The Too Big to Fail Problem - Free Essay Example

Sample details Pages: 7 Words: 2152 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Too big to fail was a very regular term we all heard during the Great Recession of 2008, but did we truly understand the term? To understand this overused term, we must first define what it means to be a firm that is Too Big to Fail. According to Stern and Fieldman, too big to fail'(TBTF), a term describes the receipt of discretionary government support by a banks uninsured creditors who are not automatically entitled to government support. (8). Citi Group is an example of this term that easily comes to mind; the government never considered that a firm as large as them would ever be on the verge of collapse. It was only after their announcement to the US government in August of 2008 stating their bankruptcy, the government took action guaranteed this mega-firm that they would pay off their bad investments. But why would our very own government consider such action? A reasonable answer would be that the government considered the perceived dangers of letting a bank of this size collapse and the repercussions that the economy would experience if they allowed this to happen. The main concern is, how did government regulations become so lax? Why do they allow a bank to become so large and overleveraged, that if they were to fail, it would resonate throughout the global economy. What can the government do to solve this problem at hand? To understand how we fell into the Great Recession, we have understand how these firms were able to get so oversized. In 1932 Congress passed the Glass-Steagall Act; which banned commercial banks from underwriting securities. Banks were forced to choose between being commercial banks, that held deposits and made loans, and investment banks that conducted securities transactions(Crawford,128). However in November of 1999,a new regulation, supported by the banking industry, called the Gramn-Leach-Bliley Act repealed the Glass-Steagall Act.   What made Congress go back into regulations and repeal the act? In the boom of the 90s, the feeling of financial sector was that the Glass-Steagall Act hampered Americas financial companies from being competitive globally.   An ambitious CEO, Sandy Weill of Travelers Group(one of the largest insurance companies), had a dream in which his corporation would merge with Salomon Smith Barney(one of the largest investment banks at the time) and Citicorp(the largest commercial bank) to form a super conglomerate. However, at the time, this deal was illegal because the Glass-Steagal Act was still in effect. The size of Citicorp and Travelers were so big that they were able to go to Congress and demand action, and Congress folded. Weill was able to convince Alan Greenspan(Chairmen of the Federal Reserve), Paul Rubin(Secretary of Treasury), and   President Clinton to allow the merger with the expectation that Congress would repeal the Glass-Steagall Act. Citicorp and Travelers had their lobbyist push their merger so hard that the legislation, H R10, House Resolution 10, which became the Financial Services Modernization Act, was referred to as the Citi-Travelers Act on Capitol Hill(Bill Clinton). Not only was this act passed with a dominate 90-8 vote in the Senate, but also an overwhelming 362-57 vote in the House. This repeal would serve as the key corner stone that allowed bank to perform mergers of this nature, and allow them to get so oversized.   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   After the repeal of the Glass-Steagall Act these new conglomerate became so large and interconnected that once the Great Recession started, the failure of one bank would mean the failure of the entire financial system. American International Group(AIG), an insurance company, is a example of this. With the repeal of the Glass-Steagall Act, AIG suddenly transformed into a company with General insurance, Life insurance retirement services, Fina ncial Services, and Asset Management (Sjostrom 946). AIG was able to use premiums paid for life insurance to leverage creation of credit default swaps; A CDS is a privately negotiated contract where one party( the protection seller),in exchange for a fee, agrees to compensate another party(The protection buyer) if a specified credit event(Such as bankruptcy or failure to pay) occurs with respect to a company( the reference entity) or debt obligation(the reference obligation). CDS are used for a variety of purposes including hedging, speculation , and arbitrage (Sjostrom 948). For example, if a company like Goldman Sachs wants to hedge on mortgage defaults; they would go to AIG, and enter into a credit default swap with them. They would then pay AIG a fee upfront, and if the mortgage was to default, AIG would agree to pay the defaulted value thus limiting the risk to Goldman Sachs. Problem is rather than AIG setting aside the value, they would need to pay Goldman Sachs if the mortgag e was to default. AIG would instead use the fee they received for the credit default swap to leverage the fee into creating more credit default swaps. Goldman Sachs, viewing that they had protection on their mortgages, would go out and buy more mortgages using future interest and principles payments on those mortgages. However, once the crisis occurred, foreclosures went through the roof. AIG faced a mountain of credit default swaps that they had to pay out to. Since they were so overleveraged they didnt have enough cash on hand to pay out all the credit default swaps. If AIG defaulted, Goldman Sachs would then not receive the money they were expecting from the credit default swaps, and would also not be receive the monthly payment on the mortgage thus creating a short-fall for them as well, since mortgage were usually re-packaged and resold. An AIG default would have not only affected companies in the U.S, it would have also caused a catastrophic ripple throughout the global bankin g sector. However, AIG was deemed too big to fail and the U.S government stepped in to pay all of AIGs credit default swaps thus preventing wide spread chaos. As the chaos subsided, various economists have presented solutions to the Too Big to Fail problem, including ending securitization, lowering leverage level, enforcing more transparency, create morally defensible incentives, and breaking up companies deemed too big to fail. By ending securitization, we would face higher interest rates for borrowers but, as Cohan states If financial engineers can find a way to bundle loans into securities that are guaranteed not to lose money for investors, then securitization should continue (Cohan). However this is a pipe dream and facing the possibilities of another global recession or higher interest rates the later, should be preferred. If we enforce lower leverage levels on all actors in the financial system including banks, hedge funds, insurance companies, businesses and households t o set clear targets for maximum leverage and to ensure that none of them is able to exceed those targets. (Cohan) This will bring balance not only to Wall Street, but also to America. For far too long Americans have lived beyond their means and the growth of credit card debt is a clear example of this. If all leverage were to be scaled back the environment for future growth rather than present day payoff would be much brighter. Transparency in the financial market is also very lacking as witnessed by the Bernie Madoff scandal; in which Madoff scammed his investors out of 65 billion dollars. Wall Street firms are still not held to a high enough level of transparency to provide consumers with a true picture of a firms strength. Another big problem is how bankers are compensated for their work. Their bonuses are tied to the size and amount of deals they perform in the year and it would serve no purpose to them to be cautious in making deals. A clear solution to this is one suggested by Cohan, rather than bankers receiving all bonuses that year they put all the money into an escrow account, and wait five years, if the investment were still valuable, the banker would receive the money out of escrow, otherwise, the escrow would pay the losses that the investor incurred from the bad deal. This kind of structure could reduce the moral hazard in the current incentive system. (Cohan) This would provide bankers the incentive to perform deals that are more likely to make money for investors rather than for their own selfish purpose. Finally, the one solution that might make the most sense to the average consumer, would be to just break up companies deemed too big to fail by the government. Cohan believes that there should be a limit on how big a bank could get, we shouldnt be rewarding managers for building big companies that cant earn profits that exceed their cost of capital. And we should not require taxpayers to pay for the cost of such failures. Although all five of these steps would be necessary to prevent systemic risk it will still, also require the diligence and regulation from the federal government to avert a financial crisis weve had. The United States Government has listened to the economists and the first of the financial reform regulations had finally been passed on June 29th , 2010 . The passing of Dodd-Frank Wall Street Reform and Consumer Protection Act incorporated many of the solution that have been mentioned above. To deal with the issues of lowering leverage levels and enforcing better transparency, the Dodd-Frank Act created a Financial Stability Oversight Council in which its made up of expert members of the financial community, headed by the Treasury Secretary and includes the Chairmen of the Federal Reserve and other government financial agencies. What this new council will do is make recommendations to the Federal Reserve for increasingly strict rules for capital, leverage, liquidity, risk management, and other requi rement as companies grow in size and complexity, with significant requirement on companies that pose risks to the financial system (US Senate). This council will make changes to regulations depending on the size and complexity of the bank and prevent too big to fail banks from getting over leveraged and investing in questionable investments. This council will also solve the issue of breaking up a bank if its deemed too large or complex, they are able to approve, with a 2/3 vote and vote of the chair, a Federal Reserve decision to require a large, complex company, to divest some of its holdings if it poses a grave threat to the financial stability of the United States- but only as a last resort. (US Senate) This gives the power to this council to essentially force a bank deemed too large, to sell some of its assets to be reduced to a more manageable size. The act also brings back some of the components of the Glass-Steagall Act in the form of the Volcker Rule, which requires regulato rs implement regulation for banks, their affiliates and holding companies, to prohibit proprietary trading, investments in and sponsorship of hedge funds and private equity funds, and to limit relationships with hedge funds, and private equity funds (US Senate). By separating savings and loan banks from proprietary trading and other risky investments, this will significantly lower the risk a bank will be willing to take. Bank used to be faced with the decision to either make very modest returns on mortgages and loans or high returns from hedge funds and proprietary trading and faced with that decision greed over takes all reasoning. On the last point of incentives, large banks have realized that the public now views incentive based bonuses very negatively, instead they are moving away from giving record bonuses every year, and instead started to double or triple salary in some cases. In the past, banks have preferred to keep salaries low and use bonuses as a way to drive performa nce. Now instead investment banks such as Credit Suisse, UBS and Morgan Stanley have also added so-called clawback provisions to bankers pay, allowing the banks to take back some pay from employees who fail to meet certain performance goals. (Werdigier) Rather than having set performance based incentives, these more flat salary increase might allow the bankers a bit of a wiggle room to make deals that are more financial sound. This Dodd-Franks act is a step in the right direction, but there is still much to do in order to prevent this from happening again. Vigilance and patience is what we need now, to rebuild and recuperate from this fiasco. There is no point in going back to the age of the Glass-Steagall Act since the complexity and size of global financial organization have grown. All the act would do now is hamper U.S firms. With these new government regulation and with good self-regulation, financial firms from this point forward should be able to maintain a leverage level where a failure of one firm, wouldnt cause a systemic collapse of the entire sector. However, greed is everlasting, and only through persistence can we prevent the financial firms from getting so close to the edge of collapse again. 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Persuasive Essay On Abortion - 1575 Words

â€Å"In her own case, Ms. Brenneman said she was a 21-year-old junior at Harvard when her birth control failed and she had an abortion. ‘It allowed me to choose when to become a mother,’ she said. ‘As a mother now, I know I was correct at 21†¦ I didn’t have a college degree†¦ I didn’t have an income. I didn’t have a marriage. I didn’t have anything a child needs. And I didn’t want it† (Liptak, 2016). Brenneman, among the 24% of women who will undergo an abortion during their lifetime by the age of 45, chose the best decision for herself at that specific instance in her life, described in the personal testimony above (Jones, 2014, p. e1). The recent attacks on women’s reproductive rights by the Republican Party, although grounded in â€Å"protecting†¦show more content†¦Wade, which federally legalized abortion in the United States. Instead of fighting to overturn the supreme court case, pro-life r epublicans strategically utilized the tenth amendment, which discusses state’s rights, to simply limit women’s access to abortion. They believe the way to end abortion is to completely eradicate it, and concluded that increasing the difficulty of attaining the procedure will accomplish that. While limiting women’s access to abortion, congressional republicans also began stripping them of their birth control and contraceptives. In 2011, â€Å"House Republicans voted to eliminate funding for Title X family planning to end federal funding for Planned Parenthood, a leading source of birth control; and†¦ eliminate the existing requirement that the program cover contraception for its low-income beneficiaries† (Brownstein, 2012, p.15). Republicans, in addition to abortion, want to decrease the availability of contraceptives and this anti birth control trend has continued under the current Trump administration, where more pronounced anti birth control rhetor ic and rollbacks are currently taking place. In October of 2017, the administration â€Å"rolled back an Obama-era rule requiring most employers to provide their employees with birth control coverage without co-payments. The mandate†¦ eliminat[ed] out-of-pockets costs for contraception† (Pear, 2017). The contraceptive coverage mandate being attacked gave approximatelyShow MoreRelatedPersuasive Essay About Abortion993 Words   |  4 Pagesin two peoples perspectives. The story consisted of a daughter (Deb) and mother’s perspective after the death of her father. The purpose of this layout is to show how they are both grieving in individual ways. Writing for the persuasive was presented as an essay on why abortion should be accessible in every country, and to also outline the shame women receive. Purpose Purpose for writing publication- Purpose for writing a real-estate article was to inform a potential buyer on the house showed. AlsoRead MoreAbortion Persuasive Essay1119 Words   |  5 Pages To begin with, there has always been an extensive issue with the topic of abortion, why? Well, it’s a tough subject and can get extremely emotional and very defensive. Honestly, people just need to open up their eye’s and understand that its murder and not just a choice. It is murder because two can create a blessing and the choice of aborting it, is more like a sacrifice for the reason a mother can’t carry a baby for nine months. Whether a person is a minor, young adult, or an adult and is inRead MoreAbortion Persuasive Essay755 Words   |  4 Pagesinstead these babies are torn limb by limb, burned, and many other tortuous methods to end the precious life. Abortion is murder and is not only very cruel to the unborn baby but it also harms the mother. Pro-choice is an escape from the harsh reality that a baby is being murdered, and in my eyes a life should only be terminated if God himself is ready to call them home. One reason why abortion is wrong is because they are many other safe solutions that would give the child a chance at life. AdoptionRead MorePersuasive Essay On Abortion917 Words   |  4 PagesAbortions in Texas consist of ending a pregnancy of an unborn child before it can live out of the mother womb. However if the pregnancy ends not on purpose before the twenty four week mark then technically it would be considered a miscarriage. Though inducing the abortion on purpose has caused a lot of controversy over the past century. Deliberately putting people on one of two sides of this issues, of either being for it, which would be considered Pro Choice. Or in the other category of the ProRead MorePersuasive Essay On Abortion1635 Words   |  7 Pagessolve this issue the option of abortion was brought to the forefront by scientists and advocates such as Dan Savage who mentioned that abortion should be mandatory for the next 30 years in or to control the population. (Ertlet) For countri es such as the U.S. with a growth rate being 1.6%, the proposal of widespread abortion is highly recommended as mentioned by obstetricians and gynecologists. (MumfordKessel) Who now leaves the question as to if the option of abortion should be used as a means ofRead MorePersuasive Essay On Abortion1228 Words   |  5 Pagesmillion pregnancies each year in the United States, 1.6 million end up in abortion† (Hern). Because of the numerous traumatic psychological, physical, and overall irresponsible behavior or actions constantly encouraged due to abortion, it should be banned, and forever illegal. Killing one’s own fetus has been linked to psychological distress which has been channeled into many different cases of substance abuse. â€Å"Induced abortion has been linked to increased rates of substance abuse, especially amongRead MoreAbortion Persuasive Essay804 Words   |  4 Pagesfamily with someone. Often times accidents happen in which people didn’t plan for, and can lead to many financial problems or neglect of one’s child because the parents weren’t prepared to be parents. This is why there should be the option of abortion. Abortion needs to be an option for everyone because it helps from long lasting mental states, infection, economical problems, and or having conceived from a non consensual circumstance. Pregnancy is a hard and unforgiving to the woman’s body. In factRead MorePersuasive Essay On Abortion954 Words   |  4 Pagesand nations who destroy life by abortion and euthanasia are the poorest. I do not say legal or illegal, but I think that no human hand should be raised to kill life, since life is God’s life in us, even in an unborn child.† Do you know what abortion really is? Abortion is the ending of pregnancy by removing a fetus or embryo before it can survive outside the uterus. Abortion seems to be more common in today’s society. Numerous amounts of individuals support abortion, and do not realize how it affectsRead MoreAbortion Persuasive Essay736 Words   |  3 Pagesfavor of abortion rights. The decision was 7-2, it stated that it showed a â€Å"right of privacy.†Abortions have been performed for thousands of years all around the world, even though many women died from it. Women nowadays have a choice of whether they want to get an abortion. Abortions do come with risk, one of them being death, but women should still have a right and say what they want to do with pregnancy and not be judged by others for doing so. Today the debate across the world is if abortion shouldRead MorePersuasive Essay On Abortion1321 Words   |  6 Pagessomeone who may be suicidal or who is suicidal himself/herself. As for taking away fetus’ lives, the damage that abortion makes on life can be proven with the statistics. According to Casey, â€Å"over the past 44 years, one-sixth (60,000,000) of the American population has been killed by elective abortion. Twenty-five percent of African-Americans are killed in the womb America,† (Should Abortion Be Legal n.p.). The figure 60,000,000 is a depressing number considering that these children could have been future

Liberty vs responsibility Free Essays

Liberty v/s Responsibility Liberty is the most valued and sought after outcome of any political society. It is a mark of a productive and prosperous society where people enjoy a set of fundamental rights for e. g. We will write a custom essay sample on Liberty vs responsibility or any similar topic only for you Order Now :- right to free speech, fair trial, etc. On the other hand social responsibility towards others and oneself unites the community and increases social well-being. Various political philosophers have come up with different ways to prioritize one over the other and some have believed to strike a balance between the two. This leads to an interesting political debate that at what point we draw a line etween liberty and responsibility, where in we have maximum liberty and minimum responsibility. In this paper I assert the libertarian political thought which resolves this debate by striking a fine balance between liberty and responsibility. To support my argument, I apply the ideas of John Locke who was a 17th century classical liberal philosopher (for first reason) and much of libertarian political thought is inspired from his works. For second reason I apply the ideas of libertarian philosopher Friedrich Hayek. Towards the end I discuss the principles of libertarianism which clearly address this conflict. The first reason is the primary reason why people have desire to loot or plunder and that reason is scarcity. Scarcity is also the main reason why we have to follow a set of rules and act responsibly. If there were no scarcity, then there would be a surplus of goods and resources for everyone and any person’s wishes and desires would be fulfilled no matter how unlimited they were and his/her actions would have no consequence on anybody else. But we do live in a world where there is scarcity and that cannot be avoided. So, we have to interact and exchange goods with one another and that involves a set of rules for social conduct. In this context, John Locke believed in the rightful accumulation of property (scarce good) by mixing labor with natural resources (Nozick 175). He didn’t believe in accumulation of property via coercion, fraud or theft. As far as the extent of accumulation is concerned he believed that too much property should not be consumed that very little is left for others because that would hinder someone else’s right to accumulation of private property. Nozick had given this a term â€Å"Lockean Proviso† (Nozick 175). Applying the Lockean proviso to the conflict between liberty and responsibility, in the presence of carcity, there has to be a certain set of responsibilities that people need to fulfill (mentioned above, Locke called them â€Å"natural laws† (Korab)) mainly including the one where they don’t over-consume resources so that less is left for others and at the same time enjoy the liberties granted by the social contract. It’s important to note that the responsibilities are optimum that if there are more or less responsibilities there will be less to no liberty. The second reason is that responsibility is important for liberty to exist is that it encourages good decision making by making people accountable for their actions. Friedrich Hayek in his book â€Å"Constitution of Liberty’ said that a free society depends more than any other on people being held responsible for their actions (â€Å"American Spectator†) Applying his idea, in lite it one is awarded tor achieving a set ot goals by the proper use of resources he/she was provided with, then that person should also not be helped and made to suffer the consequences of making a bad decision. In the long term, this suffering will help him make better decisions. Additionally, if the person doesn’t suffer the consequences, he/she will develop a propensity for xcessive risk taking which wouldn’t be good for the society. Another implication of not taking responsibility is that someone else ends up taking responsibility for it and then that person has a right to curb the latter’s freedom. For e. g. :- if the government decides to bailout a firm which didn’t make right decisions, then the government will force the company to take some hard decisions which might go against the interests of the people in that company. So, learning to take responsibility from bad choices increases self-ownership and thereby upholds one’s liberty. It also improves one-self hich is always beneficial towards society. Libertarianism has two main principles: the non-aggression principle and the preservation of individual rights and private property (â€Å"Libertarianism†). According to Libertarianism these are the only two responsibilities the person owes to other people in the community. He/she ought not to show aggression and encroach upon any other person’s rights in the community. Any responsibility more than that comes at the cost of liberty. Based on the reasons that I gave, Libertarianism strikes a fine balance between liberty and responsibility by not placing laws that achieve a specific outcome unlike a eviathan government. At the sane times the laws that it places are minimal and only lead to a further expansion of liberty among all. One doesn’t want too many laws because that leads to a powerful government where there is no liberty and one also can’t manage not having any laws because scarcity and greed will lead to a state of war of â€Å"one against all†. Libertarianism gives a solution that is somewhere between those two extremes. To conclude, libertarianism believes in the importance of individual liberty which can be found in the fundamental rights that people enjoy and duties/responsibilities hich people are obligated to follow. It’s important for fundamental duties to exist because without which liberty won’t exist. However, responsibility wouldn’t have any meaning in the absence of liberty and that it derives its existence from the presence of the latter. How to cite Liberty vs responsibility, Papers

Cutting Force Analysis for Machining Indicator Performance

Question: Describe about the Cutting Force Analysis for Machining Indicator Performance. Answer: Introduction The cutting force measurement is the most effective indicator of the machining performance. There are two components of the cutting force, one is static and the other one is dynamic, which provide information about the state of the chip formation and of the cutting tools (Mfg.mtu.edu, 2016). The piezoelectric force measurement system measures the force with the help of piezoelectric effect which generates charges depending upon the applied mechanical force. This work presents the analysis and review of the data obtained regarding the cutting forces obtained during end milling of different metal and alloys from the piezoelectric dynamometer. Experiment Procedure The aim of the milling is to produce the various shapes that by the process of material removing. For the process, different tools are used for varied applications (Li et al. 2016). For the experiment one block each of aluminum, brass, and stainless steel is required and finally the piezoelectric dynamometer is required for measuring the cutting force. Metal cutting mechanics Metal shaping and cutting is done by moving the work piece and the cutting tool by using the relative motion to scrap off the metal off the surface. There are two types of metal cutting procedure involving single point cutting tool. If the cutting edge, that rubs the surface, is at 90o to the travel direction of the block then it is called vertical mill and if the angle between them is zero, i.e. the plane of the tool and metal is same then the tool is call the horizontal mill. For the investigation of the performance of the cutting tools, the cutting force measurement is essential (Mehta et al. 2016). Cutting forces Single point cutting tool cut the block at a single point, hence the force applied is on a single axis but for the ease of understanding it is divided into two components. The figure depicted below shows the components of milling tool and the force that is being applied in order to cut the metal into desired shape, the components of the force are shown as P1 and P2 (Sequeira et al. 2012). These components are-: Fx: The thrust force that acts in radial direction (Shown by P1). Fy: The cutting force acts to remove the metal (Shown by P2) Figure 1: Shows the milling process Image source: Dombovari and Stepan, 2015 Dynamometer The dynamometer used here is the piezoelectric dynamometer which uses piezoelectric components for measurement of forces. Dynamometers are the devices that are used to measure physical parameters like force and torque. Dynamometer measures the two cutting force components, which are perpendicular to each other. The measured numerical values that has been generated during milling is stored in computers with the help of DAS(Data Acquisition System) (Kistler.com, 2016). The piezoelectric outputs are initially amplified and are then sent to computer for storage and analysis as depicted in figure. Figure 2: Represent the force measurement by Piezoelectric Dynamometer (Image Source: As created by Author) Block Materials Aluminum Brass Copper Results Fx is the Thrust cutting (N) Fy is the Cutting force (N) T is the Time (s) Aluminum Figure 3: Shows the obtained data for Aluminum Figure Source: As created by author Brass Figure 4: Shows the obtained data for Brass Figure Source: As created by author Stainless steel Figure 5: Shows the obtained data for Stainless Steel Figure Source: As created by author Comparison and discussion The three graphs that have been obtained during the experimentation can be seen in the previous section. Aluminum is a high strength, malleable and low density metal contributing to its low weight. This can be seen in the figure; the low density allows lesser force required for cutting but the higher metal strength makes the thrust force required for the movement very high. In case of brass the alloy is extremely malleable but the hardness is lesser compared to steel. The high malleability makes the starting thrust force very high but as the transient phase passes, the force ease and decreases, and the cutting force is high as the metal is very tough. In case of stainless steel the metal is hard but brittle hence the cutting force is high but the thrust force is very less compared to other metals. Conclusion This report discusses the various data that has been obtained and realized during performing the experiment. The experiment was done in a CNC and the force data were obtained with the help of the piezoelectric sensor available in the dynamometer. Finally the obtained data was compared and summarized which helped in understanding the property of the material. References Sequeira, A.A., Prabhu, R., Sriram, N.S. and Bhat, T., 2012. Effect of Cutting Parameters on Cutting Force and Surface Roughness of Aluminium Components using Face Milling Process-a Taguchi Approach.IOSR Journal of Mechanical and Civil Engineering,3(4), pp.7-13. Mehta, M., Nandwana, B.P., Saloda, M.A., Khidiya, M.S., Jindal, S. and Barvaliya, S., 2016. Experimental Analysis of the Cutting Forces in Dry Turning of EN8 Steel.Imperial Journal of Interdisciplinary Research,2(7). Rao, P.N., 2013.Manufacturing technology: metal cutting and machine tools. v. 2. Tata McGraw-Hill Education. Kistler.com. (2016). [online] Available at: https://www.kistler.com/?type=669fid=65model=download [Accessed 12 Sep. 2016]. Li, C.P., Kim, M.Y., Islam, M.M. and Ko, T.J., 2016. Mechanism analysis of hybrid machining process comprising EDM and end milling.Journal of Materials Processing Technology,237, pp.309-319. Mfg.mtu.edu. (2016). case. [online] Available at: https://www.mfg.mtu.edu/cyberman/quality/metrology/case.html [Accessed 12 Sep. 2016].