Corporation Chapter 7 Bankruptcy

By the early fall of 2008, the shaky situation of America’s financial system and economy was becoming increasingly apparent. After Lehman Brothers, a well respected 158 year old firm made the largest Chapter 11 bankruptcy filing in US History, even President George W Bush described the events as “painful” in a Rose Garden Speech. It hasty became apparent that in order to prevent more financial firms from collapsing, especially American International Group (AIG) and Citigroup, government support would be necessary. The government support eventually came from the Emergency Economic Stabilization Act of 2008, with the primary vehicle for propping up the at risk institutions being the Troubled Asset Relief Program (TARP), which was administered by the treasury.

Although the final version of the Emergency Economic Stabilization Act of 2008 passed in the Senate by a vote of 74 to 21 (with both then presidential contenders Obama and McCain supporting it) and in the House by a vote of 263-171, on October 1 – October 3 of 2008, the bill failed to pass on the first vote in late September. A large reason the Emergency Economic Stabilization Act failed to pass the house on September 29, 2008 (causing a 700 point + plunge in the Dow Jones Industrial Average the next day) was the debate over moral hazard. Moral hazard, according to the Wall Street Journal, creates “the tendency to occupy on more risk because (government) help is likely if a scheme tanks”. In other words, the factual hazard of bailing out a bank creates a situation where, in the future, a financial institution that believes it will get bailed out if things go wrong is more likely to retract more risk, possibly leading to more bailouts in the future. On the other side of the debate over the Emergency Economic Stabilization Act of 2008 was the understanding of Too Big to Fail, which, according to the Federal Reserve Bank of Atlanta means a firm has such influence “on financial stability and the valid economy” that allowing it to fail would create further crisis in the economy.

While Too Big to Fail and Upright Hazard were pitted against each other during the 2008 debate over how (or if) to rescue the financial system, there are elements of truth in both of them, and both raise issues that need to be addressed. There certainly are Moral Hazards in practicing Too Ample To Fail. Too Big To Fail is not a new concept, although its importance has certainly been elevated to novel heights. It was practiced during the Great Depression when “Roosevelt signed the Banking Act of 1933 [sic], which created the Federal Deposit Insurance Corporation, and a ‘temporary’ deposit insurance fund” (Moyer). Despite (or because) the practice was used then, and then again in another gain during the Continental Illinois bank liquidity crisis of 1984, it was necessary to spend it again in 2008. Moral Hazard is a problem that must be addressed – after one bailout, an expectation has been created, and history shows that the expectation does indeed lead to future bailouts. However, while Moral Hazard is an important problem, it alone doesn’t solve the problem of what to do when a bank is indeed Too Big to Fail. For example, during the financial crisis of 2008, Citigroup had FDIC insured deposits of at least $126 billion, according to Portfolio.com. On the other hand, the total cost of TARP is now estimated to be $89 billion, according to a April 2010 Reuters article. So, the cost of allowing Citigroup to fail and then paying out FDIC insurance would be more than the cost of rescuing it, AIG, and saving the entire financial system from further damage.

Since there are financial firms that are Too Big to Fail (letting Citigroup fail – not counting the enormous ripple effects, would cost more than saving it), and since Moral Hazard is an equally real problem, the most important discussion is not whether to avoid Moral Hazard or save banks that are Too Tall to Fail, but on how to either prevent banks from becoming Too Big to Fail or prevent banks that are Too Big to Fail from taking risks that could cause them to fail. Conception how to prevent firms that are Too Big to Fail from reaching the precipice requires understanding what lead to the last financial crisis.

The main causes of the last financial crisis were the sub-prime mortgages and the culture that encouraged them, as well as the risky dealing on Wall Street based on the bundles of sub-prime mortgages (underestimating risk). With articles appearing in magazines as prominent as Time in September 2006 titled, “Does God Want You To Be Rich? ” and the growth of what the Atlantic Magazine termed the “prosperity gospel” found in many mega-churches, coupled with Bush’s Ownership Society that he championed during the 2004 re-election campaign (Karabell), more and more Americans were encouraged to buy houses, at record prices during a housing bubble, that they could not afford. Their mechanism for purchasing them was often sub prime mortgages – essentially adjustable rate mortgages that required little or no down payment and that did not require a strong credit history or extensive income checks by banks. So, the first part of the jam was making too many of these risky loans in the first place. The second part of the problem was how the financial industry dealt with sub prime mortgages once they were made. The financial industry never correctly recognized the high degree of risk associated with the loans. According to Thomas Friedman in his book, Hot, Flat, and Crowded, “After 2005, subprime mortgages went from 2 percent to 95 percent of the consumer loan packages that AIGFP (Financial Products) was guaranteeing, without maintaining anywhere near the capital to cover them if there were widespread defaults” (Friedman 16). In 2007, an AIG executive told shareholders on a conference call that, “It is hard for us, without being flippant, to even see a scenario within any kind of realm of reason that would stare us losing $1 on any of those transactions (the supposedly safe bundled sub-prime mortgages)”.

So, the last financial crisis was caused mostly by underestimating risk (hence the firms that were Too Big To Fail taking to much of it) and making what in hindsight seem to be reckless bets (believing that sub-prime mortgages were very score investments). The key question is how government regulators can ensure that, in the future, risks are held at adequate levels so that the dilemma between Moral Hazard and Too Big To Fail doesn’t occur in the first place. The financial reform bills working their intention through Congress are a start. Among other things, the Senate Bill, according to a May 21, 2010 Wall Street Journal article, establishes, “a new council of ’systemic risk’ regulators to monitor growing risks in the financial system”, “empowers the Federal Reserve to supervise the largest, most complex financial companies to ensure that the government understands the risks and complexities of firms that could pose a risk to the broader economy” and “allows the government … to seize and liquidate a failing financial company in a blueprint that protects taxpayers from future bailouts”. There is no doubt that after the last of many financial crises, government financial regulators need more power. This bill will give them the jaws they need to grow teeth, but only time will tell if the teeth they grow will be sharp enough, large enough, and strong enough to prevent the next financial crisis before it becomes an unsolvable dilemma between banks that are Too Big To Fail and reinforcing Moral Hazards.

The last financial crisis was one in a string of crises that pitted “Too Great To Fail” against “Moral Hazard”. Those claiming that banks were Too Immense To Fail claimed that the damage to the financial system would be too great not to prop up failing firms. Opponents of this approach claim that it leads to a vicious cycle where, since expectations of a future bailout are set by the last one, there is an endless expose of ample firms taking wild risks, leading to a situation where gains are privatized and losses are socialized. Both of these assertions are legitimate, grounded in facts, and hold relevant truth that should not be ignored. By the time a firm is in grief, Too Big To Fail, and the resulting Moral Hazard comes into play, no pleasurable options are left and stakeholders and policy makers are left to choose between the least of two evils (a bailout), almost guaranteeing a future one. While the unique financial reform legislation in Congress is a commence, there is no way to tell yet whether regulators will rise to the challenge. The only workable long term solution that does not cause short term afflict or a very negative long term precedent is vigilant and aggressive regulation so that large financial institutions don’t reach the precipice.

Sources

Branigin, William. “Bush: Economy Strong Enough to Handle Turmoil.” Washignton Post Web. 15 Sep 2008.

Friedman, Thomas. Hot, Flat, and Crowded. 2nd. New York: Picador, 2009. 16. Print.

Gaffen, David, and Annelena Lobb. “The ‘Moral Hazard’ of Being ‘Too Big To Fail’.” Wall Street Journal 10 July 2008: Web. 24 May 2010.

Hitt, Greg. “Senate Passes Finance Bill.” Wall Street Journal 21 May 2010: Web. 24 May 2010.

Karabell, Zachary. “End of the ‘Ownership Society’.” Newsweek 11 Oct 2008: Web. 24 May 2010.

Moyer, Charles. “‘Too colossal to fail’”: rationale, consequences, and alternatives – banking.” Findarticles.com. FindArticles, Jul 1992. Web. 24 May 2010.

Rosin, Hanna. “Did Christianity Cause the Crash? .” Atlantic 10 Dec 2009: Web. 24 May 2010.

Salmon, Felix. “Citi’s Achilles Heel: Foreign Depositors.” Portfolio.com 14 Nov 2008: Web. 24 May 2010.

“U.S. bailout cost seen lower at $89 billion: report.” Reuters 12 Apr 2010: Web. 24 May 2010.

Van Biema, David. “Does God Want You To Be Rich? .” Time 10 Sep 2006: Web. 24 May 2010.

Wall, Larry. “Too Big to Fail: No Simple Solutions.” Center for Financial Innovation and Stability. Federal Reserve Bank of Atlanta, Apr 2010. Web. 24 May 2010.

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Filed under Corporation Chapter 7 Bankruptcy by on . Comment#

“You can’t run away from exertion. There ain’t no place that far.”

- Song of the South

These wise words of Uncle Remus are seemingly forgotten by the Walt Disney Company, the company that produced Song of the South but now disowns the film. The film, based on Joel Chandler Harris’ Uncle Remus tales, is shunned because of the racial stereotypes and dialects it projects. If one would look past those foibles, they would observe the enduring merit of the tales of Brer Rabbit, as told by Uncle Remus.

Originally released in 1946, Song of the South was one of America’s most popular movies of the time. Nevertheless, the stereotypical depictions of blacks within the film made it one of the most controversial films to ever be made, although it did win an Oscar for “Best Song” (“Zip-A-Dee-Do-Da”) (Brash 278).

There was still no lack of protest for the film. “At the film’s New York premiere in Times Square, dozens of dismal and white pickets chanted, ‘We fought for Uncle Sam, not Uncle Tom,’ while the NAACP called for a total boycott of the film, and the National Negro Congress called on black people to ‘run the picture out of the region” (Snead 93). So, people were obviously upset, despite the commercial success of the film.

Walt Disney finally decided to do Song of the South into the depths of the infamous “Disney Vault in 1958 (Dictionary of Literary Biography). However, in would not be the last time.

Sometime after this, the film was released again, only to be “‘permanently’ withdrawn’” in 1970. This statement also proved to be contrary, though, and Song of the South was re-released and re-withdrawn several more times (Sperb 78). No matter how many times Song of the South has been withdrawn from the North American audience, though, it has almost constantly been available in other parts of the world. Several countries have released the film on home video, and it is often broadcast on television in England (Weinman).

When asked in 2006 whether Disney would ever release Song of the South on DVD, Robert Iger, current chairman of the Disney Corporation, said no. He directly stated, “owing to the sensitivity that exists in our culture…we made the decision not to re-release it”. However, this year, Iger seems to be reconsidering. “We’ve decided to take a look at it again because we’ve had numerous requests about bringing it out”, he states (Weinman).

Many people at the time of the release of this film were also discouraged about Harris’ original stories. Song of the South seemed simply to be a reminder of what was offensive in the original Uncle Remus tales. An African-American magazine, called Ebony, made the following editorial statement in 1947:

[The film] is as anti-Negro as the Uncle Remus Stories upon which it was based…James Baskett…is an Uncle Tom Aunt Jemima caricature complete with all the fawning equipment thereof…[Song of the South is] like other films, books and plays that hearken back to the dead era of slavery and report a chapter in the Negro’s past in a way that tends to ridicule and lower his standing in the community.” (Elkin)

Joel Chandler Harris himself, in regard to his Uncle Remus tales, always seemed shy about reading his stories in public. He also wouldn’t consume credit for the works often times (Moore). It seems that, no matter where these tales go or how they are portrayed, they are frowned upon in some way or another. “Uncle Remus is a controversial figure who suggests that blacks lived in crude poverty, but were nonetheless happy and content alongside their customary owners” (Sperb).

In response to this, Disney decided to strip the Brer Rabbit tales of their whimsical narrator, Uncle Remus, and present them without racial stereotype. The result of this was Disneyland’s “Splash Mountain”. This ride takes guests through the story of Brer Rabbit, without ever once mentioning Uncle Remus. This may have caused more problems than it solved.

According to Weinman, “keeping Song of the South out of circulation may have caused Disney even more trouble…legend has arisen that the film is some kind of white-supremacist movie, a suppressed example of Walt Disney’s racism…because they can’t glance it, they’ve inflated it into a negative legend on a par with Disney’s serve for facism, or his frozen head.” So, because of political correctness, Disney’s Song of the South may be stirring up more controversy than it actually deserves. Sure, there are racial stereotypes in this film, but they are justified and needed to help along the moral implications of the story.

The NAACP claimed in 1946 that Song of the South “perpetuates the impression of ‘an idyllic master-slave relationship’ in the South” (Sperb). However, the NAACP does not have a current official stance regarding the film. This may be because Disney has been active in trying to cover up their offensive tracks with the NAACP.

The Walt Disney Company was one of many sponsors in the NAACP 98th Annual Convention (NAACP). These kinds of accusations mostly come from the fact that Uncle Remus seems to be an conventional slave who has nothing better to do than to tell stories. Perhaps that’s true.

Harris stated that Uncle Remus was “a human syndicate…of three or four worn darkies whom I had known” (Ritterhouse). If this is the case, then Harris was simply saying things the intention he saw them, even though his view may have been flawed.

Uncle Remus’ dialect is rather rustic. For example, here is the beginning of one of Uncle Remus’ stories of Brer Rabbit:

One day atter Brer Rabbit fool ‘im wid dat calamus root, Brer Fox went ter wuk en got ‘im some tar, en mix it wid some turkentime, en fix up a contrapshun w’at he call a Tar-Baby, en he tuck dish yer Tar-Baby en he sot ‘er in de big road, en den he lay off in de bushes fer to recognize what de news wuz gwine ter be (Harris 6).

This sort of dialect can certainly be degrading, but Harris was trying to maintain the authenticity of these tales. Since he heard these tales in a dialect such as this, it was only natural for him to repeat such a dialect in his writing. As such, it is also natural for Disney to repeat this same dialect pattern when making the film.

The controversy is not all about Uncle Remus, though. The characters that Uncle Remus tells about also “speak in a pidgin dialect” (Weinman). These characters can be hard to understand sometimes, but these stereotypes were mild for the 1940’s.

Children who read Harris’ tales also seemed to identify better with Brer Rabbit and the other animals than with uncle Remus himself. Lewis Killian, who was a white Georgian and grew up in the 1920’s, states that “Uncle Remus was simply a wonderful storyteller; his characters and their exploits were of first importance” (Ritterhouse). So, if this is true, Uncle Remus’ stereotypical dialect and mannerisms should not even pose a problem to the general public.

There is one particular narrative in Song of the South which has enraged many people. This story is about Brer Rabbit and the Tar-Baby. As the story goes, Brer Rabbit is hopping along one day saying, “How d’you do? ” to everyone he passes. In return, he gets from everyone a “Fine, how are you? ” in response. Everyone, that is, except the Tar-Baby, which is a literal figure made of tar, put in status by Brer Fox to ensnare Brer Rabbit. So, insulted by his lack of response to his greeting, Brer Rabbit starts a fist fight with the Tar-Baby and is soon hopelessly stuck in the tar.

Many critics justify this story as meaning that all blacks are rude and will not return a “How d’you do? ” As Sperb puts it, “The cultural implications of…the rudeness and the worry of the black figure…would not be lost on many” (Sperb). However, it is clear, when one watches the scene objectively, that hurry had nothing to do with this confrontation.

The tar was necessary in order to snare Brer Rabbit. Tar just so happens to be black. The only reason Brer Rabbit attacks the Tar-Baby is because he is grievous to him, not because he is black.

All in all, Harris’ stories, along with Disney’s adaptation of them, have endured some pretty harsh criticism. W. Fitzhugh Brundage states that these stories provide “crucial ideological ballast for white supremacy by rooting the contemporary racial hierarchy in a historical narrative and in a manner that naturalized it” (Ritterhouse). By causing Uncle Remus and the characters in his stories to speak in a racially stereotypical dialiect, it is supposed that a message is being brought across that blacks needed to remain inferior, even after the Civil War ended.

No matter what critics thought the chosen dialects and stories meant, to Harris it was quite simple. He was trying to give Northerners a clear picture of what it was like to grow up in the South. Of course, his view would differ from anyone else’s belief, but that is to be expected.

He was just telling his own perceptions. Many white Southerners sympathized with these stereotypical views of black slaves as they remembered them. Ritterhouse states, “…the emotions white southerners remembered and were imaginatively recreating through Harris’ stories might have been real and powerful even if the blacks who figured in those memories had never shared their sentiments.” So, although it is unlikely that the true “Uncle Remuses” of the world felt the same for their white owners and stale owners as Harris’ Remus did, the white children who grew up around someone like Uncle Remus certainly felt affection for him.

The real concern enters when we consider the effect of these stories on the children listening to them. Those white children who grew up around Uncle Remus type characters already had those memories. They were just refreshed by Harris’ stories. Their children, however, only knew of this type of subservience and slavery from these stories. “…these stories not only validated adults’ racial views but reinforced lessons in white supremacy that white southern children also learned from the entire separate and unequal world around them” (Ritterhouse).

Despite the implications that come along with using the specific dialect that Harris and Disney use to sing these stories, this specific dialect is necessary. Brasch states that “American Unlit English should not be bastardized by professional writers in order to justify not only cheap humor but their own sense of intellectual superiority” (151). On the contrary, this was the way these stories were told when Harris and the other white children of the time heard them, and so they should be recorded that way. Prettying up the language would only insult the black bustle by implying that the speech of their predecessors was too simple to voice these tales.

Also, the dialect Harris used in telling these stories practically forced parents to read out loud to their children. It is hard to read these stories without speaking aloud, especially for small children. The dialect becomes confusing.

However, when read aloud, the dialect not only brings the story to life, it gives parents and children an excuse to read together. Since these stories are best understood when read or heard out loud, it seems only natural that they should be made into a film like Song of the South. Going along with this argument, one could say that Song of the South is the way these stories were originally meant to be told: on screen and out loud for everyone to hear.

By now, it is apparent that Song of the South has many flaws. These flaws, however, should not stand in the way of audiences today enjoying and learning from the beautiful tales of Brer Rabbit as they were meant to be told: on the screen. The virtues of this film far outweigh the negative influence of the racial stereotypes that are present.

The greatest service releasing Song of the South to DVD in our day and age would grant is that the old folktales of days gone by would be sure to be preserved. Had Harris not recorded these old African tales, many of them may be lost today. We do have access to the stories in print, however, film reaches a much wider audiences, spreading these stories all over the world.

In telling these tales in Song of the South it is also critical that the dialect is preserved. “African American characters should have a prominent place in southern literature…their language, as well as their songs and stories, ought to be preserved” (Ritterhouse). This is upright of literature, but film is an even better way to preserve dialect and song. Disney’s Song of the South does just that.

For many people of Harris’ time, these stories were the first glimpse that they had of the life of a slave. No matter how sugar-coated Harris’ tales might be, they served the purpose of bringing attention to the former slaves and their lives. Song of the South, as a film, perpetuates this period knowledge even further.

Uncle Remus is the most valuable part in the telling of these tales. These folktales came from former slaves, therefore, they should be given full credit for their creation. In depicting Uncle Remus as the stereotypical black slave, Harris (and Disney, in turn) are giving credit to all former murky slaves who brought these tales to us.

Although James Baskett, the actor who played Uncle Remus in Song of the South, never officially spoke for or against the film, it helped his career greatly. He became the first African American male actor to win an Academy Award. He was given an honorary award in 1948 for “his able and heart-warming characterization of Uncle Remus, friend and memoir teller to the children of the world, in Walt Disney’s Song of the South” (IMDB).

This was a high point in his career, and might have launched him into even greater success, had he not died the same year the award was given. It is true that he did not attend the premiere of the film, held in Atlanta, because of racial segregation in that space (IMDB).

Many people do not realize that, despite all of the controversy surrounding this film, James Baskett was one of the first live actors that the Walt Disney Company ever hired (Mikkelson). This was a phenomenal breakthrough in the world of animation, not only hire a live actor, but also to have one of those first live actors be African-American.

However, that cannot be looked upon as a shortcoming of the film itself. It simply testifies to the turmoil of the time, especially in the south, when the film was released. Despite this, James Baskett now has the honor of being on a list of only fourteen people for “first-time winners for first films” (Sunday Times).

Paul Cousin, Harris’ biographer, states that Uncle Remus’ stories are “the worthiest and most considerable contribution to the literature of Negro life that had yet been made” (Ritterhouse). Thomas Nelson Page argues that Uncle Remus’ tales should be praised “not for it’s dialect, accurate and entertaining as we find it in the hands of a master of sound…[but for the] true secret of the power and value of Uncle Remus and his ‘Sayings’ lies in the artistic and masterly setting and narration” (Ritterhouse). So, the dialect itself is not what needs to be praised, but the setting and narration that the dialect lends itself to.

Uncle Remus, although extremely stereotypical in dialect and mannerisms, is depicted as a heroic and pleasant character, one to which children should look for a good example. “Remus is a father figure, a teacher, an upholder of social mores, an antisocial critic, a manipulator, and a trickster by turns” (Dictionary of Literary Biography). In no way is Uncle Remus frowned upon, stereotyped though he may be.

According to Peter Travers, a magazine movie reviewer:

No white character in the film is possessed of anything like this former slave’s principles or sense of self-worth. Uncle Remus does more than just sing and tell tales; he listens and understands. There’s a child in all of us who should not be deprived of the pleasure of his company.

Uncle Remus, through several of his stories, teaches that none of us, regardless of race, is inferior to the other. Harris’ Uncle Remus makes it clear through his stories that blacks have simply been dealt an unlucky hand (in this case, slavery and servitude) (Ritterhouse). They are no less clever or strong than the whites who own and exhaust them.

If anything else, these tales perpetuate the fact that, because slaves were physically subservient, their minds and imaginations flourished, bringing us the tales of Brer Rabbit. According to an anonymous critic when Harris’ Uncle Remus tales were first released, “the interest of the book is not in its illustrations of slavery, but in its picture of the kind of imagination in which the negro slave most delighted” (Ritterhouse).

Current audiences should not be deprived of Uncle Remus’ tales. Doing so would deprive us all from the morals and lessons inherent in these tales. Harris’ tales are available in print, but, in general, films near a much broader audience than books do.

In the movie, Johnny is talked out of doing almost every naughty thing by Uncle Remus telling him a tale of Brer Rabbit. “…for generations black southerners had been using the Brer Rabbit tales at the heart of Harris’s narratives to teach their gain children lessons about survival in a decidedly brutal and unjust world…Brer Rabbit proved that the weak could outsmart and overcome the strong” (Ritterhouse). It is only fitting that we should want our children today to learn these same lessons through Song of the South.

It was not Harris’ intention to treat blacks as inferior beings. Harris was rather vocal about his views against racial injustice (Ritterhouse). “In 1904 Harris published a series of essays in the Saturday Evening Post in which he denounced lynching, praised economic and educational gains African Americans had made since emancipation, and urged white readers to judge race ‘by its best products, instead of its worst’” (Ritterhouse 18).

Harris’ once said of his compilation of Uncle Remus tales, “…however humorous it may be in effect, its intention is perfectly serious; and, even if it were otherwise, it seems to me that a volume written wholly in dialect must have its solemn, not to say melancholy features” (Dictionary of Literary Biography). When audiences today read Harris’ tales and view Song of the South, they seem to think that the racial stereotypes and dialects employed are meant to be humorous. In reality, Harris unruffled these stories with the utmost respect, and Walt Disney tried his best to accurately transcribe to the screen what was already on the page.

The Dictionary of Literary Biography admits, “Although the collection is flawed, it introduced Harris’s best-known character, Uncle Remus; his best-know story, that of the tar-baby; his characteristic setting, the benevolent plantation; and the conflict of society versus the individual.” The same can be said of Disney’s Song of the South.

Just like Harris’ collection of stories, it has its flaws, but the virtues overshadow those flaws without a doubt. Racial stereotypes are to be expected when dealing with dated literature and film, but many virtues that were true then are still true today.

It is clear that Walt Disney was the man meant to put Joel Chandler Harris’ collection of stories to film. The two shared the same core beliefs and values system. On Harris’ tombstone, it reads:

I seem to see before me the smiling faces if thousands of children some young and fresh, and some wearing the friendly marks of age, but all children at heart—and not an unfriendly face among them. And while I am trying hard to speak the suitable word, I seem to hear a voice lifted above the rest saying: You have made some of us gratified. And so I feel my heart fluttering and my lips trembling, and I have to bow silently and turn away, and run serve into the obscurity that fits me best (Brasch 263).

Walt Disney shared these feelings of gratitude towards children whom he made cheerful. He felt that it was his calling in life to bring out the child in everyone. In this way, Harris and Disney were linked and, therefore, it is likely that no other man than Walt Disney could have brought about Harris’ stories to film with such beauty and accuracy.

Both Harris’ Compilation of tales and Disney’s film received a wide array of praise. Theodore Roosevelt “commended Harris for improving race relations” in 1907 (Dictionary of Literary Biography). As a film, Song of the South was a big financial success.

According to Leonard Maltin, “protest was not widespread among the American public…who flocked to spy the film and made it a major Disney money-maker, both in its initial release and on its reissue in 1956″ (Sperb 78). If for no other reason, Disney should re-release Song of the South merely for financial gain. It is well known that the scarcity of a piece will increase its value. Therefore, Song of the South should be a colossal money-maker (Weinman).

Despite all of the merits of Song of the South, it can be hard to ignore offensive racial stereotypes, especially in our further progressing world. One item that needs to be taken into consideration is the fact that we, as readers, bring our own implications to a book or movie. “Harris’s Uncle Remus stories need to be understood in terms of readership as well as authorship” (Ritterhouse).

If a reader comes to see this film or read these stories without any preconceptions of racial or slavery issues in the early days of our country, he may well think of the dim race as foul to the white race, as it seems to be portrayed in the depictions of Uncle Remus. This can definitely be insulting, especially in our modern culture. However, if the reader or viewer is educated about the issues of slavery and race beforehand, he may use his prior knowledge to look past these implications and glean the proper values and morals from the heartwarming tales of Brer Rabbit, as told by Uncle Remus. Children should be taught beforehand about issues of slavery, if they are to be shown this film.

According to Moore, “…the folk tales of Brer Rabbit were never initially or primarily children’s fare…” As true as this may be, children may learn some vital lessons by being exposed to these tales at an early age, along with precautions and lessons about race from their parents or guardians. Moore continues, “It may be easy for the literary sophisticate to excuse the subtextual racism embedded in the characterization and structure of Harris’ story formula, and still like the rich social commentary available in the folk tales. But Remus is to be found on children’s literature bookshelves.” This may be so, but if a child is taught about slavery and racial issues beforehand, he will glean the proper morals from these stories.

One way to ensure the education of the audience receiving Song of the South, would be to have a disclaimer before the film explaining the attitudes toward race, not only during Harris’ time, but also during Walt Disney’s time (or the time of Song of the South). Disney has tried to bag a famous black actor to do such a disclaimer, but many of them refuse on moral grounds, so this option is not open to them.

Disney claims that they have made the epic of Song of the South available to the modern public through “Splash Mountain”, the creep at Disneyland. Although this scuttle gives a basic overview of the storyline, it completely undercuts the important parts of the story.

…film critics and scholars perform a disservice to their profession if they only fight to keep films for purely aesthetic and technical reasons–history and culture (including, especially, the ugly parts) are every bit as important.

With Splash Mountain, Disney effectively pulled the original roots of Song of the South out from under the film. Instead of a richer–if far more problematic–text, Splash Mountain represents a commodified, homogenized version, if any version, of its now distant “Masked” and “perverted” relative. (Sperb)

“Splash Mountain” is simply not favorable enough to replace Song of the South in the modern cultural mind.

When “Splash Mountain” was opened, a local chapter on the NAACP protested the opening of the ride (IMDB). However, there was no true need for such offense, since the ride took out any and all racial stereotypes and gave us a watered-down, politically correct ride.

Through “Splash Mountain”, Disney leaves out Uncle Remus, the narrator, although the fable still follows the tales of Brer Rabbit and friends. This ride as such an execute that it “comes fast, like in a honorable movie trailer” (Sperb). In addition to this, the Tar-Baby has been replaced by a beehive full of honey, and it is unclear exactly how Brer Rabbit became ensnared in said beehive.

Patricia Turner, a folklorist, states:

Disney’s 20th Century Re-creation of Harris’s frame story is much more gross than the current…An obviously ill-kept Black child of the same age

What Turner says is true. The black characters in the film seem to want nothing else but to help and serve the white characters. However, this can have its merits, as well.

Song of the South is not offensive to all African-Americans in our community. On IMDB, and African-American user commented on Song of the South and stated the following:

Everyone must remember that this film was released in the 1940’s before the civil rights movement and before “Roots”. Now because of political correctness, we have all but forgotten this classic film, which was one of the first to combine live action and animation. Even though I do agree that this film does show slavery in a positive light you also should explore at the fact that it dared to show the friendship between an African-American and a Caucasian, something that would never have even been thought about in those days. (Washington)

This person realized that, although there are racial stereotypes in the film, Song of the South peaceful has many merits, which should not be hidden from the viewing public because of racial sensitivity and “political correctness”.

Sydney Taylor, a student at Southern Virginia University, spoke positively about “Splash Mountain” and Song of the South. Although not African-American herself, Sydney comes from a multi-racial family, with many adopted African-American aunts and uncles. Song of the South and “Splash Mountain” both hold treasured memories within her family.

When asked what her first impressions of Uncle Remus were, Sydney responded that he was just “a nice old man” (Taylor). So, it is obvious that the racial implications within “Splash Mountain” and Song of the South were not bothersome to her or any members of her family.

Also within this same interview, Mrs. Taylor expressed her anxiety that there is no apparent storyline in “Splash Mountain”. She comments on the fact that, without a narrator, the story just seems like a bunch on random creatures getting into random trouble. None of it seems connected. When asked if the storyline of the move would be improved were a narrator (such as Uncle Remus) added, she replied that it would be improved.

Racial stereotypes and dialects are definitely present within Disney’s Song of the South. Considered according to today’s standards, these stereotypes can be offensive in the nefarious context. Yet, the values of this story far outweigh the negativity of the racial stereotypes within it.

An audience cannot get the full effect of the good of Uncle Remus’ tales within the context of “Splash Mountain”. In order to combat negativity in racial stereotypes, our society needs to be educated as to modern and ancient racial views. In this way, they can fully understand and enjoy the beautiful morals that advance from Song of the South.

In the movie, Uncle Remus himself says:

“I’m just a wore out old man what don’t do nothin’ but tell stories. But, they ain’t never done no wound to nobody. And if they don’t do no good, how come they last so long? ” (Song of the South)

This line is absolutely true, if something, like a story, is good in nature, it will last for a very long time, possibly forever. Controversial things are usually hurry out of town if they are bad enough. Song of the South must have at least some merits for it to have lasted so long and to have so many enduring fans who want it do gape the light of day yet again.

Works Cited

Elkin, Frederick. “Censorship and Pressure Groups.” Phylon 21 (1960): 71-80. JSTOR. Southern Virginia University, Buena Vista, VA. 10 Dec. 2007.

“First-time Winners for first films; 75 Years of the Oscars:Part 1.” Sunday Times (London, England) (Feb 9, 2003): 14. Academic OneFile. Gale. Southern Virginia University. 11 Dec. 2007
http://library.svu.edu:2075/itx/start.do? prodId=AONE.

“James Baskett.” Internet Movie Database. 6 Dec. 2007 http://www.imdb.com/name/nm0059934/.

Mikkelson, David P. “Song of the South.” Snopes. 21 Aug. 2007. 11 Dec. 2007 http://www.snopes.com/disney/films/sots.asp.

Moore, Opal J. “Joel Chandler Harris.” Dictionary of Literary Biography. 1988. Gale. Southern Virginia University, Buena Vista, VA. 20 Oct. 2007.

Ritterhouse, Jennifer. “Reading, Intimacy, and the Role of Uncle Remus in White Southern Social Memory.” Journal of Southern History (2003): 538-585.

Snead, James A. White Screens, Black Images. Unique York: Routledge, 1994. 93.

Sperb, Jason. “”Take a Frown, Turn It Upside Down”" Journal of Popular Culture (2005). Gale. Southern Virginia University, Buena Vista, VA.

“Sponsors.” NAACP. 8 Dec. 2007 http://www.naacp.org/events/convention/98th/98thsponsors/index.htm.

“Splash Mountain”. Disneyland. Anaheim, California. 1989. Riden by Courtney Clark several times, 1989-2007.

Stafford, John. Patterns of Meaning in Nights with Uncle Remus. The University of Texas.

Taylor, Sydney. Personal interview. 5 Nov. 2007.

Turner, Patricia A. Ceramic Uncles and Celluloid Mammies. New York: Anchor Books, 1994. 114.

Washington, Brian. “Song of the South.” Internet Movie Database. 31 Oct. 2003. 9 Dec. 2007 .

Disney only releases movies to be sold for a limited amount of time. After this, they are withdrawn from the market, making Disney movies a more valuable and rare commodity. This is often seen as a ploy for the company to make more money.

A popular urban fable projects that, upon his death, Walt Disney had his head frozen so as to be able to be brought back to life sometime in the future, as soon as technology permitted. This is, of course, false.

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  • How Chrysler looks familiar to the word “bankrupt”
  • Chapter 11 has been filed by Circuit City during November 10, 2008
  • Black Friday is great for the economy


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Circuit City didn’t see it coming, or did they? Breaking the boundaries within it’s company, Circuit City filed for Chapter 11, bankruptcy. Last year, Circuit City laid off approximately 3,400 workers, only to hire at lower pay saving the company money. “The belief could back fire” was concidered, but ahead they pushed. During November of 2008, Circuit City filed for Chapter 11 with approximately 700 lay-offs expected.

Claiming bankruptcy is nothing new for the Chrysler Corporation. In 1983 James K. Hickel offered an inside view of the break-out yarn when Chrysler was said to be familiar with bankruptcy during 1979. Lee Iacocca, Chrysler’s Chairman back then pushed for government involvement with the American industry. As Chrysler and Chapter 11 unmask common factors, the myths are unfolded for accurate research in the article “The Chrysler Bail-Out Bust“, an intelligent read. With a glimpse into Chrysler’s past, the expected irony, as decades later the Chrysler Corporation finds themselves heading back to familiar ground.

Germany may be pulling out of the United States express freight industry, but DHL will feel the loss. DHL makes no bones about it, they will not completely disappear from America, however, America has a tall business in Fed-Ex. It may sound as if DHL is stepping up to the plate when it comes to America with no desire to rely on “foreign supply”. Not long ago the election of 2008 had showered America with encouraging direction of less need of foreign supply, which would bring the puzzle together since DHL just may sell part of it’s company to Fed Ex. It could be viewed as Germany’s good faith, or America’s unpredictable furure. American voters requested the just to demolish foreign dependency, get ready for “change”.

What does all of this have to do with the American citizen? Most American citizens like a Thanksgiving feast, as the next day is Black Friday, the largest shopping day of the year. Black Friday may be effected by all of these changes in one form or another. For instance, now that Circuit City filed for Chapter 11, they were noted as sharing their fears of absent orders arriving for Black Friday’s shopping crowds. This makes Circuit City nervous, as some locations are sitting on the edge of their seats. With Chrysler showing ripples of the past within their explain plans for the future, Chrysler is experiencing tuberlance, perhaps you, as the consumer, should pass on that ride this holiday season. Since the new DHL changes will reflect shortly, sending express freight ahead of schedule is suggested during the remainder of 2008. It is advised by the shopping network that the holiday consumers planning on venturing during Murky Friday should follow the news on what Black Friday does, and does not offer during the busiest shopping day of the year.

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Topps Meat Company, whose recalled meat is responsible for the E. coli illnesses of at least 40 people in the United States, filed for Chapter 7 in New Jersey’s bankruptcy court on November 21. After Topps closed its doors for business less than a week after its October recall of over 20 million pounds of beef for suspected E. coli contamination, attorneys for E. coli victims have been awaiting this bankruptcy filing the procedure a migraine sufferer waits for a dull headache to turn into full-blown pain.

Despite lawsuits filed last month on behalf of E. coli sufferers, some seeking punitive damages, having to wait for the automatic stay to be lifted in bankruptcy court to pursue litigation will painfully slow the process of getting due compensation to those made seriously ill by the negligent meat company.

Per the voluntary petition filed in the case, Topps lists both its liabilities and assets as between $1-$10 million but estimates that the company will have funds available to pay unsecured creditors. Although the top 20 largest creditor list wasn’t yet available on the docket as of November 23, the voluntary petition lists an estimated number of total creditors at 5,000-10,000. The creditor matrix filed contains names of approximately 5,300 creditors, some of which are E. coli victims. Topps reportedly has $12 million in insurance to cover E. coli claims, but getting to that money will be far from a painless task for attorneys representing E. coli sufferers.

Attorney William Marler of the Seattle firm Marler Clark, who has filed two lawsuits against Topps on behalf of families whose young children were hospitalized (one with serious kidney complications) due to confirmed E. coli infection, says that despite the bankruptcy his clients won’t go away losers. “The bottom line for us is that we intend to make definite our clients are fairly compensated AND we find out when both Topps and the USDA knew about the extent of the E. coli contamination and why the recall took weeks to occur,” Marler says on his blog.

While the E. coli victims wait for the automatic stay to be lifted, many will face their own insurmountable financial debt. Medical treatment for E. coli infection can cost tens of thousands of dollars, even more in cases where kidney disease develops as result of the food poisoning. The truly murky thing is that many of these illnesses could have been avoided if Topps had issued its recall after receiving the first confirmed report of E. coli infection linked to their unpleasant beef; instead the company waited and put more people, including young children, in the hospital with life-threatening complications.

Sources

Voluntary Petition and related court documents filed by Topps Meat Company LLC in the U.S. Bankruptcy Court District of New Jersey, Case No. 07-27196, filed November 21, 2007

Topps files for bankruptcy after massive beef recall, William Marler, November 23, 2007

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  • Stocks closed out the first quarter of 2009 with strong gains.
  • Technology, banking, and proper estate stocks spark rally.
  • “Less Bad” is Obedient.


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On Tuesday, March 31, 2009 stocks finished the trading session to put an destroy cap with a volatile first quarter that marked stock market indices brutalized towards 12-year lows only to skyrocket into March’s technical bull market. All major averages have recouped at least half of this year’s severe losses on the strength of bank earnings and Washington rhetoric indicating that the worst is over during the first quarter. Today was no different.

The Dow Jones Industrial Average, Standard and Poors 500, and NASDAQ Composite posted heady gains of over 1% at the closing bell. The activity comes in the aftermath of the prior day’s brutal losses that were precipitated by credit market concerns and President Barack Obama’s Detroit ultimatum.

Extreme volatility signals the uncertainty of actually identifying a stock market and economic bottom. Smooth, battered technology and financial stocks have proven to be the catalysts to lead Wall Street out of this ongoing eighteen-month debacle.

Technology Stocks Post Healthy Advance

Remarkably, the tech laden NASDAQ Composite Index is flat for the year. The resilience is a cause for celebration considering the rampant unemployment, mortgage defaults, and deteriorating earnings that have wreaked havoc upon both the consumer and the business to business market. NASDAQ has surged from 1,265.62 to 1,528.59 over the past month.

Today’s advances were widespread throughout the technology complex as evidenced by these leading bellwethers. Chip maker Intel (NASDAQ: INTC $15.03 +2.11%), software provider Adobe (NASDAQ: ADBE $21.39 +2.74%), and computer services company International Business Machines (NYSE: IBM $96.89 +2.51%) highlighted investor’s growing appreciation for technology shares.

Microsoft was the story of the day in this sector. Analysts at Davenport brokerage updated coverage on the stock with a buy recommendation. MSFT shares surged by 89 cents or 5.1% on the NASDAQ to $18.37. Certainly, the glowing report fostered increased valuations within all areas of the Tech Universe.

Banks and Real Estate Investment Trusts (R.E.I.T.S.) Spike

The maligned recessionary epicenters of banking and real estate have reversed course to emerge as the ultimate catalysts promulgating sharp stock market appreciation. In fact, the S&P Financials subset of stocks finishes the month as the top performing group of Standard and Poors sectors behind materials and consumer discretionary shares.

Equity holders must bear that the worst is over.

Regional banks including Fifth Third Bancorp (NASDAQ: FITB $2.92 +17.74%), BB&T (NYSE: BBT $16.92 +4%) and Key Corp (NYSE: KEY $7.87 +8.10%) posted healthy mark ups. The results transcended the well documented difficulties thwarting their lager brethren amidst today’s credit crisis.

Still, the Big Banks are experiencing tremendous come term appreciation paralleling the U.S. Treasury’s toxic assets plan and audacious monetary policy that has pushed the federal funds rates towards 0%. Basically, all commercial banks are finding it easier to attain their bread and butter businesses of taking deposits and lending money.

Bank of America (NYSE: BAC $6.82 +13.10%), J.P. Morgan Coast (NYSE: JPM $26.58 +6.96%), Citigroup (NYSE: C $2.53 +9.52%), and Wells Fargo (NYSE: WFC $14.24 +6.51%) money center banks loomed large on the session.

Interestingly, real estate stocks trounced even these heady gains.

Real Estate Investment Trust and management shares have been particularly fruitful as investors flock towards this distressed holdings seeking deep value. Apartment Investment and Management Company (NYSE: AIV $5.48 +9.82%), CB Richard Ellis Group (NYSE CBG: $4.03 +6.9%), and Equity Residential (NYSE: EQR $18.35 +7.75%) surged part in parcel with this bear market rally.

General Growth Properties stock has tripled amidst rampant bankruptcy speculation. The real estate company spiked by another 29% today to 71 cents upon original news that creditors are willing to negotiate – in spite of the corporation missing all payment deadlines. Yes, this is what Wall Street has come to at the very bottom. Buyers are locking onto news that is “less awful” as a signal to transact and no trader wishes to be the lone hapless schmuck that misses out upon another leg of this furious rally. Says Greg Woodard of Manning & Napier:

“Everyone knows there’s a lot of cash on the sidelines, and at some point a lot of people are going to be jumpy about missing the fade up.”

Stocks have put in their best monthly performance since the 2000-2002 dot com bust.

Stocks End 2009 First Quarter With Gains, Sources

Kris Hudson, General Growth Avoids Chapter 11, http://online.wsj.com/article/SB123842063675069619.html

Elizabeth Stanton, Stocks Gain as Global Equities Complete Best Month Since 2003, http://www.bloomberg.com/apps/news? pid=20601110&sid=aZMFGdcTAQ_U

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