Monday, March 16, 2009
Based solely on being in the top 1% of math ABILITY, women would comprise 33% of all the math-intensive fields but currently women only account for less than 10% of these fields. Why? Women with advanced math abilities feel they must choose a career that will give them the flexibility they need - if and when they decide to start a family. Or if they do choose a scientific field (either math or physical sciences) they tend to drop out at much higher rates than men because of the greater need for flexibility during the high demand times of early childhood. These choices do not typically have to be made by men. Maybe work has to change, not women. Find the study here.
Friday, March 13, 2009
March marks Women’s History Month, and what better way to celebrate than by sharing the stories of and engaging in discussion with other women. See below for details, and for info on all events, check out http://www.92YTribeca.org
From my friend Deborah Siegel:
“It is time that we reopen the dialogue about women’s lives, power, entitlement, and empowerment. Four feminist authors and activists from Gen Y to those born before the Baby Boom, gather in honor of Women’s History Month for a long overdue discussion (though you can see it online at http://womengirlsladies.blogspot.com/. The panel includes Gloria Feldt, 67, former national president and CEO of the Planned Parenthood Federation of America; Deborah Siegel, 40, author of Sisterhood, Interrupted: From Radical Women to Girls Gone Wild; Elizabeth Hines, 33, of The White House Project; and Courtney E. Martin, 29, author of Perfect Girls, Starving Daughters.“
http://www.92y.org/92ytribeca/default.asp?redirect=MakorHP
Monday, March 09, 2009
Last week, Obama officially released the final details of his $75 billion foreclosure relief plan. I have outlined a quick summary of the major points of the plan and how homeowners can find out if they are eligible to either modify or refinance their existing loan. There are two portions to the plan. One portion allows non-delinquent homeowners who have underwater mortgages to refinance at a lower rate and the second portion allows delinquent homeowners to get a loan modification. Here is a quick summary of the major points:
Part One: Refinance Guidelines:
You must be current on your mortgage payments, meaning you have not had late payments in the last 12 months.
The home being refinanced must be your primary residence.
The loan must be secured by Fannie Mae or Freddie Mac. You can find out if your loan is owned by these institutions by calling 1-800-7FANNIE, or 1-800-FREDDIE. You can also find out online at http://www.fanniemae.com/homeaffordable or http://www.fanniemae.com/homeaffordable
You are no more than 5% underwater or put another way - the amount you owe on your first mortgage cannot be more than 105% of the value of your home.
You have a stable income to qualify for a new mortgage.
All loans that are refinanced will be refinanced into 15 or 30 year fixed rate loans. The interest rate would be based on the market rate on the day of closing. The loans also would not have any prepayment penalties or be a balloon note. Borrower will be responsible for fees associated with the refinance.
read more »
Wednesday, March 04, 2009
Just as we started the week with snow falling furiously, stocks also took another free fall and ended Monday at their worst level (DOW 6,760 & S&P 700) in 12 years – since 1997. Since Oct 2007, stocks have lost more than 50% of their value and close to 20% just this year. This translates into approximately $2 trillion of American’s retirement wealth that has been destroyed due to the precipitous fall in the stock market. Last week, a Financial Times article really resonated with me: “what started as a financial crisis became an economic crisis and is now an unemployment crisis.”
Consumer spending, which is the lifeblood of the economy and a catalyst in helping pull us out of other recessions, has virtually come to a halt. The savings rate, which was negative for so many years, is now 5% of disposable income, the highest it has been in 14 years. I believe it is a good thing that Americans are saving more but right now it’s just adding to the downward spiral in the economy. This is a major shift from the negative savings rate the US had for many years where households spent more than they earned through generous credit. Americans got used to easy credit and they developed an “insatiable” appetite for spending. After nearly 25 years of spending more than they earned through easy credit, consumer spending has come to a screeching halt. This new found frugality hurts the bottom line for business which isn’t good for the employment picture either.
Unemployment is now at 7.6% and there appears no end it site to this growing demographic. With rising unemployment, there can be no reversal in the housing market or in business forecasts or in consumer spending. This is a negative feedback cycle and I am not sure what or how we can stop it.
From all that I have read, it seems like the first thing we need to do is to fix the banking sector, get rid of the toxic assts and restart lending. But even if we “unclog” the banking sector, will the consumer have any demand for credit? I am not so sure as I really believe what I read in PIMCO’s most recent report - here. Consumers are not only repairing their own balance sheets but are fearful of losing their job, of losing the retirement account, of not being able to pay the mortgage if they do buy a house. Consumers, including myself are hunkered down.
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