A Common Spectator

The Fashion of the '30s

2009-03-05T16:24:00.003-05:00

I was watching that movie It Happened One Night starring Clark Gable and Claudette Colbert a few weeks ago for the first time, and throughout the entire movie I was doting over Claudette's style. The short chic hair and heavy eye-rimmed makeup flattered the actress' unique beauty, adding glamour to an everyday look. But the gorgeous understated clothing really spoke loudly for the era. The movie was released in the mid-30s, during the Great Depression. During this time, women dressed more sultry. Women dressed in fashions that emphasized their curves, that showed off a more skin and were beautifully embellished around the neckline. Clothes like that would really make a woman feel beautiful, hopeful and empowered - important emotions to feel during difficult times.

The cover of Preen Magazine Spring 06. The model's hair and makeup are very reminiscent of the '30s, with more quirk though!

London Fashion Week: Erdem

2009-02-27T11:20:00.007-05:00

Models of the Erdem show were swathed in bold colors and prints. The line was very much inspired by Art and was a little tribute to Spanish conquistadors. The clothes weren't too risky and too costumey, making it very sellable. Apparent in many of the clothes were a ruffled neck line that is very romantic and dresses with cinched waists.

NY Fashion Week: Thakoon

2009-02-24T14:37:00.008-05:00

One of this generation's favorite new designers, Thakoon, had a surprisngly more subtle show last week in New York. Most of his line was extremely wearable, especially to the office. Not necessarily a bad thing though. The clothes definitely still exhibited traditional Thakoon traits of eclecticism from multicolored outerwear to embellishments placed in unconventional places. This is the type of clothing you would want to wear in an office if you don't want to look like a typical corporate drone because it still has elements of high fashion in an overall conservative look.

The overlay of chenille (correct me if I'm wrong) on this skirt is unique. It is definitely a great way to put a twist on an A-line skirt. Pink and grey is also always pleasing to the eye.

The silhouette of this type of dress should belong in every woman's closet.

One of the harder pieces to pull off on a daily basies, but the fabric for the entire outfit is very eye catching.

MBA in Luxury Management

2009-02-10T11:11:00.009-05:00

Only in Europe will you find MBA programs focused on luxury management. Admission numbers for this type of program is on the upswing right now because students are anticipating that by the time they graduate, the luxury market should experience high growth and expansion.

This is really a great opportunity for several reasons. First, I've noticed a lot of mainstream brands creating higher-end lines to attract the subset of consumers usually less affected by severe economic conditions. Second, research has shown that consumers are more willing to buy top-notch goods than ever before. Additionally, consumers in emerging markets (India and China) will help generate more revenue for this sector.

1) "Luxury Management Remains In Style"

Wall Street Journal Cuts Fashion Staff

2009-02-05T21:13:00.003-05:00

Not a really well-established fashion source, but the WSJ announced today that it was going to cut it's fashion and luxury staff from nine to five. By union rules, seven of the employees have to reapply for three positions, with the remaining four set to leave.

Just A Vent

2009-02-05T20:14:00.004-05:00

From an outsiders point of view, New Yorkers tend to be categorized as mean spirited and unfriendly. As a resident of this city, I can attest that most are not. I think that if they are, it arises from an insecurity of their social standing. Perhaps it is the highly competitive nature of this city, but everywhere you go, you will find people far more successful than you could fathom. Here, this feeling of trying to beat out the Joneses is deeply penetrated. I work in a financial institution with a few outstanding personalities whom exhibit this trait.

When I wake up every morning to go to work, I feel a part of my soul chips away. I spend too much of my time helping people who don't care about anything but fattening their wallets. In exchange for their determination to cut deals, they discard any sense of decency towards others. For example, demeaning their underlings by saying that they will not ever amount to what they are is deplorable, especially if it comes from a person twice your age. Especially disturbing is these people's sense of entitlement. Money can take you so far, and unless you are part of that billionaire's club, don't expect everyone to kowtow to you. Disclaimer: I don't think people who have a net worth of over a billion should receive a better treatment than others.

I can't give an accurate psychoanalysis of everyone I work with, however, I can say the financial industry creates a lot of pressure for these people. They work long hours, am constantly on the go, are trained to just make money and early on in their lives, learn to spend out of their means. Sure, these factors create anxiety amongst these people, but I think most who enter it, have a need to have the title and status early on.

The fact that the colleges and institutions make it difficult to enter the industry without the right pedigree creates a sort of mystical nature about it. If I were to ask the general populace about what bankers, private equity and hedge fund guys really do, most wouldn't know. Due to the economy, the government and these financial institutions are starting to air out their dirt. I can't even count on my hand how many scandals have been created by financial executives. Even under the radar of the government, they still manage to create many blunders. How can individuals without any moral sense lead our nation's biggest banks? In the future, what can we do to assure that these financial guys will not lead us to a recession of this magnitude? Unfortunaltey, the lack of cash flow at my firm, hasn't moralized any of my co-workers / employers...

Sprucing Up Your Wardrobe Without Having To Buy Any New Items

2009-02-03T15:37:00.003-05:00

Ever since the squeeze in the economy, I've been reading about creative ways for fashionistas - I would be called a wannabe - to keep with the trends without feeling guilty. A fantastic way to do this is by customizing your old clothes to look like new. Instead of going out to buy a new cardigan by Rebecca Taylor, hem and embellish an old one you bought from J. Crew or Gap ages ago. That is just one example but plenty of alterations can be made to old items, just be creative!

The Life Cycle of Print Media

2009-01-21T16:54:00.008-05:00

Each year there are countless articles written about the demise of print media, but the Washington Post had an article today about Carlo Slim's rescue of Times Co. with a $250 million dollar loan. The company's balance sheet is carrying $1.1 billion dollars in debt and only $46 million in cash. Over 90% of the company's revenue comes from it's new media division, however, that is not a good sign because profits are usually driven by ad campaigns and ad revenues have decreased 14% over the last year. With somber news like this, it really looks like the death of the newspaper industry is imminent.

But according to a New Yorker article, history is repeatng itself because there have always been declines and revivals of the newspaper industry. In the past, when newspapers were dead, there were outcries that the death of the newspaper also meant the death of communication, freedom and liberty. Today, communication takes place on the net, where people are freely expressing their opinions on anything they want. Print media stymies the freedom of expression to a select few, with the internet, anyone can participate. This time around, the death of the newspaper era will less likely incite revolts or outcries.

JP Morgan Secretly Revels In Its Success

2009-01-13T12:47:00.005-05:00

Last night bankers gathered to attend the International Financing Review awards in London to somberly celebrate their achievements, if you can call it that, for the past year. JP Morgan took home the most awards of the night including Bank of the Year. Upon acceptance of their awards, co-chief executives of IB at JP Morgan remarked to their fellow bankers that he agreed that some of the criticisms banks have received over the financial crisis were warranted but most were not. Even the major loss in profits, massive lay-offs and governmental intervention, you would think bankers could humble themselves and admit that they were a heavy hand in the current economic crisis.

1) "Mamma Mia! It's Not a Rich Man's World for Wall Street Awards"

Europe is Cold

2009-01-09T11:09:00.004-05:00

Russia cut off its gas supply to the European Union last week leaving more than 15 countries without or with little heat. Russia's reasoning behind this was because they argued that the Ukraine, whose pipes supply more than 80% of gas to the EU, missed payments, their expired contract and disputes over gas prices. It was mutually agreed upon that the dispute between the two countries would not affect the rest of Europe, but the supply was cut off anyway. Moscow said it will resume sending gas once Russian, Ukranian and EU monitors start working again. I think Russia has a motive for doing this but not quite sure what that is yet...

1) "EU Gas Monitors Arrive in Ukraine"

Suicide During Difficult Economic Times

2009-01-07T16:17:00.003-05:00

The world's 94th richest man killed himself on Monday evening. He is one of the many victims that have taken their lives due to the financial crisis. During economic turmoil, people are more likely to commit suicide because financial woes makes them feel vulnerable and helpless. Not only does it affect the individual but also strains the relationships between his or her family and friends, which causes more stress. Psychologists predict that this sudden recession could cause a dramatic increase in suicides.

1) "German Tycoon Adolf Merckle Commits Suicide"
2) "Recession Could Raise Risk of Suicide"

Shoppers Are Getting Smarter

2009-01-07T13:19:00.006-05:00

WWD published an article today pointing out that shoppers are improving their shopping skills because of the recession. They are better at comparison shopping, understanding an item's worth and are toying with the retailers' marketing and price dropping tactics. This new shopping behavior is going to put a lot of pressure on retailers with the new inventory of spring clothes though. Consumers have been paying majorly discounted prices for winter items but will have to adjust their spending habits if they want to purchase next season's clothes at full retail value. However, it is more likely that retailers will have to slash their prices for spring.

Change

2008-09-25T16:35:00.002-04:00

A good friend of mine is working at an organization that promotes change called Causecast (www.causecast.com). It is a platform for people to connect, create and empower others to address issues important to them. As a Causecast member, you'll find other leaders who are tackling their causes head on by donating, promoting, volunteering and even creating their own organizations.

I highly recommend this site because for three reasons: 1) it helps you network with others who are just as passionate about change 2) it's a great resource for finding out events and organizations you can join and 3) the website really integrates the use of video. So please check out the website and be inspired to do good.

The Cat Walk this Fall and Why New York Always Disappoints

2008-09-24T15:21:00.003-04:00

This season's fashion shows aren't over yet but season after season, I feel New York presents the lowest quality of shows. I am not being critical of the stage setting, lighting or venue but of the quality and design of the clothes. They lack innovation and sophistication leaving me underwhelmed. And with no intention of belittling the talent of our fine American designers in a single sentence, I just think we can do better. Below are a few images to illustrate.

Proenza Schouler in NY. A very simple pant romper but the lime green sheath doesn't make it pop out enough.

Moschino in Milan. This looks like the designer was inspired by Alice in Wonderland. I love fashion that is a bit theatrical.

Marni in Milan. I don't know why this appeals to me so much but it's really playful, simple and pleasantly contrived.

Basso and Brooke in London. I love the silhouette and print of this dress. What draws my attention is the very artsy belt.

Lehman, Merrill and AIG...so what happened?

2008-09-16T21:08:00.004-04:00

The calamity on Wall Street this past week proved that old school banking is dying. If in a span of only a few days, Lehman was able to file for chapter 11 bankruptcy, Bank of America was able to strike a buyout deal of Merrill Lynch, the Fed’s bailout of AIG and the potential merger of Morgan Stanley and Wachovia, then what could happen over the next few months or years if we don’t acknowledge the deep rooted problem of our current crisis? The future is hard to predict but that does not mean we can't take away anything from this crisis and try not to stave off the next one.

It all started in late 90s when there was growing optimism about a real estate boom. Mortgage lenders capitalized on the opportunity by making it easier for borrowers with shaky credit to take out a loan. A majority of these borrowers took out adjustable rate mortgages, which meant that they paid a low interest rate in their first two to three years. After those first few years, their rate would readjust to match their expected climb up the corporate ladder and rising salary. For this type of mortgage, borrowers paid more interest after readjustment than prime borrowers who took a fixed-rate mortgage. Because of this high risk, returns for lenders and investors were also high. Hungry for more assets, these lenders and investors believed subprime mortgages would be a quick way to build capital but in the long run they depleted their capital faster than they could gain it.

The role Wall Street bankers played in this crisis was by slicing mortgages into CDOs (short for collateralized debt obligations). “In simplest terms, a CDO is an arrangement that raises money primarily by issuing it’s own bonds and then invests the proceeds in a portfolio of bonds, loans or similar assets.”[1] Essentially, the assets in a CDO are supposed to be diverse to avoid a situation in which a risky asset might devalue an entire portfolio. However, Wall Street put all their marbles on any security that would be directly affected by defaulted subprime mortgages.[2]

This week was an eye opener for Wall Street, but I feel that this is the last major wave of busts for the banks. They are too vulnerable right now to do anything but wait for the government to bail them out. After the government’s thrice intervention, I do hope Wall Street operates more responsibly and that the government starts to monitor their actions...

[1] “CDOs in Plain English” http://www.vinodkothari.com/Nomura_cdo_plainenglish.pdf

[2] http://online.wsj.com/article/SB119871820846351717.html