President Obama on Job Creation

Here is my recount of the speech tonight. Where possible, I quoted. Thoughts at the end.

“We meet at an urgent time in our country. We still face the impact of the Financial Crisis and Political Crisis that has made things worse.”The U.S. has thrived under the basic concept that if you worked hard, you could make it in this country. That has eroded.“There are steps we can take right now to make a difference.”“American Jobs Act” – pass it right away. (most repeated line of the night) “Everything in this bill will be paid for. Everything. Point to put more people back to work, and more money in the pockets of people who are working. Small businesses are where most jobs are created.” Payroll tax credits for small business. Next. Spend money on schools. We will spend money on infrastructure. Tax credits for hiring veterans. Tax credits for hiring young people. Tax people who have been looking for a job for longer than 6 months. Extend unemployment insurance. No tax increases on the middle class.

Now… how to fund.

I will release a more ambitious deficit reduction plan next week… which includes increasing taxes on families earning more, as well as corporations. Medicare reform needed. “We need a tax code where everyone pays their fair share.”

Says we can do this. Create jobs and pay for it. A question of priorities. We need to out innovate companies in other countries. We need to shorten the patent process. Make exporting easier and more cost effective. We need to strengthen American company’s competitiveness. “Made in America.” ( lots of cheers) Training. Internships. Ra Ra.

“We can’t afford wasteful spending. We can’t burden business. I ordered a review of all government regulations. What we can’t do is let this economic crisis be used to wipe out basic protections that Americans have counted on for decades.” He rejects a lot of ideas…. (all good) “America should be in a race to the top.” ( lots of cheers)

“We built America together.” Members of Congress we need to meet our responsibilities. Everything I laid out will be paid for. ( really????)

Ended with a huge and passionate call to action. We cannot wait to pass this jobs bill.

My commentary…

Overall a really great speech. Big picture he spoke well to the issue of job creation, but it is the actual policies and practices that matter. Sounded great. Problem is that based on what I have read there is not enough money in taxing the rich and closing loopholes for corporations to fund new programs and tax breaks, let alone narrow the deficit. This was a pep rally for all things American, and it was good. We do have to come together to solve problems. Many are in serious need and to help. Agree.

“Do what you can, with what you have, where you are.”

Debt. Debt. Debt.

Debt. Debt. Debt. That was all we heard about this summer and with good reason. The US is in horrible shape and the numbers below put it all in perspective.

Here is why S&P downgraded the US credit rating.

* U.S. Tax revenue: $2,170,000,000,000

* Fed budget: $3,820,000,000,000

* New debt: $ 1,650,000,000,000

* National debt: $14,271,000,000,000

* Recent budget cut: $ 38,500,000,000

Now let's remove 8 zeros and pretend it's a household budget.

* Annual family income: $21,700

* Money the family spent: $38,200

* New debt on the credit card: $16,500

* Outstanding balance on the credit card: $142,710

* Total budget cuts: $385

This Thursday the President is being called upon to explain how is going to get the economy going again. Unlike the last go around, his options are more limited. Because of the numbers above which we have all been living and breathing for the fast few months, he does not have the ability to keep spending, nor should he. The public is demanding jobs but the problem is that our economy was fueled by spending financed through debt, and that has all but dried up. It is time to get creative and provide incentives for the private sector to invest and thus create employment opportunites. We are likely going to be in this slow to no growth scenerio for a while. For those expecting miracles, you may have a long time to wait

The Bumbling of the Sexes in the Modern Workplace

My latest article, "The Bumbling of the Sexes in the Modern Workplace" was just published on Women Advisors Forum, a new online community of women investment professionals. It offers a fresh take on 'bad behavior' in the workplace. The kind of behavior I wrote about does not make headlines but may be one of many reasons why women are still far from achieving greater success in critical mass in the workplace.

John Hunstman

Just shortly before John Huntsman announced that he would be running for President on June 21st Greg and I had the opportunity to meet him at a small gathering in Salt Lake City.

First impressions? He was a very good speaker, poised, and delivered a strong message which he undoubtedly will be taking on the road. The message was a call for an industrial revolution in the US and renewed faith in the innate strength and leadership of America and the American people.

While serving as Ambassador to China he saw first hand the growth potential of that country but he was bothered how it seemed that many in the US were ready to hand over the top dog position in terms of being a global power. He does not see it that way. He sees the US as having so much that a country like China aspires toward and the call is for the American people to see it that way too.

Are US debt levels unacceptable to him? Yes. Is there a need for tax reform, energy reform, regulatory reform and health care reform? Yes. Is he tired of the divisiveness in this country? Yes. Are lessons is civil discourse needed? Yes. In his short remarks to a very friendly audience filled with close friends and family members he has enthusiastically received. Could he make a great President? Way to early to tell but there is no doubt about his aspirations.

For the record I am neither Democrat nor Republican. I am Canadian!

For Some - Judgment Day is Here

Though Harold Camping's prediction of Judgment Day came and went, many are facing another type of Judgment Day - of the financial kind. Click here to read more, my latest article for Women Advisors Forum.

How Change Happens! The Revival of the French Feminist Movement

I have become fascinated with studying how social change happens. Over the past few years we have been given incredible opportunities to study how an event can occur that suddenly catapults an issue area forward. The power of media and new social technologies allows more people to both take a stand and take action. Communities are able to quickly connect and organize speeding the pace of movement building for collective action. This is exciting.

Scanning my feminist news brief this morning courtesy of the Women's Funding Network I read this article in the Guardian about the effect of the arrest of IMF Chief and Presidential hopeful Dominique Strauss-Khan on alleged rape charges is having in France. France is not exactly known for being a leader in gender equality, but perhaps this incident will serve to reignite the movement. Change happens when an issue, in this case what is considered accepted sexual behavior by a powerful French male, is brought in to the public for debate and engagement. What is accepted becomes challenged and re framed, leading to a possible change in beliefs, which leads to a change in behavior, that change becomes institutionalized and there you have it. Will this happen overnight? Of course not. Without challenge? Of course not. But, the French people may one day look back and say the incident that ignited a wave of advancement on gender equality in their country was this arrest.

To get the news brief from the Women's Funding Network subscribe here. It is an incredible, daily news link summary of the best articles relating to women and girls around the world. Thank you WFN for this incredible service.

Roseanne Barr Tells her Story - Thank you

This is absolutely a must read article by Roseanne Barr in the latest issue of New York Magazine. It is one of the bravest stories I have ever read by a successful woman. So few women who have 'made it' are willing to be this honest about what it took to get there, and what it cost them. So few men for that matter too. There is so much I can relate to in her story and it rings true for so many other ones I have heard over my career in finance. The list includes men and women taking credit for your work and ideas, other women pretending to be your friends and then stabbing you in the back, having to put up with sexist jokes, being humiliated in front of your peers, being taking advantage of with assumption you will take it because you are a women, and not being allowed to be yourself which in theory is why you are in a position of influence in the first place. Then of course there is the upside. The money. The platform. The title. The power. The perks. The 'celebrity' status. Then there is a whole other side which Roseanne did not choose to share and that is when was she less then her best self in terms of how she related to and treated others? At the end of it all however is the fact that we all have to look in the mirror and identify with the person who we see. I want to be a person that sees the truth, good, bad and otherwise, and so I hope is Roseanne.

This is inspiring me to tell my own story but the question is, am I that brave? A Goldman Sachs Women Partner tells her story. I can't tell you how many times I have sat down to write that one. Thank you Roseanne and thanks to all the women who put it all out there to help change the game for the better.

Mother's Day

I was so fortunate to grow up with a fantastic mother. What made her so great? She was loving, accepting, expected me to do my best but never beat me down when I did not, made Barbie toys with me, worked hard to bring in an income for our family, supported my crazy hobbies like horse-backed riding and body building, had a healthy relationship with my father, did not favor one child over the other, went out of her way to help others, and really never complained about any of it. I was so lucky and I thank God every day for being born in to such an amazing family and pray I am doing the same for my children.

But the reality is that too many mothers no matter how much they may want to, cannot be that for their children. Economic stress might be wearing them down. They may not be fortunate enough to have a husband that was as solid as my dad was. They might not have been raised in a loving household so they in turn do not know how to give love. And for too many they are so poor they cannot even afford to keep their children fed and in medical care. So no presents for me this Mother's Day. Not only am I just doing my job but instead I want my family to commit incremental resources to helping mothers around the world. Without healthy mothers, we will not have healthy children, nor families, nor communities and so the story goes. So today, and every day, honor your mothers, and help make this world a safer and healthier place for all. For ideas on organizations to support please see the list to the right or take the recommendations of Nicholas Kristof in his most recent article.

(pictured my mother Rose with my 94 year old amazing grandmother, Sadie)

Kathy LeMay featured in CURVE Magazine

Sometimes I pull out a piece of paper and just start writing down everything I am thankful for. I usually do this when I am feeling ( or acting) especially selfish, or angry, or sad, or disappointed, or impatient. Inevitably the name Kathy LeMay appears on that list because Kathy is one special lady. If you read this article, you will begin to get a sense of why.

Why do I love this woman so much? One of the reasons is that she has this way of helping me be my best self. She helps me believe that anything is possible and that I, little me, can really make a difference in this world. She does this for so many. Besides that she is just brilliant, loving, generous, and a person who shows up!

Last year her first book came out called "The Generosity Plan: Sharing your Time, Treasure and Talent to Change the World." Buy it. Give it. Have Kathy the rock star public speaker come talk at your gathering or event. Go Kathy!

Women World Wide - Leading Through Philanthropy

I am in Chicago for the 2011 Women World Wide Leading Through Philanthropy conference by The Center on Philanthropy at Indiana University. The speaker line-up is incredible, including many of the world's leading philanthropists and industry leaders. Be sure to check out the center's website for incredible information on the state of giving in America.

Generosity is hot. Generosity is cool. Generous people should be our celebrities, not stars of TV sitcoms that seem to be losing their marbles. If we gave 1/10 the amount of media time to people that are helping others that we do to derailed movie and TV stars, our world will be a better place. For just such a story check out this article by Camilla Webster in FORBES. I had the honor of being interviewed by Camilla for her upcoming book and she is one fabulous woman. Thanks Camilla for this inspiring story. Pass it on.

International Women's Day!!! Time to celebrate or ??

Today is the 100th Anniversary of International Women's Day - "It is a major day of global celebration of women. In different regions the focus of the celebrations ranges from general celebration of respect, appreciation and love towards women to a celebration for women's economic, political and social achievements." ( Wikipedia) So if you are a woman, be sure to get lots of of extra hugs today from the men in your life, and give your sisters some high fives.

But here is the question - As American Women ( full disclosure I am Canadian living in the US ) do we have a lot to celebrate or if this a moment to say where we are is unacceptable and it is time to step up and create positive change? Here are some facts to help you think about your answer:

• The US ranks 37^th in gender equality among the world's 42 most highly developed nations
• The US ranks 64^th globally with a 19 percent wage gap between male and female full-time workers
• The US ranks last among the world's top 11 industrialized nations in both infant and maternal mortality ( above from the Ms. Foundation )
• Nationally, women are 57% of all college students but only 26% of full professors, 23% of university presidents and 14% of presidents at the doctoral degree-granting institutions
• Among Fortune 500 companies, women constitute only 3% of the CEO's, 6% of the top paying positions and 16% of the corporate officers
• In film, women constitute 16% of all directors, executive producers, producers, writers and cinematographers
• Of the top 15 media corporations (which include a mix of print, online, television and radio businesses), all CEO's are male and only 17% of board members are women
• Despite being nearly half (48%) of law school graduates, women make up only 18% of law partners and only one in four are judges.
• The military remains the only profession in the United States which under Department of Defense policy prohibits women from taking certain jobs. This hinders women from being promoted to the top levels of leadership
• Women make up only 17% of the members of the House of Representatives and the Senate; no women have ever been presidents or vice president. Women of color are completely absent from the Senate and only account for 5% in the House of Representatives

I assume you can guess where I am on this issue. This is unacceptable to me. Unacceptable. It has been and will continue to be my life's work to help in whatever way I can to narrow these gaps and help create a world where both men and women, boys and girls, can live in a more peaceful and just way. So when I raise a glass tonight it will be NOT be to toast our progress, but to recommit myself to the promise of a better future. Be part of the solution. Be the change you want to see in the world. Believe that gender inequality is an important issue and deserves your attention no matter what you age, race or gender.

Many of the statistics above were pulled from this comprehensive study - White House Project's Benchmarking Study. Take a look. ( click here )

The list of amazing articles that were written in honor of today is very long indeed and I will in the next blog attempt to gather the best of.

For now watch this new video just released by V Day! V Day's mission, to end violence against women and girls. Eve Ensler thank you for creating such a powerful movement. You have made such a difference. ( click here to watch )

Fannie and Freddie - the story continues

I am sure at least a few of my regular readers might be wondering WHY I have not yet done a posting about the report just out on the future of Fannie Mae and Freddie Mac. ( and the mortgage market ) The reason is that I knew my dear friend Bethany McClean, author of THE BOOK on the subject called "All the Devils are Here " would most certainly be called upon for comment. She was, and her brilliant response appears on SLATE .com ( click here) A number of options were presented and none of them are too practical. The combined entities who dominate the multi-trillion dollar market have so far cost the taxpayers $130 billion dollars. Two monsters were created and we will continue to leave with their remains for some time.

I have done numerous posts on these two entities and if you would like to read any of them please go to my web-site and search Fannie.

Women's Funding Network Conference 2011 - Investing with a Gender Lens

I serve as the Vice-Chair of The Women's Funding Network a network of over 160 women's organizations around the world. They are hosting their annual conference this year April 7-9, 2011 in Brooklyn, New York. This global conference is called The Power of Global Networks and its purpose is to bring together women's fund leaders, donors, experts and activists from around the world. The conference will focus on how women's funds turn the conventional model of philanthropy upside down, radically changing the way individuals, corporations, foundations and government invest in women and girls. It will also focus on how women's funds, and the network at large, is an effective vehicle, for shared leadership and collective action, allowing us to authentically and effectively extend our reach, increase our impact and build a movement for social change. Please join us! The conference is open to everyone.

We have a fantastic line-up of panelist and speakers including Ms. Michelle Bachelet. She is the first Under-Secretary-General and Executive Director of UN Women which was established on July 2, 2010 but the United Nations General Assembly. Under Ms. Bachelet's leadership, UN Women will lead, support and coordinate the work on gender equality and the empowerment of women at global, regional and country level.

I will be moderating a panel on Friday, April 8. We are asking the question - How do we use our investment dollars to drive the economic and social empowerment of women and girls? This session will explore how investors, individual and institutional, can invest for profit with the same set of values they apply to their philanthropy and grant making. We ask if viable financial products exist that incorporate a gender lens? What are the current barriers and opportunities? How can the movement to invest in the potential of women and girls make all levels of money matter to make a big impact?

Again. Join us.

Also note that I have added an 'upcoming events' tab above which lists many upcoming gatherings in the women's space. Hope it is helpful.

Women Moving Millions and Women's Media Center

I am attending a three day training for WMM donors in NYC in partnership with the Women's Media Center. So far so awesome! They just showed this video about why getting our voices out there is so important. Check out this video on YOUTUBE. ( click here )

Also consider supporting this important organization. ( click here )

Pictured right are Elizabeth Sackler, Founder of the Sackler Center for Feminist Art, Jodie Evans of Code Pink who is the host of this gathering, and Jane Fonda who is a huge supporter and Board Member of WMC.

Sundance - A Feature Article on Geralyn Dreyfous plus Davos

What a 10 days! We saw 12 films, attended many parties, met countless fabulous people and I am exhausted! That said, I am completely inspired to work on a Wonder Woman Project and have so many ideas for documentaries that it feels like my head is going to explode. WOW. My last post was about a party I held for some fabulous feminists last Sunday ( see below) and it made the front page of Sunday's Salt Lake Tribune. Click here to read the profile piece on Geralyn and see some fab photos.

I failed to report on the gathering on DAVOS this past week, and in particular on the implementation of a gender quota. Click here to read more about it in an article by Katrine Behold of the New York Times / International Herald Tribune in which I was quoted.

There is so much I want to write about but it will be another crazy week with little time for writing. I am off to NY for a bunch of meetings related to the Women's Funding Network and Women Moving Millions, plus a few days of media training! I am hoping to do one more post on Sundance before I head off as it truly was an incredible experience. So much talent. So many great stories. Just an incredible experience.

A Feminist Bash plus Miss Representation

Okay I don't meet to brag, but we just had a heck of a party! ( click here from FB) About 100 people came including our guests of honor Gloria Steinem, Geena Davis, Pat Mitchell, and Amy Richards. Whole teams came from three fabulous documentaries (!WAR, Connected and Miss Representation) including the filmmakers. There were also other actors, filmmakers, activists and all around fabulous people. If you are a feminist in Park City, this was the place to be! The spotlight was on Geena for her fabulous work at the Geena Davis Institute on Gender in Media . If you are not aware of the research she has done please find it on her web-site. The facts around women's lack of representation in the media, or the distorted view of them, will shock you in to action. Please consider supporting her important work!

My idea for next year is to gather together women writers, producers, filmmakers and other change makers to help make SUNDANCE and the industry in general much more gender balanced. I am so inspired by the films I have seen over the past few days that deliver the powerful message that we can all make a difference.

MISS REPRESENTATION - link to YOUTUBE clip

Yesterday I attended the premiere of this fabulous film that Greg and I were honored to support. This documentary by Jennifer Siebel Newson ( pictured center above) "explores women's under-representation in positions of power and influence in America and challenges the limited portrayal of women in mainstream media." It was extremely well done delivering powerful facts, images and opinions, but it is also a call to action. Please visit their website to learn more www.missrepresentation.org. I am excited to be a part of their outreach.

Here are a few facts from the film - WOMEN ARE

- 3% of clout positions in the mainstream media

- 3% of Fortune CEOs

- 7% of mainstream film directors

- 16% of film protagonists

- 17% of Congress while women make up 51% of the population

Also present at the party was the founder of Common Sense Media, Jim Steyer. If you do not know about this site, you must. I introduced him to my son Matthew who loves the site, and they had a great talk about Halo. How cool is that?

"Common Sense Media is dedicated to improving the lives of kids and families by providing the trustworthy information, education, and independent voice they need to thrive in a world of media and technology.We exist because our nation's children spend more time with media and digital activities than they do with their families or in school, which profoundly impacts their social, emotional, and physical development . As a non-partisan, not-for-profit organization, we provide trustworthy information and tools, as well as an independent forum, so that families can have a choice and a voice about the media they consume."

More film commentary to come this week!

Are Women Leaving Men Behind?

A while back Hanna Rosin wrote an article for the Atlantic called "The End of Men." ( click here from FB) Needless to say it caught my attention. Sorry Hanna but although you made some great points in the article about the rising economic power of women, I truly hated the title. Hated it. The idea that when women rise men must fall is just plain wrong and truly damaging. It is not an either/or, but a both and.

Today this oped appeared on CNN and it links to Hanna's talk at TED Women, a conference I recently attended. Sorry again Hanna, but I really did not like your talk for the same reason I did not like the title of your article. It was too anti-men. Watch it for yourself and leave a comment.

Men need to be our partners in advancing gender equality. I truly believe that when women more equally share in all forms of power in our society, we will have a more just and equitable one, and a growing number of men believe that too. So please Hannah, no more putting men down and making them feel like the 'losers.' Last time I checked, despite all the facts you quote ( which I fully agree with), men still do run the world, and we need them to support us running in it with them.

Some Facts About the Deficit

Deficit reduction is likely to be the hottest, domestic, political topic this year so let me arm you with some facts according to the WSJ.

- The government is currently spending about $100 billion more a month then it is taking in, adding about $1.3 trillion to the federal debt per year.

- Right now the government only has $400 billion before it hits the $14.3 trillion ceiling. ( and there is really no way to avoid hitting it)

- I love this quote - "Today's deficits are political problem, tomorrow's economic threat."

- Federal borrowing grew by $3.9 trillion between the end of 2007 and the third quarter of 2010. ( Why? to cushion the blow of the economic downturn)

- Every additional $100 billion borrowed this year adds $43 billion in interest over the next 10 years.

My comments to this - Scary. The numbers are extraordinary. When we raise the debt ceiling the federal debt will exceed our national GDP. This does not include state and local debt. You have likely been reading that there are HUGE issues in the muni area right now as bond holders are worried about the ability of many issuers to repay. This does not include mortgage debt, credit card debt, corporate debt, high yield debt...... We are an indebted nation and to a large extent that has been good, it has fueled growth, but at the end of the day it comes down to this. can the debt payments be made? No, for the subprime mortgage market and that is what contributed greatly to the financial crisis. Partial no for commercial real estate which has also caused big issues. So far yes for government, but at what cost to our future? The federal government can print money which is a good thing if you need to pay people. Printing does risk credibility and the credibility is reflected in both interest rates and exchange rates. Again so far ok because many other developed countries are in the same position and hey, we are the US, the world's largest economy.

So where does that leave me? Worried, as i have been for some time. Worried for the economic future of our collective children. I teach my children to be financially responsible. I teach them to spend within their means and our nation's capital is not exactly setting a good example.

Women's ENews - 21 Leaders

Happy New Year! What a great first blog for 2011, acknowledging the 21 Women Leaders chosen by Women's ENews to be this years honorees. ( click here from FB) I have the pleasure of knowing and working with a number of these fantastic women.

First, Linda Basch. Linda is the President of the National Council for Research on Women where I continue to serve as Board Member Emeritae. Linda is passionate, articulate, and deeply committed to leveraging the power of research to create positive change. Congratulations Linda!

Second, Kayrita Anderson. This women is a force of nature. Kayrita and her husband Harold are from Atlanta. Having supported an organization that provided a safe house for young girls escaping a life of prostitution they asked themselves, why are there so many girls in this situation? They decided to do something about it and created a program called "A Future, Not a Past," taking a holistic approach to ending the prostitution of young girls in this country. Kayrita is a fellow Women Moving Millions donor and a board member with me of the Women's Funding Network. Congrats Kayrita!

Third, Pamela Shifmin the Director of Initiatives for Women and Girls at the Novo Foundation. Novo is a foundation that gets it! They believe that "empowering girls and women with emphasis on increasing educational and economic opportunities in the developing world" is key to a more just and equitable world." YES!! Thank you Pamela and my buddy Jennifer Buffet for doing what you do in the world. Congrats!

Fourth, Lauren Embrey! Lauren is another remarkable woman philanthropist and change maker. I have had the pleasure of serving with her as Co-Chairs of Women Moving Millions. She is authentic and passionate, caring deeply about the empowerment of women and girls in multiple realms. Congrats Lauren!

To the many other fantastic women nominated congratulations to all of you. I had the honor of being an awardee in 2009 it was a tremendous honor. A shout out goes out to Women's ENews. If you are not currently a subscriber to their daily news briefs click here to become one. In addition please consider becoming a supporter of their work.

TED - Women are Heros a film by JR

Last night at the TED opening I had the opportunity ( click here from FB) to see the documentary film "Women are Heros"- a film by JR, and the 2011 TED Prize Winner, at the National Museum of Women in the Arts. It was an extraordinary film of a street art project come to life in the communities in which it was born. Click here from YOUTUBE trailer. I am off to a Women Moving Millions breakfast, a tour of the museum and by first TED conference. What a day!