Monday, July 18, 2011

Generation Y

The past three weeks this writer was fortunate to participate in two summer collegiate programs. The first a business camp for local high school seniors, this three week program had the students living on campus, taking courses in finance, marketing, accounting, organizational management, the end result a team business plan for a new business. This program entitled REACH is to prepare students for college; the majority of the students are first generation college students who learn about the social, financial and education demands of a higher education program.

The second program is an executive management certificate program for professionals and college students from Brazil. This three week program provides upper level college study in finance, accounting, marketing, strategic management and team building. The Brazilian students learn American business management techniques and team building, as well as English skills.

For me this has been a wonderful experience studying and teaching with new students to college life and American life. The programs have provided me with a refreshing prospective of this Generation Y (see below for Generation definitions). The world is far different now compared to my “baby boom” generation entering college in the 1970’s. It is a world of technology 24/7, future uncertainty in job prospects, high college expenses and debt, lack of trust in our government leaders – quite a contrast to my generation of simpler times: zero technology, a job (no worries), college was still expensive but manageable, pre-Watergate positive reaction toward public service.

In preparing for my lectures to these two groups of students I kept telling myself to “not screw it up”. I was concerned in some areas the students knew more than me; they can certainly text faster than I can. What can I teach these students, my generation has left them a real mess to deal with: high debt, college expenses out of sight, environment on the edge, public service a joke. But as I look out to the classes and see that sparkle and innocence in their eyes, the hope of better things in their lives, I can feel optimistic about our future. So I taught them capital financing, leverage buy outs, free cash flow and they enjoyed it, I think. But they also taught me quite a bit; despite all the negativity we see in the world, from these students outlook there is plenty to look forward to and accomplish.

Silent Generation (The Greatest Generation): 1925 – 1945

Baby Boom Generation: 1946 – 1964

Generation X: 1965 – 1980

Generation Y: 1980 – 2000

Generation Z (The Internet Generation): 2001 - present

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to Dick Button (82), Bob Dole, Bob Dole (88), Thomas Friedman (58), John Glenn (90), Don Imus (71), Jennifer Lopez (42), Nelson Mandela (93), Linda Ronstadt (65), Garry Trudeau (63), Kathleen Turner (57), Mike Wallace (93).

CASH NO LONGER KING - NYT's Binyamin Appelbaum on pg. B1: "The number of dollar bills rolling off the great government presses ... fell to a modern low last year. Production of $5 bills also dropped to the lowest level in 30 years. And for the first time in that period, the Treasury Department did not print any $10 bills. The meaning seems clear. The future is here. Cash is in decline. You can't use it for online purchases, nor on many airplanes to buy snacks or duty-free goods. Last year, 36 percent of taxi fares in New York were paid with plastic. At Commerce, a restaurant in the West Village in Manhattan, the bar menus read, 'Credit cards only. No cash please. Thank you.'"

TOP TALKER : Andrew Ross Sorkin becomes a co-host of CNBC's three-hour "Squawk Box," in addition to his N.Y. Times duties, starting Monday July 18. From the CNBC memo, via TVNewser: "Replacing Carl [Quintanilla, moving to dayside 'Squawk on the Street'] on Squawk Box is no easy task, but we are thrilled to announce that Andrew Ross Sorkin is joining the CNBC team to co-host Squawk Box every morning with Joe [Kernen] and Becky [Quick]. As a CNBC contributor, Andrew has long been an extended member of both the CNBC and Squawk families, and we're pleased he will now be a part of our morning team. ... Andrew will continue to write his widely read column for The New York Times, which has an online partnership with CNBC, as well as help oversee DealBook, the online news site he founded."

CONNECTING THE DOTS - MAUREEN DOWD , "Why Are Prosecutors Striking Out? Another legal slam dunk turns into a brick": "Lately government lawyers have been busy killing their own cases, acting like fumbling farm teams at the show. The latest prosecutorial implosion took place in federal court here on Thursday. Justice Department lawyers spent millions in these penurious times preparing a case with 45 witnesses against Roger Clemens, charging him with lying to Congress about using steroids and human growth hormone. ... Clemens may benefit from the double jeopardy rule, and the case could disappear. But like Casey Anthony and Dominique Strauss-Kahn, he will not be seen as an innocent. ... I watched Clemens on the first day of testimony. As he entered the courtroom with gelled hair and a gray suit, he still had a shadow of swagger left from the glory days. Determined to show the opposite of 'roid rage, he sat calmly at the defense table, not reacting to anything either side said."

"Patrick Kennedy weds on Cape" - Boston Globe: "Former Rhode Island congressman Patrick Kennedy, the 44-year-old son of late US Senator Ted Kennedy, married New Jersey school teacher Amy Petitgout Saturday in a small, private ceremony at the Kennedys' Cape Cod compound. The late afternoon event was attended by family and a few close friends, and US Supreme Court Justice Stephen Breyer officiated. Patrick's older brother, Ted Kennedy Jr., was best man, and his sister Kara, mother Joan, and stepmom Vicki, were all there for the happy occasion. Guests included Frank DiPaolo Jr., the 104-year-old former doorkeeper at the Rhode Island House of Representatives. Since leaving Congress in January, Kennedy has been named a visiting fellow at Brown University and has campaigned to improve brain research."


Last Weeks' answer… C, no penalty.

Next week, Jack Ass of the month.

Until next Monday, Chao.

Claremont, CA
July 18, 2011


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