It may come as no surprise that one of my favorite comics of all time is Calvin and Hobbes. As the holiday season begins, I found one particularly good series of C&H strips that really speaks to what's going on right now in our economy, and really reminds me why I love this boy and his tiger so much.
http://www.lovine.com/hobbes/wonderland.html
Wednesday, November 26, 2008
The Great Depression
It's nearly Thanksgiving Day 2008.
Thanksgiving always has been my favorite holiday; it's not just because of the food. I adhere to "family and togetherness," rather than the focus on gift-giving that surrounds Christmas. I think it's soul-stealing and menial to focus on how much "stuff" can be stuffed under the tree; I have my Nana, aged 91, and my father, deceased since 1983, to thank for the marks they made on my soul about togetherness and family and the meaning of holidays.
Nana still is going strong this Thanksgiving, and for that, I am thankful. She has shrunk to about 5 feet tall, maybe less, and runs around in her tennis shoes, still able to stretch a dollar bill further than anyone I know.
And it's because she was raised during the Great Depression. Nana quit school in the sixth grade to go to work for her family; she still has her union membership book from all her years in the restaurant industry.
She waited tables nearly all her life. I remember when she would come home from the Youngstown Country Club, with her tips and leftover food that would be our meal that night.
She taught me to count money and save a penny. Never toss a penny aside like it doesn't matter. Every penny matters.
Nana owned homes and owned rental property, not only in Ohio but in New Jersey; she ran a delicatessan in East Orange, N.J., and is one of the savviest business people I know who stuck with the principles she learned in the Catholic church. You never take more than you need, and you always share what you have. Charging interest, by the way, is a sin.
She learned all that she needed to know about money from surviving the Great Depression, and she didn't realize it all those years that she reared me, but I paid close attention and I internalized everything she taught me.
As an adult, I appreciate her lessons more than she'll ever know. She used to have to eat lard bread, and make clothes out of potato sacks. In my childhood, you never went without, not under Nana's watch. In our poorest years as I was growing up, she taught me how to wash clothes on a wash board; to get them really clean, you used a plunger; we survived oftentimes on the barest of necessecities, and I can see its value now, as an adult, and as our country is in the midst of its own economic crisis.
At the University of Oklahoma, we study sophisticated models of economic prediction and theories in order to understand the performance of markets and why certain countries are mired in poverty.
While I appreciate and adore my education, at the end of the day, I follow my intuition and remember everything Nana taught me. There always are sacrifices that have to be made; you can make a meal out of can of beans; and no matter how much you don't have monetarily, you better iron your clothes before you step out of the house.
Not having money is no excuse to look like a slob. And you can always find a thrift store where you can buy a bag of shoes for $1, Nana's own version of a brown bag special.
I was reminded again of Nana's powerful lessons as I read the column I've linked to below in Fortune magazine, which is written by Walter Stoiber, aged 91, who is from Boardman, Ohio, near Youngstown, which is my hometown and where Nana and my mother reared me.
Stoiber talks about the simplicity of the time and how creative kids were forced to be; in my childhood, we had to do the same things. We could make a box into the best playhouse and garbage bags became make-shift sleds in the snow; when you did get a dollar, it went under the mattress or into a savings account. You always gave extra long, hard thought to how it would be spent, or if it would be spent at all, and this was the other lesson from Nana: You will never regret saving your money, although you will regret spending it.
Yesterday, my sister amazed me with her stories of how crafty she's gotten with coupons. She lives in Phoenix and she has managed this month alone to save 30 percent on her grocery bill overall, just by clipping coupons.
A run to the grocery store yesterday (in preparation for Thanksgiving) cost her $36 for what would have been nearly $80 worth of groceries.
That's impressive, but that's what we've been taught all these years, and now, my sister's co-workers are seeking her advice for how to save on groceries.
Read the story below. It reminds me of Nana, and it reminds me of why we DeRosa kids as adults have so much to be grateful for this Thanksgiving.
http://postcards.blogs.fortune.cnn.com/2008/11/20/guest-post-the-great-depression-as-i-remember/
Thanksgiving always has been my favorite holiday; it's not just because of the food. I adhere to "family and togetherness," rather than the focus on gift-giving that surrounds Christmas. I think it's soul-stealing and menial to focus on how much "stuff" can be stuffed under the tree; I have my Nana, aged 91, and my father, deceased since 1983, to thank for the marks they made on my soul about togetherness and family and the meaning of holidays.
Nana still is going strong this Thanksgiving, and for that, I am thankful. She has shrunk to about 5 feet tall, maybe less, and runs around in her tennis shoes, still able to stretch a dollar bill further than anyone I know.
And it's because she was raised during the Great Depression. Nana quit school in the sixth grade to go to work for her family; she still has her union membership book from all her years in the restaurant industry.
She waited tables nearly all her life. I remember when she would come home from the Youngstown Country Club, with her tips and leftover food that would be our meal that night.
She taught me to count money and save a penny. Never toss a penny aside like it doesn't matter. Every penny matters.
Nana owned homes and owned rental property, not only in Ohio but in New Jersey; she ran a delicatessan in East Orange, N.J., and is one of the savviest business people I know who stuck with the principles she learned in the Catholic church. You never take more than you need, and you always share what you have. Charging interest, by the way, is a sin.
She learned all that she needed to know about money from surviving the Great Depression, and she didn't realize it all those years that she reared me, but I paid close attention and I internalized everything she taught me.
As an adult, I appreciate her lessons more than she'll ever know. She used to have to eat lard bread, and make clothes out of potato sacks. In my childhood, you never went without, not under Nana's watch. In our poorest years as I was growing up, she taught me how to wash clothes on a wash board; to get them really clean, you used a plunger; we survived oftentimes on the barest of necessecities, and I can see its value now, as an adult, and as our country is in the midst of its own economic crisis.
At the University of Oklahoma, we study sophisticated models of economic prediction and theories in order to understand the performance of markets and why certain countries are mired in poverty.
While I appreciate and adore my education, at the end of the day, I follow my intuition and remember everything Nana taught me. There always are sacrifices that have to be made; you can make a meal out of can of beans; and no matter how much you don't have monetarily, you better iron your clothes before you step out of the house.
Not having money is no excuse to look like a slob. And you can always find a thrift store where you can buy a bag of shoes for $1, Nana's own version of a brown bag special.
I was reminded again of Nana's powerful lessons as I read the column I've linked to below in Fortune magazine, which is written by Walter Stoiber, aged 91, who is from Boardman, Ohio, near Youngstown, which is my hometown and where Nana and my mother reared me.
Stoiber talks about the simplicity of the time and how creative kids were forced to be; in my childhood, we had to do the same things. We could make a box into the best playhouse and garbage bags became make-shift sleds in the snow; when you did get a dollar, it went under the mattress or into a savings account. You always gave extra long, hard thought to how it would be spent, or if it would be spent at all, and this was the other lesson from Nana: You will never regret saving your money, although you will regret spending it.
Yesterday, my sister amazed me with her stories of how crafty she's gotten with coupons. She lives in Phoenix and she has managed this month alone to save 30 percent on her grocery bill overall, just by clipping coupons.
A run to the grocery store yesterday (in preparation for Thanksgiving) cost her $36 for what would have been nearly $80 worth of groceries.
That's impressive, but that's what we've been taught all these years, and now, my sister's co-workers are seeking her advice for how to save on groceries.
Read the story below. It reminds me of Nana, and it reminds me of why we DeRosa kids as adults have so much to be grateful for this Thanksgiving.
http://postcards.blogs.fortune.cnn.com/2008/11/20/guest-post-the-great-depression-as-i-remember/
Monday, November 24, 2008
Obama's Economic Team
This is important news.
President-elect Obama has announced his economic team.
New York Federal Reserve President Tim Geithner is replacing Henry Paulson as Treasury Secretary; Larry Summers (former treasury secretary) will lead the National Economic Council; Economist Christina Romer will lead the Council of Economic Advisers; Melody Barnes will serve as director of the Domestic Policy Council; and Peter Orszag will be the director of Office of Management & Budget.
President-elect Obama has announced his economic team.
New York Federal Reserve President Tim Geithner is replacing Henry Paulson as Treasury Secretary; Larry Summers (former treasury secretary) will lead the National Economic Council; Economist Christina Romer will lead the Council of Economic Advisers; Melody Barnes will serve as director of the Domestic Policy Council; and Peter Orszag will be the director of Office of Management & Budget.
What is a recession?
This is the most common question I've heard from people. What is a recession? Then there is the brave soul who asks, "What is a Depression?"
I could give you the technical definition ... if you want to call it technical. A recession is two consecutive quarters of NEGATIVE GDP (gross domestic product). I am always sensitive to insulting anyone's intelligence, so keep in mind that the audience for this here blog ranges greatly. I'm not going to assume that everyone knows what GDP stands for.
A depression is a deepened, protracted recession.
Or, to put it in the terms of a prof at OU: A recession is when your neighbor loses his or her job. A depression is when you lose your job.
I could give you the technical definition ... if you want to call it technical. A recession is two consecutive quarters of NEGATIVE GDP (gross domestic product). I am always sensitive to insulting anyone's intelligence, so keep in mind that the audience for this here blog ranges greatly. I'm not going to assume that everyone knows what GDP stands for.
A depression is a deepened, protracted recession.
Or, to put it in the terms of a prof at OU: A recession is when your neighbor loses his or her job. A depression is when you lose your job.
Thursday, November 20, 2008
Cartoonish Al-Qaeda
Did anybody expect a positive response from Al-Qaeda to United States President-elect Obama?
http://online.wsj.com/article/SB122714961130043621.html
http://online.wsj.com/article/SB122714961130043621.html
Wednesday, November 19, 2008
Those Pirates
So a tanker is floating in some of the most dangerous waters in the world with one-quarter of one day's total oil production from one of the most oil-rich regions in the world.
What do we know about oil, friends? We know it's the most sought-after resource, don't we?
How big is our tanker, friends?
Look at the picture at the link here
http://www.guardian.co.uk/world/2008/nov/18/somalia-oil
Just check it out.
Then, look at this link. Check out the photo of the boats the pirates use. (And pay attention, because that's not sophisticated weaponry).
http://www.guardian.co.uk/world/gallery/2008/nov/18/piracy-somalia-gallery?picture=339805476
Now, call me silly, but if I was sending a tanker with such a sought-after resource into the most dangerous waters in the world, I would anticipate the danger of pirates.
(Hint: These waters are not the most dangerous waters because of the shark population or rogue waves).
I would also laugh at the size of their boat, and I would blow those pirates out of the water. And I would have armed, trained folks on board my tanker to kick the crap out of the pirates.
Bomb those suckers back to Somalia.
In fact, I would look forward to the challenge, but that's Rambo Angie.
I know there were 18 pirates, so perhaps they had several boats. But come on. Seriously.
I'm assuming they weren't all piled onto one boat, for example, although life surprises me sometimes.
And if they were, that puts you as Tanker Master in an even better position. Use your noggin and your resources and CHARGE!
What do we know about oil, friends? We know it's the most sought-after resource, don't we?
How big is our tanker, friends?
Look at the picture at the link here
http://www.guardian.co.uk/world/2008/nov/18/somalia-oil
Just check it out.
Then, look at this link. Check out the photo of the boats the pirates use. (And pay attention, because that's not sophisticated weaponry).
http://www.guardian.co.uk/world/gallery/2008/nov/18/piracy-somalia-gallery?picture=339805476
Now, call me silly, but if I was sending a tanker with such a sought-after resource into the most dangerous waters in the world, I would anticipate the danger of pirates.
(Hint: These waters are not the most dangerous waters because of the shark population or rogue waves).
I would also laugh at the size of their boat, and I would blow those pirates out of the water. And I would have armed, trained folks on board my tanker to kick the crap out of the pirates.
Bomb those suckers back to Somalia.
In fact, I would look forward to the challenge, but that's Rambo Angie.
I know there were 18 pirates, so perhaps they had several boats. But come on. Seriously.
I'm assuming they weren't all piled onto one boat, for example, although life surprises me sometimes.
And if they were, that puts you as Tanker Master in an even better position. Use your noggin and your resources and CHARGE!
Tuesday, November 18, 2008
The Life Insurance Lecture
This evening, a friend of mine in Oklahoma went to visit her father's grave. I went along, willing to accompany someone to their parent's grave because I understand the sheer isolation of going to a cemetery by yourself, searching for the grave of your parent, and being sure that you're never going to find it.
It's one of those pesky side effects of grief: knowing that you stood at the grave site just months ago, but swearing you don't remember this particular location.
Marilyn didn't want to go alone. She's an only child, and she'll be coping with the loss of her father for a while.
This whole death thing is a fact of life; funerals are expensive; and I've experienced all this more than I've wanted to this year.
The funerals I've seen this year (five in total) have ranged in price from $6,500-$15,000.
Earlier in the day, I helped my father-in-law (Dante's stepfather, Tony), walk through some details of planning his sister's funeral. His sister, Antoinette, died unexpectedly yesterday (Monday, Nov. 17).
Tony stood by my side in Parma Hospital as we watched my mother die in March; he raced to get Father Breck and made sure that some of the final details were perfectly in place; he went door to door to funeral homes with me. I have a fierce loyalty to the people who have stood by me, and I hate that Tony is left with planning his sister's funeral.
And Antoinette didn't have life insurance.
The mother of my half brothers died months ago, and she was without life insurance. My brothers are left to foot that bill, which was right around $10,000.
I had an angel watching over me about nine years ago in the form of my Aunt Mae, who pulled me aside and said, "Your mom lives on a fixed income. Find out how much life insurance she has, and then see if you need an additional policy."
It just so happens that Aunt Mae owns her own insurance company; although it's for commercial businesses, she understands the implications of not having life insurance. Her own father had died without life insurance; in her situation, she had 10 brothers and sisters who could pitch in and they also were able to sell his house and use the profits for the burial expenses.
I don't mean to be going off on a tangent, but back to my mother, she did have a life insurance policy of $10,000, but after additional research, I found out that she and my father had borrowed against it. So its value was not $10,000 upon death. It was more like $2,000.
I took out an additional policy, and I paid the premiums. It was deducted every month from my checking account, and it covered a nice funeral for her upon her death.
This isn't very well written, but I'm tired and it's been a long day. My point is: If your parents are still living, find out if they have life insurance, and how much those policies are worth; also, make sure that you have life insurance.
You don't want to put that burden on your loved ones.
Also, check out this story below about a woman who was stuck paying for her mother's final arrangements. At the very, very low end, this funeral was $3,300.
http://www.cnn.com/2008/LIVING/wayoflife/11/14/funerals.in.recession.ap/index.html
It's one of those pesky side effects of grief: knowing that you stood at the grave site just months ago, but swearing you don't remember this particular location.
Marilyn didn't want to go alone. She's an only child, and she'll be coping with the loss of her father for a while.
This whole death thing is a fact of life; funerals are expensive; and I've experienced all this more than I've wanted to this year.
The funerals I've seen this year (five in total) have ranged in price from $6,500-$15,000.
Earlier in the day, I helped my father-in-law (Dante's stepfather, Tony), walk through some details of planning his sister's funeral. His sister, Antoinette, died unexpectedly yesterday (Monday, Nov. 17).
Tony stood by my side in Parma Hospital as we watched my mother die in March; he raced to get Father Breck and made sure that some of the final details were perfectly in place; he went door to door to funeral homes with me. I have a fierce loyalty to the people who have stood by me, and I hate that Tony is left with planning his sister's funeral.
And Antoinette didn't have life insurance.
The mother of my half brothers died months ago, and she was without life insurance. My brothers are left to foot that bill, which was right around $10,000.
I had an angel watching over me about nine years ago in the form of my Aunt Mae, who pulled me aside and said, "Your mom lives on a fixed income. Find out how much life insurance she has, and then see if you need an additional policy."
It just so happens that Aunt Mae owns her own insurance company; although it's for commercial businesses, she understands the implications of not having life insurance. Her own father had died without life insurance; in her situation, she had 10 brothers and sisters who could pitch in and they also were able to sell his house and use the profits for the burial expenses.
I don't mean to be going off on a tangent, but back to my mother, she did have a life insurance policy of $10,000, but after additional research, I found out that she and my father had borrowed against it. So its value was not $10,000 upon death. It was more like $2,000.
I took out an additional policy, and I paid the premiums. It was deducted every month from my checking account, and it covered a nice funeral for her upon her death.
This isn't very well written, but I'm tired and it's been a long day. My point is: If your parents are still living, find out if they have life insurance, and how much those policies are worth; also, make sure that you have life insurance.
You don't want to put that burden on your loved ones.
Also, check out this story below about a woman who was stuck paying for her mother's final arrangements. At the very, very low end, this funeral was $3,300.
http://www.cnn.com/2008/LIVING/wayoflife/11/14/funerals.in.recession.ap/index.html
It's all about perspective
Depressed over economic news?
What you may be lacking, my friends, is perspective.
When people complain to me about living in the United States especially ... I say, "Well, you're not stuck here." As proof, I offer the fact that we have an attic (Canada) and a basement (Mexico), and you are more than welcome to pack up your belongings and head to either location and at least test the waters of living in another country for a while.
But, I will tell you, my former manager at the Graduate College just moved to Canada. It cost her $10,000 USD.
If you want more details of the frustrations she's faced, I can put you in touch with her.
But until then, I would like to share the story of the 10 worst currencies in the world.
This will give you perspective.
http://www.foxnews.com/story/0,2933,453625,00.html
Monday, November 17, 2008
My Northern Accent
I'm sure it doesn't surprise anyone, but an "unscientific" language test that I took on Facebook says that I have a Northern Accent that is from the Great Lakes area, New York State, Western New England.
This may not surprise any of you; it especially won't surprise the people who I know here in Oklahoma. But it does beg the broader question, which Dante asked this weekend: From where do accents come?
If anyone knows, please chime in!
Let Them Eat Cake!
http://politicalticker.blogs.cnn.com/2008/11/14/world-leaders-dine-in-style-as-they-discuss-financial-crisis/
Or not.
See the attention this dinner is getting. When world leaders descended on D.C. this past weekend in a very historic economic summit, some newspapers felt the need to pay attention to what the leaders were eating for dinner.
In my opinion, food is one of the best sides to life. Maybe it's my Italian heritage, but let me tell you, that if you're coming to dinner at my house, you're getting treated very, very nicely. Just ask anyone who's been to my house for dinner.
It's just the same with anyone in my family, and on Dante's side of the family, too.
OK, my point is this: Give the world leaders a nice dinner. I'm a taxpayer. It's not a big deal. Just like it wasn't a big deal (pardon me) that Sarah Palin spent money on her wardrobe. And for the record, it wasn't $150,000. Incidentally, I would like to have a side-by-side comparison for how much other leaders spend on their clothing.
Watch now for how much attention is paid to Michelle Obama's dress for the inauguration. That will cost a nice dime, trust me, but my greater point is that everyone will be watching, so she's got to look good, and that will come at a hefty price.
Friday, November 14, 2008
About Gay Marriage
Proposition 8 passed in California; that means gay couples can't marry there.
The irony is that the black vote and Latino vote that came out for Obama also represents a very conservative vote that tends to vote (in BOTH groups) against gay marriage.
The irony is that the black vote and Latino vote that came out for Obama also represents a very conservative vote that tends to vote (in BOTH groups) against gay marriage.
Our anniversary
It's hard to believe that Dante and I have been married 11 years (Nov. 15, 1997).
Thank you to all our family and friends who have supported and loved us through these years.
It's not to say we haven't had rough spots. I'm the first person to tell anyone who asks: You don't get to 11 years of marriage without rough spots, especially with two people who are ambitious and hard-headed.
But we've supported each other and I think the biggest thing we do for each other is make each other laugh. And it's the moments of life that make you strong together.
Happy anniversary, my sweet Dante. I love you. You are my rock.
Thank you to all our family and friends who have supported and loved us through these years.
It's not to say we haven't had rough spots. I'm the first person to tell anyone who asks: You don't get to 11 years of marriage without rough spots, especially with two people who are ambitious and hard-headed.
But we've supported each other and I think the biggest thing we do for each other is make each other laugh. And it's the moments of life that make you strong together.
Happy anniversary, my sweet Dante. I love you. You are my rock.
Wednesday, November 12, 2008
Math and Me
Next semester, I start my calculus sequence for my degree.
Many people cringe when I tell them this. But I am here to tell you that if I can do math, anyone can do math.
I was a bona fide remedial math student way back when. My teachers would get frustrated with me, and I even had to take a "special" math class when I got to college for my undergraduate at Kent State.
"Wow," teachers and counselors would say, "these math scores are low."
I don't mean to make anyone feel bad, but my father was great at math and he was teaching me math, and then he died. I'm not kidding. He stuck my nose in math workbooks well before I could even think about starting school.
Eventually, I got really, really good at Algebra. When I took the practice GMAT (graduate management assessment test), the woman handed me my scores and said, "I can't figure out how you did so poorly on math in general, but you did so well on the Algebra portions."
HELLO! Algebra has LETTERS. I can understand anything in terms of letters.
But understanding my weakness and knowing that I wanted the degree I wanted, I found a tutor. The tutor's name was Ananya, a lovely 18-year old lady from Bangledesh. She was fantastic at math; moreover, she could teach it.
I studied with Ananya for about a year, I think. The way she taught it, it just bore itself into my brain.
"Can we study at Starbucks?" I would ask.
"No, Angie, no," she would say. "You come to library and you study in quiet."
Her method worked. The thing is, I can understand math if I understand its purpose. I have to know why I'm doing something, and to what practical situation in my life it's going to apply, and then I can do it.
I'm not just going to work through math problems for the sake of working through math problems. But with the foundation I have from working with Ananya, I am very well prepared and I know the logic, which is the key to math.
Many people cringe when I tell them this. But I am here to tell you that if I can do math, anyone can do math.
I was a bona fide remedial math student way back when. My teachers would get frustrated with me, and I even had to take a "special" math class when I got to college for my undergraduate at Kent State.
"Wow," teachers and counselors would say, "these math scores are low."
I don't mean to make anyone feel bad, but my father was great at math and he was teaching me math, and then he died. I'm not kidding. He stuck my nose in math workbooks well before I could even think about starting school.
Eventually, I got really, really good at Algebra. When I took the practice GMAT (graduate management assessment test), the woman handed me my scores and said, "I can't figure out how you did so poorly on math in general, but you did so well on the Algebra portions."
HELLO! Algebra has LETTERS. I can understand anything in terms of letters.
But understanding my weakness and knowing that I wanted the degree I wanted, I found a tutor. The tutor's name was Ananya, a lovely 18-year old lady from Bangledesh. She was fantastic at math; moreover, she could teach it.
I studied with Ananya for about a year, I think. The way she taught it, it just bore itself into my brain.
"Can we study at Starbucks?" I would ask.
"No, Angie, no," she would say. "You come to library and you study in quiet."
Her method worked. The thing is, I can understand math if I understand its purpose. I have to know why I'm doing something, and to what practical situation in my life it's going to apply, and then I can do it.
I'm not just going to work through math problems for the sake of working through math problems. But with the foundation I have from working with Ananya, I am very well prepared and I know the logic, which is the key to math.
Wish Me Luck
I'm asking for your prayers and karma and good thoughts (and your general good will) as I wait to hear if I've been accepted into the 2009 Feaver-MacMinn Seminar.
The name won't mean anything to most of you, but it means the world to me. It's an annual competitive seminar held during Spring semester where I would get to study with agricultural economist Robert Thompson and analyze the world food crisis.
Like I said, it's competitive based on GPA and an essay that you have to write. I will find out by Dec. 10 if I've been accepted.
Thanks for your good wishes!
The name won't mean anything to most of you, but it means the world to me. It's an annual competitive seminar held during Spring semester where I would get to study with agricultural economist Robert Thompson and analyze the world food crisis.
Like I said, it's competitive based on GPA and an essay that you have to write. I will find out by Dec. 10 if I've been accepted.
Thanks for your good wishes!
Is Chesapeake for Sale?
I'm sorry to stoke a fire, but I just saw Chesapeake Energy Corp. CEO Aubrey McLendon on the local news, insisting that the company isn't for sale.
The one thing I have learned as a business reporter is that when a CEO insists that the company isn't for sale, it's usually the lead indicator that the company IS for sale.
Also, I have experience in a corporation where all the executives insisted that our company wasn't for sale.
They would take us on retreats at fancy lodges and stuff our bellies full with wonderful, expensive dinners, and insist to us that "You may have heard that we're for sale. But we're not."
Then we were sold.
TWICE.
You can look it up. Matrix Essentials Inc. of Solon, Ohio, was privately owned by the Miller family, and then the patriarch died.
We were sold to Bristol Myers Squibb.
Then Bristol Myers said, "Hey, we're a pharmaceutical company. Why on God's green Earth did we buy a salon products company?"
(I tried telling them that, but I was a lowly newbie who just had the responsibility of getting a magazine published every month).
Matrix didn't fit in their business model. It took officials one year to figure this out. It took me three seconds to figure it out.
Then we were sold to L'Oreal.
Now, something caused McLendon to get his mug on television and beg the press to do a one-sided story. Especially on local news shows, that's not hard. And of course, they did it.
I'm sitting here screaming, "Hello?! Where are the analysts? Did you bother to look through their SEC filings?"
But remember, CEOs are like presidents of countries: They are paid to maintain calm. They lie so easily, and they will insist it's not lying. They have ways of talking around it. It's what they learn in CEO and President School.
"No, no, no," presidents of countries have said, "we're not in financial trouble. Here, have a stimulus check. Go buy yourself something purty."
Sound familiar?
Especially if Chesapeake needs a broader geographic position somewhere in the United States, and it feels it can only get there if it's acquired by a larger firm, then it will sell.
TRUST ME.
Now, I can give you my theories of what may have happened. Maybe some other company was interested in buying Chesapeake, and the sides went through months, maybe even years, of negotiations, and no deal was ever reached.
That would be my guess as to what happened.
Or, there are ongoing talks, and eventually, there will be a purchase agreement.
But I will tell you a Cardinal Rule of Business: A company ALWAYS is for sale.
TRUST ME.
Also, remember that Chesapeake is getting a lot of attention now with the Obama Administration taking over in 2009.
So if you've seen the news that McLendon says, "No, no, no, forget those silly rumors you've heard," then I would take that with a huge, old whopping grain of salt and expect the company could be sold.
The one thing I have learned as a business reporter is that when a CEO insists that the company isn't for sale, it's usually the lead indicator that the company IS for sale.
Also, I have experience in a corporation where all the executives insisted that our company wasn't for sale.
They would take us on retreats at fancy lodges and stuff our bellies full with wonderful, expensive dinners, and insist to us that "You may have heard that we're for sale. But we're not."
Then we were sold.
TWICE.
You can look it up. Matrix Essentials Inc. of Solon, Ohio, was privately owned by the Miller family, and then the patriarch died.
We were sold to Bristol Myers Squibb.
Then Bristol Myers said, "Hey, we're a pharmaceutical company. Why on God's green Earth did we buy a salon products company?"
(I tried telling them that, but I was a lowly newbie who just had the responsibility of getting a magazine published every month).
Matrix didn't fit in their business model. It took officials one year to figure this out. It took me three seconds to figure it out.
Then we were sold to L'Oreal.
Now, something caused McLendon to get his mug on television and beg the press to do a one-sided story. Especially on local news shows, that's not hard. And of course, they did it.
I'm sitting here screaming, "Hello?! Where are the analysts? Did you bother to look through their SEC filings?"
But remember, CEOs are like presidents of countries: They are paid to maintain calm. They lie so easily, and they will insist it's not lying. They have ways of talking around it. It's what they learn in CEO and President School.
"No, no, no," presidents of countries have said, "we're not in financial trouble. Here, have a stimulus check. Go buy yourself something purty."
Sound familiar?
Especially if Chesapeake needs a broader geographic position somewhere in the United States, and it feels it can only get there if it's acquired by a larger firm, then it will sell.
TRUST ME.
Now, I can give you my theories of what may have happened. Maybe some other company was interested in buying Chesapeake, and the sides went through months, maybe even years, of negotiations, and no deal was ever reached.
That would be my guess as to what happened.
Or, there are ongoing talks, and eventually, there will be a purchase agreement.
But I will tell you a Cardinal Rule of Business: A company ALWAYS is for sale.
TRUST ME.
Also, remember that Chesapeake is getting a lot of attention now with the Obama Administration taking over in 2009.
So if you've seen the news that McLendon says, "No, no, no, forget those silly rumors you've heard," then I would take that with a huge, old whopping grain of salt and expect the company could be sold.
Monday, November 10, 2008
All Politics is Local
My little friend Sophia (aged 11 years) of Cleveland, Ohio, was discussing politics with me and making inquiries into the meaning of economics.
Yes, really.
Discussions with Sophia and her older sister Jessie always are enlightening. Jessie and Sophia really are a way for me to keep pace with myself, since Jessie was the flower girl in our wedding when she was 2 years old and Sophia couldn't walk at that time.
It's amazing how quickly they grow!
I asked Sophia, "What do you think of the results of the national election for president? Have you and your classmates discussed it in school?"
(Keep in mind that Sophia and Jessie have a black mother and a white father and are surrounded by multi-culturalism all the time).
She says, "I really can't say much because I didn't know enough about the candidates. But I do know that Obama is against school vouchers, and school vouchers have made it possible for a lot of my friends to attend my school, so I don't think I like him very much."
Too great. I got such a kick out of her response, I had to share it. It proves what has been said all along, that all politics is local.
Yes, really.
Discussions with Sophia and her older sister Jessie always are enlightening. Jessie and Sophia really are a way for me to keep pace with myself, since Jessie was the flower girl in our wedding when she was 2 years old and Sophia couldn't walk at that time.
It's amazing how quickly they grow!
I asked Sophia, "What do you think of the results of the national election for president? Have you and your classmates discussed it in school?"
(Keep in mind that Sophia and Jessie have a black mother and a white father and are surrounded by multi-culturalism all the time).
She says, "I really can't say much because I didn't know enough about the candidates. But I do know that Obama is against school vouchers, and school vouchers have made it possible for a lot of my friends to attend my school, so I don't think I like him very much."
Too great. I got such a kick out of her response, I had to share it. It proves what has been said all along, that all politics is local.
Monday, November 3, 2008
Go Vote .... Maybe
I have taken a vow of silence this political season (well, vow of silence in Angie terms).
I will not reveal who is getting my vote ... Maybe it's Obama, maybe it's McCain.
I have generally tended to vote conservatively in the past.
But for this election, I am zipping my lip and not telling anyone who gets my vote.
Here is why: I will choose the person who I feel can navigate our country through this pivotal stage in its development. I am not choosing based on gender (for example, I admire Palin, but I would not vote for the McCain-Palin ticket on the basis of getting a female into the vice presidency).
That would be fool-hardy.
It would also be fool-hardy to vote for Obama purely on the basis of race.
In either case, it's a historic moment for our country, moreso than anyone realizes. We are about to embark on a major change for the highest seat in American politics, and that my friends is mesmerizing and wonderful.
If you are the praying kind, I ask that you pray for our country and for the next leader.
No matter what happens, go vote, but please be educated and make the choice that you believe in. (No more Umbilical Cord Partisans, please).
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