The Application Behind Options Pricing Models - Free Essay Example

Sample details Pages: 17 Words: 5096 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Derivatives are financial products whose values are derived from one or more underlying asset or financial instrument. In todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s world derivative products are being used extensively as a means of managing financial risks. These products are used to transfer risk from one party who cannot take that risk to counterparty who has the appetite to assume that risk .Some types of derivatives called Exchange Traded Derivatives are traded publicly on exchanges while others called Over the Counter Derivatives are traded between private parties in private transactions. Don’t waste time! Our writers will create an original "The Application Behind Options Pricing Models" essay for you Create order Options are a kind of derivative product which gives the holder the right but not the obligation to buy or sell an asset at a price called Exercise price on or before a certain date called the Exercise Date. They are traded publicly over exchanges around the world. The underlying asset can range from foreign exchange, futures, commodities, etc. Apart for its use as hedging instruments it is also used by speculators and arbitrageurs in the markets. This report aims to provide a basic understanding into the various options pricing models which are used to calculate the theoretical fair value of an option. The report also aims to give technical insights on using those pricing models with reference to the option pricing model developed by the author in Microsoft Excel using Visual Basic Programming (VBA). The Excel application developed by the author can be used by traders, speculators or anyone participating in the options markets to determine the theoretical fair price of an o ption and then compare it with the actual option price to determine whether the option is overpriced or underpriced. This will enable the user take appropriate positions in the market. The author has developed the application so that one can price an option according to three popularly used models i.e. Binomial Model, Black Scholes Model and Monte Carlo Simulation Model. The Author has also provided for a functionality which automatically downloads latest stock price data of stocks in the Dow Jones Index and gives user option to select the stock to price, automatically loading the stock price in the model. Chapter 1-Introduction 1.1-Objectives In finance, the wide number of potential outcomes adds uncertainty and risk in estimating the future value of financial instruments. Monte Carlo simulation (MCS) is one technique that helps to reduce the uncertainty involved in estimating future outcomes. This simulation method can be used to evaluate the accuracy and performance of other models. Apart from MCS , Black Scholes and Binomial Model are the other commonly used options pricing models in the financial markets. Aim of the Project: 1.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   To research the efficiency of the Monte Carlo Simulation models when applied to pricing derivative options. 2.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   To compare the Monte Carlo Simulation technique with other options pricing derivative techniques like Binomial Pricing Model and Black Scholes Model. 3.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   To Develop an Excel Based Application which prices options using Monte Carlo Simulations, Binomial Model, Black Scholes Models also providing additional information like volatility, options Greeks which are useful for options traders and structurers. 1.2-Scope There are various options pricing models that have been developed over time some of which focus on certain specific types of derivatives. This project is not intended to be a comprehensive guide to all the options pricing models. It is rather a means of understanding the options pricing models most commonly used in the market. Equipped with this knowledge one should be able to understand the other pricing models available which are not within the scope of this report. The basic scope of this report is to get a basic overview of the options terminology and basic pricing models which may serves as a base for further academic research in detail. 1.3-Report Organisation Chapter 2-Literature Review 2.1-Introduction to Derivatives In the financial markets there are various types of risk faced by market players, corporations etc. The ability of a firm to get low cost financing can be hindered because of the highly volatile interest rates. Exporters have to hedge their currency risks as their profit strongly depends on how undervalued their currency is. Companies may be needed a commodity which is a vital input in the future but uncertainty in the future price might affect its profitability. These are some of the risks that can be mitigated by use of derivatives. They have been around for a long time but its importance and use has been growing exponentially in the past few decades because of the rapid industrialisation and maturing of the world financial markets. As the name suggests Derivatives are products that derive their value from an underlying asset or commodity. The underlying assets can be real assets like commodities, metals, etc. As well as financial assets such as bonds, stocks, stock index, fut ures, etc. 2.2-Forwards and Futures An asset can be sold today as per the decided price or later in the future according to a price which is decided today. Forward contracts are used for the latter contracts. They are contracts between two parties who decide to trade an asset based on a price decided today, the transfer of which will take place sometime in the future. One of the parties is which agrees to take the delivery of the underlying asset in the future for a certain specified price is called the long. The other party which agrees to make the delivery of the asset in the future at the agreed price is called the short. Neither party pays any amount to get into the contract but the contract is binding and to cancel the contract the party has to enter into an offsetting contract with the same counterparty or it may also assume an offsetting contract with another counterparty in which case it assumes and additional counterparty risk. These forward contracts are mostly done in private transactions and hence its terms are also customised to the needs of both the counterparties. In Most of the cases the asset to be traded is actually delivered by the Short Party to the Long Party. Thus forward contracts are usually settled by delivery. image1.gif Figure : Payoffs from Forward Contracts As it can be seen in the payoff diagram about the Long will profit only if the price of underlying increases whereas if the price of the underlying decreases the long will be forced to buy at a higher rate than what is available in the market. As far as the Short is concerned it will profit from the transaction only if the price of the underlying decreases in the future as if the price increases it will be forced to sell at a lower price than it could have sold the underlying at current market price. Thus this is a zero sum game; one partyà ¢Ã¢â€š ¬Ã¢â€ž ¢s gain is another partyà ¢Ã¢â€š ¬Ã¢â€ž ¢s loss. Forward contracts are mostly used for mitigation of risk i.e. hedging rather than for speculati on purposes. A Common example of forward contracts is a corporation which is due to receive payments in Pounds 2 months later. It is exposed to fluctuations in the currency market and hence sells pounds 2 months in the future thereby assuming a short position and mitigating its risk by locking an exchange risk at which it can sell pounds in the future. As opposed a corporation which has to make payment in pounds in 2 months will assume a long position and enter into a forward contract to buy pounds 2 months later at a price agreed upon today there by eliminating the uncertainty factor and hedging its currency risk. Some of the problems faced in the forwards markets are that though the contracts being private with the terms customised according to the counterparties offer a lot of flexibility, but it makes them non standardised and difficult to trade. Also a large part of the transaction is risky because of counterparty risk. If one party does not honour the terms of the contract the other party goes in losses. Futures are similar to forward contracts but remove some drawbacks of forward contracts like illiquidity, counterparty risk. The only difference in futures contracts is that the terms of the contract such as the price at which the underlying asset will be delivered, how much of the asset has to be delivered, date of delivery, etc are the same for all contracts i.e. standardised. They are usually traded on public exchanges in which case the risk of the other party defaulting is highly reduced as the exchange is always the counterparty for every trade. For example if one party wants to assume a long position the short position will always be assumed by the exchange and vice versa which highly reduces the problem that the other party will not honour the terms of the contract. Futures Forwards Trade on an organised exchange OTC in Nature Standardised and hence liquid Customised hence less liquid Margin Payment Required No Initia l Margin Payment Required Daily Settlement Settlement at End of Day Table 1-Distinction between Futures and Forwards 2.3-Options Options are very much different from the other derivative products like forwards and futures. In forwards and futures once the parties enter in the agreement they are obliged to honour the terms of the contract or complete the transaction as per recorded in the contract irrespective of whether they are in profit in loss. Whereas in options contracts both the parties decide to trade a particular asset sometime in the future at a price which they decide during the initiation of the contract. The difference lies in the fact that the buyer of option i.e. Long party has to pay an initial sum of money called the premium in order to gain the privilege of having a right but no the obligation to exercise the contract. While the party selling the option i.e. Short receives this premium for the risk it takes. Thus the Long party will only exercise the option if the transaction is profitable to him according to the market rates prevalent at the time of expiration of the contract Call Option : A Call Option Gives the buyer a right but not the obligation to buy an asset at a certain price at or before sometime in the future. The seller will receive a form of payment called premium and will still have the obligation to exercise the contract if the buyer of the call option chooses to exercise it. Consider the following at the Exercise Date of the option: S= Current Stock Price X=Exercise Price If SX: Call Option Holder will exercise the option as he is entitled to buy the asset at a lower price than the current market price. The contract is said to be In the Money in this case. If SX: Call Option Holder will not exercise the option as he is able to buy the same asset at a lower price in the global markets. The contract is said to be Out of Money in this case. If S=X: He may or may not opt to exercise the option. Also an Option price is given by: Option Price Value= Time Value + Intrinsic Value Where Intrinsic Value= Max [0, (S-X)] 525px-Payoff_call_option_svg.png Figure -Call Option Payoff Diagram Put Option: A Put option gives its buyer the right but not the obligation to sell a certain asset at some date in the future known as the exercise date at a pre specified price called Exercise Price. Just like in the Call Option the buyer of the contract has the right whereas the seller of the contract has the obligation to buy the asset at the exercise price should the holder of the option decides to exercise it. Consider the following at the Exercise Date of the option: S= Current Stock Price X=Exercise Price If SX : The Put option holder will exercise his option as he is able to sell the underlying assets at a price higher than what he would have got if he would have sold at current market prices. Such an option at expiration is said to be In the Money. If SX: Put option holder will not exercise his option as he will be able to sell the same asset at a higher party if he sells them in the market. In this case put option holderà ¢Ã¢â€š ¬Ã¢â€ž ¢s loss is only limited to the amount initially he paid to seller of put option as premium. Such an option at expiration is said to be Out Of Money. 525px-Payoff_put_option_svg.png Figure -Put Option Payoff Diagram 2.4: Option Greeks The Price of an option can be influenced by many factors. These factors help the options traders determine the positions they ought to take and hence their profitability. It is therefore of utmost importance to know about the à ¢Ã¢â€š ¬Ã…“Greeksà ¢Ã¢â€š ¬? which are a set of risk measures which determine to what extent is an option price dependent on changes in the underlying price, implied volatility and time value. Most commonly used by traders are four Greeks namely Delta, Theta, Vega and Gamma. Call Options Increase in Volatility Decrease in Volatility Increase in Time to Expiration Decrease in Time to Expiration Increase in the Underlying Decrease in the Underlying Long + + + Short + + + Figure : Factors Affecting Long and Short Call Options Price Put Options Increase in Volatility Decrease in Volatility Increase in Time to Expiration Decrease in Time to Expiration Increase in the Underlying Decrease in the Underlying Long + + + Short + + + Figure : Factors Affecting Long and Short Put Options Price As it can be seen from figure 4 an increase in volatility, increase in time to expiration and increase in price of the underlying will increase the value of the long call option. Whereas a decreased in volatility, decrease in time to expiration and decrease in price of the underlying will increase the value of short call option. Vega Theta Delta Gamma Measures Impact of a Change in Volatility Measures Impact of a Change in Time Remaining Measures Impact of a Change in the Price of Underlying Measures the Rate of Change of Delta Figure : The Major à ¢Ã¢â€š ¬Ã…“Greeksà ¢Ã¢â€š ¬? Delta: It can be considered as a value which measures the change in the price of an option i.e. premium paid buy option buyer, which results from the change in the price of the underlying asset (commodity, futures, etc.). For put options the value of delta ranges from -100 to 0 while for call options the value of the delta ranges from 0 -100. Since put premiums fall with an increase in the price of the underlying i.e. puts have a negative relationship to the underlying, puts have negative delta. The calls have a direct relationship with the price of the underlying and hence have a positive delta. Consider an example where the delta of an sugar call option is 0.5 and if the price of sugar increases by 10 cents then the premium for the all option will also increase by 5 cents (0.5 x 10). Gamma: The Greek called Gamma is dependent on the value of the earlier Greek discussed i.e. Delta. It is the rate of change of delta and also called the à ¢Ã¢â€š ¬Ã…“first derivative à ¢Ã¢â€š ¬Ã…“of delta. The value of gamma for a long call as well as a long put is always positive. This means that the value of delta will increase with the increase in the price of the underlying and value of delta will decrease with the decrease in the price of the underlying. The Value of Gamma for at the money options is highest and its values decrease as it goes out of money or in the money which can be seen by the figure below. Greeks_OTM-ATM-ITM.png Figure -Effect of Moneyness on the value of Greeks Theta: The third commonly used Greek theta is not much used but is an important theoretical concept. Theta measures the rate of decline of time-premium resulting from the passage of time. In simple terms, an option premium that is not intrinsic value will decline at an increasing rate as expiration nears. The Value of Theta like the other Greeks for at the money options is highest and its values decrease as it goes out of money or in the money which can be seen by the figure below. Vega: Vega, our fourth and final risk measure, quantifies risk exposure to implied volatility changes. Vega tells us approximately how much an option price will increase or decrease given an increase or decrease in the level of implied volatility. Option sellerà ¢Ã¢â€š ¬Ã¢â€ž ¢s benefit from a fall in implied volatility, and its just the reverse for option buyers. The further an option goes in the money or out of money the smaller will be the value of Vega. Chapter 3- Option Pricing Models 3.1-Introduction In the financial world among all the products available derivatives are considered the most complex ones and hence the most difficult to price as well. Of course, some derivatives are far more difficult to price than others. Over the past decades researchers have come up with many numbers of options pricing models and they can be broadly categorised into three categories: Analytical Models Numeric Models Simulation Models The Simulation models refer to the mathematical method called Monte Carlo Simulation which has been named after a famous casino in Monaco on the French Rivera. The Motel Carlo Simulation was initially used to find a reasonable estimate of the probability of winning a game of pure chance. The method works by simulating the outcomes of a process by generating random numbers. In this process the accuracy of the approximation of the results is directly proportional to the number of replications and gives results that are more closer to analytically correct solution. Since the Monte Carlo simulation method requires the process to be run over and over again for sometimes thousands of times this process is quite heavy on the CPU and would require a faster computer for it to run effectively. Monte Carlo simulation can be used in all sorts of business applications whenever there is a source of uncertainty (such as future stock prices, interest rates, exchange rates, commodity prices, etc.). To illustrate the basic concepts, I will be focusing on pricing options, which are generally the most difficult types of Derivatives to value. Analytical Models: A Classic example of these kinds of models is the Black Scholes model which is one of the most widely and commonly used option pricing models used in the financial industry. They are the most elegant of the pricing methodologies. In the analytical approach one begins with assumptions about how the input variables of the model will behave and these assumptions are then converted into direct mathematical questions which give the desired result. These mathematical relationships are used as a means to establish a connection between the input variables (eg, Current Stock price, Exercise price etc.) and the output variable ( in this case the theoretical fair value of the option). The model that is developed as the end product using the analytical method takes the form of a formula or equation which connects the input to the output .This formula is often referred to as the à ¢Ã¢â€š ¬Ã…“solution.à ¢Ã¢â€š ¬? The main advantage of using analytical models is the ease with which one can use them to produce a precise valuation. It has some disadvantages as well. First, it is difficult to derive the analytical models if one does not have the knowledge of advance calculus. Second, in certain cases it may not be feasible to use the analytical method of problem solving. Third, the models or equations derives using the analytical models and very much in flexible. That is they can be only applied to calculate the desired assumptions under the set of assumptions that were used initially to design the model. Figure :Categories of Option Pricing Models Option Pricing Models Simulation Models E.g. Monte Carlo Simulation Models Numeric Models E.g. Binomial Pricing Models Analytical Models E.g. Black Scholes Model Numeric Models: The second type of model is Numeric Models which are considered to be much more flexible than the earlier discussed analytical models. In these kind of models we again start with a set of assumptions on how the input variable behave but we employ an algorithmic way using a finite series of steps to arrive at the desired value rather than using an equation which relates the input to the output. Thus an approximate value of the desired output is derived rather than a precise value as in the case of analytical models. The advantages of numeric models are they are not so complex to build as compared to the analytical models and also do not require advanced knowledge of the stochastic calculus to build, understand and critically appreciate them. The second advantage lies in the dat they are much more flexible than the previously discussed analytical models. The assumptions made to build the model can be easily changed later to adapt to the new problem situations. The disadvantage tho ugh however lies in the fact that the degree of accuracy of the desired output value is directly proportional to the number of times one runs the models. This means to get a very hig degree of accuracy we would have to run the models and may have to make thousands of calculations. But this disadvantage is no longer valid in current world as rapid technological advances has increased the speed of the microprocessors rapidly and also reduced the cost which has made them more accessible. Simulation Models: The third category of options pricing models is the Simulation models. These models are less elegant than the analytical models and also not as fast as the earlier tow models we discussed. But their main advantage lies in the incredible flexibility which can be used to price very complex derivatives that depend on facts which cannot be modelled using either the analytical or the numerical valuation technique. Indeed, the future price of any financial asset can be simulated when it is expressed in the form of an expected value. In the simulation approach, we program a computer to à ¢Ã¢â€š ¬Ã…“simulateà ¢Ã¢â€š ¬? observations on the random variable of interest. But also Care must be taken to ensure that the values that we simulate must be according to a type of distribution (Binomial, Exponential) and the other statistical parameters as each individual problem may demand. 3.2- Binomial Options Pricing Model In this section we will have a deeper understanding of the binomial option pricing model and also its application using VBA in the option pricing application that the author has developed. One Period Binomial Model: In a Binomial Model the stock price is allowed to either go up or down possibly at different rates. A Binomial Probability distribution is one in which there are two outcomes and states. This probability distribution governs the probability of the up and down movement of stock prices. Consider a stock with current stock price S on which options are available. The beginning of the period is today and referred to as time 0 and end of the period is 1. At time 1 the stock can take one of the two values. It can go up by a factor of u or go down by a factor of d. If the stock price goes up the stock price at time 1 will be uS and if stock price goes down stock price at time 1 will be dS. Therefore the intrinsic value of call option at expiration is : Cu= Max [0, uS-X] Cu= Max [0, dS-X] binomial model diagram.jpg Figure :One Period Binomial Model Let r be the risk free rate and we assume that investors can borrow and lend at the risk free rate. The aim of this model is to determine the fare theoretical value of an option which is them compared with its actual price in the market and which tells us whether the option is underpriced or overpriced. We develop the formula for option price C by constructing a risk free portfolio consisting of a mix of stocks and options. Consider a portfolio of h shares of stocks and a single written call. Let V denote the current value of the portfolio .V is given by V=hS-C. We can think of V as the amount of money we require to construct this portfolio. At Expiration the value of the portfolio can be given by Vu if the stock price goes up or Vd if the stock price goes down. Thus Vu = huS Cu Vd = hdS Cd We can think of Vu and Vd as the money that we will get back at expiration when we sell the portfolio. According to our earlier assumption we defined this portfolio as risk free which means regardless of the stock price going up or down the portfolio should give the same riskless return i.e. Vu= Vd huS c = hdS Cd Solving for h gives us h If the portfolios initial value is growing at the risk free rate its vale after one period at expiration will be V (1+r) = (hS à ¢Ã¢â€š ¬Ã¢â‚¬Å" C) (1+ r) = Vu = huS Cu On substituting the value of h and solving for the option value C we get: C = Where p is given by p= This is a very basic formula derivation for options price on which the other multi period models are based on which we will go through in the next section. Two Period Binomial Models: In the 2 period binomial models there are three time points as compared to two in the one period model. The option prices at expiration are given by: Cu2 = Max [0, u2S à ¢Ã¢â€š ¬Ã¢â‚¬Å" X] Cud = Max [0, udS X] Cd2=Max [0, d2S à ¢Ã¢â€š ¬Ã¢â‚¬Å" X] binomial model diagram.jpg binomial model diagram.jpg Figure : Two Period Binomial Model Using the same method as in the one period model we can obtain the following formulas: Cu = Cd = [ pCud + (1-p) Cd2 ] / [(1+r)] Therefore the call price at time zero can be found by calculating the weighted average of the two possible call prices in the next period i.e. C = The probability value of the stock price moving either way is determined using the volatility value of the stock where: U = e ^. v=volatility D= e ^. The value of p can also be derived by the assumption that over a period of time dT the underlying asset will yield the same profit as an riskless investment , so that if it is worth at S at time t, it will be S.e^(r.dT) at the time t+dT . Thus S.e^(r.dT) = (p.u.S + (1-p).d.S) and solving for p we get P= Thus we can say that the binomial pricing model is an iterative model that models the evolution of options price over a number of periods of time. Extending the Binomial Model to n Periods: We can extend the binomial option pricing model to any number of periods. As the number of time periods increase the option value also gets more closer to the actual precise value. We do assume that there are n periods remaining until expiry of the options and also that the option pays no dividends. clip_image012.jpg Figure Multi period Binomial Model Implementation in VBA: The author has implemented the multi period binomial model using Visual Basic for applications (VBA) in the excel pricing model he has developed. The functionality provides for pricing both American and Europeans types of calls and put. The user can also specify the number of steps or periods and the model will give the value of the Call and put along with the commonly used option Greeks like Delta, Gamma and Theta. Below is a snapshot of the application developed by the author: Figure : Binomial Application Snapshot Public Function CRRBinomial(OutPutFlag As String, AmeEurFlag As.jpg As you can see above in the code a Function named CRRBinomial has been defined to price option using the Binomial Model. OutPutFlag : used to determine what kind of information the function returns when it is called. Eg if OutPutFlag =à ¢Ã¢â€š ¬?pà ¢Ã¢â€š ¬? function will return the option value and so on. AmeEurFlag: determines whether the option to be priced is an American or a Europ ean option. CallPutFlag: determines whether the option to be priced is Call or Put option. OptionValue: defined as an array which runs till n+1 where n is the number of periods? This variable is used to calculate the Call option price at various points in time which are then discounted back at the risk free rate of return to give the option price at current time period. U,d : probability of stock price going up or down dT: time in each period calculated as (time to expiration)/(number of period) Df : Discounting factor using riskless rate of return calculated as Exp(-r * dt) For j = n 1 To.jpg The Code above calculates the option price value using the formula for the multi period binomial model. The If condition is to check whether the type of option to be priced is American or European type and accordingly applies the formula to calculate the option value. The variables ReturnValue(1) , ReturnValue(2) , ReturnValue(3) calculate the option Greeks Delta, Gamma a nd Theta respectively. 3.3- Black Scholes Options Pricing Model. Assumptions of Black Scholes Model: As Mentioned earlier all models are based on a certain specific set of assumptions. The following assumptions are made in the Black Scholes model. Stock Prices evolve according to Lognormal Distribution and behave randomly: We here assume that the behaviour of the stock prices is random which is also a common assumption in pricing most derivatives. Although some fund managers claim that they can predict stock prices uses past trends and other methods. Studies have shown that there may be only small room for predictability and that stock returns are largely unpredictable. We also mentioned that stock returns are log normally distributed. The logarithm of a number is the power to which a base must be raised in order to equal that number. The base of natural logarithms is e which is equal to 2.718. In finance mostly natural logarithms are used. A lognormal distribution is one in which the log of a variable is normally distributed. This distribution of stock returns has positive skewness i.e. most of the variables lie to the right side of the mean in the distribution. This assumption of lognormal distribution is quite a good approximation of the real prices and also prevents the stock price from being negative.

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Du Bois introduces the concept of the VeilRead MoreThe Work Of Brameld, Horton, And Freire721 Words   |  3 Pagesthe nature of the oppression (Schiro, 2013). This school was designed to educate labor organizers in the nature of the oppression and recognize it by thinking in an ideal society in which the workers are not oppressed and seeking for strategies for organizing oppressed workers. After the education stage was complete, the labor organizers were sent to their work places to organize groups of other workers to demand for better living and working conditions. Stone (1995) states that The Highlander FolkRead MoreCompare and Contrast1054 Words   |  5 PagesIMImportant Scholars of Education: The Work of Paulo Freire and William W. Brickman Alana L. Jackson Northcentral University Author Note Alana L. Jackson, Department of Education, Northcentral University Abstract This article discusses the contributions of the amazing scholars Paul Freire and William W. B. Brickman and how their theories on education impacted their philosophies on improving education in their time. Friere believed the, â€Å"Banking† concept of education was the best theory toRead MoreThe Black Skin White Masks By Frantz Fanon1664 Words   |  7 PagesToday race and racism is now discussed more openly. Which is why society has an understanding of the fact that racism still exist. Frantz Fanon uses colonization to explain how racism was cultivated in the past. Paulo Freire uses his study of the oppressed to explain how its hard to escape oppression. In Frantz Fanon’s book of â€Å"Black Skin White Masks† has insights into the psychological damage resulting from colonialism, self-denial, racism, in which provide a path for those of us still grappling withRead MoreBanking Concept of Education Essay685 Words   |  3 PagesBanking Concept of Education Philosopher and educator Paulo Freire once said, â€Å"Education either functions as an instrument which is used to facilitate integration of the younger generation into the logic of the present system and bring about conformity or it becomes the practice of freedom, the means by which men and women deal critically and creatively with reality and discover how to participate in the transformation of their world.† In Freire’s work of â€Å"the Banking Concept of Concept†, he describesRead MoreBook Review: My Forbidden Face: Growing up Under the Taliban675 Words   |  3 Pagesï » ¿In the book, My Forbidden Face: Growing Up Under the Taliban: A Young Womans Story, Latifa explains how her oppressed society made her take stand against them by reaching for freedom. When her society became oppressed, she was force to live her life as a prisoner, which included covering up her face with a hijab. In some Islamic countries, the hijab is forced on women due to religious b eliefs and the state believes that women will be protected from sexual harassment and rape if they wear it.

Social Networking Websites and Teens

Question: Describe about the Social Networking Websites and Teens? Answer: In the study that was conducted on the abstaining of a social media networking site it was shown that most of the people nowadays are addicted to technology and the social networking site such as the Facebook. However this sudden and dramatic change in the advent of the social media has made the technologies play a very important role and also have been the reason for few mid-digital crises (Boyd, d (2006). The users of these social networking sites noticed that it started creating a huge negative impact in their personalities like making them unhealthy, fat, depressed, lonely and also making them waste their valuable time in worrying about whether these changes are actually happening to them and this result in losing the confidence in oneself. When it was asked to a student to abstain herself from facebook for 2 weeks, it was seen that she failed to even go the full 24 hours without media. The research also saw that she started showing different emotions like confusion, anxiety, irritation, nervousness, panicked, jealousy, angry, lonely, dependent, depressed, paranoid and also insecure. It was surprising to see that the abstinence from these social media not only had physical changes but also made many psychological changes (Lenhart, A (2007). The study therefore also showed that there was a feeling of withdrawal, confusion and also a feeling of failure. References Boyd, d., "Identity Production in a Networked Culture: Why Youth Heart MySpace", American Association for the Advancement of Science, February 19, 2006 Lenhart, A., "Social Networking Websites and Teens: An Overview", Pew Internet American Life Project, 2007

Tourist Spots Essay Example

Tourist Spots Essay Tourist Spots in Philippines Photos and Images Explore the Philippines. Take a peek at Filipinos history and culture mirrored by century-old churches, ancient forts and modern museums. See the best of nature in our white-sand beaches and three-layered virgin forests. Discover the Philippine islands. Blessed with an extensive coastline, the Philippines is ringed with unspoiled beaches and first-class resort facilities. Its deep-blue, crystal-clear waters offer about 40,000 square kilometers of coral reefs teeming with a wide variety of marine life. Endowed with a temperate climate, the Philippines offers a perfect treat to enjoy the sunlight. Lying in southeast Asia and surrounded by the Pacific Ocean, the Philippines boasts of unsullied beaches, spectacular sunsets, luxuriant pastoral lands, cool mountain weather, brilliant man-made resorts and dazzling islands. The Philippines boasts some of the best beaches and scuba diving waters in the world, supported by golf and an increasingly-impressive inter-island tour and transport system. Witness the vast expanse of natures splendor under the spell of cool mountain breeze. A perfect setting for romance or nature tripping, the countrys mountain villages serve as a perfect hideaway from the lowlands summer heat. If you have yet to see the Philippines, then embark now to what promises to be a trip to paradise! Feel the breeze of summer at white-sand beaches deemed as among the worlds finest; be fascinated at the spectacular view of Baguio and Tagaytay; and take a dip in the refreshing waters of modern resort facilities. White-Sand Beaches Boracay Island Widely known as one of the finest swimming destinations in the world, Boracay is blessed with unsullied fine talcum powder-sand beaches. We will write a custom essay sample on Tourist Spots specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Tourist Spots specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Tourist Spots specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Its tranquil crystal clear waters are perfect for swimming, sailing, fishing and sunbathing. Boracay also boasts of sapphire seas and spectacular sunsets. Countless hidden coves dot the island and tall coconut trees line up along the beaches. Boracay lies at the northwest tip of Panay, in the west Visayas region, off the Sibuyan Sea. The island is made up of little communities: Yapak in the north, Balabag in the middle, and Manocmanoc in the south. Hilly elevations up to 100 meters above sea level characterize Yapak and Manocmanoc. Intertwining trails link the small villages together but many sometimes lead to lush tropical jungles. To get to Boracay, one has to book a flight to Kalibo, the capital of Aklan province. Air-conditioned coasters or public buses offer one-hour-and-a-half drive to Caticlan where one can board a motorized banca for a 30-minute trip to Boracay. Siargao Island This newly discovered island boasts of white-sand beaches and surfing waves compared to that of Hawaii. Lying 800 kilometers southeast of Manila, the tear-shaped Siargao Island is a perfect haven for the sun, sea, and surf buffs. It lies on the eastern portion of Surigao del Norte and on the southeastern tip of Mindanao. The island is a mass of tropical land with scores of reefs, points and white beaches. Its promise as a surfing mecca in the making was discovered in 1993 by American surf photographer John Callahan who went to investigate the rumors of spectacular waves in a little known Mindanao town. He came back from his trip armed with stories about the lovely sun-drenched island and documented his find with beautiful photographs. Siargao opened itself to the international surfing community by playing host to the Siargao Surfing Cup in the municipality of General Luna. Siargaos Cloud Nine break is said to be among the best in the world and foreign sportsmen view the unparalleled surf of Siargao as a magnet for deep sea fishing, sailing, wind-surfing, kayaking, and sunbathing on miles of white sandy beaches that the reef-ringed island and its rich waters afford the visitor. Samal Island Samal Island offers unending fascination with its white-sand beaches, thick mangroves, coral reefs, rolling hills and rock formations. It is an archipelago of nine islands located in the Davao Gulf about 700 meters south of Davao City. An ideal model for resort and development, Samal Island provides a fabulous site for sunrise and sunset. Samal Island, like the rest of Mindanao, is outside of the typhoon belt, and enjoys relatively calm weather. Its coastline is characterized by tall, swaying coconut trees, white sand beaches, rock formations, mangroves, coral reefs, and small fishing villages, all suggestive of a tropical island paradise. Almost all of the beach areas have white sand, with widths varying from only a few meters to more than 10 meters. It provides ample space for picnic huts, reclining chairs for sun bathing, or for simply relaxing and enjoying the tropical scenery. The water is crystal clear throughout the coastline, which varies in terrain from gently sloping sand beaches to steep cliffs and rock formations. The colors of the coastline at the beach areas transforms itself from the green lush vegetation of coconut trees, to the white sandy beaches, to the dark blue color of the sea, with its deep waters and coral reefs. Among its popular attractions are the Aguinaldo Pearl Farm, the caves of Talikud Island, the White Stone Mountain, and the San Jose Muslim Fishing Village. Bohols Springs and Beaches Bohol is one of the loveliest islands in southern Philippines. It is situated at the heart of Visayas and with coastline skimmed by gentle coves and white-sand beaches. Many highways snake along sparkling beaches or leafy rivers where one can stop at any point and jump in. With its rolling hills and plateaus, crystal springs and beaches, the province of Bohol is a picturesque province replete with ancestral homes and centuries-old churches. Bohol is composed of numerous isles -Panglao, Pamilacan, Cabilao, Jao, Mahanay and Lapinin, which are excellent dive spots. The Chocolate Hills is but one of the many natural wonders to be found in Bohol. The province is the home of the worlds smallest monkey, the tarsier. The size of a fist, the tarsier lives on the hills of Corella, some ten kilometers from Tagbilaran. Other exotic flora and fauna may also be found amongst the forest of Bohol. Bohols various mountainous and water formations also serve as a natural playground for the adventurous tourist. One can cruise its rivers, hike up the hills, swim the deep waters, or just stroll down the avenues. Bohol is just waiting to surprise you. Tagbilaran, Bohols capital town can be reached by plane or boat from Cebu and Manila. Numerous tourist inns and excellent resorts are found in Tagbilaran and Panglao island. The Beaches of Palawan The exotic beauty of Palawan remains undefiled. Branded as the countrys last frontier, Palawan is a sanctuary to an amazing variety of exotic flora and fauna that are found nowhere else. Palawan is also home to Tubbataha Reef, the only national marine park that made it to the World Heritage List and whose grandeur is comparable to the Great Barrier Reef of Australia. With more than a thousand islands and islets, Palawan boasts of white-sand beaches, scenic rock formations, underwater rivers and magnificent caves. Other well-known attractions include Saint Pauls National Park which boasts of caves that nestle an underground river; El Nido, a world-class resort famous for its awe-inspiring seascape and limestone cliffs; and Calauit island, home of Philippine and African wildlife. Also in Palawan is the primordial island of Busuanga, a perfect starting point for sorties to other nearby islands. In Palawan, each day is promising. The sun rises over the South China Sea and soon everything else sparkles, including the smiles of its people. The Beaches of Glan, Sarangani Glan, the largest town in the Sarangani province, boasts of world-class beach resorts and rich fishing grounds. The terrain of Glan is characterized by flatlands, rolling hills and mountains. Most land areas have been converted to agriculture and fishponds. The town of Glan is bounded on the east by Davao Del Sur, on the north by Malapatan town, on the west by the South China Sea, and on the south by Sarangani Bay. Many foreign and local tourists flock to the area during summer because of its splendid beach resorts. The sorrounding waters, particularly in Gumasa, Baliton and Margus areas are rich fishing grounds. As many as 2,400 species of marine animals have been found in the bay. The dominant catch include yellow-fin tuna, shipjack, and mackerel. Glan can be reached from Manila and Cebu by airplane going to General Santos City and a 45-minute drive from the airport. Subic Bay Subic, the former US naval base in the Philippines, is now a hub for commerce and tourism. Just two-and-a-half hour drive north from Manila, Subic offers a full view of the blue mountain and sea and of the green background of a three-layered virgin forest. Points of interest include the 18-hole Binictican Golf Course and Clubhouse, a white-sand beach, bowling and arcade center,a ship wharf past a restricted forested area, firing ranges, fishing grounds and an area for bungee jumping. Visitors to Subic can take a 12-hour jungle survival course, visit an Aeta tribal village, take a bay cruise, explore the coves, end up at the white-sand beach of Grande Island, engage in water sports, go horseback riding or simply enjoy the scenic view of the sea. Subic Bay is complete with tourism-support facilities that include a marina, a yacht club, hotels, shopping arcades and food shops. It also boasts of an international airport. Anilao Anilao, a resort village in Mabini, Batangas is considered the summer mecca of diving fanatics. The resort offers accommodations and diving facilities, plus the services of training clubs that provide courses on diving. Situated in the southeast area of Batangas province, Anilao may be reached within three hours from Manila through public buses or jeepneys. From Anilao, one can start diving from the shore or go in bancas to nearby islands. Among them is Sombrero (Hat) Island, a marine preserve where sports activities are regulated. Other dive spots in this side of Batangas are Mapating Rock at Maricaban Island, Caban Cove and Layag Layag Point. Puerto Galera Puerto Galera (which means Galleon Port) is one of the most popular beach resorts in the Philippines. A marine reserve, it is endowed with coves, fine sandy beaches and shallow coral reefs ideal for snorkeling. The place can be reached from the port of Batangas City where a ferry service to Mindoro awaits the tourists. Bancas may be hired to go to Escarceo Point, the best dive spot in Puerto Galera. The area offers positive thrills and guaranteed excitement, with its sudden rushes of strong currents and steep slopes which are a favorite gathering place for large pelagic fish. Diving expeditions are usually organized by certified masters on specific dive spots. Hundred Islands Northern Philippines boasts of white-sand beaches in Pangasinan and Ilocandia. Among the best tourist destinations is the Hundred Islands which can be reached from the Pangasinan town of Alaminos, where the lodging accommodations and restaurants are situated. At Hundred Islands, the visitor may rent an island for ones own private beach for a day. Short boat rides take off from the village of Lucap to the Hundred Islands. Beaches stretch along the western coast of Ilocos region. Among the popular beach resorts are Cresta del Mar, Bali Hai, Cabana and the Coconut Grove in La Union province. Ilocos Norte also has fine resorts such as DCoral Beach Resort and Fort Ilocandia. Pools and Resorts Aside from beaches and diving spots, the Philippines also has other beautiful places. You can either take a dip in the refreshing waters of modern resort facilities, feel the gush of volcanic hot springs or just have fun under the waterfalls. Pagsanjan Falls A popular tourist destination, Pagsanjan Rapids and Falls is a series of 14 rapids punctuated by mini-waterfalls on the way to the main falls. Pagsanjan is a small Laguna town which served as the setting for Fracis Ford Coppolas film Apocalypse Now. The terrain towards the main falls offers a lot of exitement. As one negotiates the waterway, the trips becomes wilder, with the river flanked by towering cliffs lush with vegetation. Waters from the Cavinti and Luisiana dams cascade down Pagsanjan Falls and into a segregated part of the river which is about 150 feet deep. Here, one can rent a raft and enjoy riding under the falls. Laguna Resorts Aside from Pagsanjan Falls, Laguna has a lot more to offer. Laguna has one of the Philippines incredibly beautiful countryside sceneries. The province offers a scenic view of a bay, considered as the largest in the country. The towns of Calamba and Los Banos abound with swimming pools and resorts. Many residents of Metro Manila head for these towns during summer. In Calamba, one can proceed to the ancestral house of National Hero Dr. Jose Rizal. The house now serves as a museum and is a repository of Philippine history and culture. Los Banos, on the other hand, is famous for its numerous hot springs. Considered as a flower basket in Luzon, Los Banos produces a wide variety of flowers and other ornamentals. Mt. Makiling, an extinct volcano, stands guard over the town. Hidden Valley Springs Hidden Valley Springs is one of the most popular resorts in Alaminos, Laguna. The valley nestles at the foot of Mt. Makiling, a mystical mountain associated with local myths. A number of springs with hot, cold and soda water, lace a forest of huge fruit trees, tropical shrubs and flowering plants. A concrete path connects the pools and leads to the jungles interior where a waterfall has cut a gorge down the mountainside. The resort has cottages for overnight stay and restaurants. It is an ideal base for visiting the surrounding provincial towns of Laguna and Quezon. Bulacan Resorts Bulacan, a progressive province just north of Manila, offers resort facilities that are generally clean and complete in amenities. The towns of San Jose del Monte, Sta. Maria, Balagtas, Pandi, Malolos, Plaridel and San Miguel boast of resort facilities that draw visitors from Metro Manila and nearby provinces. The rural setting provides a perfect blend of countryside nature and modern facilities for fun and recreation. Among the well known resorts in the province are DJ Paradise Resort in Malolos; Sibul Spring Resort in San Miguel; Grotto Vista in San Jose del Monte; 4k Garden and Lanesca Resort; Latian in Marilao and Villa Christina in Balagtas. Bulacan is just a 30-minute drive from Manila via the North Luzon Tollway or through the Mac Arthur Highway. Villa Escudero Villa Escudero, a coconut plantation village in San Pablo City, was developed by its owners into a tourist destination complete with swimming pools, picnic area, fishing grounds, and modern amenities. Special packages can be arranged to include overnight stay with food and accommodation. The village offers a glimpse of plantation living. The whole area is surrounded by coconut trees and flowering plants. The estate also houses a museum whose collection ranges from fabulous antiquities to kitsch. Bamboo cottages grid a river that flows to a dam where picnickers gather around the tables set up on the water. The village is a one-and-a-half hour drive south from Manila. Puerto Azul Situated on the southern entrance to Manila Bay and opposite Corregidor Island is Puerto Azul, a beach resort that offers a breathtaking sight with all its elegance and mystique. Puerto Azul, a tourists paradise in the outskirts of Ternate town in Cavite, boasts of flowery bushes, verdant hills and forests, blue sea, and fine sand beaches. Here, one can imagine ones self in the Biblical Garden of Eden (a little bit in the modern era, though). The resort complex, which nestles within a 3,300-hectare nature reserve, houses two entities: the Puerto Azul Beach Hotel and the Puerto Azul Beach and Country Club. The club manages a world-class golf course designed by Gary Player and Ron Kirby and completed in 1978. It is now a popular venue for many prestigious championship tournaments. Though Puerto Azul has always been synonymous with golf and the beach, now there are other things that one can do within the complex. Puerto Azul Beach Hotel has, in fact, prepared 30 fun-filled activities which can be done on ones own or with family. Camiguin Island Camiguin Island, known for its lanzones festival, offers white-sand beaches, spring resorts and magnificent caves untouched by industrial development. The island lies off the north coast of Mindanao. Aside from its beaches, Camiguin boasts of spring resorts and waterfalls. The 62-square kilometer island-province has more volcanoes per square kilometer than any other island on Earth. Most famous of the islands seven volcanoes is Mt. Hibok-Hibok whose last eruption was recorded in 1951. Among its popular attractions are the Ardent Spring Resort run by the Philippine Tourism Authority (PTA), the Mt. Hibok-Hibok itself, Santo Nino Cold Spring, Medano Islet, Mantigue Island and the lanzones festival. There are local flights to Camuigin island. Cool Mountains Witness the vast expanse of natures splendor under the spell of cool mountain breeze. A perfect setting for romance or nature tripping, the countrys mountain villages serve as a perfect hideaway from the lowlands summer heat. Baguio City Rising 1,500 meters above the sea, Baguio City enjoys a relatively cool weather throughout the year. On the average, Baguio is at least eight degrees cooler than any place in the lowlands. Not surprisingly, Baguio has become the summer capital of the country. It is awarded with a variety of cultural, historical and scenic attractions which make it an important and interesting destination. As early as March, tourists and locals take the six-hour trek up the zigzagging Kennon Road. Within a mile of the city, the sweet scent of pine trees and flowers already permeate the air. Designed by Daniel Burnham during the American occupation, Baguio City is situated in the midst of pine-covered hills and valleys at the southern end of the Cordillera. Among its popular attractions are the well-manicured lawns of Club John Hay, the Mansion House and the Burnham Park. From Baguio City, one can proceed to the Banaue Rice Terraces, also considered as the eighth wonder of the world. An engineering marvel, this Stairways to the Sky was constructed by hand by the Ifugaos. Tagaytay With an altitude of 2,250 feet above sea level, Tagaytay City enjoys a cool climate all year round. This city perched on a ridge is located in the province of Cavite, some 56 kilometers south of Manila. It overlooks Manila Bay on the north, Taal Lake and Taal Volcano on the south, Laguna Bay on the east and the China Sea on the west. The city is linked to the Metropolitan Manila and the province of Batangas by the Aguinaldo Highway. Among its attractions is the Tagaytay Picnic Grove where one can get an unobstructed view of Taal Volcano, which lies within a lake. Taal Volcano, which rises 406 meters from the lake, is reputedly the worlds smallest volcano. Taal Lake itself is an immense body of water formed when the old crater collapsed and the walls of the larger volcano caved in and sank. A visit to the Volcano Island can be arranged through the Philippine Institute of Volcanology and Seismology in Quezon City which maintains a monitoring station on the island. For visiting tourists, support facilities are readily available in this idyllic city. Tagaytay is the sister city of Las Vegas and Nevada, U. S. A; Tainan City, Taiwan; and Bankstown City, New South Wales, Australia. Sagada This Mountain Province town, situated west of Bontoc, boasts of its cool weather and spectacular sceneries. A pastoral upland valley, Sagada provides an endless expanse of mountain ranges which are clothed by fogs in the early morning. Among its attractions are towering limestone cliffs, subterranean caves and unexplored forests. Some of Sagadas caves remain unconquered. Because of their length and depth, Sagadas natives believe that these caves lead to the center of the Earth. Other sites to visit in Sagada are the Kitongan bottomless pit and underground river, Calvary Hill, Bukong Falls and Alipine Lake Banao. Sagada has accommodation facilities and can be reached by public buses from Banaue in Ifugao province or from Baguio City. Banahaw Another popular destination, specially during the Lent period, is Mount Banahaw, an extinct volcano which rises 2,100 meters above sea level. Banahaw towers over the southeastern towns of Laguna and Quezon. Revered as a mystical mountain, Banahaw has become a sanctuary for different religious cults. Up on Banahaws leafy slopes live members of various religious sects who adhere to what seems to be a mixture of Catholicism, Buddhism, the cabala, animism and other forms of pagan worship. Down below, in the foothill towns, dwell amulet-makers, soothsayers, faith healers, diviners and dedicated UFO watchers. Banahaw comes alive during the Lent when various religious sects re-enact the passion of Jesus Christ. People ascend to Mount Banahaw to experience its cool weather, bathe in its hot springs or simply stand amazed at the sight of natures beauty. Mount Banahaw can be reached from both east and west. From the east, the ascent starts in Lucban, Quezon, while from the west, in Dolores, Laguna. For both climbs, it is advisable to have a guide to ensure a safe trip. Urban Wonders Enchanted Kingdom Thousands of people head south of Manila to spend a day of fun-filled relaxation and adventurous excitement within the American-style walls of Enchanted Kingdom, a 17-hectare world class theme park conveniently located in the outskirts of Sta. Rosa, Laguna. Enchanted Kingdom, a short five-minute ride from the Sta. Rosa Tollgate of South Luzon Expressway, brings the closest version of Disney-type leisure in the country. The theme park, managed and operated by Amtrust Leisure Corporation (ALC), offers educational entertainment tours to students and gastronomic treats to families. The P1. 2-billion park, which has been operating since July 28, 1995 was conceptualized by Landmark Entertainment Group and designed after the Knotts Berry Farm, Americas first amusement theme park located in Buena Park, California. It is a member of the International Association of Amusement Parks and Attractions (IAAPA). As such, it provides visitors with thrilling rides, stunning sights, and wondrous experience. In the words of the Enchanted Kingdom operators, the place is an active mix of thrills, attractions, entertainment, food service, celebrations and shopping set amidst an enthralling place that presents the past and the future, the quaint and the sophisticated, the picturesque and the dazzling in one unique package. Enchanted Kingdom is an aggregate of seven theme zones: Victoria Park, Portabello, Brooklyn Place, Spaceport, Jungle Outpost, Midway Boardwalk, and Boulderville. These zones serve as enclaves to 21 thrilling rides and attractions meant to provide daring visitors with a sense of flight, twist, twirl, and other acrobatic stunts. The rides include the Grand Carousel, Flying Fiesta, Rialto, Space Shuttle, Log Jam, Wheel of Fate, Condor, Up Up and Away, Roller Coaster, Anchors Away, Dodgem, Stone Eggs, Air Pterodactyl, Swan boats, and Bump n Splash. In the near future, the park is set to introduce other exciting rides such as the Kiddie Train Ride and the Rio Loco River Rapid Ride. Aside from the rides, Enchanted Kingdom also charms its visitors with various treats such as the fireworks show every weekend, dance presentation by the parks in-house talents, theater shows, seasonal shows, well-manicured gardens, classic American brownstone facades and establishments, and a variety of characters and mascots led by the Wizard. Manila Rediscover Manila like youve never seen it before. Be charmed by the citys glorious past mirrored by its century-old churches, gallant forts, classic plazas, ancestral edifices, stately museums, and historic monuments. At the same time, relish the beauty of a modern city rising from the ruins of yesteryears. Beyond Manilas busy streets and crowded commercial centers lie festive joints that celebrate life. The Old City Manila, which was named after a white-flowered mangrove plant called nilad, was a tiny Malay settlement along the Pasig River ruled by Rajah Sulayman in the 16th century. The Spanish colonizers moved the capital of the Philippines from Cebu to Manila in 1571. They built the walled city of Intramuros, which for the next 300 years, was to become the nerve center of the Spanish rule. Intramuros was the political and commercial center of the Spanish regime. From this walled city, the Spaniards extended their cultural and religious influences to the different parts of the country. They built churches, Catholic-run schools and universities, government buildings, and magnificent artifices, which reflect the Castilian architecture. At the turn of the century, the Americans came and ruled the Philippines for 50 years. They introduced their own architecture, language, education and system of governance. During this period, Manila underwent a facelift. A blend of American and Spanish influences gave way to a new Manila, which was to evolve into a giant urban area known as Metro Manila. Today, Metro Manila is an aggregate of 10 cities and seven municipalities. Intramuros Among the popular attractions in Metro Manila are Intramuros, Rizal Park, Binondo, Malacanang, Malate, the CCP Complex, Nayong Pilipino, Ayala Avenue, the Fort, Ortigas Center, Quezon Memorial Circle, and countless bars and restaurants scattered around the metropolis. Traces of the Spanish influence still loom in Intramuros. A tour of this landmark will provide the visitors a deeper understanding of Manilas rich heritage. Intramuros protects within its walls a number of national treasures like the Fort Santiago (once a prison for revolutionary Filipinos, now a peaceful park-cum-museum), San Agustin Church (the oldest structure in the country with its Baroque interiors and trompe loeil murals), Manila Cathedral (a magnificent architectural feat with its intricate stone carvings, stained glass mosaics, and rosette windows), Casa Manila (a former colonial house and now a museum of national relics), and San Juan de Letran school. Intramuros has been restored for the tourists. Today, it houses a museum, art galleries, an open-air theatre, fine restaurants, craft shops and souvenir stalls. It also keeps a park lush with tropical flora and homing pigeons. The park, Puerto Real, is the venue of Saturday musical performances during dry months. Rizal Park Just beside Intramuros is Rizal Park, a 60-hectare conglomerate of gardens, historical markers, plazas, an artists sanctuary, a 1913 bronze monument of Jose Rizal, a grand stadium, an observatory, an open-air concert hall, a light-and-sound theatre, restaurants, food kiosks and playgrounds, with dozens of fountains. Fronting the northwest side of the park is Manila Hotel, whose lobby is one of the most imposing in the world. Along the parks bayside, tourists can have an unobstructed view of the fabled Manila Bay sunset. A five-minute walk from Rizal Park is the National Museum, the official keeper and guardian of the countrys cultural, historical and natural heritage. It houses the representative works of the National Artists, as well as the renowned paintings of Felix Resurreccion Hidalgo and Juan Luna. It puts on display some prehistoric finds, including the Tabon skullcap, pottery, ceramics and other artifacts from China and Indochina and remnants of pre-Hispanic boats that brought Malay immigrants to the Philippines dating to about 1250. Other establishments worth visiting in the area are the Metropolitan Theater and the National Library. Binondo Area Across the Pasig River from Intramuros is the Binondo area, home of Chinatown. The district is filled with all things Chinese from Peking duck and Buddhist temples to gold watches, snake soup, and wonder herbs. The high chords of Chinese songs and the permeating smell of incense complete the uniquely Chinese ambiance. It is said that this quaint district was already a hub of Chinese commerce even before the Spaniards came in 1571. In particular, Ongpin offers a lot of variety: restaurants, pet shops, bakeries, grocery stores, jewelers, traditional medicine shops, acupuncture clinics, kung-fu schools, and mahjong parlors. Ongpin leads to Plaza Santa Cruz, which is where Rizal Avenue curves to meet the MacArthur Bridge. Escolta, now a shadow of its former self, leads off from here. The plaza is dominated by Santa Cruz Church. Malacanang From Escolta, one can proceed to the San Miguel district, known for its Spanish-style houses and the Malacanang Palace, seat of the Philippine government. This ornate Spanish colonial palace, with its arches and balconies, was built as a private country house in the late 18th century and purchased by the government in 1825. At first the governor-generals summer residence, it became his permanent residence in 1863, after the Palacio Real in Intramuros was destroyed by an earthquake. In 1986, the palace museum was opened for the public. Visitors are advised to call first. The telephone number is 521-2307. The CCP Complex The Cultural Center of the Philippines (CCP) Complex is the arts center of the country. Located along Roxas Boulevard in Pasay City, this is the premier venue for ballet presentations, concerts, stage plays, performances, exhibits and trade fairs. Inaugurated in 1969, the CCP comprises a fine concert hall seating 2,000 plus an intimate 400-seat theater as well as a library, museum, art gallery, and an upscale restaurant. The lobby is opulent, with marble floors, curving staircases, and glass and kapis-shell chandeliers. Also within the complex is the Coconut Palace, an architectural wonder made from the coconut tree mixed with other indigenous material. The Philippine International Convention Center (PICC), the Product Design and Development Center, the Folk Arts Theater, Philippine Center for International Trade and Exhibitions (PHILCITE), Westin Philippine Plaza Hotel and Manila Film Center are also found here. Beside the CCP Complex is the World Trade Center, while fronting it is the Bangko Sentral ng Pilipinas (BSP) building. The BSP houses two museums: the Money Museum, which showcases excavated antique gold jewelry and the Metropolitan Museum, a repository of classic Filipino paintings and a host of rotating international art exhibitions. Roxas Boulevard is also lined up by de-luxe and standard hotels, lively nightclubs, and the Cuneta Sport Center, home of the Philippine Basketball Association (PBA). Parks and Zoos From the CCP complex, one can proceed to Nayong Pilipino. This 32-acre theme park is also just a 10-minute drive from the Ninoy Aquino International Airport (NAIA). The park features scaled-down replicas of the countrys top tourist destinations such as Mayon Volcano, the Banaue Rice Terraces and the Chocolate Hills. A smaller park, which offers a venue for relaxation is also within close distance. The Paco Park, which was built as a cemetery in 1820, is now a frequent site of mini-concerts and musical performance by the countrys finest artists. The park is surrounded by trees and plants, which are properly identified. Behind the park is the Paco Hong Giarn Taoist Temple. Nearby are the New Swiss Inn, with bar, restaurant, and delicatessen, and the Park Hotel, with lounge, restaurant, and swimming pool. Not far from the area is the Manila Zoo on Adriatico street. Manila Zoo, the countrys largest and oldest, hosts international and indigenous animal species such as the Tamaraw and Philippine crocodile. It is open everyday from 8 a. m. to 6 p. m. The northern part of Metro Manila takes pride in maintaining two animal sanctuaries, Parks and Wildlife Nature Center and the Malabon Zoo. The former, located at the corner of Quezon Ave. and the Elliptical Road in Quezon City serves as the protection center for exotic animals confiscated from smugglers and illegal collectors. A stones throw away is the Quezon Memorial Circle, a park noted for its 30-meter-high monument of former President Manuel Quezon. Its underground chambers house the Quezon City Museum and Art Gallery. The Malabon Zoo and Aquarium, located along Gov. Pascual Avenue in Potrero, Malabon also has a collection of interesting fish and animals. It is open everyday from 8 a. m. to 5:30 p. m. In Makati City, an air-conditioned zoo at the Glorietta mall is frequently visited by parents and their small children. The area also has a small playground. Commercial Districts South of Manila is Makati City, considered as the financial capital of the country. Along Ayala Avenue rise modern skyscrapers, which are home to multinational companies, foreign embassies and local banks. The trendiest leisure spots hotels, restaurants, bars, music lounges, fashion boutiques and department stores converge around the sleek Ayala Center. Across EDSA is the posh subdivision of Forbes Park, home of the countrys rich and famous. One area that now competes with Makati in terms of its modern architectural landscape is the Ortigas Center between Mandaluyong City and Pasig City. Home to the Asian Development Bank (ADB), it is also the site of three of the countrys richest shopping malls SM Megamall, Robinsons Galleria, and Shangri-la EDSA Plaza. Also within Ortigas is the striking leisure enclave, Saint Francis Square, with its fine restaurants and fashionable music lounges. Suburbs The town of San Juan, just next to Manila, boasts of its large mansions and modern houses. It is home to some of the richest Filipinos, including the present president. Quezon City is the site of many government installations, leading universities, and television stations. Marikina City, on the other hand, is considered as the shoe capital of the Philippines. It takes pride in having maintained a clean river, planked by greens. Las Pinas City in the southern part of Metro Manila has retained much of its provincial appeal. Its main attraction, however, is the world-famous bamboo organ, found in the towns picturesque Catholic church. The centuries-old musical instrument was constructed between 1792 and 1819. It has 174 bamboo pipes, 122 horizontal reeds of soft metal, a five-octave keyboard, and 22 stops arranged in vertical rows. The church is open daily except Sunday morning. Best Buys As a shopping haven, Metro Manila offers almost all kinds of products, from the most fashionable to the rarest items. And they can be found almost anywhere, in the most luxurious department stores as well as in small bargain shops. Depending on the travelers budget, there is always a place where one can find the best buys. The giant shopping malls, SM, Robinsons, Glorietta, Shangri-la, and Rustans, carry most of the well-known international labels. They also have stores, which sell the best of Filipino products. Unique souvenirs are being sold at Silahis in Intramuros, and SM Department Store, Makati Commercial Center and Landmark in Makati City. The best place to search for Philippine handicrafts are Ilalim ng Tulay Market on Carlos Palanca Street, and the handicraft stalls at Nayong Pilipino. For antique collectors, the best spots to visit are Padre Paura, Ermita and Intramuros. Attractive buys are also available in the metros flea markets, such as Quiapo, Tutuban and Divisoria in Manila and Baclaran in Paranaque. Bargain-hunters will surely have a feast while picking from the widest collection of fabrics, RTWs, home furnishings, bags, shoes, watches, handicrafts, office supplies and other interesting items.

The Compromise of 1850 Delayed the Civil War 10 years

The Compromise of 1850 Delayed the Civil War 10 years The Compromise of 1850 was a set of bills passed in Congress which tried to settle the issue of slavery, which was about to split the nation. The legislation was highly controversial and it was only passed after a long series of battles on Capitol Hill. It was destined to be unpopular, as just about every part of the nation found something to dislike about its provisions. Yet the Compromise of 1850 served its purpose. For a time it kept the Union from splitting, and it essentially delayed the outbreak of the Civil War for a decade. The Mexican War Led to the Compromise of 1850 As the Mexican War ended in 1848, vast stretches of land acquired from Mexico were going to be added to the United States as new territories or states. Once again, the issue of slavery came to the forefront of American political life. Would new states and territories be free states or slave states? President Zachary Taylor wanted California admitted as a free state, and wanted New Mexico and Utah admitted as territories which excluded slavery under their territorial constitutions. Politicians from the South objected, claiming that admitting California would upset the balance between slave and free states and would split the Union. On Capitol Hill, some familiar and formidable characters, including Henry Clay, Daniel Webster, and John C. Calhoun, began trying to hammer out some sort of compromise. Thirty years earlier, in 1820, the U.S. Congress, largely at the direction of Clay, had tried to settle similar questions about slavery with the Missouri Compromise. It was hoped that something similar could be achieved to lessen tensions and avoid a sectional conflict. The Compromise of 1850 Was an Omnibus Bill Henry Clay, who had come out of retirement and was serving as a senator from Kentucky, put together a group of five separate bills as an omnibus bill which became known as the Compromise of 1850. Clays proposed legislation would admit California as a free state; allow New Mexico to decide whether it wanted to be a free state or slave state; enact a strong federal fugitive slave law, and preserve slavery in the District of Columbia. Clay tried to get the Congress to consider the issues in one general bill, but couldnt get the votes to pass it. Senator Stephen Douglas became involved and essentially took the bill apart into its separate components and was able to get each bill through Congress. Components of the Compromise of 1850 The final version of the Compromise of 1850 had five major components: California was admitted as a free state.Territories of New Mexico and Utah were given the option of legalizing slavery.The border between Texas and New Mexico was fixed.A stronger fugitive slave law was enacted.The slave trade was abolished in the District of Columbia, though slavery remained legal. Importance of the Compromise of 1850 The Compromise of 1850 did accomplish what was intended at the time, as it held the Union together. But it was bound to be a temporary solution. One particular part of the compromise, the stronger Fugitive Slave Act, was almost immediately a cause of great controversy. The bill intensified the hunting of slaves who had made it to free territory. And it led, for example, to the Christiana Riot, an incident in rural Pennsylvania in September 1851 in which a Maryland farmer was killed while trying to apprehend slaves who had escaped from his estate. Disassembling the Compromise The Kansas-Nebraska Act, legislation guided through Congress by Senator Stephen Douglas only four years later, would prove even more controversial. Provisions in the Kansas-Nebraska Act were widely disliked as they repealed the venerable Missouri Compromise. The new legislation led to violence in Kansas, which was dubbed Bleeding Kansas by the legendary newspaper editor Horace Greeley. The Kansas-Nebraska Act also inspired Abraham Lincoln to become involved in politics again, and his debates with Stephen Douglas in 1858 set the stage for his run for the White House. And, of course, the election of Abraham Lincoln in 1860 would inflame passions in the South and lead to the secession crisis and the American Civil War. The Compromise of 1850 may have delayed the splitting of the Union many Americans feared, but it couldnt prevent it forever. Sources and Further Reading Ashworth, John. Slavery, Capitalism, and Politics in the Antebellum Republic: Volume 1 Commerce and Compromise, 1820–1850. Cambridge: Cambridge University Press, 1995.Hamilton, Holman. Prologue to Conflict: The Crisis and Compromise of 1850. Lexington: The University Press of Kentucky, 2005.Waugh, John C. On the Brink of Civil War: The Compromise of 1850 and how it Changed the Course of American History. Books on the Civil War Era 13. Wilmington, Delaware: Scholarly Resources Inc., 2003.

USS Minnesota (BB-22) in the Great White Fleet

USS Minnesota (BB-22) in the Great White Fleet USS Minnesota (BB-22) - Overview: Nation: United States Type: Battleship Shipyard: Newport News Shipbuilding Drydock Company Laid Down: October 27, 1903 Launched: April 8, 1905 Commissioned: March 9, 1907 Fate: Sold for scrap, 1924 USS Minnesota (BB-22) - Specifications Displacement: 16,000 tons Length: 456.3 ft. Beam: 76.9 ft. Draft: 24.5 ft. Speed: 18 knots Complement: 880 men Armament 4 Ãâ€" 12 in./45 cal guns8 Ãâ€" 8 in./45 cal guns12 Ãâ€" 7 in./45 cal guns20 Ãâ€" 3 in./50 cal guns12 Ãâ€" 3 pounders2 Ãâ€" 1 pounders4 Ãâ€" 21 in. torpedo tubes USS Minnesota (BB-22) - Design Construction: With construction beginning on the Virginia-class (USS Virginia, USS Nebraska, USS Georgia, USS , and USS ) of battleship in 1901, Secretary of the Navy John D. Long consulted the US Navys system of bureaus and boards for their input regarding the design of capital ships. While their thoughts centered on equipping the next class of battleships with four 12 guns, energetic debate continued over the types secondary armament. Following extensive discussions, it was decided to arm the new type with eight 8 guns placed in four waist turrets. These were to be supported by twelve rapid-fire 7 guns. Achieving a compromise with this armament, the new class pushed forward and on July 1, 1902 approval was received for construction of two battleships, USS Connecticut (BB-18) and USS (BB-19). Dubbed the Connecticut-class, this type would ultimately comprise six battleships. Laid down on October 27, 1903, work commenced on USS Minnesota at the Newport News Shipbuilding Drydock Company. Less than two years later, the battleship entered the water on April 8, 1905, with Rose Schaller, the daughter of a Minnesota state senator, acting as sponsor. Building continued for nearly two years before the ship entered commission on March 9, 1907, with Captain John Hubbard in command. Though the US Navys most modern type, the Connecticut-class was made obsolete that December when British Admiral Sir John Fisher introduced the all-big gun HMS Dreadnought. Departing Norfolk, Minnesota steamed north for a shakedown cruise off New England before returning the Chesapeake to take part in the Jamestown Exposition that April to September. USS Minnesota (BB-22) - Great White Fleet: In 1906, President Theodore Roosevelt became concerned about the US Navys lack of strength in the Pacific due to the increasing danger posed by Japan. To demonstrate to the Japanese that the United States could easily switch its main battle fleet to the Pacific, he directed that a world cruise of the countrys battleships be planned. Dubbed the Great White Fleet, Minnesota, still commanded by Hubbard, was directed to join the forces Third Division, Second Squadron. Both the flagship of the division and squadron, Minnesota embarked Rear Admiral Charles Thomas. Other elements of the division included the battleships USS Maine (BB-10), USS Missouri (BB-11), and USS Ohio (BB-12). Leaving from Hampton Roads on December 16, the fleet sailed south through the Atlantic and made visits to Trinidad and Rio de Janeiro before reaching Punta Arenas, Chile on February 1, 1908. Passing through the Straits of Magellan, the fleet cruised in review off Valparaiso, Chile before making a port call at Cal lao, Peru. Departing on February 29, Minnesota and the other battleships spent three weeks conducting gunnery practice off Mexico the following month. Making port at San Francisco on May 6, the fleet paused in California for a short time before turning west for Hawaii. Steering southwest, Minnesota and the fleet arrived at New Zealand and Australia in August. After enjoying festive and elaborate port calls, which included parties, sporting events, and parades, the fleet moved north to the Philippines, Japan, and China. Concluding goodwill visits in these countries, Minnesota and the fleet transited the Indian Ocean and passed through the Suez Canal. Arriving in the Mediterranean, the fleet divided to show the flag in numerous ports before rendezvousing at Gibraltar. Reunited, it crossed the Atlantic and reached Hampton Roads on February 22 where it was greeted by Roosevelt. With the cruise over, Minnesota entered the yard for an overhaul that saw a cage foremast installed. USS Minnesota (BB-22) - Later Service: Resuming duty with the Atlantic Fleet, Minnesota spent much of the next three years employed off the East Coast though it did make one visit to the English Channel. During this period, it received a cage mainmast. In early 1912, the battleship shifted south to Cuban waters and in June aided in protecting American interests on the island during an insurrection known as the Negro Rebellion. The following year, Minnesota moved to the Gulf of Mexico as tensions between the United States and Mexico increased. Though the battleship returned home that fall, it spent much of 1914 off Mexico. Making two deployments to the area, it helped support the US occupation of Veracruz. With the conclusion of operations in Mexico, Minnesota resumed routine activities off the East Coast. It continued in this duty until being moved to the Reserve Fleet in November 1916. USS Minnesota (BB-22) - World War I: With the US entry into World War I in April 1917, Minnesota returned to active duty. Assigned to Battleship Division 4 in the Chesapeake Bay, it commenced operations as an engineering and gunnery training ship. On September 29, 1918, while conducting training off Fenwick Island Light, Minnesota struck a mine which had been laid by a German submarine. Though no one on board was killed, the explosion caused substantial damage to the battleships starboard side. Turning north, Minnesota limped to Philadelphia where it underwent five months of repairs. Emerging from the yard on March 11, 1919, it joined the Cruiser and Transport Force. In this role, it completed three trips to Brest, France to help return American servicemen from Europe. Completing this duty, Minnesota spent the summers of 1920 and 1921 as a training ship for midshipmen from the US Naval Academy. With the end of the latter years training cruise, it moved into reserve before being decommissioned on December 1. Idle for the next three years, it was sold for scrap on January 23, 1924 in accordance with the Washington Naval Treaty. Selected Sources DANFS: USS Minnesota (BB-22)NHHC: USS Minnesota (BB-22)NavSource: USS Minnesota (BB-22)