The Joycescape Network

Archive for the ‘Opinion & views’ Category

The global economic crisis began in September 2008 with failure of certain large US-based financial firms and the insolvency of many companies. The root cause of the crisis was the subprime mortgage crisis. The lack of regulation and risk control in the US financial sector spawned the sub-prime crisis. Banks, in their ongoing greed for profit, began lending huge amounts to people who could ill-afford such loans. In addition, the loans were poorly secured and the mortgage did not cover the value of the loans. These “toxic assets” soon made banks insolvent. Banks closed down or went into liquidation and the economy began spiraling into disaster.

The source of the problem is therefore the lack of regulation. If the market was appropriately regulated and the regulations enforced, banks would never have been allowed to lend against assets that did not cover the value of the loan. Being certainly the seat of capitalism, the United States has always preached de-regulation. The market was supposed to correct all abnormalities by itself. This current crisis has shed light on how false this capitalist theory has proved to be. An appropriate level of regulation is always necessary to ensure that everybody behaves as they are supposed to and no one acts against the public good. In any case, the economic crisis has already crossed the doorstep and is well into the house. While we need to stimulate the economy back on track (as President Obama is proposing), we also need to bring the right dose of regulation to the market so that such a thing does not repeat in the future.

The terms “eMoney” or “eFinance” are quickly becoming popular. While traditional banking is still the cornerstone of private finance, more and more people are looking for alternative means of finance. This trend has become more pronounced with the credit squeeze. People are finding it difficult and costly to obtain finance from traditional operators. Virtual banks offer more attractive loan terms because their operations are low-cost, automated and rapid.

They save on labor and communication costs and pass this savings to their customers. Moreover, since they are new entrants, most of them want to attract customers. Thus, they tend to be more flexible than their traditional competitors. The advantages of online banking for the customer are as follows:

• Faster approval
• Cheaper rates
• Better loan terms
• Convenient—does not require a visit to the bank. Everything can be done online.
• Safe with advanced encryption technology being used.

Online Instant Credit
Most online companies have credit cards as their main business. Credit card approvals are very rapid, ranging from 30 seconds to about 5 minutes between filling out the form and the confirmation of approval. The form is also very simple and convenient. Some providers also enable you to customize the credit card to your needs. For example, customers can choose from:
(a) Lower interest rates at the beginning which increases later on; or
(b) A single interest rate that remains throughout.

Electronic Mortgages
Mortgages are more complicated. They require more information from the customer and the latter still has to fill out paperwork that arrives by mail.

Peer to Peer Lending
This is one of the newest trends in online finance. It does not involve banks or lending institutions per se. Instead, online companies (e.g. Lending Club and Prosper Marketplace) match individuals who want to borrow money with those who have money to lend. These loans are usually small (less than $10000).

“Poverty has a woman’s face”—a slogan that could be read from a protester’s banner in the US. Almost all economic studies recognize that women are the most hard-hit by the economic crisis. The International Labor Organization (ILO) has predicted an unemployment rate of over 7.4% globally for women, as opposed to 7% for men. Women form the majority of low-wage casual earners with low social protection. The deterioration of the economy is believed to affect these groups dramatically. In addition, women workers’ rights are now becoming less defensible as the economic situation worsens. Employers and governments often hide behind the pretext of economic crisis to make the changes they wish or to avoid granting of rights that are owed to women. Women, as the protectors of the family, are often required to work harder when their men become unemployed.

There are not a million solutions to the economic crisis. It is a question of how much money is coming in, and how much is going out. A balance between the two is crucial. When incomes fall, the lifestyle should be adjusted accordingly in order to see through this difficult period. Credit-financed ways of life should be abandoned. This is what landed us in this trouble in the first place. Here are some tips on how to diminish expenses:

• Identify key expenses—these are the expenses without which the family would not be able to see through the month (e.g. food, essential clothing, rent, utilities…etc.).
• Identify all superfluous expenses—toys, dinner parties, fashion clothing, vacations…etc.
• Budgeting—match the income of the family and the expenses. Cut down superfluous expenses to the extent that is necessary.
• Allow for some savings—this will help in the really hard times.

As the economic crisis kicks in and the financial pressure is felt on most families, women are increasingly looking for opportunities to earn cash while still honoring their family commitments. It is tough for a woman with little kids to leave the home and hunt for a living in the job market. For one, the unemployment rate being on the rise, she could be hunting forever without getting anything. Moreover, her family situation would not enable her to stay away from her children or family for extended periods of time. Work from home businesses seems to be the ideal solution.

However, one should always be wary of so-called opportunities that promise you riches overnight. These are most certainly scams. There are nevertheless good opportunities for skilled women who wish to make their competencies available from their homes.

Opportunities on the Net
The World Wide Web abounds with both true opportunities and sheer scams. It is to the individual person to make the difference. Some money-making opportunities include:

• Online surveys—companies would pay you handsomely to review websites and give your honest opinion.
• Affiliate marketing—sell other people’s products by driving targeted traffic to their websites.
• Membership sites—drive targeted traffic to such sites and get a percentage of their membership fees for as long as they are members.
• SEO writing—writing keyword rich content for advertisers on the Net can get you cash real fast.

Vocational Opportunities
Skilled workers like caterers, hair stylists, artists, and craftswomen can set up their business in their home and thus enjoy flexible work hours while conducting a remunerating and gratifying profession.

Should women be in politics? That is a question for the masses. Some say yes, while others say absolutely not. There are many stand points to look at when deciding if a woman should be in politics or not. For me personally, I agree with the second half. I do not believe women fit in the political scheme in a world that is already dominated by men. Call me sexist, call me old fashioned, but this is what I believe.

Think about it. Do you really want a woman to run things? A woman is emotional at best. Can a woman truly hide her emotions and do what is right by her constituents? I don’t think so. I know how I am when I get my period. So I know how other women get. They become irrational and make hasty decisions. I know my emotions would get the better of me. A man has a way that he can disconnect from his emotions to get the job done. I am not saying all women are unable to disconnect from themselves, but most women are. I have been in the position of power, and had to make tough choices. I had a hard time getting the job done when I knew the right answer would hurt someone else.

What is a woman’s place in politics? To me a good woman stands behind her man and helps him along the way. I am old fashioned in my thinking in that a woman should be at home raising the children and taking care of the homestead. I am all for a woman who has to work, but God created Eve to take care of Adam and his needs. Not the other way around. If God created a woman to take care of a man, and created man to provide for his woman, then why should a woman be in politics?

Let the men make the decisions. They are made to make decisions. They have a way to detach themselves from a situation and make the decision that is right, even though it may hurt people in the long run. But they are capable to making the right decision for the betterment of society. Our country has always been run by men. Let them continue to run it. Let them make the important decisions. They can consult women for a bit of guidance, but leave the hard work in the hands of the men.

And then there is the sexist point of view. A woman in a political spectrum is criticized more than a man. If we do not show our emotion, we are considered cold and callus. Yet if our emotions are shown, we are an emotional wreck. What we wear is criticized for being too sexy but if we wear a pantsuit, we are seen more as a man. A man is what the public actually wants to see in control. A woman cannot win in the world of the media when it comes to politics. And that is because it is a world where a woman does not belong.