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.”

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!

Paycheck Fairness Act - Defeated

Last week this bill was defeated. (click here from FB) There were many articles written about this issue which frankly left me somewhat confused. Like many, I quote the statistic that women in the US continue to be paid 77 cents to the male dollar, and taken at face value, no one would say that is fair. But this is a complex number. Clearly some of the difference can be explained by the fact that women often opt for lesser paid jobs, often work part-time, require more flexibility, and often withdraw from the work-force for periods of time. That said many experts say there is still a hefty residual that cannot be explained by these factors.

This was from the White House - " Most economists agree, however, that no matter how many variables you control for an unexplained wage gap between men and women persists. For example, Francine Blau and Lawrence Kahn did an excellent breakdown of the wage gap in 2007 and identified that 41% of the wage gap between men and women could not be explained by controlling for variables. Regardless of the precise percentage of the wage gap, we have a responsibility to ensure that no one in this country makes less as a result of his or her gender."

This from Valerie Jarrett's office - Click here. Lily Ledbetter pictured.

Closing the Gender Gap: The Business Case for Organizations, Politics and Society

Last week I had the honor of attending a conference (click here from FB) at the Harvard Kennedy School of Government which brought together over 100 though leaders to discuss the research that supports the positive economic value of gender diversity. It truly was a ‘who’s who’ of researchers in the field, including many of the people we quoted in out “Women in Fund Management” Study. A partial list includes:

Barbara Annis – Author, Leadership and the Sexes

Hannah Riley Bowles – Associate Professor Harvard Kennedy School, extensive research on gender in negotiations and the attainment of leadership positions.

Iris Bohnet – Professor of Public Policy at the Harvard Kennedy School, extensive research on the role of gender in decision making.

Robin Ely – Professor at Harvard Business School, research on race and gender relations in organizations.

Morten Huse – Professor of Organization and Management of BI Norwegian School of Management, published widely on the topic of women and diversity on boards of directors.

Herminia Ibarra – Faculty of INCEAD, and expert on professional careers and leadership development.

Rosabeth Moss Kanter – Professor at Harvard Business School and listed as “one of the most powerful women in the world.” ( pictured left)

Mona Lena Krook – Assistant Professor of Political Science, Women, Gender and Sexuality Studies at Washington University in St. Louis. An expert in Quotas for women in politics.

Terrance Odean – Hass School of Business and an expert in behavioral economics.

Scott Page – University of Michigan, Professor of Complex Systems, Political Science and Economics.

My takeaways in brief:

- The evidence for investing in women and girls in the developing world is conclusive and compelling. Create and fund programs that provide for economic their opportunity and security.

- Quotas Quotas Quotas. I am absolutely in favor of quotas for boards of directors of publically traded companies. Representatives were at the conference from Norway sharing how almost no one wanted it, but they did it, and it is having very positive impact. ( they have a 40% law) So many other countries are doing it and it is THE THING we can do to create huge positive change.

- The benefit of gender diversity in groups is nuanced. It is not just add women and better outcomes; it is about creating an inclusive environment which leads to better outcomes. This is the main reason why diversity programs have failed to deliver. We are adding women without changing the culture. PS – an inclusive culture is better for men too!

- Change has and always will be about power. Women have so much more then we are using. We continue to be asking permission when we should be demanding change. The research supports that change is good business.

- Overall there is just a huge and significant amount of research that makes the business case for women. I knew that, but this gathering solidified it for me. Even where there was not absolutely conclusive research of a diversity bump, it does not matter. Show me the other research that says conclusively that excluding women or keeping them a minority leads to better outcomes. The fact that in 2010 we still have to PROVE that we deserve a seat of the table is crazy. I mean really?!? Really?

It was a joy to meet the researchers that do the work that fuel my arguments and my passion. Hopefully soon I will have an updated research list of all their work but for now many of their studies are listed or quoted in the resource section of my website.

The End of Men?

The cover article of Atlantic Monthly Magazine this month has this title - "The End of Men: How Women are Taking Control of Everything" by Hanna Rosin. The article quotes many of the statistics showing the increasing economic, social and political power and influence of women. She refers to much of the same research we featured in our report, "Women in Fund Management: A Road-Map to Critical Mass and Why it Matters," which has a call to action in terms of what we should be doing to increase the number of talented women in the CEO suite, the boardroom, on corporate boards and more. Read this very, very long article and see what you think.

I feel the title, which of course is meant to be provocative, does not frame the issue correctly and honestly, is worrisome. Women are not taking control of everything, nor should taking 'control' be the goal. This women win, men lose thing, (and vice versa ) is both dangerous and plays in to the masculine norms that dominate our society. The goal should be the best outcomes possible, and that happens when the both men and women work together. What men in power need to embrace is the potential that lies in more fully acknowledging and embracing these demographic trends and economic arguments.

What should we strive for? What does it mean to partner? Check out this OPED I wrote wome time ago called - Brokenness, Hope and Women.

My conclusion - "We can talk about new appointments and new administrations, but it is in valuing men and women, boys and girls equally and in enabling their full participation in society, that we will set the course for the positive change we need to see in our families and our public and private institutions."

.... we can all win.

Treasury Meeting - Women in Finance - Sad Face!

I was able to tune in to the Treasury Webcast I mentioned yesterday in my entry but I am sorry to say, major disappointment. I actuallly feel bad saying this as I know the intention was so good and I have much respect for the people participating.

Why the sad face? Because I was so hopeful that after a horrendous financial crisis characterized by almost a complete lack of women in positions of power and influence that this convening would lead to some powerful statements and better yet, action steps, that would help diversify the power structure in finance. Instead most of the discussion seemed trapped in the same old. It was a conversation that has been had over and over again in a million different places. Aren't we past saying that "well a good thing about being a women in finance is that when you go to a conference there isn't a line for the ladies room" and "yes girls can be good at math." ( I may be paraphrasing)

Yes of course we need more mentoring of young women, yes men need to get over their biases, yes we need to encourage more young women to get MBAs, yes people need more financial education, yes women need to know their power, but do we need to gather the most powerful women in finance with the Treasury Secretary in a live web-cast to be talking about it, or are there other things slightly more important? How about a lively debate around demanding financial instiutions diversify their boards? How about a DEEPER conversation about the evidence, the research, that supports the position that adding women in critical mass improves decision making? How about speaking truth about the 'boys clubs' that exist at most financial institutions and how to break through the barriers that continue to exist once and for all? How about brainstorming concrete ways the government working with the private sector can get more money to women entrepreneurs because we KNOW women face barriers in accessing capital? How about getting MEN in the room that actually have the power to change things? We skimmed the surface on all these topics but it truly is time for action!

I really don't mean to be negative as a convening like this is a positive step, but I worry that the box is now checked for having the conversation about women and finance. I am frustrated. We have the evidence ( see the NCRW report and more ) that women face real barriers to entry in finance, and that adding talented women could lead to a more stable system overall, but it could be that we have a whole lot of talk and nothing really happens, and then we have another financial meltdown and people say once again what could be different next time.

Here are some things that we could do:
- Adopt a Critical Mass Principle where all public financial institutions ( esp those that received tarp funds) commit to a minimum 30% women on corporate boards.
- All government oversight committees abide by that standard as well.
- Government run pension funds ensure their management selection process is free from bias and set a target for allocating assets to diverse managers.
-Public/Private Partnerships are explored that help get private investment dollars to women entrepreneurs.

I am sure I could come up with a few more but this blog is turning in to a rant... Have a great night.

The State of the Union

"Jobs. Housing Prices. Bank Bailouts. Deficits. Healthcare. Earmarks. Reforms. We suffer from a deficit of trust. Washington. Everyday is an election day. You lose I win mentality. We are here to serve our citizens and not our ambitions. Human security. Common Purpose.EQUAL PAY FOR WOMEN FOR EQUAL DAYS WORK. It is our ideas and our values that build this nation. Give back to your country. Be generous in spirit."

It was a good speech. President Obama came a across as a real person who could relate to the real problems that America is facing. Loved the way he talked about our security. It was not a tough guy talk but a more thoughtful approach. Good speech.

“Henry Paulson’s Longest Night”

The newly released Vanity Fair Magazine contains a very interesting feature on Treasury Secretary Hank Paulson. Author Todd Purdum had unique access to Mr. Paulson over his tenure with the promise not to release any information until it was over. This article provides an inside perspective behind Mr. Paulson’s thinking during that period. What is clear is that the man worked very hard and did the best he could. What was missing for me in this article was his full acknowledgement and explanation of how he, the Treasury, the administration failed to diagnose the problems so much earlier.

This is all rather personal. I worked at Goldman Sachs for 14 years and the last 2 of those was spent in the executive office reporting to the senior leadership of the firm, including Hank, reporting to him on all areas related to human capital management. I knew him, and he had become Treasury Secretary during a period of unprecedented economic crisis. I knew him, and he was telling me, telling us at the beginning of 2008 that everything was ok. I was so outraged that my first oped ever, published in The HuffingtonPost, was directed straight at him and was called “The Confidence Man.” In that piece I (we) said this....

"Today's ( Jan 18th - 2008) announcement by U.S. Treasury Secretary Henry Paulson is but the latest effort by the current administration to downplay the severity of the current economic crisis. In the grand old American tradition of hucksterism, Paulson's prescription is a sorely misleading sell.

It's time to wake up and smell the economy. Sadly, there's no short and easy fix to the longer-term problems created by excessive borrowing combined with rampant consumerism. Yet Paulson insists (White House Stimulus Fact Sheet, Jan. 18, 12:03pm, WSJ.com), "By passing an effective growth package quickly, we can provide a shot in the arm to keep our fundamentally strong economy healthy and help keep instability in the housing and financial markets from more adversely affecting the overall economy." Believing the economy to be grounded on a "solid foundation," Paulson is ignoring the walls falling down. "

To this day I do not understand what he, what they, were thinking. How could they possibly not have seen how bad it was going to be? I went on to write a number of opinion pieces ( see Huffpo pieces on the right) directed to our administration and specifically Hank, finally ending with this one – “Dear Hank – A Letter to the Departing Treasury Secretary.” Do I think Hank did a good job? At the beginning, no, towards the end I believe he did the best he could and did in fact prevent a collapse of the system which could have happened.

The problems facing our country are far, far from over. This article leaves me deeply troubled that the nature of our political system means finding and implementing solutions will be tough in deed. Finding the best people to do serve in governmental roles will also continue to be very difficult. We may be out of the heart of the fire but the embers continue to burn. Now more than ever we need strong, courageous leaders that understand the political process but more importantly can and will fight for the right long term solutions. I know... I’m dreaming............

Women Matter

Although I LOVE spending the summer in Canada one thing I truly miss is getting the NEW YORK TIMES. Sadly I have yet to find it anywhere in Kelowna. Sadly I missed this piece by Judith Warner on Hillary Clinton called "Hillary Fights a Tide of Trivialization." Sadly I missed this response by Marie Wilson, also published in the NYT. But here they are thanks to being on the distribution list for the White House Project.

I believe this comment from Judith with all my heart. "U.S. security depends on women’s empowerment. Global economic growth depends on women’s participation." It is this belief that fuels the work I do in the world. Quoting Marie Wilson - "Increasingly, our citizenry is realizing that the insights, experiences and perspectives of women do matter — and that we will collectively benefit when women participate and lead alongside their male peers." I am there with ya sister. Hey Marie - How about adding "Women Matter" t-shirts to your White House Project store? I will wear it proudly along with my "VOTE. RUN. LEAD" one....

ALSO - be sure to pick up the NYT on Sunday - I hear that the magazine section will be all about women's empowerment. NOT TO BE MISSED!!!!!

ALSO - as I googled for an image for "Women Matter" I came across this report (pictured above) by that name put out by McKinsey. Check it out...

Knowledge, Activism and Engagement

What role are you going to take in shaping our future? I started this blog a year and one half ago because I was so fired up about what was going on in the economy, and what we were being 'told', that I just had to respond in a more public way. I have written much about the economy, about the markets, and most importantly, about what we can do to change the world for the better. I ask you to make this moment the moment, that you decide to truly engage. Figure out what you are passionate about, what matters to you, what makes you nuts, and get engaged. Really engaged. Our future is not tomorrow, or next week, or next year, it is being shaped this very moment. Speak out, act out and be the change you want to see in the world.

"First they came for the communists, and I did not speak out-- because I was not a communist;

Then they came for the socialists, and I did not speak out-- because I was not a socialist;

Then they came for the trade unionists, and I did not speak out-- because I was not a trade unionist;

Then they came for the Jews, and I did not speak out-- because I was not a Jew;

Then they came for me-- and there was no one left to speak out for me.

Martin Niemoeller – German pastor and theologian in Nazi Germany

CNN plus Investing in Women

I am so grateful to be back on CNN American Morning tomorrow to talk about Women and the Financial Crisis. (aprox 730 am) Though I am not sure exactly how the conversation will be framed, I am praying that I will have the opportunity to state that the time is NOW to Invest in Women and Women led solutions. An example of what that means will be the story of a woman from DC whose life was changed because of a program she went through that helped her transition from being a waitress earning $11,000 a year to her first office job and now one that earns her $50,000 a year. Investing in Women means supporting initiatives, programs, solutions that enable and allow women to fully participate in our society. Investing in Women means helping women to overcome the barriers that are keeping them and their families in poverty. Investing in Women means being asking why are women so underrepresented in positions of power and influence and working to have them there in critical pass so we will know, one day, what women's leadership truly looks and feels like. Investing in Women is saying ENOUGH to the status quo and using our economic clout for positive change. Investing in Women is acknowledging that the world will in fact be a better place if men and women worked in partnership to make it that way.

Alan Greenspan on the Defense in the WSJ

Yesterday in the journal Alan Greenspan pleaded his case for why we should not blame federal reserve policy for the big fat mess we are in. He argues that the fed does not control long term rates, and therefore mortgage rates, so really it was not in his zone to stop all this craziness. He states that the "Federal Reserve became acutely aware of the disconnect between monetary policy and mortgage rates ......." And???? And??? How about "and so we went on the offensive talking about the potential issues because of our important role as leaders and major players in the financial system who are suppose to have the public interest as our core mission." I am not solely blaming them but they did not take appropriate action to make sure that massive and inappropriate leverage did not build up in the system causing what we are now experiencing. Just because it was not their sole and whole job does not mean it was not their job to do more. It is this siloed thinking that is responsbile for this financial, economic and now social global crisis. Leadership. Good leadership is both seeing the potential problems and taking responsibility for solutions, even if it might not be entirely your job to do so. Expanding on that it is about seeing the interconnectedness of it all, and then acting upon it. I do like how this piece ends and I agree with the solutions he is now offering. He warns of overregulation but does believe that "our challenge in the months ahead will be to install a regulatory regime that will ensure responsible risk management on the part of financial institutions, while encourageing them to continue taking the risks necessary and inherent in any successful market economy." I would add another call - let's expect more of all our leaders and hold them more accountable for the bigger picture. Also, for the record Mr. Greenspan, you did keep rates too low for too long.

Soap Box, Money, and Bethany.....

Thanks for all the lovely emails and posts (Facebook) about my latest CNN appearance this morning. Some of you have been sending me your list of the various uses of BRILLO pads, which are very funny. When I was looking for a soapbox this morning before I jumped in the car that was all I could find to fit in my handbag. They are soappads! I brought them because what I thought we were going to talk about this morning was a broader conversation about leadership and money. I was going to get on my soapbox that the President and his sidekicks have to be much more thoughtful of how he (they) talk about money: how we use it, invest it, spend it, give it and save it AND who has it. The conversation was to be a response to this piece in the WashingtonPost - "A Week of Revelation" by Michael Gerson. The CNN producers had wanted to bring up the topic of 'class warfare' to the panel of 'experts.' Personally, I was particular miffed with this line in the NYTimes earlier in the week saying "the Affluent are top on the President's list of Losers." I can hope to understand why people are upset at the 'rich' but last time I checked 'rich' was something most people wanted to be. Yes the rich spend their money sometimes unwisely and many have made it in ways that have caused other people harm, BUT just as many, and I think more, employ people, run and built businesses, make sound investments, give away big dollars, and together pay the lion's share of personal income taxes. There is no one 'rich' and 'rich is bad/money is bad' is a message that we could do with out. Period. Most I know that are of means are accepting of paying higher taxes but they don't want rotten tomatoes thrown at them at the same time. One would hope that the President sees 'the rich' as part of the solution and not only the 'cause' of the problems. He needs to encourage those that can most afford to do it to spend, invest and give to help get our economy out of this mess. I have not heard that in a speech lately..... I vaguely remember the President Elect saying we are all in this together or was he only talking to the 98% of the population that make less then $250,000 a year.

A friend who I asked to read the OPED sent me these comments - "It is true that income inequality has increased over the recent past. But it is also true that the wealthy have paid a larger share of total Federal personal income tax revenues. Higher tax rates on the wealthy will reduce after tax income inequality. The important question is whether higher tax rates and perceived hostility to success will also reduce absolute tax revenues. If that happens, Obama's budget is unsustainable. Even if we don't reach the point of diminishing returns immediately, it seems clear that we will get there relatively soon as the social security and Medicare liabilities mushroom with the aging of the baby boom.

There are no responsible budget projections that suggest that this nation can pay the amounts of social security and Medicare entitlements created under current law. Yet, rather than address this directly, and reduce the entitlements as it is clear we must, the politicians rail against the wealthy and suggest that higher taxes on them will solve the problem, knowing full well that it won't. We demonize mortgage bankers who put homeowners into mortgages that would be a challenge to repay. How should we view politicians who lie and encourage us to rely on benefits that they know can't be paid."

On another note I have to highlight my friend Bethany's latest article. She just published a great piece on the private equity shop Fortress called "Over The Hedge". After making the move from FORTUNE where she was forever she is making her mark at Vanity Fair. You go girl... Click here for the article.

Transcript from CNN Live This Am! PursePundit Debuts and CNN!

I had the most amazing time on CNN this morning and they invited be back tomorrow... 6 am and 8 am. I am keeping my fingers crossed that they ask me to comment on Leadership and Investing in Women - two that you all know I am passionate about! Thanks to all my dear friends who have continued to support me on this journey in to the media world....

ROBERTS: Welcome back to the "Most News in the Morning." That view from one of our iReporters underscores America's economic crisis. This morning, we're hearing what Main Street thinks of the president's recovery plan. And we're talking with some of the sharpest economic minds in the country about what it means to you and your financial future.Economist Diane Swonk joins us this morning from Chicago, and here in New York investment adviser Ryan Mack and Jacki Zehner, founding partner of the Circle Financial Group.We welcome you, Jacki, for the very first time.JACKI ZEHNER, FOUNDING PARTNER, CIRCLE FINANCIAL GROUP:

ROBERTS: Let's go to you, first. And let me preface this by highlighting here a comment that was sent in to us by a viewer. Dave in Omaha, Nebraska, writes to us this morning and says, "Although the meat of the speech was very hopeful, I felt it was more like a pep rally. The only thing missing was the band and the cheerleaders. I still want to know how we will pay off this debt, how is this administration putting people back to work, and why do I have to help someone pay -- why do I have to help pay else's mortgage? I feel this was not addressed."These are questions, Jacki, a lot of people are asking today.

ZEHNER: Those are really good questions. I actually think Nancy Pelosi was their cheerleading. I think all that was missing were the pompoms. But those are all my questions. It was a pep ralley. I like talking about hope and possibility, and I think the world needed that message and the markets so far are responding. He said, I'm in control. I'm going to do something, but what's the something?And actually, I thought he missed a big opportunity to talk about investing in America and a broader basis than just talking about Wall Street and the negatives of Wall Street. I think there's a much broader conversation that we can have about small business, about female entrepreneurship, about financial literacy, about a broad-based conversation about investment. And that was really missing.

ROBERTS: What do you think about all of that, Diane, because typically these addresses whether they be just to a joint session of Congress or whether they be actually titled a State of the Union Address, which is next one will be, are usually about grand themes and broad brush strokes. The details come later.

DIANE SWONK, ECONOMIST: Exactly. I think actually what impressed me was the one-two punch. Ben Bernanke was on his "A" game yesterday. And he really dealt with a lot of these issues earlier in the day in great detail. It was actually one of the most insightful, which doesn't say a lot.Q&A sessions that Congress has ever had with Ben Bernanke. But these senators actually finally got it. And I think that laid the groundwork. One of the comments that Ben Bernanke gave in response to that very issue on foreclosures, he said, you know, you could punish your next-door neighbor for smoking in bed by, you know, not calling the fire department when his home caught on fire, but if it burned down the whole neighborhood, how much does it help you?And I think that analogy is very important. And that's what the president has got to bring, is that analogy that we're on the same boat, and unless we're all in the same boat with our oars in the water rowing towards the same destination, we're all going to sink the boat.

ROBERTS: Ryan, let's turn this one toward you. Carolina, in *, Florida writes this this morning and says, quote, "After Obama's speech, I feel confident that he will bring us out of this economic mess. I was happy to hear some positive comments rather than all the doom and gloom that the American people are constantly being bombarded with. Thank God we have a new administration."Was it an appropriate amount of optimism that the president exceeded last night?

RYAN MACK, PRESIDENT, OPTIMUM CAPITAL MANAGEMENT: I think it was great optimism. I think that his direction was very -- very optimistic and very happy about what tomorrow actually holds.One of the striking things he said, we are also suffering a deficit of trust. I think that in previous administrations, a lot of individuals had lost trust with an administration, so that actually leads to a lack of confidence in the leadership of this country. And him coming in and actually going back and talking about things about the GI bill, sent a generation of college students made the largest middle-class in history.So I want to have by 20-20 had the highest proportion of college graduates in this country. But then the devil is in the details. I'm going to put $31 billion in college affordability and Pell Grants and tax credits to make sure that individuals are going to school. And he also said, you know, enough of this not graduating from high school, you know? It's on you. We have to graduate from high school and make sure we're getting our...(CROSSTALK)

ROBERTS: That's an interesting part of the speech. But, Jacki, just in terms of this optimism, just saying it doesn't necessarily make it so. He's got a lot of work to do to actually get these programs into practice.

ZEHNER: Absolutely. But we also have a lot of work to do too. I love the messages about personal responsibility because at the end of the day, and this is my favorite quote, which I repeat again and again, "do what you can with what you have where you are". I think he has to empower people to be part of the solution, not wait for government to solve all our problems because they can't. And he said that, but I really wanted the exclamation marks behind that. I really did, because those are the conversations I'm having. People need to get together, share their problems, share solutions.Ryan and I spoke a lot about financial literacy, doing financial preparedness. You cannot have your head in the sand about this anymore. It's not going to get better overnight, but it is about people coming together, talking through problems, offering each other solutions, supporting one another in business, helping out. You can't -- we can't -- walk around like this( hands up and open) waiting for this the government hand-outs. It's just not going to happen. There's not enough money and we're selling our children's future.

Jacki, thanks for joining us this morning.ZEHNER: Thank you.ROBERTS: Great to have you here for the first time.ZEHNER: Thank you.ROBERTS: We'll get you back as well as Ryan.ZEHNER: Thank you. Thank you very much.

Abelson, Fiscal Stimulus, Bridgewater, Nicholas Kristof and Women!

Live from Phoenix! Alan Abelson from Barron’s yet again gives a great summary of the week’s economic activity. His focus is appopriately on the job report released Friday, reporting 598,000 lost this past month bringing the headline number to 7.6%, a 16 year high. It feels more like the other number he highlights, something called the U-6 which included the ‘entire lot of folks who can’t find a job”, which is at 13.9%. “The stock market reacted to this employment report from hell just as you might expect. It staged a jolly rally.” Why? I guess because it was so bad that the government seems sure to pass the massive stimulus package. Which I guess they just did…I believe this bounce, and ones that will follow in the short term, will not last...

The stimulus package. I know we must spend money to help the tumbling economy, and actually I just heard over my shoulder on CNN President Obama say ‘it is only the government that can break the cycle” of this downward spirally economy, but I am deeply worried about how wasteful this package has the potential to be. We are spending our future. Let’s be clear about this. We are borrowing from tomorrow, from future revenues, to try to make things better today. There is no free lunch.

Bridgewater. For a rare, thoughtful, insightful and relevant interview with one of the smartest investment minds out there, click here. Ray Dalio, the CIO of Bridgewater Associates, in the piece “Recession? NO, It’s a D-process, and It Will Be Long” he shares why this time it is different, and why not to expect a quick and easy recovery no matter what the government does. At the end of the day the ‘government is going to print money.” He suggests that this has to end in currency devaluation, which is not in this case a bad thing. He is positive on gold, the yen, and ends with this. “Buying equities and taking on those risks in late 2009, or more likely 2010, will be a great move because equities will b e much cheaper than now. It is going to be the buying opportunity of the century.”

I am saving the best for last. I cannot begin to tell you how many people forwarded me this piece by Nicolas Kristof (pictured) called “Mistresses of the Universe.” You go Nic!!!! I could not agree more. Of note is that together with the National Council for Research on Women we are about to release a paper on exactly this topic!!! This has been a three year project and we are beyond excited about it. The question we asked? Why are there not more women in professional trading and portfolio management roles? We can stretch that even further and ask why is that women do not more equally share in power and decision making? If you are a regular reader you KNOW that I completely believe that we need a world where women and men more equally share in power. So much so that last night I actually dreamt about it. In my sleep I was asking myself this question. Why is it NOW that women are going claim their space as leaders and decision makers? Why now? In the middle of the night I woke up, grabbed a piece of paper, and wrote this – “Because we are ready. We are ready.” I swear with my hand on the hotel bible that this happened. I know it, in my bones, that women are ready to be part of the solution. Women are ready to be major players in this world, to work collectively with good men to make this world a better place. How do we do this? “By doing what we can, with what we have, where we are” ….. then doing more. At the end of the day however it is about women being in places we need to be in critical mass. It is only then that we will know what women’s leadership and women’s led solutions look like. Thank you Nicholas for all your brilliant writing on topics that deeply matter to me.

An excerpt from the piece I wrote called "Why are Goldman's Women Invisible?"

Might this be one of many factors contributing to what is wrong with Wall Street leadership today? Arguably at this moment of financial and economic crisis, after approximately $10 trillion dollars of global wealth has vanished, women remain virtually absent at the decision-making tables that count. For all those men who sat around thinking they were the "smartest guys in the room", is it not time to ask "what could we have done differently?" Could the difference possibly have been a critical mass of women? We will never know. Sure you can name a couple of women, but that is just it, a couple? It takes critical mass to know what women's presence and leadership looks and feels like, and we could sure use that data right about now. Don't call Goldman looking for that information though as they do not have it.

My piece Brokenness, Hope and Women from HUFFPO on the topic as well.

This may be my last post for a few days and there are so many things I want to write I think my head is going to explode. I am going to spend some quality time with my 8 year old daughter Allie and then attend the Womens Funding Network board meeting here....

Brokenness, Hope and Women!!! - REVISTED.....

I have been having many conversations about the financial markets being broken, the economy being broken, corporate business models being broken, corporate diversity programs being broken.... I went back and read this piece I wrote in DECEMBER ( on Huffington Post)- a piece of which is below... I want to put it back out there as a framework to what could be different the next time around....

"So much has to change in order for ours to be a more just and equitable world, and that change must occur in all levels of society for it to be sustainable. This theory of change is well summarized in the work of the Women's Funding Network which argues that "a bottom up belief that the whole community cannot be improved or changed without the full participation of women and girls and the full participation of women and girls cannot be achieved without bringing women and girls from the margins in to the mainstream."

We can talk about new appointments and new administrations, but it is in valuing men and women, boys and girls equally and in enabling their full participation in society, that we will set the course for the positive change we need to see in our families and our public and private institutions.

In Washington, as we witness this changing of the guard and hope that better decisions will be made, let us drive change elsewhere, in all realms of our society, from where we each stand. Where leadership is not diverse, strive it make it so. Where the culture is toxic, commit to changing it. Where talent is being underutilized, develop programs to change that. The solutions are there but what is missing, often, is the will, the commitment, to see such change through. What is missing is the equitable participation of women as solutions are being enacted. This is the message I delivered yesterday to over 200 women and if you can pull together a group of 200 interested men, call me, and I will deliver the message to them too. This is a world view when good men and good men both win. Do you see a broken world? If yes, then begin to see the world differently and then move forward to make the world different. Invest in women and girls. The time for real change is now."

It is so NOW....

It is all about What We Can do For Others!

Greetings from the Great White North! Yesterday I read this letter by Colin Powell which must, must, must be read, over and over. Please print it out, tape it the fridge, give it to you children to take to school, make copies and pass it around to people on the street that you do not even know. I have been speaking and writing all year on this need..... and on Sunday, two days ago, gave a personal testimony at my church about being called to ACTION. I have never done that before. It was about how at this moment of need, we must respond. We all can give something. It is all the somethings that will add up and create the force for positive and restorative change. Claim this day, the day we get a new President elected on the promise of change, to be the day you make an oath to do more to serve people. Mr. Powell is an example of servant leadership, the type of leadership this world needs a whole lot more of. Read on…..

“Let’s Renew American Together”

“Next week marks a fresh start for our nation. Whatever one's political leanings, each presidential inauguration is an opportunity for Americans to renew the energy required to deal with the challenges we face -- never more so than when the challenges we face are without precedent.

Over the course of their transition, President-elect Barack Obama and Vice President-elect Joe Biden have spoken with confidence and acted with competence. They've unveiled their plans for governing -- plans that recognize it will require federal money to solve our economic problems at home, and diplomatic and military skill to meet our obligations abroad.

But they also realize an equally important truth. While government has a role to play in restoring the American dream at home and rekindling the dream that is America abroad, there are limits to its ability to restore our sense of purpose as a nation. That task falls to us. Particularly in hard times like these, we are charged with living up to our shared responsibility to one another.

My experience is that in times of need, the American people recognize that when one of our fellow citizens is suffering, those of us with the power to ease or eliminate that suffering should come forward. This is not a time to retreat to our homes and wait until it's safe to emerge. It is the time to give more, to step forward and serve our fellow citizens, and to reach into the reservoir of this nation's unrivaled capacity for good.

That's why, at this moment of great purpose, Mr. Obama has chosen the eve of his inauguration to launch "Renew America Together," his call for all Americans to make an ongoing commitment to better the lives of others in their communities and their country. It's fitting that he will do this on Martin Luther King Jr. Day, a day when we honor the legacy of a man who lived his life in service to others and believed that "everybody can be great, because anybody can serve."That's the beautiful simplicity of service. When I was a young man, I chose to devote my life to serving my country. I spent decades under her flag as a soldier, and later as a diplomat. In my time as a private citizen, my wife, Alma, and I have made service a part of our lives by founding "America's Promise," an alliance that connects our young people to mentors who teach them the skills they need to grow.

Each of these mentors proves that King was right. You don't have to wear the uniform of this country to serve others. You don't have to work in government. And you don't have to start a foundation. At a time when so many of our countrymen are in need, everyone has the power to help.

Pause for a moment, and ask yourself what you can contribute to the life of this nation. Perhaps you can find an hour each week to volunteer in a soup kitchen or help a child learn to read. Maybe you and your friends can spare an afternoon a month to clean up your local park or prepare care packages for our soldiers stationed in far-flung corners of the globe.
With our hectic lives, it might seem daunting to find convenient means of serving others in a way that matters to you. That's why Mr. Obama's team has unveiled an exciting new tool to facilitate that connection.

Usaservice.org is an online community that makes service easy and accessible. Even amidst the busiest of schedules, there is always a moment to log on and find a cause you care about in your own community. It's also easy for organizers to post and publicize projects. Already, Americans have used USAservice.org to create more than 5,000 events across the country.

What these participants will discover, if they haven't already, is that service is a two-way street of mutual benefit. By enriching the lives of others, you get back more than you give.
Barack Obama is asking us to join him on Monday in making a renewed and enduring commitment to enriching the lives of others. If we answer that call, I have every confidence that we as a people will ignite a new national sense of purpose necessary to meet the great need of this hour.”

Mr. Powell was secretary of state (2001-2005) under President George W. Bush.
Reprinted as it appeared in the Wall Street Journal. – Jan 17th 2009 – LINK HERE

Wonder Woman Again, and Again, and Again.....

OH MY GOSH! If you know me personally, or have been reading my blog you know that I collect Wonder Woman memorabilia including the very first issue of Ms. Magazine with Wonder Woman on the cover. You also know that I wrote a leadership principal called “Be A Superhero” and I think this year is going to be all about women, and in particular SHEros! You might also know that I quit my job at Goldman Sachs in part because I had an idea for a screenplay where WW became President. You would also know that I gave a speech a few weeks ago to a group of 200 women with a WonderWoman T-shirt on calling for a revolution. Calling for women to reclaim the word Feminism! Calling for women and men to work together to create a more just and equitable world for everyone. You would also know that my dear friend Deborah Siegel wrote the book Sisterhood Interrupted which bridges the intergenerational gaps of feminism and is a MUST READ for anyone who hopes to understand why so many women do not relate to the term. What you may not know is that I reached out to the editor of Ms. Magazine last week after meeting with Sara Gould of the Ms. Foundation to ask her to think about re-releasing that issue (pictured) as a special edition in its original form because the stories read as true today. (scary...) You might also know that I am deeply, deeply, frustrated with the lack of progress we, as women, have made in this country. Ok… with all that you have to read this piece from the Daily Beast by Amy Siskind today!!! ( thanks Deborah for sending it to me)

As excerpt - “Witness the rebirth: the start of the fourth wave of the women’s rights movement, a big tent movement that invites women and like-minded men of all political parties and views on reproductive rights. A women’s movement that stands up and speaks out for the women of this country when other groups will not. A women’s movement that keeps a watchful eye on its constituency and their needs. It is time that we take back the term “feminism” and restore its dignity and honor. It is time that we, our daughters, and granddaughters discover our inner Wonder Woman.And, for those of us who dream, maybe Ms. and the former national women’s movement will return in the sequel as Superwomen once again.”

Fourth Wave? I am there. I am so there……………… With an army of women in their WW t-shirts. I have already bought 60 and if you want to get yours here is the link. I already called them about ordering in lots of 100 and we could get a 35% discount of the $28 face value! Get yours before they sell out and tell them Jacki sent you.

WW History on PursePundit.....

My WW entries - Dec. 24. Dec. 9 - note the tshirt. On being a Superhero - Nov. 25. And there are more................
The Day that for ME - when I got really intentional about all this.....Oct. 28.
If you liked that one - read this one - more on the topic. - Dec. 13

Good Bye Bush, Frost/Nixon and Slumdog Millionaire….

To start on a positive note - how happy am I that Slumdog won Best Picture – Golden Globes? VERY! As I wrote the moment after I saw the movie, it was the best! Click here for my review.

Last night my husband and I saw Frost/Nixon and it is another must see. What an amazing adaptation of a story, and one with little dramatic arc and a known outcome. The screenwriter Peter Morgan did an outstanding job and I am glad to see he is being acknowledged for it. The story was in many ways the opposite of Slumdog which was all about hope and possibility. Frost was a story of celebrity, power, desperation and brokenness and I found it chilling, especially against the backdrop of what is going on right now in our country.

Though I was not planning on it I turned on the TV this morning just as President Bush was saying his final good-byes. Needless to say I have not been a big fan. I do however lift him up with what he chose to be some of his final words… he asked that people show the Office of President respect. That we treat one another, as human beings, with more respect. I like that. Yes we might not deserve it, but it is still the right way to treat people.

As he walked off the stage President Bush had the look that Frank Langella, as Nixon, so brilliantly displayed last night on the big screen at the end of the movie. A look that no longer screamed “I am the most powerful person on the planet”, but rather, the opposite. A look that said “I am defeated and have to go on living the rest of my life with that knowledge.” Both images were very powerful and I will not forget either one for a while to come.

My Diary - More on Hank, on Leadership and on Lessons Learned

Ok this is FREAKY!I am up early, again, and what is at the top of me email list but this piece from a WEBSITE I subscribed to ( and recommended to you all ) yesterday - Causes: Hank Paulson. ( from Baseline Scenerio) I am just recovering from reading the comments written from the piece I wrote called Dear Hank for the HuffingtonPost, and here is a piece of writing that now compels me to write more on the subject. It is a great piece....

I said in the letter I wrote that I know Hank Paulson to be a good man. When I worked for him I found him honest and hard-working. At the time he was chosen to be secretary I thought ?? for four reasons. One, he has always HATED public speaking and is not good at it. This was very common knowledge. It was something he worked very hard at and I commend him for trying. Second, his background was in banking and not in capital markets and economics. That was not his strength. Clearly he was smart enough to learn but oh my gosh.... not a time to be learning on the job. Third, I found that Hank had a tendency to surround himself with people who looked and thought liked him. Most leaders, sadly, do this. I did not find him to INVITE people to the table that were different, meaning had different views. Then comes the speaking Truth to Power question. Was he a leader who wanted to hear the bad news? Wanted to hear the threats, the problems, the things that would keep him awake at night? Did he ask people to give it to him straight, always, all the time? Not in my experience, but again, few leaders in my opinion do. Is this not in part what the whole MADOFF thing is about too? At the end of the day where does the buck stop? Where are the people who say, and say loudly, enough is enough! What the heck is going on here?

THIS is part of what has been driving me to act, to write, to speak out. I hope I have been and will continue to be the type of person that speaks TRUTH to POWER. At Goldman it was the senior leadership, now it is to anyone who will listen and to YOU the public. You are Power. You, acting individually and collectively, can make the difference. But I ask you this.... please try to do it respectfully. Yes strongly and with passion, but not in a way that shuts people down do they cannot hear you. I have to work at this, daily, myself. You, we, have to try to talk to people not in ways that sends people running for cover. There are times when fine, let it rip, but know that there are consquences to that. You might feel better, but other then that, did you really accomplish anything? Letting it rip damages relationships not preserves and builds them. Let it rip if you don't care...

Funny enough that lesson was taught to me by the current GS CEO Lloyd Blankfein. Many. many years ago Lloyd told me that the "trouble with me" was that people knew what I was going to say before I even opened my mouth.' Ouch. The context for this is that I fought for women at the firm. I fought for them behind closed doors and on podiums. I fought for them and their success because I believed that Goldman would be a better place if the senior leadership was more diverse. Though I thought I was picking my spots he suggested that I was coming to be seen/heard as being only about one thing. Not good. Not effective. Yet the trouble with me was that I felt passionately that if senior leadership was not almost solely White, American Males, the firm would be much better off. The trouble with me was that I felt passionately that if everyone around the table looks and thinks like the leader, then that is a recipe for disaster. Lloyd felt that I was pushing too hard on this and I risked losing credibility. I heard him and tried to modify my approach but not my purpose and intent. I tried to change people and not just run them over with my views.

At the end of the day this is about LEADERSHIP. I continue to believe the best model out there is servant leadership. There are times to claim your authority and stand on mountain tops and tell people the plan and the mission, and there are as many times when you walk with the everyday folk and ask them what they think and how they would do things differently. If you are only at the top of the mountain how is anyone 'down there' every going to reach you? In this model you KNOW that you are where you are only by the grace of God and you act like it. You ask questions and don't pretend to have all the answers. You know you are not better then any one else and that every life has equal value. You know that at the end of the day you will be held accountable for your actions but their is also such a thing as forgivenes. You try, everyday, to be a better person, a better leader, than the one you were the day before.

Was Hank Paulson this type of leader? Was George Bush?

Will President elect Obama be? Will Tim Geithner? ..... time will tell and I pray the answer is yes.

Please consider reading THIS PIECE I wrote a while back - The Trouble With American Is.... and this piece on Diversity and Leadership.

Have a great day!