“On The Money!” with Steve Pomeranz: Guest Dr. Michael Szenberg, Distinguished Professor Of Economics, Lubin School of Business

Economist Michael Szenberg shares his thoughts on rescuing America, covering the deficit and restoring confidence with “The Investor’s Advocate” Steve Pomeranz, in an “On The Money!” radio interview broadcast to over one million listeners throughout Florida, Oklahoma, Indiana, New Hampshire and New York.

The position of the United States given both the high level of U.S. debt and its budget deficit within the framework of a globalized and interdependent world economy was the topic of discussion between Lubin Professor Michael Szenberg, Ph.D, and “On the Money” Host Steve Pomeranz, CFP.  

If you were not among the over one million listeners who heard the interview initially when it aired on Friday, October 28, on one of these 9 radio stations, click HERE to listen to a podcast now.  

Key points made and proposed by Dr. Szenberg include:

  •  The burning point at the present time is the high deficit and debt levels of the U.S. that affect the confidence in willingness and ability of the U.S. to  maintain its leadership position, which is so crucially needed.
  • China has substantially increased capabilities in terms of military and economic power. But it cannot match the power of the U.S. due to its lack of moral power.
  • How do we improve the economic capabilities of the U.S.? Reducing sharply the deficit and debt levels will increase the most important component of economic development – confidence in the country.
  • My proposal is for the U.S. President appearing in an extraordinary address, accompanied by leaders of both parties and representatives of every segment of the population – from multimillionaires like Warren Buffett, to blue collar workers. The address will focus on how to save America and prevent its decline similar to that of other civilizations in the past. The American exceptionalism will be reflected in the willingness of the people to contribute voluntarily part of their savings for the purpose of eliminating the public debt and reinforcing the confidence in the U.S.
  • What unites all Americans irrespective of their affiliations is that we all want America to prosper.

DailyFinance – “Then and Now: How the Economy Has Changed Since 9/11”

Think back to the evening of Sept. 10, 2001: It’s been 10 years, and in some ways, it’s as if nothing has changed. That Monday night, the United States was coming off a recession stemming from a bursting bubble, consumer confidence was declining, and predatory lending was in the headlines.

But as we all know, everything did change the next morning, in ways that we are still working to understand.

Over the last decade, consumer confidence and housing prices have gone through a dramatic rise and fall, and two massively expensive wars in Iraq and Afghanistan were initiated. 

AOL’s DailyFinance asked economists including Lubin’s Niso Abuaf, to share their thoughts on two questions: What were the most significant economic shifts between 2001 and 2011; and if that decade had a headline, what would it be. 

The Great Disappointment in Real Wage Growth and European Integration

Niso Abuaf, professor of finance, Pace University

“Technology [the innovation of the ’90s] bore fruit and the productivity gains we have experienced in technology, media and telecom sectors have been tremendous with the iPhone, iPad, Blackberry and virtual workplace. But has that accrued to the typical U.S. worker or European worker?  Unfortunately, those productivity gains have not translated into real wage gains and it has been a disappointment. Wages have not kept up with productivity gains. Another disappointment is that Europe’s lack of political union and its response to crisis in [the PIIGS nations] has not been as decisive and quick a response as the U.S. response during the Great Contraction.”

Kitco News: “FOCUS – Gold Could Rally If U.S. Debt Ceiling Talks Falter”

The stalemate between Democrats and Republicans regarding a vote to lift the U.S. debt ceiling is giving gold a boost, and if an agreement is not reached before the August 2 deadline, many market watchers believe there would be a rush to buy gold and other hard assets. Economist Michael Szenberg discusses the potential impact on financial and commodity markets if the U.S. cannot raise its debt ceiling.

The bickering between the Democrats and Republicans over raising the debt ceiling has been bullish for gold.

Even if the debt ceiling is not raised, the U.S. would have money coming in to pay some obligations, but it would have to make choices on who gets paid and who doesn’t. That’s why it is considered a technical default.

Michael Szenberg, chair and distinguished professor of finance/economics at Pace University’s Lubin School of Business, said he believes that yields would likely spike under a default situation, but points out the rise is relative, noting that in the 1970s and early 1980s, bond yields were hovering around 20%. “The American economy is dealing with tremendous fragility, but this (debate) might take us in the direction we need to go,” Szenberg told Kitco News, a precious metals website which gets ONE MILLION hits a day.

Examiner.com (NYC): “University Students Are Graduating But What Do Employers Want?”

Even as the economy is slowly shifting towards the positive, graduating students still face many obstacles in obtaining employment. So how are colleges preparing their students for the job market?

Pace University  is ranked as one of the best universities to attend by US News in their 2011 Best Colleges edition.  

Maxine Sugarman, the Director of Career Services on Pace’s New York City Campus, shares with the Examiner.com how she and her team are preparing graduating seniors and graduate students to be interview-ready for potential employers.

Q: How does Pace University’s career center prepare your up-and-coming graduates for 2011’s competitive job market?

Ms. Sugarman: “We offer more opportunities for students to practice their interview techniques. We offer a ‘Mock Interview Day’ for volunteer recruiters to come to campus and individually interview our students. The recruiters and our career services team share constructive feedback with students and recommend Interview Workshops throughout the academic year. We also increased our efforts to provide video recordings of mock interview sessions between the student and interviewer. This provides students the ability to review the recorded session with their career counselor to focus on improving their delivery of interview answers [and body language]. We have also increased our partnerships with pre-professional student organizations to bring more recruiters on campus so that the students can network with recruiters at earlier stages in their college careers.”

Q: What are some important things graduating students should focus on in their job search?

Ms. Sugarman:“Analyze each job description and focus on selling yourself with the specific skills sets that each job description is requiring. Realize that one size does not fit all; meaning you have to customize each resume and cover letter sent out to the specific job. Learn how to brand yourself and how to network effectively. Our career center has created a LinkedIn mentoring program for business students to connect with Pace alumni who also majored in a business discipline. Networking is more critical than ever in order to uncover leads to job openings.”

Q: As the Director of a prestigious university, what are potential employers sharing with you of the type of graduates they are seeking to hire?

Ms. Sugarman: “Employers have always sought professionally prepared graduates. However, now more than ever employers want graduates who have excelled in the classroom and outside of the classroom. This means the graduate who has internships, extracurricular activities that promote leadership skills and/or has gained experience through volunteering will be a very attractive candidate to potential employers.”

The Indian Panorama: “Indian Consulate organizes a Panel discussion on Union Budget”

The Indian Panorama reported on a Panel discussion of India’s budget which took place in New York recently. Pace professor Surendra K. Kaushik was the lead speaker who pronounced the budget a blueprint for a “balanced” economy.

The Indian Panorama reported on a Panel discussion of India’s budget which took place in New York recently. Pace professor Surendra K. Kaushik was the lead speaker who pronounced the budget a blueprint for a “balanced” economy.

The full article can be read page 5 of The Indian Panorama online.

Westchester County Business Journal: Pace Professor Roy Girasa – “Credit rating agencies under better scrutiny”

Roy Girasa, J.D., Ph.D. (left), a professor of law at Pace University’s Lubin School of Business in Pleasantville, writes a regular column for Westfaironline.com, online home of the Westchester County Business Journal.

Roy Girasa, J.D., Ph.D., a professor of law at Pace University’s Lubin School of Business in Pleasantville, writes a regular column for Westfaironline.com, online home of the Westchester County Business Journal.

From the column: A major cause of the recent financial crisis was the failure of the residential mortgage-backed securities market. Investors relied in great measure on the ratings rendered by Moody’s Investors Service, Standard & Poor’s and Fitch Ratings, which gave AAA ratings to these securities.

Unbeknownst to most investors was that the ratings were tainted by ignorance of the very complex offerings and, most importantly, by the inherent conflict of interest that these services possessed.

Read the full article here.

Non-Profits in a Harsh Economic Climate

On Thursday, March 25, Hitachi America, Ltd. in partnership with the Pace University Wilson Center for Social Entrepreneurship will present a free full morning education program for non-profit professionals. During the past two years, non-profit organizations and corporations alike have faced difficulties due to the harsh economic climate. At the same time, both groups have witnessed tremendous growth in the area of social networking and have been forced to consider how best to utilize this new medium. The new decade brings both increased potential for exposure and fundraising along with new challenges in the areas of management, constituency needs and the changing donor landscape.

MEDIA ADVISORY

Contact:
Cara Cea, 914-906-9680 ccea@pace.edu

FREE MORNING EDUCATION PROGRAM FOR NON-PROFIT PROFESSIONALS

Topics to include dealing with a harsh economic climate, changing donor landscape, increased exposure via social media

WHITE PLAINS, NY, March 24, 2010 – On Thursday, March 25, Hitachi America, Ltd. in partnership with the Pace University Wilson Center for Social Entrepreneurship will present a free full morning education program for non-profit professionals. During the past two years, non-profit organizations and corporations alike have faced difficulties due to the harsh economic climate. At the same time, both groups have witnessed tremendous growth in the area of social networking and have been forced to consider how best to utilize this new medium. The new decade brings both increased potential for exposure and fundraising along with new challenges in the areas of management, constituency needs and the changing donor landscape.

WHEN: Thursday, March 25, 2010, 8:30 – 11:45AM

WHERE: Pace University Lubin Graduate Center, 1 Martine Avenue, White Plains, NY

WHO: Free and open to non-profit professionals. Media admission by press pass. Presentations by seasoned fundraising and grants professionals Mark Popovich, Jay Frost and Betsy Hills Bush (bios below).

For directions and parking information:
www.hitachi-america.us/about/community_relations/events_conferences/

Agenda
8:30 – 9:00AM  Registration and Breakfast

9:00 – 9:15AM  Welcome

Rebecca Tekula, PhD
Executive Director, Wilson Center for Social Entrepreneurship

Lauren Garvey
Director, Branding, Corporate Communications and Community Relations, Hitachi America, Ltd.

9:15 – 10:00AM  The Great Recession and the State of Corporate Giving in the United States

Mark Popovich
Senior Program Manager, The Hitachi Foundation

10:00 – 10:45AM Fundraising 2.0: New Rules for a New Culture

Jay Frost
Principal, Frost on Fundraising

10:45 – 11:30AM Turbo Charge Your Board without Getting Burned

Betsy Hills Bush
Bush Program Officer, Westchester Community Foundation
Adjunct Professor, Pace University

11:30 – 11:45AM  Q&A and Closing Remarks

Mark Popovich

Bio
Mark Popovich is a Senior Program Officer at The Hitachi Foundation and is responsible for their Business and Communities Grants Program. This program supports the Corporate Social Responsibility field. They also make investments aimed at improving prospects for lower wealth people through skills training and career development. He has helped shape the biannual State of Corporate Citizenship Surveys with Boston College. And he has contributed to the development of two national multi-foundation initiatives. The Jobs to Career Initiative focuses on work-based training for frontline workers across the health sector. The Hitachi Foundation is also a founding partner in the $50m National Fund for Workforce Solutions.

Presentation
The Great Recession and the State of Corporate Citizenship in the United States – To quote Thomas Paine, “These are the times that try men’s souls.” Hard times make for hard choices. And choices made and actions taken in the tough times are the true gauge of the depth and durability of our values. We see concrete evidence for cautious optimism based on the attitudes, actions, and investment decisions emerging from a large, national, representative sample of business leaders surveyed at the heights of the economic recession.

Jay Frost

Bio
Jay Frost is a 25 year veteran of the fundraising field. He has played a leadership role in a number of companies including FundraisingINFO.com (FRI), WealthEngine and Wealth ID, as well as serving as a fundraiser in New York and Washington and a grantmaker with the federal government. Today, Jay serves as a partner in BFTConnect LLC, providers of ContactReporter, and as Principal of Frost on Fundraising, the platform for his work as a lecturer, trainer and consultant on philanthropy and fundraising around the world.

Presentation
Fundraising 2.0: New Rules for a New Culture – Is your organization on Facebook? Is your donor tweeting? Are your colleagues LinkedIn? Should you care? We’ll take a close look at how fundraising is changing in the wake of the Web 2.0. We will explore the topics YOU think are important to determining what tools to use and how to use them and look at real world examples of organizations adopting or ignoring the social networks which surround them today.

Betsy Hills Bush

Bio
Betsy Hills Bush is Program Officer for the Westchester Community Foundation. Betsy has twenty years of experience in the non-profit field, both on staff and as a volunteer and board member. She was legislative liaison with the American Association of Fund-Raising Counsel, then went to the law firm of Perlman & Perlman, where she founded their department of state registration and charitable solicitation law compliance for non-profit clients. Betsy also authored a monthly column on state and federal fund-raising laws for The Non-Profit Times. She received both her B.F.A. and her M.A. from New York University. She is an adjunct professor with the Dyson School of Public Administration at Pace University.

Presentation
Turbo-Charge Your Board without Getting Burned – Just as for-profit entrepreneurs need to line up investors who have both money and expertise to invest in their enterprises; non-profit executives need to think of board members as extending the expertise and resources of the organization at all times, not just during galas and fundraising campaigns. The board needs to be seen as a valuable resource for the organization and utilized accordingly. We’ll look at examples of how the right board members can really get an agency on the right track and make it “hot” – helping it bring in more resources and board members.

Downtown NYC economy bucks national uncertainty, Pace Downtown Index shows

For the second quarter of 2007 the Lower Manhattan economy defied the continued volatility in national economic news, moving above its first quarter level and registering growth of more than 4% above its level a year earlier.

Contact: Chris Cory, Pace University
212-346-1117, cell 917-608-8164, ccory@pace.edu

Downtown New York Economy
Defies National Economic News

Latest Pace Downtown Index Documents Continued Growth

NEW YORK, NY, July 26, 2007 – For the second quarter of 2007 the Lower Manhattan economy defied the continued volatility in national economic news, moving above its first quarter level and registering growth of more than 4% above its level a year earlier.

The data are reported and analyzed in the latest report on the Pace Downtown Index (PDI), the city’s first comprehensive economic indicator for Lower Manhattan, which is prepared quarterly by Pace University. The report is at www.pace.edu/paceindex.

The PDI, introduced in 2004, assigns scientifically-determined weights to factors gauging the Downtown real estate market, the impact of the financial markets centered there, and the Downtown share of the city’s economy as a whole.

Against a baseline of 100 (set at the value of the Downtown economy in 1996), the second quarter PDI registered 0.11 percentage points above its first quarter high (106.32 for the second quarter, 106.21 for the first), and was 4.23% higher than a year ago.

Above pre-9/11 level. The upward trend has been continuous since the summer of 2003, the index shows. By the end of 2006, the growth of the Lower Manhattan economy had surpassed the pre 9/11 index value of 106.07 in August of 2001.

Indeed, given the continued growth pattern of the past 3 years, the PDI is expected to reach its all time high of 110.54, recorded in November, 2000, by the middle of 2008.

The dynamic growth pattern kept up throughout the first half of the year, says Farrokh Hormozi, Ph.D., the Pace economist who prepares the index. He cites the decision of J.P. Morgan Chase to relocate its headquarters to the World Trade Center site at a cost of $300 million, occupying 1.3 million square feet of space for over 7,000 employees, and notes that the average rent for a studio apartment in Lower Manhattan has soared from $2,046 in 1994 to $2,984 in 2001 to over $3,500 in today’s market.

In short, Hormozi writes, the real estate sector of the lower Manhattan economy has become “exceptionally-booming.”

Early barometer. The PDI is the most up-to-date measure tracking economic progress in Lower Manhattan. It has proven to be an early economic barometer for the area, producing impartial findings that are regularly supported several months later by data from federal and local agencies.

In a single statistic, the PDI measures economic and business activity in downtown New York, the capital of global finance. It tracks economic progress as a weighted average of four scientifically-validated variables, two representing activities in the financial markets and the others representing the commercial real estate market and the city’s overall economy. The selected variables are the S&P 500 Index, the Federal Funds Rate, the percentage change in total commercial real estate inventory in Lower Manhattan, and the Gross Lower Manhattan Product.

For 101 years Pace University has been preparing students to become leaders in their fields by combining exceptional academics with professional experiences and the advantages of the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,500 students in bachelor’s, master’s, and doctoral programs in its Dyson College of Arts and Sciences, Lienhard School of Nursing, Lubin School of Business, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. www.pace.edu.