Blue Skies in Mexico City

First we have the global market collapse. Now we have the swine flu.

Well, as my daughter pointed out in the speech I posted in the entry before this, it’s my positive attitude that has earned me both success and love in my community.

And I have positive news to report regarding both the global economic crisis and the flu epidemic.

AP reported that in April, consumer confidence reached its highest since November 2008, a figure that exceeded economist expectations. And considering that two-thirds of our nation’s economy is based on domestic consumer spending, the boost bodes well for our slump.

Some are even saying that the worst is behind us. The bottom has reached its lowest point, and it’s time to take on a more positive outlook. (Actually, I added that last part.)

Despite this good news, the press release brought the positive report to a screeching halt with its concern about the swine flu. This, they say, “could stall economic recovery, particularly in regions that depend on travel and tourism.” Swine flu?

More people die from drunk drivers right now, and the news is already announcing how the flu could forestall economic recovery? Interesting…

Speaking of the swine flu, its epicenter, the bustling mega-metropolis of 20 million, Mexico City, is actually breathing easier as a result of this epidemic.

As you’ve heard, the city has been on lock-down these past few days in order to control the viruses spread. The result?

A quieter city where people can actually hear themselves think, let alone the birds chirp. In addition, the air in the infamously smoggy city has cleared to the point of near blue-ness. In addition, traffic is down and even crime has dropped.

Blue skies, less traffic, decreased crime. Whether you’re in Mexico City or LA, you can definitely appreciate that!

Now the last thing I’d want to do is diminish the suffering of its estimated 176 victims, but for the vast majority of Mexico City residents, around 19,999,824, who haven't lost their lives to this terrible illness, there is a silver lining to their gray skies.

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Proud Mother, Impressive Daughter

As I shared with you a couple weeks ago, I was honored by Hadassah, which is the largest volunteer organization in the US. The celebration was held at the Montage Hotel in Beverly Hills. Before I approached the podium to accept the award, my daughter, Nicole, provided the audience with an introduction.

Her words brought me to tears. What mother wouldn't be proud of a daughter who is a wife, mother of two, and a doctor? And her presentation was a touching tribute to our relationship.

Here's the beginning of her speech:

I am very honored to have been given the privilege of introducing my mother at this wonderful Hadassah Event. Even if you spent no more than 5 minutes with her, you are keenly aware that she is larger than life.

She puts every ounce of her being into all her endeavors, whether it be raising her children, selling real estate, writing a book, or raising money for worthy charities like Hadassah. My mother is one of the hardest workers I’ve ever known, but also one of the happiest and most positive people I’ve ever known. My mom was just born happy, and she finds beauty in both people and things.

President Obama’s slogan may be "Yes we can" but my mother’s slogan is "Yes I can." She never takes no for an answer.

Her tireless dedication to her friends and family, combined with her positive energy, has won her both love and success in her community. I’m proud of my mother’s accomplishments, but I’m most proud of the love of life she has instilled in her children.

My mother is the opposite of entitled. She thinks, what MORE can I do for my children, what more can I do for my clients, what more can I do for my community. It is only now, that I’ve become a mother of two, that I realize how many sacrifices she made to be the best mother she could be. Whatever activity or class that interested us, she was happy to open those doors for us. My head spins when I think of all the activities she shlepped us to. But, she wanted us to explore our talents, and follow our dreams.

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Yom Hashoah: Holocaust Remembrance Day

This week, I attended a memorial service at my temple. The evening recognized the estimated 6 million victims of the Holocaust and was one of countless events across the globe marking Yom Hashoah, or Holocaust Remembrance.

My mom and dad were both survivors of the Concentration Camps. When I was 22 months old, they immigrated to the United States. My father died when I was six years old. And when my mom remarried, Arnold became my father. Like my parents, he too was liberated from the Nazi prison camps.

Monday’s service was filled with elderly men and women. Their stories are becoming increasingly important to record as the generation of Holocaust survivors grows older and older.

My dad, my mother-in-law, and I attended the service that was an important reminder—we can never forget this tragic event in our human history.

One elderly man sang “Raisins and Almonds,” a Jewish lullaby that brought me back to my childhood. I recall my own mother singing me the bedtime song. The man’s voice was remarkable considering his age.

As a child in the prison camps, he would stand on a table and sing to the prison guards. His voice is what fed and saved him during his imprisonment—Nazi’s would reward his performances with an apple or a piece of bread.

I was also reminded of the power of hate. I was not a victim myself, but the Holocaust stories are closely linked to my life. Yom Hashoah brings to attention the most horrific acts that we can commit against one another. And it calls us to answer the question, “How can we stop history from repeating itself?”

I was also reminded of why I love this country. It is the Promised Land for my parents—a far away place from the continent that held the ashes of their parents, family, and friends. It's the only place I’ve called home, and one that my parents quickly accepted as theirs. The US has fulfilled my mom and dad’s every dream.

I think of the snowball effect that culminated in Hitler's Final Solution. His movement started out small and spread like fire. It was fueled by economic hardship, hate, fear, and ignorance. The result was a political system that sought to annihilate everyone other than the Aryan race.

Yom Hashoah is a time of remembrance. We can honor those who were killed before they could ever fulfill their life's hopes and dreams. We are called to reflect on this chapter in history and recognize how countering poverty, promoting education, and teaching acceptance of other's differences are key to ensuring that this will never happen again.

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Dream Big

I’ve been continuing to read good news regarding our nation’s economy. As far as my business is concerned, I really can’t complain. Inventory is higher than I’d like, but properties are still selling.

I can only hope that the continued reports of upward movement in of our economy will instill confidence in consumers.

Here are some top stories that I think are encouraging signs.

According to an AP report, JP Morgan Chase reported that it earned $2.14 billion for the first quarter of this year. Although it’s down from the same time last year, the profit was good news for the financial sector.

Loan defaults and credit card debt still continue to grow, to the tune of $10 billion. The upside is that low borrowing rates are bolstering its bottom line. “When a bank can borrow cheaply, it can profit more from lending,” the report says. And JP Morgan Chase’s acquisition of Washington Mutual has turned out to be a profitable move.

This good news comes after last week’s report that Wells Fargo also had a surprisingly good first quarter. We’ll hear about Bank of America and Citi next.

Morgan Stanley Chase received $25 billion in US bailout money, and it plans to pay the government back soon. Although the overall news is positive, you also have to take into consideration that their stock is down a 39% from 2007.

And to continue on this wave of positive reports, have you seen Susan Boyle? She's the contestant who appeared in Britain's Got Talent last week. She sang "I Dreamed a Dream" from the musical, Les Miserables.

The last time I checked, she had nearly 15,000,000 million views on one of her many You Tube videos, which means that this is old news to many of you. And considering that there are several similar You Tube posts, the 15,000,000-viewer figure is a conservative one.

Her story couldn’t come at a better time. We’re feeling the strain of bad news constantly: the worst recession in years, companies in trouble, wars abroad, and more.

And here is this 47 year old woman, never married, lived with her mother whom she took care of until her death in 2007, who wows a packed theater, TV viewers across the UK, and eventually millions around the globe.

This speaks volumes about the power of not only social media, like You Tube, but also how much we love to hear about triumph over adversity. I suggest you pass this link on to anyone who’d benefit from her remarkable story. http://www.youtube.com/watch?v=9lp0IWv8QZY&feature

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Winners and Losers

Even though its Passover and Easter, the high holidays are taking a back seat to the financial shake-up as far as headline news is concerned.

Here are what I’ve observed as this week’s financial winners and losers. Let’s start with the losers.

So far, the only one to go to jail from the Madoff fallout, is Bernard Madoff himself. If you haven’t seen the list of those who invested in his wealth management company, you’ll be astonished.

Banks from Spain, Insurance companies from Japan, prestigious places of higher learning like Yeshiva, NYU, and Bard College and celebrities like Zsa Zsa Gabor, Larry King, Sandy Koufax, and Jeffrey Katzenberg make up the victim list published by the WSJ.

This includes Hadassah, the largest volunteer organization in the US, which lost an astonishing $90,000,000. Heartbreaking!

So loser number one is Madoff. But AP reported yesterday that the government is also going after his collaborators who made big bucks from his heist. Hedge fund manager, J. Ezra Merkin’s clients had more than $2 billion invested in Madoff’s company.

Merkin earned massive returns from his partnership and lived the lifestyle to prove it. He had an 18-room duplex in what is considered the “world’s richest apartment building” in Park Avenue, Manhattan. As an aside, I love the words apartment, duplex, and co-op in reference to a property of this size and value. Most of us probably don’t use these terms when referring to one of the world’s most expensive homes.

Merkin also had $91 million in Mark Rothko paintings. The artwork alone would cover Hadassah’s loss.

So now the government is going after his sons, his brother, and anyone else who knew of the swindle and made money off it. It’ll probably take years to sift through this disaster, but let’s hope that this week’s losers will provide some returns to Madoff’s victims.

And now the winner. Wells Fargo & Co reported huge earnings, $3 billion to be more specific. It’s the financial sector that has been hit the hardest, and for WF to report profits was quite remarkable. This most likely caused the Dow Jones to rise nearly 250 points the day WF announced the news.

According to the AP report, WF attributed its acquisition of Wachovia and a rise in mortgage applications as reasons behind the good news.

Another company that’s reporting profits is Target, whose 6.1% increase was higher than they expected.

Allow me to add one piece of late news, a final winner is Walgreens. Last week they introduced the “Take Care Recovery Plan,” which provides free healthcare visits to those who have lost their jobs and are uninsured. As long as the fine print doesn’t make this more of a marketing ploy than genuine public service, it shows corporate America is reaching out to those of us who are facing difficult times.

Here’s to a restful holiday for you and your family.

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What's Old is New...Again

Lately, during the interviews I’ve had, I’ve been somewhat surprised by the questions the hosts have asked me. They aren’t seeking my opinions about real estate, how to sell a homes in a tough market, or technical matters related to foreclosures. Instead, they’re asking me to provide suggestions to couples who are facing tough economic times.

For instance, how do the bills get paid when one spouse is out of work?

My suggestion is to go back to the basics.

Back when my parents first immigrated to the US from Europe, they learned to establish their new lives with little economic resources. And immigrants around them were in the same situation. As a result, they often exchanged products or services between each other. Call it bartering-light.

For instance, a dairy farmer would give milk and butter to a salesman. In exchange, the salesman would give the farmer a discount on a sewing machine.

How does this work today? For those of us raise cows and own farms, it would look the same way that I just described. For the rest of us, it’s time to get creative. Which is exactly what it takes to get food on the table and cash in the bank during financially difficult times.

Are you a teacher? Perhaps you need electrical work done on your home and you know an electrician. Maybe you can tutor an electrician’s daughter in exchange for getting some wiring done.

Are you a web designer who knows a mechanic? How about a website for your mechanic in exchange for a timing belt for your car?

Like I said, tough times push us to think of new ideas, they challenge us to look at things with a fresh perspective. Make adversity your ally. Use it to push you farther and motivate you to do things differently.

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