human activity. Black Tuesdays are just precursors to White Wednesdays! They are as necessary as winter storms, forest fires and market capitulation. Never fear for no child left arguments essay the future; stay focused on the present; learn from the essay past and have faith that everything happens for a reason!

Resources used for this article, thanks to all contributors: Ayn Rand: Capitalism: The Unknown Ideal. Paul Rogat Loeb: Soul of essay, a Citizen. John Kenneth Galbraith: The Great Crash. G. Edward Griffin: The Creature From Jekyll Island.

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The Hero s Walk essays

sameer rathod resume AECOM Technology's (ACM) CEO Mike Burke on Q4 2014 Results - Earnings Call Transcript. Nov. Heros Walk! 11, 2014 5:26 PM • acm. AECOM Technology Corporation (NYSE:ACM) Q4 2014 Results Earnings Conference Call. November 11, 2014, 12:00 PM ET. Paul Cyril - SVP, Investor Relations. Mike Burke - CEO and Director. Steve Kadenacy - President and CFO. Andrew Kaplowitz - Barclays Capital.

Steven Fisher - UBS. Tahira Afzal - KeyBanc Capital Markets. Justin Hauke - Robert W. No Child Left Behind Arguments! Baird. Sameer Rathod - Macquarie Research. Chase Jacobson - William Blair Company. Good morning, and heros walk, welcome to the AECOM Fourth Quarter 2014 Earnings Conference Call.

I would like to inform all participants, this call is being recorded at techniques the request of AECOM. This broadcast is heros essay, a copyrighted property of AECOM. Any rebroadcast of this information, in whole or part, without the prior written permission of AECOM is prohibited. As a reminder, AECOM is also simulcasting this presentation with slides at Investors section at new york Later, we will conduct a question-and-answer session. I would like to turn the call over to Paul Cyril, Senior Vice President, Investor Relations. Thank you, operator.

Before reviewing our fiscal 2014 fourth quarter and full year results, I would like to heros essay, point you to our Safe Harbor statement on Page 2. I would like to remind everyone that today's discussion contains forward-looking statements based on the environment as we see it today, and as such, does include risks and uncertainties. Our actual results might differ significantly from those projected in payroll research these forward-looking statements. Please refer to walk essay, our press release or Page 2 of our earnings presentation and to our reports filed with the SEC for more information on the risk factors that could cause actual results to materially differ from projections. Note that we are using certain non-GAAP financial measures as references in the presentation. Magnetic Thin Thesis! The appropriate GAAP financial reconciliations are incorporated into our press release which is heros walk essay, posted on our website. Please also note that all percentages refer to ameren assignment, year-over-year progress except where otherwise noted.

In addition, our discussion of fiscal 2014 financial results will exclude the impact of acquisition and integration related costs, unless otherwise noted. Please turn to Slide 4. Beginning today's presentation is Mike Burke, Chief Executive Officer. Heros Walk! Mike? Thank you, Paul. Welcome, everyone, to payroll research, our fourth quarter and full year 2014 earnings call.

I also want to welcome former URS stakeholders to heros, our first call as a combined company and thank you for times photo, your vote of confidence that made this transaction a reality. Joining me today is Steve Kadenacy, our President and heros walk essay, Chief Financial Officer. On today's call, I will provide an overview of AECOM's fiscal fourth quarter and full year 2014 results. Then Steve will review our financial results in greater detail, provide fiscal 2015 financial guidance for the combined company, and review changes to our reporting structure. Magnetic Thesis! I will conclude with additional remarks on business trends and the opportunities we see for the combined company. I'm pleased to report that in fiscal 2014, we finished with $25.1 billion of backlog including $3 billion from the acquisition of heros walk essay, Hunt's Construction which closed during the fourth quarter.

Including $4.2 billion of wins in the fourth quarter, we achieved a full year book-to-burn ratio of 1.7 times. In our PTS segment our organic growth rate improved and ameren assignment, we benefited from a continued favorable mix shift in our MSS business, which help to drive strong operating performance. Throughout fiscal 2014, private infrastructure markets led growth especially in our construction services and international design markets. This was offset by the slower than anticipated recovery of our Americas design business. Please turn to Slide 5. Before turning the call over to Steve, I will take a moment to heros essay, talk about the structure of the no child left behind essay, combined company. AECOM will operate across three segments, design and consulting services, construction services and management services.

AECOM Capital will continue to support our integrated services platform and differentiate our competitive offering through direct investments in real estate and public private partnerships. To-date, we have committed $150 million to 13 projects that have driven approximately $1 billion in construction services backlog. This new operating structure is designed to walk, reflect the strengths of left behind, both AECOM and URS. There are very few companies in the world that can execute at the scale and technical level that AECOM is known for delivery and essay, our capabilities are enhanced with this new structure. With that, I will turn the call over to Steve, who will discuss our financial results. Thanks, Mike. Please turn to Slide 6. Before I begin, I would like to point out accounting assignment, that our fourth quarter results included an extra week of business which favorably impacted growth rates as compared to prior periods.

As I discuss the financials I will speak to the actual results unless otherwise noted. For the fourth quarter gross revenue of $2.6 billion increased 23% from the prior year including approximately $150 million from the acquisition of Hunt Construction. Net service revenue of $1.3 billion grew 6% from the prior year. Organic PTS growth was essentially flat after excluding the extra week. Essay! Our MSS business continued to ameren accounting, diversify with strong backlog growth and profit improvement due to the successful repositioning of the business. Much like the last quarter, strong organic growth trends in our international and construction services markets, help to offset the lack of growth in our Americas design business. We are especially happy to report that following several strong quarters of wins, construction services began converting backlog to revenue with revenue growth accelerating in walk the fourth quarter. For the fourth quarter, we delivered an 11.1% EBITDA margin. Our fiscal year EBITDA margin was 9.7% which was up 32% basis points from 2013.

We are pleased with our progress but as I mentioned earlier, our Americas design business wait on our performance. Our focus on free cash flow continued to deliver results. Once again, we achieved our targeted driving free cash flow in access of net income for the quarter and the year. This marks our third consecutive year of essay, exceeding our target. And we delivered EPS of $2.53 which was within the range of guidance that we provided. Please turn to Slide 7. As Mike already noted, our backlog at the end of fiscal 2014 was $25.1 billion. Growth was driven by our private sector construction services business and we benefited from the continuation of strong international design demand. Looking at AECOM and URS together, we estimate that the pro forma contracted and awarded backlog was over $40 billion at the end of fiscal fourth quarter. We intend to provide more detail around the components of this backlog and the future as we harmonize our processes and heros essay, definitions in the integration process.

Please turn to Slide 8. Moving to PTS, our fiscal fourth quarter gross revenue was $2.4 billion and behind arguments essay, net service revenue was $1.2 billion. Constant currency organic PTS net service revenue increased 7.7% from the prior year, but that was flat excluding the impact of the extra week. For the heros essay, full year, our operating margin in PTS was 9.1%, which compares to 9.7% last year. We delivered 52% backlog growth for the year. Americas construction services and the acquisition of Hunt Construction were the main growth drivers. And as Mike will talk about shortly, our sales pipeline has increased by double digits as compared to last year in our Americas design business. Please turn to Slide 9.Moving to MSS, our quarterly and full year revenue in paper operating income reflect the shift away from heros essay, overseas contingency work for the U.S. Department of Defense, to a more diverse business mix. Despite an 18% decline in revenue in fiscal 2014, MSS operating income grew 21% from the prior year, resulting in a 600 basis point improvement in no child left behind our operating margin. Walk Essay! Delivering improved profitability in MSS was a priority we shared at the beginning of the fiscal year, and we are proud of this accomplishment. We achieved 51% growth in the MSS backlog this year which resulted in the year-end backlog of ameren, $2 billion.

Despite the removal of our Libya contract from awarded backlog, due to heros walk, the continued political instability. As highlighted by our strong margin performance in fiscal 2014, the profit we expect to recognize on this backlog is higher than our historical overseas contingency operations work. Please turn to Slide 10. Turning to the balance sheet and photo essay, capital allocation, we generated $298 million of free cash flow in 2014. This continues our strong track-record of heros walk essay, cash flow.

Our near term priority is to deploy cash to pay-down debt. As we have communicated, the forecast of free cash flow of the combined organization is quite strong, and we expect to pay our debt down to left behind, around 2x debt to EBITDA by walk essay the end of 2017. Please turn to Slide 11. Essay! Now, let's turn to our guidance for heros, the combined company. This guidance excludes acquisition and integration costs as well as the amortization of intangible assets.

We expect our fiscal year 2015 adjusted EPS to be in the range of $2.75 to left arguments essay, $3.35. Our guidance assumes a tax rate of heros walk, 32%, depreciation expense of approximately $210 million, interest expense of approximately $225 million, and a diluted share count of magnetic film thesis, $155 million. Our guidance assumes that we continue to make progress on our $250 million synergy target. We anticipate, realizing synergies of approximately $110 million during the fiscal year and target ending fiscal 2015 at a cost synergy run rate of approximately $180 million. Our confidence in achieving our synergy target continues to grow, and we will update you with more details at our planned Investor Day in December. Now we’ll take a moment to comment on the expected contribution of URS's highly successful chemical demilitarization contract for heros walk essay, the U.S.

Department of Defense. Through the first nine months of the calendar 2014, URS generated revenue and new york times nannies, operating income from the chemical demilitarization programs of $272 million, and $93 million respectively and was ahead of plan. While the four baseline sites for URS was leading are now largely completed, AECOM will continue to perform key services at two other chemical demilitarization sites, needless to walk essay, say we are happy to have this world class capability at AECOM. Techniques! We expect the heros essay, contribution from these programs to essay prompts, operating income will be approximately $46 million for FY 2015. URS generated strong cash flow during the period before the close of the transaction. Cash flow that lowered the debt level we originally anticipated having to pay down on the deal.

Accordingly, the effective multiple pro forma for synergy savings is under 7x EBITDA, which is where we anticipated we would close. Mike mentioned, we will report our results across a new set of operating segments. Let me spend a few minutes quantifying each. First, our design and consultancy services segment would have accounted for heros, approximately 45% of pro forma revenue on a trailing 12 months basis, and comprises URS's infrastructure and environment segment and AECOM’s global design business. Second, we have grouped our construction businesses into construction services segment. This division would have accounted for approximately 35% of our trailing 12 months pro forma revenue.

This includes our building construction business, which is mainly vertical, and URS's engineering and new york times essay nannies, construction, and oil and gas divisions. Lastly, our management services group combines our increasingly diversified national government businesses. This group would have accounted for approximately 20% of our pro walk forma revenue on a trailing 12 month basis. Beginning with our fiscal first quarter, we’ll provide segment level gross revenue, operating income, backlog, and new wins. We will discontinue the use of no child left behind essay, net service revenue in the combined company. This metric is more relevant when you have a mix of construction and walk, design in the same segment. Based on essay the new alignment of our businesses, gross revenue was the most relevant measure of revenue performance. And now, I would like to turn the call back over to Mike, who will provide an walk essay, overview of the ameren accounting, combined operations, and a review of end-market trends. Thank you, Steve. Essay! Please turn to Slide 12.

In mid-October, we completed the URS transaction with strong support from no child left arguments essay, our stakeholders. Through the efforts of countless people at AECOM and walk essay, URS, we closed the transaction within three months of the announcement, enabling us to limit disruption in the business and move quickly to appoint new leaders to payroll research paper, take the combined company forward. The combination of these two great companies furthers our path toward becoming the premier integrated provider of services in the infrastructure space, and we are pleased with the efficiency of our closing process as well as the walk essay, initial stages of the writing for essays, integration. The optimism of our employees and walk essay, client is strong, and we are excited by the opportunities in front of us. One of the great benefits of essay prompts, this combination is the tremendous advantage it gives us in building the walk essay, premier leadership team in our industry. As we fill the critical leadership roles for the combined organization, we are choosing the best leaders from both companies, creating a team that is stronger and more committed than ever before.

It is worth noting some of the key leaders, because it illustrates my point that we have taken the most talented people of the combined organization to create something even stronger. From legacy URS, Tom Bishop, will now lead our Americas design and ameren accounting assignment, consulting services business. George Nash, will oversee our energy infrastructure and industrial construction group, and Randy Wotring will serve as Group President of our management services business. I am excited about the heros walk essay, addition of these leaders to ameren assignment, the AECOM organization. And from legacy AECOM, Fred Werner will run our global design and consultancy business. Dan McQuade, will run our vertical construction business, and walk, Mike Donnelly will run our end-markets program. Accounting! These are just a few of the most senior examples, but this process is cascading through every level of the company.

Please turn to Slide 13. Our opportunities are truly exciting, but let me pause for a moment and take you through our markets and heros walk, the trends we have seen develop over the last quarter. I will begin with our design business. In fiscal 2014, our Americas business experienced weakness due to continued slow end-market growth, largely due to the lack of no child essay, committed long term public funding. We saw intermittent signs of improvement throughout the year, but this has not yet translated into a sustainable recovery. Looking forward, our sales pipeline in the Americas remain healthy, and our new leadership is working diligently to leverage the capabilities of URS and AECOM across our combined footprint. I mentioned public funding because it remains a bottleneck to improve the performance for our business. But we're encouraged by a number of valid measures dedicated to infrastructure investment that were passed by voters last week. For example, a $7.6 billion water bond passed in California, a direct response to the states need to act on the ongoing drought that has now entered its third year.

Also in San Francisco, a $500 million infrastructure bond measure passed with strong support. We are also seeing an increase in freight opportunities as growing intermodal traffic and crude volumes being transported by heros essay rail are driving facility capacity expansions and improvements. In the port industry, the Panama Canal expansion is ameren accounting, nearly complete and a number of heros essay, East Coast ports are pursuing projects to be able to payroll research, handle the larger shipments. As the leading provider of services to both rail and heros, port operators in the country, we see a significant opportunity for no child behind essay, AECOM to benefit. Moving on to EMEA, we continue to capitalize on strong end-market trends and finish the walk, fiscal year with double digit revenue growth across Europe, the Middle East, and Africa.

Within Europe, the United Kingdom continues to be a source of growth for AECOM. Our work on large rail, highways, social infrastructure projects, carried our growth in times fiscal 2014, and provides us with a good visibility into heros walk essay fiscal 2015. The U.K. has ambitious high speed rail plants and we are currently supporting the West Midlands to Manchester line, as well as an engineering for line to Scotland. We're also pursuing several major infrastructure programs and direct partnerships with contractors to leverage our vision for integrated delivery. In the thesis, Middle East, our business continues to benefit from heros walk essay, a growing resume of informational prompts, marquee and infrastructure projects across the region. Heros Walk Essay! Our backlog remains near all time highs at the end of fiscal 2014. We are positioning ourselves to be a central player in the build-out of infrastructure for decades with key roles for the World Cup in Qatar and a design in development of new york essay, entirely new cities in countries including Saudi Arabia. Walk Essay! The Middle East is transforming and AECOM is helping to accounting assignment, facilitate the growth in this region. Looking at Africa, which grew over 20% for the full year we saw continued growth in our private sector work in heros walk essay the energy and industrial markets. We are positioned to participate for the outset in the potential multi decade investment required to accounting assignment, monetize natural gas resources of the walk, East Coast of Africa. In addition to informational essay, the energy processing facilities that are being developed, large improvements and infrastructure to facilitate world class energy export capabilities will be required and we're pursuing these opportunities.

Moving to Asia Pacific, in Australia the stabilization process we have noted throughout the year continued in the fiscal fourth quarter. Our wins reached the highest level in heros walk nearly two years. This has helped to support our backlog which was down only 2% on thin thesis a constant currency basis from a prior year. In Asia, we delivered 9% revenue growth for the year, and essay, 10% growth in the fiscal fourth quarter. Backlog increased 9% in the fourth quarter and we expect another solid year in fiscal 2015.

The market in Asia remains one of AECOMs largest international growth opportunities due to the continued focus on building world class infrastructure to AECOM is payroll, best suited to heros walk, deliver. Moving on to construction services which had a strong year for new projects awards and magnetic film, backlog. We closed on heros walk the acquisition of Hunt Construction during the fiscal fourth quarter and as a result AECOM is now the informational, premiere builder of arenas and stadia in North America which complements our industry leading design presence in essay this market. We also continued to left arguments essay, win work on heros walk large vertical construction projects in metropolitan areas where non-residential and mixed use construction activity is outpacing overall infrastructure spending. Our construction services business in EMEA which is concentrated in Eastern Europe and Middle East markets delivered 100% revenue growth and 50% backlog growth in ameren accounting fiscal 2014. We have been successful and winning work on iconic projects over the past two years such as the Crescent development in Baku and the midfield terminal in Abu Dhabi. The outlook for 2015 reflects the major opportunities we are pursuing in the regions and the continued progress on our existing portfolio of projects. Finally in heros walk essay MSS, we continue to successfully diversify our mix of business and magnetic thesis, expend into higher margin markets for our national government clients including an heros walk, increase in intelligence work in the U.S. Excluding the expected decline in overseas contingency operations exposure, we expect to deliver revenue growth in new york photo essay nannies fiscal 2015 and our plays to turn the coin are on absolute growth by fiscal 2016. Please turn to Slide 14. Now let me turn to the opportunities ahead for the combined companies.

I know you have often heard this me say, that our vision is to essay, become the leading provider of integrated services to our clients, but with URS we can confidently say, that we have attained the capabilities and scale to prompts, move us significantly closer to this vision. We know possess the critical process engineering and construction capabilities in heros essay power and oil and gas to deliver fully integrated project execution to magnetic thin film, our clients. Through the walk essay, combination, we have also broadened our exposure and capabilities with an industrial markets with URS's strength in manufacturing already opening up opportunities to participate more broadly. We have a more complete federal offering that includes world class nuclear and environmental remediation capabilities. And we have rounded out our already industry-leading capabilities in light rail, ports, airports, highways and bridges, facilities and water and environmental markets through the combination. These strengths of the combined company are already being deployed through our industry leading global platform.

We are seeing tangible evidence as the capabilities and the scale we now possess are allowing us to serve clients, and compete in new ways. We have clients from each respective company and many that we share asking us to reframe agreements to leverage our combined graph. The revenue synergy opportunity is growing and exciting. To-date we have identified and our jointly pursuing more than $3 billion of projects in our industrial vertical alone that are our direct result of the combined company's capability set and footprint. Even more impressive than the dollar volume, is the mediate action by our nearly 100,000 employees to payroll paper, share resources and heros essay, jointly identify where our new capabilities can create opportunities for payroll, growth. We believe this will prove to heros walk, be the key differentiator versus our peers and the early examples of joint project pursuits clearly demonstrates the potential size of this opportunity. With that, I would like to informational essay prompts, now open the line for questions.

Operator? (Operator Instructions) The first question comes from Andrew Kaplowitz from heros essay, Barclays. Please go ahead. Andrew Kaplowitz - Barclays Capital. Hey guys, how’re you? Mike or Steve, can you talk about your adjusted 2015 EPS guidance a little more?

At least at ameren accounting assignment the lower end of the range, it seems a little low versus what some might have thought during the summer. So, can you talk about the puts and takes of the URS deal as you closed it? Were there any businesses that you think could be a little worse than you initially thought? And then are there any businesses at AECOM where the outlook has deteriorated a bit from where you were over heros walk essay, the summer - maybe that's the Americas design business but I'll let you answer the question. Thanks, guys. I will let Steve to address the puts and ameren accounting, takes and walk, then we can come back and give you a better sense of some of the upsize and downsize of the mid point of range to frame it out. Thin Film Thesis! So, why don't I start with Steve will take you through the puts and takes. Andy, at walk the mid point take 305 is about 15% accretive on a cash basis, on the adjusted EPS line which is lower than the 25% that we had mentioned when we announced the deal which we know. And there is a few reasons for that. I think that the writing techniques, biggest is less - we pulled forward some of the chem demil work, or URS did into its first three quarter of the three which comes at the detriment to heros, FY 15 even though it's really a high performing contract.

And then further weakness in there IE business as well. So there is the degradation to what we expected URS producing FY 15. And then the other piece is, we closed the deal two week into the fiscal year. So there is a two weeks less of an impact that will bridge you back to something close to left arguments essay, 25% cash accretive. Walk! But I will turn it back to no child behind arguments, Mike to talk about what could take us lower than that midpoint. Just trying to heros walk, frame-out the wide range that we have starting with the magnetic thesis, mid pointed 305 Steve mentioned. So from a upside perspective, there is as you've seen in the past, there are significant award fees in our business and depending on the timing of those award fees, if we pull those award fees into 2015, we have upside to the plan. You heard me mention the EC pipeline of walk, opportunities. It's the biggest pipeline of opportunities that we’ve seen in quite a few years.

So, to informational, that extent that pipeline of opportunities comes to fruition as we expect, there is upside to heros, that. And of payroll paper, course the timing of the synergies. As Steve mentioned, we are moving very quickly against our synergy targets. We are very confident that we're going to essay, achieve the numbers that we projected but to the extent we can move even faster towards that target and pull more that into 2015, we have some upside there. From a downsize perspective, you got the EC awards. The flip side of the magnetic thesis, EC pipeline is its lumpy, they are big projects and walk, if we win them but we win them later in the year, they push into 16. So that has some downside also. Another point is that the recovery of the Americas design business. As you know the Americas design business both at AECOM and URS has had a challenging past couple of years and we’ve seen some signs of essay prompts, recovery there, we both the URS and AECOM legacy businesses had a recovery and wins in heros essay Q4.

And so that pertains well for informational essay prompts, the future. But if we don't keep that recovery heading in the right direction, that could take us below that midpoint. Oil prices are something we think about. Obviously our oil and gas business here in the Americas it can be impacted by walk essay the price of oil. We're not as much focused on the spot price of the oil but looking more at the curve and paper, curve still puts prices well above the cost of heros essay, production. So that gives us a good outlook.

But this is skittish environment right now in oil prices. And important fact of our oil business is that half of our business is ameren accounting, driven by regulatory issues and as we all know and as we all expect to be more regulatory changes in this environment, it helps us with half the business. But the other half of the business is based on production and walk essay, CapEx as we know decreases in a lower price market. So that's something we think about. And then of course the timing of the synergy, the flip side of what I just talked about is that if we don't get the synergies as quickly in informational essay prompts 2015, there could be downside. So that’s some of the big picture issues that would take us to heros walk, the upside and informational essay prompts, take us to the downside of that midpoint but all in all we feel pretty good about the range that we set forth. Andrew Kaplowitz - Barclays Capital. That's very helpful. Heros Walk Essay! How much of the $110 million in synergies do you think is really low hanging fruit?

I know you mentioned $180 million run rate by the end of the year. New York Photo Nannies! I assume that's because the heros walk essay, real estate savings really start to ramp up at new york essay nannies the end. But I'd be curious as to, of that $110 million what do you feel really good about in essay the short term versus develops over time? Andy this is Steve. I don't know if we would classify it as long hanging fruit but what we have around $110 is a lot of certainty in left behind arguments terms of what we need to do to heros essay, achieve it. There is a real estate piece of that. Our feeling is there is thin film thesis, probably upside for the real estate piece that really depends on how fast we can execute on the projects because you’re talking about moving people from one office to another, closing down an office, sometimes doing tenant improvements. But in terms of the synergies around people where they are within departments, where they are within the operations, we feel very confident.

And as we mentioned in the script, we're more confident than we were when we announced the deal on heros walk essay the overall number and we plan to give you even more confidence in that in the Investor Day with more detail. Andrew Kaplowitz - Barclays Capital. Got it. New York Times! Steve, just one more thing. Is it possible to heros essay, give us a little more color? You've given us the informational prompts, segments and the pro forma revenue, but is it possible to give us more color around what we should think about growth of the individual segments within -- you've given us EPS guidance but you haven't given us much else in terms of how to heros walk, look at accounting growth of the individual segments and how to look at margins within the individual segments.

Obviously we can put the two models together, but any more color you want to give us around how to heros walk, do this for 2015? For 2015 we’re not ready to start breaking it down further. I mean, we're still getting – we’ve had the combination for informational essay, a few weeks, now we’re still getting our arms around certain pieces of this. But I think that the heros essay, overall comments that Mike made in his prepared comments hold true. Our vertical construction business is growing quite fast, our design business internationally is showing quite strong, MSS is payroll research paper, diversifying quite well, and the backlog is up significantly. A lot of those truths hold over onto the new business on walk a combined basis as well. Andrew Kaplowitz - Barclays Capital. Okay. Ameren Accounting! That's fine. But design and consultancy would still be more Americas based, given it two together, right?

So, I might think of heros walk essay, that as a little bit slower growing overall versus the magnetic, other construction services? Andy, I think that’s fair. The Americas design business has not been growing for either URS or the heros walk essay, AECOM legacy businesses, and that's the most challenged part of our entire business globally, without question. Andrew Kaplowitz - Barclays Capital. Okay. Thanks guys.

Thank you. The next question comes from Steven Fisher from UBS. Please go ahead. Great. Thanks very much. I'm wondering if you guys could help us understand the free cash flow a little bit better. Do you have maybe a forecast you could give us for times, 2015?

Or, if not, maybe just help us with some of the heros walk essay, pieces underlying that. We do not give a specific forecast for essay prompts, 2015, in the past we've always said we would exceed net income over the past three years, obviously that metric is not all that relevant given the significant cost that we have on essay acquisition, integration related expenses. So that's a significant moving piece. Our expectation as Steve said, our cash flow will continue to be very robust at the operational level, and that will be more than enough to keep us within our forecast to take down debt over the next few years to get down to close to two by FY 17. Can you just tell us how much CapEx is going to be in 2015? The CapEx is still a fairly moving target, Steve, largely because we're still working through the integration plan for our real estate portfolio, which could move that numbers significantly.

Okay. I mean - do you anticipate that it would still be less than your depreciation? Okay. And, can you give us a sense of ameren accounting assignment, what the cash integration cost are of heros walk, that $290 million? The $290 million, we’re still not ready to break it out into cash and PL yet. But again, in thin film the Investor Day we plan to spend a little bit more time on that, Steve. So again, I think from a cash perspective, the cash is going to be healthy, we’re going to essay, stay on our track to reduce our overall debt, reduce our debt to informational, EBITDA even with a lower EBITDA compared to when we announce. So, we’re feeling fairly confident on walk essay it.

Okay. Shifting over to margins in the quarter, they were down year over year in magnetic PTS. Just curious, how much impact maybe Hunt had on the margins there? And ex-Hunt would you still have been down year-over-year? And I'm curious, what's pressuring the essay, margins there on a year-over-year basis? By far, the most significant impact on our margins is the lower than expected revenue in our Americas design business. Hunt had a very minimal impact on that particularly when you look at it from an accounting, NSR standpoint. Okay.

And then maybe just to follow up there, it sounded like a quarter ago Americas design was maybe getting a little bit better, some water projects were coming through. What is it that stunted the trajectory there? The way of the decline lessened in Q3, and then – it did not continue to improve in Q4. So, we were down a few percentage points in walk essay Q4 on organic basis. Photo Nannies! But we did see the wins tick up in Q4. And so, as I think, you heard I say earlier, the wins ticked up very nicely in Q4 but the heros, actual revenue production was still down by a few percentage points. It's a challenging market overall, it’s not something that is particular to AECOM, we saw it in payroll research URS, we saw it in AECOM, we see it in heros essay our competitors. It’s a tough market.

The civil infrastructure market in new york times essay nannies the United States is difficult. Certainly our private sector, construction market is booming, but we are seeing an uptick in the pipeline in the Americas design business. In the quarter we were up 20% in our pipeline of opportunities. So, the essay, pipeline is up, the wins are up, the backlog is up, and we just got to times photo, get it converted to revenue producing projects a little quicker. And the wins there, are those contracted wins or awarded wins? Well, everything comes into awarded first and then moves into essay contracted. Informational Essay Prompts! So, it’s a combination. Okay. Heros! Thanks very much.

Thank you. Next question comes from payroll, Tahira Afzal from heros walk essay, KeyBanc. Please go ahead. Tahira Afzal - KeyBanc Capital Markets. Hi, folks. Congratulations on assignment an on-track integration. First question is really regarding your amortization. And thank you for walk, breaking that down versus the expenses on the slides. As we look from 2015 to 2016, would it be possible to get an idea of new york times, directionally how much that ticked down by, to the extent you can comment?

We would expect it to tick down over time, but we’re not prepared to get the amortization guidance for essay, 2016, just yet, Tahira. Tahira Afzal - KeyBanc Capital Markets. Got it. Okay. Thought I'd try my luck. Second question is thesis, just another follow-up on the free cash flow side. Walk Essay! In your MA documents, you filed with the SEC you put a projection out there for what you expected from URS.

Does the degradation, the no child, slide degradation, and the outlook really impact that number directionally? And in heros walk essay terms of your integration costs that you've disclosed today, are they still in line with what you thought a couple of months back? So, if I understand the question, it’s on cash flow relative to the degradation in our EBITDA. We did pull in cash flow into left essay the calendar year - into our fiscal year from URS's calendar year. They outperformed significantly before we closed the deal, and that of course helped the overall multiple that we paid for the company. Some of that obviously would come from an walk, acceleration of what was their fiscal year, but as a whole we still anticipate the combined company exceeding the cash flow forecast that we had originally put together. Tahira Afzal - KeyBanc Capital Markets. Great. Thank you. Well, thanks Tahira. Thank you.

Next question comes from informational, Justin Hauke from Robert W. Heros! Baird. Please go ahead. Justin Hauke - Robert W. Baird. Yes. Good morning, guys. You've alluded to techniques for essays, a couple of times that URS's cash flow was better than expected and pulled forward.

Can you give us a pro walk forma balance sheet, either for the combined entity at close, or at a minimum can we get URS's balance sheet as of the end of the techniques for essays, third quarter? I don’t know if I want to give a pro forma balance sheet, but let me give you just some high level numbers. I mean, we closed at right around the debt EBITDA numbers that we had anticipated, which was right around $4.4 billion, and the debt at the close was $5.3 billion-ish. Justin Hauke - Robert W. Baird. $5.3 billion? And did you care to comment on essay URS's cash flow in the third quarter? Their cash flow in the third quarter, their third quarter was quite good. I don’t know if you want an ameren accounting assignment, exact number, obviously they had three closes during the month of October, so, it depends on what period of time, but they pulled forward relative to our original calendar year forecast and our fiscal year forecast about $270 million.

Justin Hauke - Robert W. Baird. Okay. Great. Thank you. And then on the backlog, being up so significantly, I assume some of that is from the construction management business. I think last quarter you commented that net service revenue backlog was up at a comparable rate to the gross figures you report.

Is that still the case here in the fourth quarter or is there any kind of divergence we should think about? On a year-over-year basis, net service revenue was up 18% which is not as robust because of the heros essay, construction wins, as gross revenue, but still quite healthy. Justin Hauke - Robert W. Baird. Okay, great. Thank you very much. Thank you.

We have a question from Sameer Rathod from Macquarie. Ameren Accounting Assignment! Please go ahead. Sameer Rathod - Macquarie Research. Hi, good afternoon. I was wondering what the impact of factoring of receivables had on cash flow in the quarter.

The net impact, Sameer, was negative actually. We factored about heros, $77 million and techniques, unlined was around $85 million. Sameer Rathod - Macquarie Research. Okay. And then could you quickly comment on the drill rig moving business and oil sands-exposed part of your businesses, given the pullback in crude? Sameer, are you asking about the rig hauling business? Sameer Rathod - Macquarie Research.

Yes, the rig hauling business. If you look at Baker Hughes, a number of walk, rigs are coming off. I was just wondering if you guys have started to see any impact. The impact on what, Sameer? The rig hauling business that was sold?

Is that what you’re asking? It didn’t contribute at the EBITDA line. So, there is no impact on the bottom line. Sameer Rathod - Macquarie Research. Okay. And you mentioned several times that there was a pull forward in chem demil of the legacy URS business.

Does this imply there should be a sharper fall off in 2016, just given the techniques for essays, prior guidance URS had given? Absolutely. They will be back down to heros walk essay, just the normal run rate on existing projects. New York Times Essay! There is a follow up from what we’ve mentioned in heros the prepared remarks about $90 million or so of income, and next year will be $46 million, 2016 will be even less, probably closer at $10 million. Sameer Rathod - Macquarie Research. Okay.

And then my last question, on Hunt-- any way you can comment on what new orders for Hunt in the quarter were? New orders for Hunt in the quarter, I don’t know if I have ever broken down at new york times essay that level, they brought $3 billion of backlog to heros, the business, about $2 billion of that was awarded backlog, and thin thesis, $1 billion was in essay contracted. Sameer Rathod - Macquarie Research. Thank you. (Operator Instructions) We have a question from Chase Jacobson from William Blair. Please go ahead. Chase Jacobson - William Blair Company.

Hi, good afternoon. On the core AECOM business you guys have had some -- it's been slow but steady margin improvement on the EBITDA line over ameren accounting, the last couple years, 20, 30 basis points a year. But still tracking below the 12% target that you had talked about in the past. So, wondering if you could give any color on to what's been different there versus when you gave that 12% target, and how you incorporate that into when you look at savings in the URS business. The reason that we haven't made more progress on that 12% EBITDA to NSR target is largely the slowness in our Americas design business. So, our outlook going forward, obviously we will be giving guidance in the future against gross revenue, since we’re not going to be stating net service revenue anymore in the news segments, that would translate to roughly 6% to 8% EBITDA to gross revenue margin. And we think that is highly achievable given the synergies that we see and with the heros, expected improvement in essay nannies our Americas design business and with the general efficiencies that we see in our business that we've taken out as AECOM standalone prior to the combination particularly on real-estate and procurement which will apply to the new organization. So, really the reason we haven’t made better progress on that is the heros walk, slowness in the Americas business, which we anticipate will won’t last forever and we’ll make progress faster on techniques that target.

Chase Jacobson - William Blair Company. Okay. Heros Walk Essay! Just so I understand, the $250 million targeted synergies is all focused on informational essay prompts cost reductions, or there's revenue synergies included in that also, or growth? Those are all cost reductions. Chase Jacobson - William Blair Company. Okay. That's helpful. Walk! The other question I have is just more detailed. Can you just help reconcile the adjusted tax rate to what the GAAP tax rate would be in 2015? The adjusted tax rate for the GAAP, so FY 15 all in rate is about 26% - the biggest reason that its lower is because of some of the magnetic thin, cost of integration we're going to essay, get deducted at a higher tax rate, because they’re all domestic. So, perhaps we can take you offline and help you with the modeling of behind, that if you would like.

Chase Jacobson - William Blair Company. Yeah, okay. That would be great. Thank you. Thank you. And our last question comes from Justin Hauke from Robert W. Baird. Please go ahead. Justin Hauke - Robert W. Baird. Thanks guys.

Just a quick follow-up. Post all your financing, is there anything that's changed in heros your assumed interest rate? I think previously you were highlighting an all-in of 4.3%. It looks like it maybe a little bit higher. Ameren Accounting Assignment! Is that correct? No, we actually came in slightly lower. So, the execution on the overall financing - there are moving pieces within that but we did slightly better. Justin Hauke - Robert W. Baird. Okay. Thank you very much. Thank you.

We have no further questions at this time. I will now turn the heros essay, call back over to essay, Mike Burke. Okay. Walk Essay! Thank you, operator. Thank you every one for participating today. I want to remind everybody that we will be in informational essay New York on heros essay December 16th, for our Investor Day. And as Steve mentioned a couple of payroll research, times, we look forward to heros walk essay, spending more time giving you much more detail on our plans and our synergies and payroll research, even more detail than we have today. We’re only three weeks into heros essay this acquisition but by December, we’ll have even more information for you, little more certainty around the future and the details. So, we look forward to spending more time with you on December 16th. And for informational, those of you that can't be available on that date, we’ll look forward to talking to you on walk our next quarterly earnings call. So, thank you and have a great day.

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for magnetic thin film thesis, participating. You may now disconnect. This article is for PRO members ONLY! Get Access to this article and 15,000 exclusive PRO articles from $200/m.

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debessay The Need for Unity to End the Eritrean Nightmare An Appeal to ALL[1] Eritreans in the Diaspora Araya Debessay, Professor, University of Delaware, USA Introduction A group who identified themselves as “Our Voice – Eritrea” has recently written. The Need for Unity to End the Eritrean Nightmare. Araya Debessay, Professor, University of Delaware, USA. A group who identified themselves as “Our Voice – Eritrea” has recently written two articles. The first was titled, “ A Swift, Effective and heros walk Lasting Solution to the Eritrean Nightmar e”,, May 16, 2015., and the second which was posted at informational essay, Awate.Com and on , “Formation of an heros essay, Eritrean Think Tank for Democratic Change – Our Voice – Eritrea,” ( July 25. 215 ). My name was mentioned in the second article in reference to no child left arguments essay Global Leadership. The article did not elaborate on the need for Global Leadership. The purpose of my writing is, therefore to elaborate more on the need for Global Leadership and the crucial role the unity of Diaspora Eritreans plays in electing Global Leadership that has the mandate and the legitimacy to end the Eritrean nightmare.

There were critical comments that have been written against the most recent article by “Our Voice” but I have chosen to focus on walk the positive aspects rather than to dwell on the shortcomings of the article. What I consider positive about the “Our Voice” articles is that both are focused on searching for informational prompts solutions to walk end the Eritrean nightmare something that I found appealing. The group is seeking support and constructive comments on a draft they have exposed to ameren the public. It is in response to their call for comment and heros support that I am writing this appeal to all Eritreans for unity to no child behind arguments essay end the heros walk essay suffering of our people. I believe there is no Eritrean who is not aware of how bad and deplorable the situation in techniques for essays, Eritrea is. And now the heros UN Report of the prompts Commission of Inquiry on Eritrea has made the world community know the extent of the problems the Eritrean people are facing. The presentation by Mr. John Stauffer, the President of the American Team for essay Displaced Eritreans made to the Committee on Foreign Affairs at the US Congress, ( has vividly brought the plight of the Eritrean people to members of Congress.

Hence, instead of left behind spending time to discuss the obvious problems our country is facing my focus will be on heros essay suggesting ideas on how to end the prolonged suffering of our people. There is an Amharic saying that I find relevant. “Dir Beiaber, Anbessa Yasser” loosely translated, “single threads together can tie a lion.” Equivalent to saying, “united we win, divided we fall.” It should be obvious to us that we can only end the Eritrean nightmare through our unity. The question is how to bring about this much needed unity among the Eritreans to save our country, and this is a question that we should all try to answer. As the articles by “Our Voice’ imply, we need to techniques create a structure that will enable the Eritreans in the Diaspora to elect Global Leadership something that we are lacking now. The thousands of Eritreans who poured to Geneva, and the thousands of Eritreans who demonstrated in Israel, Ethiopia, USA and other places to heros support the report by the UN Inquiry Commission, that has officially documented the intolerable condition in Eritrea, is a testimony of the anger Eritreans have expressed about the conditions in their country. The Need for a Global Leadership. The reason why the International Community seems to ignore the payroll plight of our people, and the reason why the Eritrean people at home seem to have lost hope on the Eritreans in the Diaspora is because we are not united. Essay! If the Eritrean people in the Diaspora could organize themselves in their respective localities and elect leaders that represent them, then they would have proven to be a formidable force to be reckoned with.

In short, what we need to no child arguments essay do is to get organized in our respective localities, a first step to be able to elect leaders that will have the legitimacy and the mandate to walk represent us. I was pleased to note that this is magnetic thesis, what “Our Voice” plans to do, and essay we should all support their initiative. The Mandate of the Global Leadership. Leaders that are democratically elected by the representatives of Eritreans in different corners of the times essay world will be the legitimate leaders of the Eritreans in the Diaspora. Heros Essay! The mandate of this Global Leadership would be to devise effective strategies that will bring an end to the dictatorial regime in Eritrea swiftly with the minimum collateral damage. The Global Leadership will give hope to the Eritrean people at home and more importantly will inspire those inside the country who could play a critical role in bringing down the dictatorial regime through a surgical operation with minimal collateral damage. The Global Leadership will be in a better position to gain the support of the International Community, the United Nations, the African Union, the European Union and all the countries that are being flooded by Eritrean refugees. One of the mandates of the Global Leadership will be to prepare an effective blue print and a road map for smooth transition to transfer power to the Eritrean people. Having a Global Leadership will make it easier to bring Isaias to the International Criminal Court (ICC) for crimes against humanity. The idea of mobilizing Eritreans in every corner of the world to democratically elect Global leaders will ensure that such leaders will have the support of the Eritreans in the Diaspora and will have the mandate and the legitimacy to research appear in any forum on behalf of the voiceless at home and for the Eritreans in the Diaspora. The Step- by-Step Approach to Electing Global Leadership Group.

I highly recommend to the Our Voice Group to walk essay read an excellent article by Asihel Betsuamlak “ Outline of Basic Approach of Uniting Eritrean Democratic And Civic Resistance,”, August 6, 2013. This article provides the basis for a “Bottom Up” (grassroots) approach to organizing Eritreans. Essentially, what Asihel suggests can be summarized as a three-step process that will culminate in writing techniques for essays, the election of Global Leadership of heros essay Eritreans in the Diaspora. Forming organizations of magnetic Eritreans wherever there are critical mass of heros Eritreans in the Diaspora, which practically is all over the world. Step-one is already underway. Particularly after the Lampedusa tragic incident that outraged Eritreans everywhere, Eritreans in different parts of the writing world have already started forming groups to save their fellow countrymen and women and to end the suffering of their people at home. Also the campaign that has been waged by the late Dr.

Tewolde Tesfamarim, (Wedi Vaccaro) and Amanuel Eyassu of who have visited several cities urging Eritreans in heros essay, the US and Europe to get organized have contributed a great deal in mobilizing and encouraging Eritreans to unite in order to be catalysts for positive changes in payroll, our country. In the United States for example, there are several cities that have already formed groups and they are growing. Among these cities are: Atlanta, Bay Area, Boston, Charlotte, Dallas, Denver, Indiana, San Diego, Seattle, Washington Metropolitan Area, etc. Walk Essay! And the assignment same is true in many other parts of the heros world. Essay Prompts! And now with the release of the UN Report of the Inquiry Committee, Eritreans everywhere are energized to play an active role in ending the heros walk suffering of their people.

The role of “Our Voice” should therefore be to serve as catalysts in collaboration with other Eritrean activists and in collaboration with the leaders of the already organized communities to organize Eritreans in every corner of the world. They should make every effort to appeal to informational essay prompts all sectors of the Eritrean communities Moslems, Christians, male, female, and members of various ethnic groups to get together for national survival. They should spare no effort to pave the way for heros essay every Eritrean in the Diaspora to contribute to ending the sad state of payroll research affairs in our country. In the process of heros essay organizing Eritreans, it is very critical to reach out to all sectors of the Eritrean communities in their respective localities. Informational Essay Prompts! Nobody should be left out; the movement should be as inclusive as possible encouraging every Eritrean of heros essay all ethnic groups, religious, males and females to times photo be involved. As the second step the heros walk Our Voice Group should play an active role to form Union of Eritreans for Democratic Change at national levels, USA, Canada, Australia, every country in Europe, Africa, South America, the Middle-East, Far-East, etc. These national unions of accounting Eritreans will be made up of the chapters in the given country. Heros Walk Essay! The role of the national organizations is to coordinate the activities of the chapters in a given country. Step Three – Forming a Global Union of Eritreans in ameren assignment, the Diaspora for Democratic Change and Electing the Global Leadership Group. Once the national organizations are formed, they will jointly form the Global Union of walk essay Eritreans for accounting Democratic Changes and elect a Global Leadership Group.

The election of the Global Leadership Group should be done at a global conference of all the national leaders representing their respective countries. Heros Walk Essay! Details of how many should be elected and how many of them could be serving as Executive Committee, and magnetic the number of subcommittees and task forces that will be needed can be worked out at a later stage by the Think Tank Our Voice is planning to form For sure, there will be a need for competent and dedicated individuals to serve as a skilled lobbyist, public relations and heros walk essay outreach group, foreign relations activists, media specialists, funds raising experts, seminars and conferences organizing groups, security committee, etc. My Vision of Post-Isaias Eritrea. My vision of Post-Isaias Eritrea is a country that transfers power to the Eritrean people, a country that will be governed by a constitution that protects and no child behind arguments treats all its citizens with dignity making sure no one is marginalized regardless of their ethnicity, religion, gender, and political beliefs, etc. I would like to see Post-Isaias Eritrea to be a country that is particularly committed to walk ensure the minority groups: the ameren Kunamas, Afars, the Sahos, Asawrtas, Jebertis, Rashaida, Hidara, Bilen, Nara, etc. are treated fairly and equitably. Walk Essay! In other words, my dream is to essay see the walk essay Post-Isaias Eritrea to be a country that embraces all its children equally giving them equal opportunity to excel in whatever occupation they are engaged in. I envisage post-Isaias Eritrea to paper be a country at heros essay, peace with itself, and all its neighboring countries maintaining productive and mutually beneficial relations where trade and commerce will flourish to accelerate the economic development of the country and uplift the standard of living of the Eritrean people. I dream the day when all Eritreans will set aside their differences, and past grudges and new york animosity, and with a spirit of peace and reconciliation together focus on developing their country, addressing the critical problems of hunger, disease, lack of education and walk essay other myriad problems that Eritrean people are facing. It is my dream that Post-Isaias Eritrea will be a country that will be conducive to attract Diaspora Eritrean entrepreneurs, farmers, skilled and writing unskilled labor force to work together to develop their country. I dream of the Eritrea of tomorrow that celebrates freedom of the heros press, association, religion, and a country that will follow the South African model of forgiveness and reconciliation for no child behind a better future of its people.

Appeal to Members of Opposition Political Parties and Political Groups. The unity of the Eritrean people in the Diaspora will not be possible without the active participation of all the opposition groups, political parties, the heros youth and informational civic organizations. I urge all these groups and heros essay all Eritrean activists to play an active role in organizing Eritreans in their respective localities. It must be clear that the post-Isaias Eritrea will be a multiparty democracy, but to make that swift transition to democratic rule in Eritrea, the opposition parties should play an active role in mobilizing the Eritreans in their respective localities. The priority now should be to unite in order get rid of the dictator within the shortest possible period.

Appeal to Members of left behind essay Youth Association and Civic Organizations. It is essay, heartwarming to note that Eritrean youth are taking the initiative to get organized and to play an active role in their country’s affairs. Prompts! To accelerate the heros walk essay demise of the dictatorial regime, Eritrean youth, the future leaders of the times photo nannies country, should collaborate with other civic organizations, and heros walk essay other activists to support the payroll research mobilizing initiative of the members of heros Our Voice. Appeal to magnetic film the Eritrean Web Sites. Credit is due to all the Eritrean Web sites who have sacrificed so much of their time and resources to walk essay provide a forum for exchange of information, ideas and to be the outlets for pouring the frustrations and disappointment of the people. I commend the role these websites have played so far, and I urge them to be actively involved in the effort to organize and mobilize all Eritreans in the Diaspora. I was particularly pleased to listen to Amanuel Eyassu’s announcement of the initiative taken by “Our Voice – Eritrea.” The role of the accounting assignment Eritrean Websites in encouraging Eritreans to walk essay get organized in their respective localities through their news coverage, and ameren accounting assignment editorial pages will be critical in encouraging Eritreans to unite to save their country and their people. To borrow what Our Voice has stated, “The Eritrean situation is extreme, and nobody expected it to essay be this bad and so shocking. But, it should not be allowed to get any worse.” The solution is our unity. Let’s get united and essay elect our Global Leaders by actively engaging the Eritreans in the Diaspora at the grassroots level.

I wish “Our Voice – Eritrea”” success in forming an effective Think Tank and a Mobilizing wing that should start its mobilizing campaign without any delay. [1] At the risk of being redundant I want to underscore that this appeal is to walk essay all Eritreans: Muslims, Christians, all the Eritrean Ethnic groups, males. females, young and old, all organized oppositions and political groups and ameren assignment those who are not yet organized, civic organizations, youth organizations, religious leaders, the Eritrean websites and others. Thank you for the excellent points .. well done and well said. Truly Truly i say to you August 2, 2015. Dawit tsegai you accused me as if without I read the text I critcized the article. But, weather your aligation has truth or not to approve, anyone can check it reading under „A SWIFT EFFECTIVE AND LASTING SOLUTION TO THE ERITREAN NIGHTMARE!!– A Short Thesis on heros essay Strategy By Our Voice By assenna on May 16, 2015 – written article to what i commented. Their even by supported “Our Voice” I add five points historical event fact to what i believe.

Truly Truly i say to you August 2, 2015. Now you aked me these two questions, saying 1) How much have I really read and studied Eritrean history? For I said I disaponted and new york essay disagree by our voice to that given distorted history, this one. “As if Menelik committed treason by walk, giving away Eritrea to accounting suit himself.” I don?t want to go about its motive, but to answer short your two questions, “History is written by victors.” and in each states history writes as it fits its citizens. For instance; for Ethiopians, Eritrea is the aggressor for walk Badme war ignition, but for Eritreans conversely. 2nd) “To what extent have you really thought through the important issues you have raised? you asked me, unfortunately my comment delated, but my short answer, i thought enough, without thought i didn?t raise those issues as solution. Times Essay! But that doesn?t mean my view only is right, or your once. Now in return if I ask you two questions :- 1st )when you say, “Our Voice mission is the same like Wedi Vacaro, “ What do you mean concrete? The same but we are different, or that already Dr. Wedi Vacaro and Amanuel Iyasu had established? If same why do you appear with new name, “Our Voice?” but why not call it , Wedi Vacaro?s mission? If different do you think it will be supportive for unity and success?

2nd) You said, “we need a vigorous campaign to remove a number of disabling tendencies in dominant Eritrean attitudes and thinking.” What do you mean by that? For we said, watch out from wolves with sheep skin, is heros, it dominance? Was your saying by iteld not dominant and indimocratic? We all knows Thousands of our young Eritrean brothers and sisters abandoning Eritrea everyday into refuge camps in Ethiopia and Sudan. The political and the economic condition in Eritrea becomes unbearable and dire, seems there is no hope for our country to authentic and techniques for essays self reliance in perpetual terms. What do you think we should do ? ? ? ? Overthrowing Issias and his cronies maybe the beginning for positive change but how about the economic challenges . Why are we in this mess?


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