Sunday, January 31, 2010
True Competition
"I'm competitive against myself, not against anyone else. I don't go into a room and size people up and determine how I can beat someone." Beyonce
Sunday, January 24, 2010
Cowards in action....
Continuing the previous blog on Bernanke:
Today the second-guessers are running wild. Why didn't the Fed stop bailed-out companies from handing out lucrative dividends and bonuses? Why pay off AIG's creditors in full? Why save Bear Stearns but not Lehman Brothers? "It's the price of success: people start to think you're omnipotent," Bernanke says. "We say we didn't have the authority, and it's Oh, you're the Fed. You could've come up with something.' "
Amazingly, the one reform that has attracted bipartisan support on Capitol Hill has been a crusade to rein in the Fed. The House passed a measure allowing congressional audits of monetary policy, which Bernanke believes would shatter the Fed's independence and immerse its rate-setting in politics. He's also fighting proposals to identify Fed borrowers, pointing out that during the Depression, borrowers turned down Reconstruction Finance Corporation dollars to avoid the stigma of disclosure. There is broad support for stripping the Fed of its consumer-protection functions, and the leading Senate bill would eliminate its regulatory functions as well. At his recent confirmation hearing, Bernanke endured hours of nitpicking and abuse. "Obviously, I haven't succeeded in defusing the political concerns about the Fed," Bernanke says with a wan smile.
He's earned the benefit of the doubt. It's now up to our dysfunctional political system to let him do his job — and to fix the financial system so that he never has to save the world again.
Today the second-guessers are running wild. Why didn't the Fed stop bailed-out companies from handing out lucrative dividends and bonuses? Why pay off AIG's creditors in full? Why save Bear Stearns but not Lehman Brothers? "It's the price of success: people start to think you're omnipotent," Bernanke says. "We say we didn't have the authority, and it's Oh, you're the Fed. You could've come up with something.' "
Amazingly, the one reform that has attracted bipartisan support on Capitol Hill has been a crusade to rein in the Fed. The House passed a measure allowing congressional audits of monetary policy, which Bernanke believes would shatter the Fed's independence and immerse its rate-setting in politics. He's also fighting proposals to identify Fed borrowers, pointing out that during the Depression, borrowers turned down Reconstruction Finance Corporation dollars to avoid the stigma of disclosure. There is broad support for stripping the Fed of its consumer-protection functions, and the leading Senate bill would eliminate its regulatory functions as well. At his recent confirmation hearing, Bernanke endured hours of nitpicking and abuse. "Obviously, I haven't succeeded in defusing the political concerns about the Fed," Bernanke says with a wan smile.
He's earned the benefit of the doubt. It's now up to our dysfunctional political system to let him do his job — and to fix the financial system so that he never has to save the world again.
Instead of hunkering down like a coward, he was A Man of Action During a Time of Crisis
Excerpts From Time Magazine Person of the Year 2009 Article: Click here for entire article
Professor Bernanke of Princeton was a leading scholar of the Great Depression. He knew how the passive Fed of the 1930s helped create the calamity — through its stubborn refusal to expand the money supply and its tragic lack of imagination and experimentation. Chairman Bernanke of Washington was determined not to be the Fed chairman who presided over Depression 2.0. So when turbulence in U.S. housing markets metastasized into the worst global financial crisis in more than 75 years, he conjured up trillions of new dollars and blasted them into the economy; engineered massive public rescues of failing private companies; ratcheted down interest rates to zero; lent to mutual funds, hedge funds, foreign banks, investment banks, manufacturers, insurers and other borrowers who had never dreamed of receiving Fed cash; jump-started stalled credit markets in everything from car loans to corporate paper; revolutionized housing finance with a breathtaking shopping spree for mortgage bonds; blew up the Fed's balance sheet to three times its previous size; and generally transformed the staid arena of central banking into a stage for desperate improvisation. He didn't just reshape U.S. monetary policy; he led an effort to save the world economy.
Once Bernanke realized a disaster was unfolding, he made a conscious effort to project calm, even when he was working seven days a week and all hours of the night, even when the Wall Street types around him were screaming and cursing like stressed-out sailors. "He decided he wouldn't be a deer in the headlights and wouldn't let the world blow up," recalls Columbia University economist Frederic Mishkin, who was on the Fed board at the time. He also made a conscious decision to avoid the mistakes made by the bankers of the 1930s — not only their stingy refusals to supply cash but also their inflexible inside-the-box thinking. He hung their picture on his office wall. He held "blue sky" brainstorming sessions to solicit unorthodox ideas. An obscure legal provision gave the Fed broad latitude in "unusual and exigent circumstances," and he did whatever it took. "
"I shudder to think what the world would be like if Ben hadn't been running the Fed," former Secretary Paulson says. "
Professor Bernanke of Princeton was a leading scholar of the Great Depression. He knew how the passive Fed of the 1930s helped create the calamity — through its stubborn refusal to expand the money supply and its tragic lack of imagination and experimentation. Chairman Bernanke of Washington was determined not to be the Fed chairman who presided over Depression 2.0. So when turbulence in U.S. housing markets metastasized into the worst global financial crisis in more than 75 years, he conjured up trillions of new dollars and blasted them into the economy; engineered massive public rescues of failing private companies; ratcheted down interest rates to zero; lent to mutual funds, hedge funds, foreign banks, investment banks, manufacturers, insurers and other borrowers who had never dreamed of receiving Fed cash; jump-started stalled credit markets in everything from car loans to corporate paper; revolutionized housing finance with a breathtaking shopping spree for mortgage bonds; blew up the Fed's balance sheet to three times its previous size; and generally transformed the staid arena of central banking into a stage for desperate improvisation. He didn't just reshape U.S. monetary policy; he led an effort to save the world economy.
Once Bernanke realized a disaster was unfolding, he made a conscious effort to project calm, even when he was working seven days a week and all hours of the night, even when the Wall Street types around him were screaming and cursing like stressed-out sailors. "He decided he wouldn't be a deer in the headlights and wouldn't let the world blow up," recalls Columbia University economist Frederic Mishkin, who was on the Fed board at the time. He also made a conscious decision to avoid the mistakes made by the bankers of the 1930s — not only their stingy refusals to supply cash but also their inflexible inside-the-box thinking. He hung their picture on his office wall. He held "blue sky" brainstorming sessions to solicit unorthodox ideas. An obscure legal provision gave the Fed broad latitude in "unusual and exigent circumstances," and he did whatever it took. "
"I shudder to think what the world would be like if Ben hadn't been running the Fed," former Secretary Paulson says. "
Monday, January 18, 2010
One Truly Impressive Leader
General Stanley McChrystal, the top U.S. commander in Afghanistan:
One of his first moves in Afghanistan was to order US military and diplomatic convoys to keep a lower profile. His reasoning: "It was important not to seem arrogant and act as occupiers might," McChrystal said. "I know they were driving in a way they thought was best for their security, but I needed them to understand how totally offensive it was to Afghans."
His process in determining if additional troops were needed: "We analyzed, we calculated, we war-gamed and came to the conclusion we needed more troops."
While waiting for Obama to make a decision on Afghanistan: "Waiting does not prolong a favorable outcome. This effort will not remain winnable indefinitely." Obama's respect for McChrystal multiplied. The President not only wants to hear McChrystal's assessment, but he demands that McChrystal tells him what he thinks.
McChrystal's unique motivational process: He sent his special operators copies of the Yeats poem "The Second Coming." He directed their attention to the lines "The best lack all conviction, while the worst are full of passionate intensity" and told them that their mission was to turn those lines around!
One of his first moves in Afghanistan was to order US military and diplomatic convoys to keep a lower profile. His reasoning: "It was important not to seem arrogant and act as occupiers might," McChrystal said. "I know they were driving in a way they thought was best for their security, but I needed them to understand how totally offensive it was to Afghans."
His process in determining if additional troops were needed: "We analyzed, we calculated, we war-gamed and came to the conclusion we needed more troops."
While waiting for Obama to make a decision on Afghanistan: "Waiting does not prolong a favorable outcome. This effort will not remain winnable indefinitely." Obama's respect for McChrystal multiplied. The President not only wants to hear McChrystal's assessment, but he demands that McChrystal tells him what he thinks.
McChrystal's unique motivational process: He sent his special operators copies of the Yeats poem "The Second Coming." He directed their attention to the lines "The best lack all conviction, while the worst are full of passionate intensity" and told them that their mission was to turn those lines around!
Sunday, January 17, 2010
Champions Adjust
Billie Jean King describing how she changed her plan even before the match started against Bobby Riggs in the famous "Battle of the Sexes" match:
"Initially, I had planned to play an aggressive, serve and volley game against Bobby (who was 26 years her senior). I knew I was in great shape, but I did not know what kind of shape he was in. I changed my strategy on the spot. Instead of ending points quickly, I would get him into long rallies, back and forth, early in the match, still going to the net when it made sense, but wearing him out. I visualized that for a second or two, then said to myself: That's it. Do it."
"If after 5 or 6 long points, Bobby wasn't tired, I would have to re-assess the situation. I trusted my instincts and it worked beautifully. He did get tired."
6-4, 6-3, 6-3, King won in straight sets.
"Initially, I had planned to play an aggressive, serve and volley game against Bobby (who was 26 years her senior). I knew I was in great shape, but I did not know what kind of shape he was in. I changed my strategy on the spot. Instead of ending points quickly, I would get him into long rallies, back and forth, early in the match, still going to the net when it made sense, but wearing him out. I visualized that for a second or two, then said to myself: That's it. Do it."
"If after 5 or 6 long points, Bobby wasn't tired, I would have to re-assess the situation. I trusted my instincts and it worked beautifully. He did get tired."
6-4, 6-3, 6-3, King won in straight sets.
Saturday, January 16, 2010
Continuous Improvement
"I'm a work in progress. I'm just an ordinary guy with a great job. And, like any human being, I'm constantly trying to improve." Denzel Washington
Thursday, January 14, 2010
No Brees(zing) in his career
What sets Drew Brees, the record shattering QB of the Saints, apart, from say JaMarcus Russell, the bumbling, fumbling QB of the Raiders:
- Sean Payton the coach of the Saints in 2006 saw in Brees what many scouts couldn't, that is someone with the ferocity, drive and work ethic of two men.
- Tom Cable the coach of the Raiders continues to view Russell as a lazy no show in camp, in practice and in games.
- Carl Nicks, a teammate of Brees, describes Brees drive for perfection as contagious. If he told me to jump off a cliff in order to win a game, I'd do it, says Nicks.
- An unnamed teammate of Russell, was more than happy to rat him out as going to Las Vegas instead of attending the final team meeting of 2009.
- Bree's Motto: "Finish Strong." Every Practice. Every rep. Give everything you have, until the very end.
- Russell's Motto: None to speak of.
- Bree's on what it takes to win when the going gets tough: Sometimes we get so caught up in the prize that we forget the process. So let's forget about the prize for now and refocus on the process.
- Russell on why the Raiders can't win: "Up and down, Up and down" as in the team's performance, but not his.
- Sportswriters crediting Brees as a passer with flashbulb-fast decision-making skills with laser like downfield accuracy, rare abilities that can be developed solely through mind-numbing levels of repetition and study.
- Sportswriters poking fun of Russell as consistently overthrowing his target by 40 yards achievable only by not doing much of anything before, during and after games.
Tuesday, January 12, 2010
Characteristics of a good stock trader that could be applicable in other professions
By Nazy Massoud
Read entire article here
So how did the super traders develop their mental edge? Even though they are all different, they share certain beliefs and characteristics:
1. They know their market.
2.They know why they are getting into their positions.
3.They know their risk/reward ratio.
4.They have an expectation to win.
5.They are not afraid of taking losses.
6.They have a set of rules that they follow. They realize that these are dynamic and you have to review it.
7.They have contingency plans.
8.They all have discipline.
9.They do not give up. They have intelligent perseverance.
10.They believe in themselves.
11.They love what they do!
Read entire article here
So how did the super traders develop their mental edge? Even though they are all different, they share certain beliefs and characteristics:
1. They know their market.
2.They know why they are getting into their positions.
3.They know their risk/reward ratio.
4.They have an expectation to win.
5.They are not afraid of taking losses.
6.They have a set of rules that they follow. They realize that these are dynamic and you have to review it.
7.They have contingency plans.
8.They all have discipline.
9.They do not give up. They have intelligent perseverance.
10.They believe in themselves.
11.They love what they do!
Sunday, January 10, 2010
Hard Working Prisoners in NY
Labels and Tags of unused clothes donated to the Clothing Bank in New York are removed by volunteers including inmates on work release from the Lincoln Correctional Facility in Harlem. "Hard workers," says Luis Jimenez, Director of the Clothing Bank. Click here to read the NY Times article on the Clothing Bank.
Wednesday, January 6, 2010
Do you have any of these type of employees, maybe on a lesser scale???
Reports indicate that JaMarcus Russell, the 32 million dollar man who was drafted to save the Raiders, missed the Raiders' final team meeting of the 2009 season. Not a big deal if, as it was originally believed, Russell missed the meeting for "personal reasons". It's a bit more of a big deal if, as we have now learned, Russell took off for Las Vegas in lieu of that final meeting.
Russell has failed to distinguish himself in any positive way. In other words, whether you prefer traditional stats or the new sabermetrics, JaMarcus Russell is the worst quarterback in pro football. Only the Raiders, with JaMarcus Russell, can boast the first-overall selection of a quarterback so uninterested in the betterment of his team, or his own development as a player. Lane Kiffin and Tom Cable, the team's last two coaches, have come out publicly against Russell's production and work ethic. Russell has also been criticized by teammates privately, for not working hard enough off the field. The reason reporters knew about Russell's absence Monday was because of a tip from a teammate in the locker room who couldn't hide his disgust.
Russell has failed to distinguish himself in any positive way. In other words, whether you prefer traditional stats or the new sabermetrics, JaMarcus Russell is the worst quarterback in pro football. Only the Raiders, with JaMarcus Russell, can boast the first-overall selection of a quarterback so uninterested in the betterment of his team, or his own development as a player. Lane Kiffin and Tom Cable, the team's last two coaches, have come out publicly against Russell's production and work ethic. Russell has also been criticized by teammates privately, for not working hard enough off the field. The reason reporters knew about Russell's absence Monday was because of a tip from a teammate in the locker room who couldn't hide his disgust.
Saturday, January 2, 2010
Don't go here if you're lazy....
Oklahoma City, known as the hardest working city in America also has the state motto "Work Conquers All"
Friday, January 1, 2010
She "shops", he "buys"
Facts from the research paper titled "Men Buy, Women Shop" from the Wharton School of Business:
In short, when men buys, it's a chore. When women shops, it's a hobby.
Women: Lack of help from the sales associates is the #1 reason for lost business.
Men: Out of stock is the #1 reason for lost business.
Women: Tell me more about the items that may be of interest to me and give me some alternatives. Also, tell me something about your store in general. Sales associates must be knowledgeable, engaging and friendly when dealing with women shoppers.
Men: Just tell me where the item is, and ring me up fast so I can get out of here. Sales associates better know where the products are that men are looking for and quickly ring them up.
She needs more interactions, collaboration and support from the sales associate during the buying process. He needs the sales associate to hurry up, stop wasting my time and get me what I need. If I have a question, I'll ask you. Now ring me up. Pronto! :-)
In short, when men buys, it's a chore. When women shops, it's a hobby.
Women: Lack of help from the sales associates is the #1 reason for lost business.
Men: Out of stock is the #1 reason for lost business.
Women: Tell me more about the items that may be of interest to me and give me some alternatives. Also, tell me something about your store in general. Sales associates must be knowledgeable, engaging and friendly when dealing with women shoppers.
Men: Just tell me where the item is, and ring me up fast so I can get out of here. Sales associates better know where the products are that men are looking for and quickly ring them up.
She needs more interactions, collaboration and support from the sales associate during the buying process. He needs the sales associate to hurry up, stop wasting my time and get me what I need. If I have a question, I'll ask you. Now ring me up. Pronto! :-)
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