Vienna is the federal capital and largest city of Austria, one of the nine states of Austria. Vienna is Austria's primate city, with a population of about 1.9 million, its cultural and political centre. It is the 7th-largest city by population within city limits in the European Union; until the beginning of the 20th century, it was the largest German-speaking city in the world, before the splitting of the Austro-Hungarian Empire in World War I, the city had 2 million inhabitants. Today, it has the second largest number of German speakers after Berlin. Vienna is host to many major international organizations, including the United Nations and OPEC; the city is located in the eastern part of Austria and is close to the borders of the Czech Republic and Hungary. These regions work together in a European Centrope border region. Along with nearby Bratislava, Vienna forms a metropolitan region with 3 million inhabitants. In 2001, the city centre was designated a UNESCO World Heritage Site. In July 2017 it was moved to the list of World Heritage in Danger.
Apart from being regarded as the City of Music because of its musical legacy, Vienna is said to be "The City of Dreams" because it was home to the world's first psychoanalyst – Sigmund Freud. The city's roots lie in early Celtic and Roman settlements that transformed into a Medieval and Baroque city, the capital of the Austro-Hungarian Empire, it is well known for having played an essential role as a leading European music centre, from the great age of Viennese Classicism through the early part of the 20th century. The historic centre of Vienna is rich in architectural ensembles, including Baroque castles and gardens, the late-19th-century Ringstraße lined with grand buildings and parks. Vienna is known for its high quality of life. In a 2005 study of 127 world cities, the Economist Intelligence Unit ranked the city first for the world's most liveable cities. Between 2011 and 2015, Vienna was ranked second, behind Melbourne. In 2018, it replaced Melbourne as the number one spot. For ten consecutive years, the human-resource-consulting firm Mercer ranked Vienna first in its annual "Quality of Living" survey of hundreds of cities around the world.
Monocle's 2015 "Quality of Life Survey" ranked Vienna second on a list of the top 25 cities in the world "to make a base within."The UN-Habitat classified Vienna as the most prosperous city in the world in 2012/2013. The city was ranked 1st globally for its culture of innovation in 2007 and 2008, sixth globally in the 2014 Innovation Cities Index, which analyzed 162 indicators in covering three areas: culture and markets. Vienna hosts urban planning conferences and is used as a case study by urban planners. Between 2005 and 2010, Vienna was the world's number-one destination for international congresses and conventions, it attracts over 6.8 million tourists a year. The English name Vienna is borrowed from the homonymous Italian version of the city's name or the French Vienne; the etymology of the city's name is still subject to scholarly dispute. Some claim that the name comes from Vedunia, meaning "forest stream", which subsequently produced the Old High German Uuenia, the New High German Wien and its dialectal variant Wean.
Others believe that the name comes from the Roman settlement name of Celtic extraction Vindobona meaning "fair village, white settlement" from Celtic roots, vindo-, meaning "bright" or "fair" – as in the Irish fionn and the Welsh gwyn –, -bona "village, settlement". The Celtic word Vindos may reflect a widespread prehistorical cult of a Celtic God. A variant of this Celtic name could be preserved in the Czech and Polish names of the city and in that of the city's district Wieden; the name of the city in Hungarian, Serbo-Croatian and Ottoman Turkish has a different Slavonic origin, referred to an Avar fort in the area. Slovene-speakers call the city Dunaj, which in other Central European Slavic languages means the Danube River, on which the city stands. Evidence has been found of continuous habitation in the Vienna area since 500 BC, when Celts settled the site on the Danube River. In 15 BC the Romans fortified the frontier city they called Vindobona to guard the empire against Germanic tribes to the north.
Close ties with other Celtic peoples continued through the ages. The Irish monk Saint Colman is buried in Melk Abbey and Saint Fergil served as Bishop of Salzburg for forty years. Irish Benedictines founded twelfth-century monastic settlements. Evidence of these ties persists in the form of Vienna's great Schottenstift monastery, once home to many Irish monks. In 976 Leopold I of Babenberg became count of the Eastern March, a 60-mile district centering on the Danube on the eastern frontier of Bavaria; this initial district grew into the duchy of Austria. Each succeeding Babenberg ruler expanded the march east along the Danube encompassing Vienna and the lands east. In 1145 Duke Henry II Jasomirgott moved the Babenberg family residence from Klosterneuburg in Lower Austria to Vienna. From that time, Vienna remained the center of the Babenberg dynasty. In 1440 Vienna became the resident city of the Habsburg dynasty, it grew to become the de facto capital of the Holy Roman Empire in 1437 and a cultural centre for arts and science and fine cuisine.
Hungary occupied the city between 1485 and 1490. In the 16th and 1
Financial crisis of 2007–2008
The financial crisis of 2007–2008 known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the most serious financial crisis since the Great Depression of the 1930s. It began in 2007 with a crisis in the subprime mortgage market in the United States, developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers on September 15, 2008. Excessive risk-taking by banks such as Lehman Brothers helped to magnify the financial impact globally. Massive bail-outs of financial institutions and other palliative monetary and fiscal policies were employed to prevent a possible collapse of the world financial system; the crisis was nonetheless followed by the Great Recession. The European debt crisis, a crisis in the banking system of the European countries using the euro, followed later. In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US following the crisis to "promote the financial stability of the United States".
The Basel III capital and liquidity standards were adopted by countries around the world. Following is a timeline of major events during the financial crisis: February 20, 2007: The Dow Jones Industrial Average hit its peak level of 12,786. Existing home sales peaked this month and began to decline. April 2007: New Century, an American REIT specializing in sub-prime mortgages, filed for Chapter 11 bankruptcy protection; this propagated the sub-prime crisis, to banks around the world. August 9, 2007: BNP Paribas, a French investment bank, blocked withdrawals from two of its hedge funds – a clear sign that banks were refusing to do business with each other. August 2007: The Federal Open Market Committee began reducing the federal funds rate from its peak of 5.25% in response to worries about liquidity and confidence. December 12, 2007: The Federal Reserve instituted the Term Auction Facility to supply short-term credit to banks with sub-prime mortgages. February 13, 2008: The Economic Stimulus Act of 2008 was enacted, which included a tax rebate.
March 17, 2008: The Federal Reserve guaranteed Bear Stearns' bad loans to facilitate its acquisition by JPMorgan Chase. July 11, 2008: IndyMac failed. July 30, 2008: The Housing and Economic Recovery Act of 2008 was enacted. September 7, 2008: Fannie Mae and Freddie Mac were taken over by the federal government. September 15, 2008: Lehman Brothers went bankrupt after the Federal Reserve declined to guarantee its loans, causing the Dow Jones to drop 504 points, its worst decline in seven years; the same day, Bank of America purchased Merrill Lynch. September 16, 2008: The Federal Reserve took over American International Group; the Reserve Primary Fund "broke the buck" as a result of massive withdrawals from money market accounts. September 21, 2008: Goldman Sachs and Morgan Stanley converted themselves from investment banks to bank holding companies to increase their protection by the Federal Reserve. September 26, 2008: Washington Mutual went bankrupt after a bank run. September 29, 2008: The House of Representatives rejected the Emergency Economic Stabilization Act of 2008 instituting the $700 billion Troubled Asset Relief Program.
In response the Dow Jones dropped its largest single-day decline. October 3, 2008: Congress passed the Emergency Economic Stabilization Act of 2008. November 25, 2008: The Term Asset-Backed Securities Loan Facility was announced. December 16, 2008: The federal funds rate was lowered to zero percent. January 2009: The Big Three automobile manufacturers received a bailout from the TARP program. February 13, 2009: Congress approved the American Recovery and Reinvestment Act of 2009, a $787 billion economic stimulus package. March 6, 2009: The Dow Jones hit its lowest level of 6,443.27. The precipitating factor for the Financial Crisis of 2007–2008 was a high default rate in the United States subprime home mortgage sector – the bursting of the "subprime bubble." While the causes of the bubble are disputed, some or all of the following factors must have contributed. Low interest rates encouraged mortgage lending. Securitization. Many mortgages were bundled together and formed into new financial instruments called mortgage-backed securities, in a process known as securitization.
These bundles could be sold as low-risk securities because they were backed by credit default swaps insurance. Because mortgage lenders could pass these mortgages on in this way, they could and did adopt loose underwriting criteria. Lax regulation allowed predatory lending in the private sector after the federal government overrode anti-predatory state laws in 2004; the Community Reinvestment Act, a 1977 US federal law designed to help low- and moderate-income Americans get mortgage loans encouraged banks to grant mortgages to higher risk families. Reckless lending by, for example, Bank of America's Countrywide Financial unit, caused Fannie Mae and Freddie Mac to lose market share and to respond by lowering their own standards. Mortgage guarantees. Many of the subprime loans were bundled and sold accruing to the quasi-government agencies Fannie Mae and Freddie Mac; the implicit guarantee by the US federal government created a moral hazard and contributed to a glut of risky lending. The accumulation and subsequent high default rate of these subprime mortgages led to the financial crisis and the consequent damage to the world economy.
High mortgage approval rates led to a large pool of homebuyers. This appreciation in value led large numbers of homeowners to borrow against their homes as an apparent windfall; this "bubble" would be burst by a r
Paul Robin Krugman is an American economist, Distinguished Professor of Economics at the Graduate Center of the City University of New York, a columnist for The New York Times. In 2008, Krugman was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography; the Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services. Krugman was a professor of economics at MIT, at Princeton University, he retired from Princeton in June 2015, holds the title of professor emeritus there. He holds the title of Centenary Professor at the London School of Economics. Krugman was President of the Eastern Economic Association in 2010, is among the most influential economists in the world. Krugman is known in academia for his work on international economics, economic geography, liquidity traps, currency crises.
Krugman is the author or editor of 27 books, including scholarly works and books for a more general audience, has published over 200 scholarly articles in professional journals and edited volumes. He has written several hundred columns on economic and political issues for The New York Times and Slate. A 2011 survey of economics professors named him their favorite living economist under the age of 60; as a commentator, Krugman has written on a wide range of economic issues including income distribution, taxation and international economics. Krugman considers himself a modern liberal, referring to his books, his blog on The New York Times, his 2007 book The Conscience of a Liberal, his popular commentary has attracted widespread attention and comments, both negative. Krugman was born to the son of Anita and David Krugman. In 1922, his paternal grandparents immigrated to the United States from Brest, Belarus, at that time a part of Poland, he was born in Albany, New York, grew up in Merrick, a hamlet in Nassau County.
He graduated from John F. Kennedy High School in Bellmore. According to Krugman, his interest in economics began with Isaac Asimov's Foundation novels, in which the social scientists of the future use a new science of "psychohistory" to try to save civilization. Since present-day science fell far short of "psychohistory", Krugman turned to economics as the next best thing. Krugman earned his B. A. summa cum laude in economics from Yale University in 1974, went on to pursue a PhD in economics from Massachusetts Institute of Technology. In 1977, he completed his PhD in three years, with a thesis titled Essays on flexible exchange rates. While at MIT, he was part of a small group of MIT students sent to work for the Central Bank of Portugal for three months in the summer of 1976, during the chaotic aftermath of the Carnation Revolution. Krugman praised his PhD thesis advisor, Rudi Dornbusch, as "one of the great economics teachers of all time" and said that he "had the knack of inspiring students to pick up his enthusiasm and technique, but find their own paths".
In 1978, Krugman presented a number of ideas to Dornbusch, who flagged as interesting the idea of a monopolistically competitive trade model. Encouraged, Krugman worked on it and wrote, " knew within a few hours that I had the key to my whole career in hand". In that same year, Krugman wrote "The Theory of Interstellar Trade", a tongue-in-cheek essay on computing interest rates on goods in transit near the speed of light, he says he wrote it to cheer himself up when he was "an oppressed assistant professor". Krugman became an assistant professor at Yale University in September 1977, he joined the faculty of MIT in 1979. From 1982 to 1983, Krugman spent a year working at the Reagan White House as a staff member of the Council of Economic Advisers, he rejoined MIT as a full professor in 1984. Krugman has taught at Stanford and the London School of Economics. In 2000, Krugman joined Princeton University as Professor of International Affairs, he is currently Centenary Professor at the London School of Economics, a member of the Group of Thirty international economic body.
He has been a research associate at the National Bureau of Economic Research since 1979. Krugman was President of the Eastern Economic Association in 2010. In February 2014, he announced that he would be retiring from Princeton in June 2015 and that he would be joining the faculty at the Graduate Center of the City University of New York. Paul Krugman has written extensively on international economics, including international trade, economic geography, international finance; the Research Papers in Economics project ranks him among the world's most influential economists. Krugman's International Economics: Theory and Policy, co-authored with Maurice Obstfeld, is a standard undergraduate textbook on international economics, he is co-author, with Robin Wells, of an undergraduate economics text which he says was inspired by the first edition of Paul Samuelson's classic textbook. Krugman writes on economic topics for the general public, sometimes on international economic topics but on income distribution and public policy.
The Nobel Prize Committee stated that Krugman's main contribution is his analysis of the effects of economies of scale, combined with the assumption that consumers appreciate diversity, on international trade and on the location of economic activity. The importance of spatial issues in economics has been enhanced by Krugman's ability to popularize this complicated theory with the
The Holocaust known as the Shoah, was a genocide during World War II in which Nazi Germany, aided by local collaborators, systematically murdered some six million European Jews—around two-thirds of the Jewish population of Europe—between 1941 and 1945. Jews were targeted for extermination as part of a larger event during the Holocaust era, in which Germany and its collaborators persecuted and murdered other groups, including Slavs, the Roma, the "incurably sick", political and religious dissenters such as communists and Jehovah's Witnesses, gay men. Taking into account all the victims of Nazi persecution, the death toll rises to over 17 million. Germany implemented the persecution of the Jews in stages. Following Adolf Hitler's appointment as German Chancellor in January 1933, the regime built a network of concentration camps in Germany for political opponents and those deemed "undesirable", starting with Dachau on 22 March 1933. After the passing of the Enabling Act on 24 March, which gave Hitler plenary powers, the government began isolating Jews from civil society, which included a boycott of Jewish businesses in April 1933 and enacting the Nuremberg Laws in September 1935.
On 9–10 November 1938, during Kristallnacht, Jewish businesses and other buildings were ransacked, smashed or set on fire throughout Germany and Austria, which Germany had annexed in March that year. After Germany invaded Poland in September 1939, triggering World War II, the regime set up ghettos to segregate Jews. Thousands of camps and other detention sites were established across German-occupied Europe; the deportation of Jews to the ghettos culminated in the policy of extermination the Nazis called the "Final Solution to the Jewish Question", discussed by senior Nazi officials at the Wannsee Conference in Berlin in January 1942. As German forces captured territories in the East, all anti-Jewish measures were radicalized. Under the coordination of the SS, with directions from the highest leadership of the Nazi Party, killings were committed within Germany itself, throughout occupied Europe, across all territories controlled by the Axis powers. Paramilitary death squads called Einsatzgruppen, in cooperation with Wehrmacht police battalions and local collaborators, murdered around 1.3 million Jews in mass shootings between 1941 and 1945.
By mid-1942, victims were being deported from the ghettos in sealed freight trains to extermination camps where, if they survived the journey, they were killed in gas chambers. The killing continued until the end of World War II in Europe in May 1945; the term holocaust, first used in 1895 to describe the massacre of Armenians, comes from the Greek: ὁλόκαυστος, translit. Holókaustos; the Century Dictionary defined it in 1904 as "a sacrifice or offering consumed by fire, in use among the Jews and some pagan nations". The biblical term shoah, meaning "destruction", became the standard Hebrew term for the murder of the European Jews, first used in a pamphlet in 1940, Sho'at Yehudei Polin, published by the United Aid Committee for the Jews in Poland. On 3 October 1941 the cover of the magazine The American Hebrew used the phrase "before the Holocaust" to refer to the situation in France, in May 1943 The New York Times, discussing the Bermuda Conference, referred to the "hundreds of thousands of European Jews still surviving the Nazi Holocaust".
In 1968 the Library of Congress created a new category, "Holocaust, Jewish". The term was popularized in the United States by the NBC mini-series Holocaust, about a fictional family of German Jews, in November 1978 the President's Commission on the Holocaust was established; as non-Jewish groups began to include themselves as Holocaust victims too, many Jews chose to use the terms Shoah or Churban instead. The Nazis used the phrase "Final Solution to the Jewish Question". Most Holocaust historians define the Holocaust as the enactment, between 1941 and 1945, of the German state policy to exterminate the European Jews. In Teaching the Holocaust, Michael Gray, a specialist in Holocaust education, offers three definitions: "the persecution and murder of Jews by the Nazis and their collaborators between 1933 and 1945", which views the events of Kristallnacht in Germany in 1938 as an early phase of the Holocaust; the third definition fails, Gray writes, to acknowledge that only the Jewish people were singled out for annihilation.
The United States Holocaust Memorial Museum defines the Holocaust as the "systematic, state-sponsored persecution and murder of six million Jews by the Nazi regime and its collaborators", distinguishing between the Holocaust and the targeting of other groups during "the era of the Holocaust". According to Yad Vashem, Israel's Holocaust memorial, most historians regard the start of the "Holocaust era" as January 1933, when Hitler was named Chancellor of Germany. Other victims of the Holocaust era include. Hitler came to see the Jews as "uniquely dangerous to Germany", according to Peter Hayes, "and therefore uniquely destined t
Candlemas known as the Feast of the Presentation of Our Lord Jesus and the Feast of the Purification of the Blessed Virgin Mary, is a Christian Holy Day commemorating the presentation of Jesus at the Temple. It is based upon the account of the presentation of Jesus in Luke 2:22–40. In accordance with Leviticus 12: a woman was to be presented for purification by sacrifice 33 days after a boy's circumcision, it falls on February 2, traditionally the 40th day of the Christmas–Epiphany season. While it is customary for Christians in some countries to remove their Christmas decorations on Twelfth Night, those in other Christian countries remove them on Candlemas. On Candlemas, many Christians bring their candles to their local church, where they are blessed and used for the rest of the year; the Feast of the Presentation is one of the oldest feasts of the Christian church, celebrated since the 4th century AD in Jerusalem. There are sermons on the Feast by the bishops Methodius of Patara, Cyril of Jerusalem, Gregory the Theologian, Amphilochius of Iconium, Gregory of Nyssa, John Chrysostom.
It is mentioned in the pilgrimage of Egeria, where she confirmed that the celebrations took place in honor of the presentation of Jesus at the Temple. XXVI, but the Feast of the Purification is celebrated here with the greatest honour. On this day there is a procession to the Anastasis. All the priests preach, the bishop, always treating of that passage of the Gospel106 where, on the fortieth day and Mary brought the Lord into the Temple, Simeon and Anna the prophetess, the daughter of Famuhel, saw Him, of the words which they said when they saw the Lord, of the offerings which the parents presented, and when all things have been celebrated in order as is customary, the sacrament is administered, so the people are dismissed. Christmas was, in the West, celebrated on December 25 from at least the year AD 354 when it was fixed by Pope Liberius. Forty days after December 25 is February 2. In the Eastern parts of the Roman Empire, Roman consul Justin established the celebration of the Hypapante on February 2, AD 521.
Pope Gelasius I contributed to the spread of the celebration, but did not invent it. Moreover, the link made by Caesar Baronius between the presentation of Jesus and Lupercalia is inaccurate since Lupercalia was not celebrated in Jerusalem and it was only there that one finds some celebrations of the presentation of Jesus around this date, but it appears that it became important around the time of the Plague of Justinian in 541, before spreading West. The ancient Romans celebrated the Lupercalia in mid-February, in honor of Lupercus, the god of fertility and shepherds; the celebration of Feralia occurred at the same time. The Lupercalia have been linked to the presentation of Jesus at the temple by Cardinal Caesar Baronius in the 16th century because of the theme of purification that the two festivals share. In fact, Pope Gelasius I had much earlier written a letter to a senator Andromachus, who wanted to reestablish the Lupercalia for the purpose of purification; however the Gelasian Sacramentary shows a strong Gallican influence and was compiled between AD 628 and AD 731, so it is possible that the addition of the celebration was not due to Pope Gelasius at all.
Moreover, when Gelasius addressed Andromachus, he did not try to use his authority, but contented himself to arguing for example that the Lupercalia would no longer have the effect it once had and was incompatible with Christian ideals. This could be interpreted as evidence. Centuries around the year 1392 or 1400, an image of the Virgin Mary that represented this invocation, was found on the seashore by two Guanche shepherds from the island of Tenerife. After the appearance of the Virgin and its iconographic identification with this biblical event, the festival began to be celebrated with a Marian character in the year 1497, when the conqueror Alonso Fernández de Lugo celebrated the first Candlemas festival dedicated to the Virgin Mary, coinciding with the Feast of Purification on February 2. Before the conquest of Tenerife, the Guanche aborigines celebrated a festivity around the image of the Virgin during the Beñesmen festival in the month of August; this was the harvest party. The feast of the Virgin of Candelaria in the Canary Islands is celebrated in addition to February 2 on August 15, the day of the Assumption of the Virgin Mary in the Catholic calendar.
For some historians, the celebrations celebrated in honor of the Virgin during the month of August are a syncretized reminiscence of the ancient feasts of the Beñesmen. Candlemas feast transfers to February 3 if February 2 is a pre-Lenten Sunday, but the blessing of candles still takes place on February 2. Candlemas never falls in Lent, because the earliest possible Ash Wednesday is February 4. In Swedish and Finnish Lutheran Churches, Candlemas is always celebrated on a Sunda
Robert Strange McNamara was an American business executive and the eighth United States Secretary of Defense, serving from 1961 to 1968 under Presidents John F. Kennedy and Lyndon B. Johnson, he played a major role in escalating the United States' involvement in the Vietnam War. McNamara was responsible for the institution of systems analysis in public policy, which developed into the discipline known today as policy analysis, he was born in San Francisco, graduated from UC Berkeley and Harvard Business School and served in the United States Army Air Forces during World War II. After the war, Henry Ford II hired McNamara and a group of other Army Air Force veterans to work for Ford Motor Company; these "Whiz Kids" helped reform Ford with modern planning and management control systems. After serving as Ford's president, McNamara accepted appointment as Secretary of Defense. McNamara became a close adviser to Kennedy and advocated the use of a blockade during the Cuban Missile Crisis. Kennedy and McNamara instituted a Cold War defense strategy of flexible response, which anticipated the need for military responses short of massive retaliation.
McNamara consolidated intelligence and logistics functions of the Pentagon into two centralized agencies: the Defense Intelligence Agency and the Defense Supply Agency. During the Kennedy administration, McNamara presided over a build-up of US soldiers in South Vietnam. After the 1964 Gulf of Tonkin incident, the number of US soldiers in Vietnam escalated dramatically. McNamara and other US policymakers feared that the fall of South Vietnam to a Communist regime would lead to the fall of other governments in the region. In October 1966, he launched Project 100,000, the lowering of army IQ standards which allowed 354,000 additional men to be inducted despite all being incapable of functioning in any high stress situation or dangerous environment. McNamara grew skeptical of the efficacy of committing US soldiers to Vietnam. In 1968, McNamara resigned as Secretary of Defense to become President of the World Bank, he remains the longest serving Secretary of Defense. He served as President of the World Bank until 1981, shifting the focus of the World Bank towards poverty reduction.
After retiring, he served as a trustee of several organizations, including the California Institute of Technology and the Brookings Institution. Robert McNamara was born in California, his father was Robert James McNamara, sales manager of a wholesale shoe company, his mother was Clara Nell McNamara. His father's family was Irish and, in about 1850, following the Great Irish Famine, had emigrated to the U. S. first to Massachusetts and to California. He graduated from Piedmont High School in Piedmont in 1933, where he was president of the Rigma Lions boys club and earned the rank of Eagle Scout. McNamara attended the University of California and graduated in 1937 with a B. A. in economics with minors in mathematics and philosophy. He was a member of Phi Gamma Delta fraternity, was elected to Phi Beta Kappa his sophomore year, earned a varsity letter in crew. McNamara before commissioning into the Army Air Force, was a Cadet in the Golden Bear Battalion at U. C. Berkeley |McNamara was a member of the UC Berkeley's Order of the Golden Bear, a fellowship of students and leading faculty members formed to promote leadership within the student body.
He attended Harvard Business School, where he earned an M. B. A. in 1939. Thereafter, McNamara worked a year for the accounting firm Price Waterhouse in San Francisco, he returned to Harvard in August 1940 to teach accounting in the Business School and became the institution's highest paid and youngest assistant professor at that time. Following his involvement there in a program to teach analytical approaches used in business to officers of the United States Army Air Forces, he entered the USAAF as a captain in early 1943, serving most of World War II with its Office of Statistical Control. One of his major responsibilities was the analysis of U. S. bombers' efficiency and effectiveness the B-29 forces commanded by Major General Curtis LeMay in India and the Mariana Islands. McNamara established a statistical control unit for the XX Bomber Command and devised schedules for B-29s doubling as transports for carrying fuel and cargo over The Hump, he left active duty in 1946 with a Legion of Merit.
In 1946, Tex Thornton, a colonel under whom McNamara had served, put together a group of former officers from the Office of Statistical Control to go into business together. Thornton had seen an article in Life magazine portraying Ford as being in dire need of reform. Henry Ford II, himself a World War II veteran from the Navy, hired the entire group of 10, including McNamara; the "Whiz Kids", as they came to be known, helped the money-losing company reform its chaotic administration through modern planning and management control systems. The origins of the phrase "The Whiz Kids" can be explained; because of their youth, combined with asking lots of questions, Ford employees and disparagingly, referred to them as the "Quiz Kids". The Quiz Kids rebranded themselves as the "Whiz Kids". Starting as manager of planning and financial analysis, McNamara advanced through a series of top-level management positions, he was a force behind the Ford Falcon sedan, introduced in the fall of 1959—a small and inexpensive-to-produce counter to the large, expensive vehicles prominent in the late 1950s.
McNamara placed a high emphasis on safety: the Lifeguard options package introduced the seat belt and a dished steering wheel, whic