Economic Turnaround Slow
Warren Buffet, one of the richest men in America, and one of the humblest, has written an Op-Ed piece for The New York Times (you can read the entire piece by clicking here) on the tiny signs of economic upturn and what they might forecast for the near and medium future. It makes fascinating reading – solutions come at a cost, and he spells out the costs.
One blogger jumps from this to forecast a turnaround in the real estate market. Not so fast, I think. There is a huge demographic factor, a huge bulge of the population stepping out of the productive work-force and into retirement, a population which has largely lived large – for today – with little thought to the retirement years.
Those who planned, and squirreled away their monies into investments, into businesses – have also been hit hard. Turnarounds take time, and even so, there is a cost. Not all will recover what they have lost.
Many of this aging bulge will be paring down their expectations and paring down their lifestyles. They will be paring down their spending, except for health care. I don’t think we have a clue what that is going to look like.
The Greenback Effect
By WARREN E. BUFFETT
Published: August 18, 2009
Omaha
IN nature, every action has consequences, a phenomenon called the butterfly effect. These consequences, moreover, are not necessarily proportional. For example, doubling the carbon dioxide we belch into the atmosphere may far more than double the subsequent problems for society. Realizing this, the world properly worries about greenhouse emissions.
The butterfly effect reaches into the financial world as well. Here, the United States is spewing a potentially damaging substance into our economy — greenback emissions.
To be sure, we’ve been doing this for a reason I resoundingly applaud. Last fall, our financial system stood on the brink of a collapse that threatened a depression. The crisis required our government to display wisdom, courage and decisiveness. Fortunately, the Federal Reserve and key economic officials in both the Bush and Obama administrations responded more than ably to the need.
They made mistakes, of course. How could it have been otherwise when supposedly indestructible pillars of our economic structure were tumbling all around them? A meltdown, though, was avoided, with a gusher of federal money playing an essential role in the rescue.
The United States economy is now out of the emergency room and appears to be on a slow path to recovery. But enormous dosages of monetary medicine continue to be administered and, before long, we will need to deal with their side effects. For now, most of those effects are invisible and could indeed remain latent for a long time. Still, their threat may be as ominous as that posed by the financial crisis itself.
To understand this threat, we need to look at where we stand historically. If we leave aside the war-impacted years of 1942 to 1946, the largest annual deficit the United States has incurred since 1920 was 6 percent of gross domestic product. This fiscal year, though, the deficit will rise to about 13 percent of G.D.P., more than twice the non-wartime record. In dollars, that equates to a staggering $1.8 trillion. Fiscally, we are in uncharted territory.
Because of this gigantic deficit, our country’s “net debt” (that is, the amount held publicly) is mushrooming. During this fiscal year, it will increase more than one percentage point per month, climbing to about 56 percent of G.D.P. from 41 percent. Admittedly, other countries, like Japan and Italy, have far higher ratios and no one can know the precise level of net debt to G.D.P. at which the United States will lose its reputation for financial integrity. But a few more years like this one and we will find out.
An increase in federal debt can be financed in three ways: borrowing from foreigners, borrowing from our own citizens or, through a roundabout process, printing money. Let’s look at the prospects for each individually — and in combination.
You can read the rest HERE
Not Good News: More Foreclosures in USA
U.S. home foreclosures set another record in July
Thu Aug 13, 2009 12:11am Reuters
By Lynn Adler
NEW YORK (Reuters) – U.S. home loans failed at a record pace in July despite ongoing federal and state programs to avoid foreclosures, which have severely strained housing and the economy.
Foreclosure activity jumped 7 percent in July from June and 32 percent from a year earlier as one in every 355 households with a loan got a foreclosure filing, RealtyTrac said on Thursday.
Filings — including notices of default, auction and bank repossession — have escalated with unemployment.
“July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity,” James J. Saccacio, RealtyTrac’s chief executive, said in a statement.
“Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we’re seeing significant growth in both the initial notices of default and in the bank repossessions.”
More than 360,000 households with loans drew a foreclosure filing in July, a record dating back to January 2005, when RealtyTrac started tracking monthly activity.
Notices of default, auction or repossession have reached nearly 2.3 million in the first seven months of the year — with more than half a million bank repossessions, the Irvine, California-based company said.
Making timely payments keeps getting more harder for borrowers who have lost their jobs or seen their wages cut.
The unemployment rate is 9.4 percent and President Barack Obama has said he expects it will hit 10 percent.
Obama’s housing rescue is gaining traction in altering terms of loans for struggling borrowers, but slowly.
Earlier this month the U.S. Treasury Department detailed the progress of the top servicers in modifying loans and prodded them to step up efforts to stem foreclosures.
SUN BELT STILL SUFFERING
States where sales and prices surged most in the five-year housing boom early this decade remain hardest hit.
California, Florida, Arizona, Nevada accounted for almost 57 percent of total U.S. foreclosure activity in July.
Illinois had the fifth-highest total filings, spiking nearly 35 percent from June, in an example of how moratoriums often delay rather than cure an inevitable loan failure.
Default notices spiked by 86 percent in July, from artificially low levels the prior two months. A state law enacted on April 5 gave delinquent borrowers up to 90 extra days before foreclosure started, RealtyTrac said.
Michigan’s foreclosure activity fell 39 percent in July from June, mostly due to a 66 percent drop in scheduled auctions. A state law that took effect July 6 freezes foreclosure proceedings an extra 90 days for homeowners who commit to work on a loan modification plan.
Other states with the highest foreclosure filing totals last month included Texas, Georgia, Ohio and New Jersey.
Nevada had the highest state foreclosure rate for the 31st straight month, with one in every 56 properties getting a filing, or more than six times the national average.
Initial notices of default fell 18 percent in the month, with a new Nevada law taking effect on July 1 requiring lenders to offer mediation to homeowners facing foreclosure. Scheduled auctions and bank repossessions each jumped more than 20 percent, however, boosting overall foreclosure activity in the state by 4 percent from June.
California, Arizona, Florida, Utah, Idaho, Georgia, Illinois, Colorado and Oregon were the other states with the highest foreclosure rates.
(Editing by Kenneth Barry)
Things are turning around in the USA, but these foreclosures were already in the pipeline, and more are coming due principally to people borrowing more money than they could really afford, and people who have lost jobs and can no longer pay their mortgage.
Now I am going to sound like your MOTHER: Do not take an adjustable rate mortgage. Fix your credit, get a good score, and take the very best 15 or 30 year FIXED mortgage you can get, and before you buy, make sure that you figure taxes and insurance as well as the monthly mortgage and interest when figuring your monthly payment. Make sure you can still eat, and have a little left over for emergency car repairs. It is so much better to live in a house that you can afford than to lose everything you have invested in a house you can’t afford.
If you get into trouble, talk to your lender right away. Lenders do not want to foreclose; it is in their interest as well as your own to find a way to allow you to reduce payments for a while to keep the relationship on track. There is some flexibility. Negotiate.
Written Communication, Plusses and Minuses
I was e-mailing back and forth this morning with a dear friend who is traveling. She was about to visit an old school friend, and before visiting, dug out all the letters she had received from the friend – an enormous collection – and read through them all. She said it was a very moving experience, and I could tell that even before visiting her friend, she was feeling close from having read all those letters.
When was the last time you got a letter?
I have some letters my husband has written, saved away. 🙂 Most of my written communications these days are done by e-mail, instant-message, or texting. I used to have files of e-mails, but as they grew bigger and bigger, I sort of stopped saving them, except for important ones, or business-related ones.
These blogs are also written communication, but more like books, less personal and you never really know who is reading on any given day, and who isn’t, so like it is not the most reliable way to communicate something important, especially to one person or a small group of people; e-mail just makes more sense. Or picking up the telephone, which I don’t do all that often as I am not so much of a telephone person and many people I would call are in different time zones.
But it makes me wonder what record we will have of these times? I told my friend when I was in college, I worked part time in the university xerox department, and most things in the Northwest Collection came to me. I could read them as I copied them – diaries, letters, to-do lists, shopping lists – ephemeral things, but written on paper, and they give us a tiny peephole into the daily lives of people who lived a couple hundred years ago.
Think of your life, and how things have changed, even if you are in your twenties. Two hundred years from now, people will have so many questions about our lives, how we lived, why we did the things we did. With fewer lasting pieces of paper, will the record be so complete?
Think of our electronic storage devices – remember floppy disks? My computer wouldn’t even be able to read a floppy disk! Think of the tiny little USB devices we are saving onto now – how long will that technology last? In another generation, it will be as opaque and accessible as the ancient inscribes stones buried in the deserts.
As we go more and more paperless, how are we saving the ephemera?
As I upload a couple years worth of photos to be printed, I think of the scrap booking craze, how you take a few photos and decorate all around them, but do the resulting albums give you truth, or do they give you a fantasy of the truth?
I think of the photographs from a hundred years ago – people with somber faces. Serious faces. No one ever smiled for the photos. There are photos of my earliest relatives in Seattle, they are truly a grim looking bunch, I think it was the style then, and I have a feeling that they didn’t look like that most of the time; our family culture is pretty jokey. So I am also wondering about family lore, family history and realities. Like most of us expunge the photos of us that are unflattering – and destroy letters we would never want anyone to read. In so doing, we don’t change the real history, but we do change the transmission of history! Much of what gets transmitted ends up being censored, by us!
(This is not my family, just a photo from the early 1900’s from rootsweb.ancestry.com)
For years, I have taken my photos and put them in books – and they are heavy. But we actually take them out and look at the photos from time to time, whereas now, most of my photos are stored on the computer, and rarely do I take the time to upload them to be printed. I wonder what the photographic record will be, if there will be a downturn in photos showing what was going on because so few are printed in a relatively lasting format.
I have so much on the internet – photos, writing, etc. What is something happens to the internet. I haven’t even been saving back ups of the blogs. I used to, like the first six months, but, frankly, so much of it is trivial that I stopped backing it up. And if I lost everything, would it be a tragedy – or a huge relief? I think of friends who have lived through terrible events and who live their lives more lightly now – fewer purchases, fewer emotional turmoils – going through something horrible can truly streamline your life.
I guess I am just babbling.
Think Pink Walk October 30th
This is what I love – advance planning and advance notification so I can mark my calendar now and look forward to the walk on October 30th. Not only that, I can tell all my friends, so they will be there, too. This is a grand event, a great way to exercise and show support for a worthy cause at the same time.
Women all over the world die because they are afraid to talk about breast cancer, afraid they will be shunned, afraid they will be treated as damaged or inferior. Fear can kill us. Silence can kill us. Supporting one another and encouraging one another can be part of the coping process and the healing process.
Please – mark your calendars, too. I want to see you there.
Breast cancer support group gears up for annual event
Web posted at: 8/9/2009 2:57:6
Source ::: THE PENINSULA
DOHA: Think Pink Qatar, a Doha-based support group for breast cancer patients and survivors, has set the ball rolling for upcoming events it will be organising.
Drawing approximately 30 volunteers to an organisational meeting yesterday, the group initiated the process for one of its major annual events, the Think Pink Breast Cancer Walk of Life. Due to take place on the evening of October 30 at the Corniche, volunteers have been mobilised to make the event as much of a success as last year’s event.
The recent meet will lead up to other events the support group will be undertaking in September and October include a Pink-Out Day at schools, the Think Pink Benefit Gala, a Pink Hijab Day, and Proctor and Gamble sponsorship. There will also be a Harley Davidson Women’s Ride for Life, organised by Margarita Zuniga, courtesy of the Harley Davidson’s Women’s club.
Due to growing interest from community members, Think Pink Qatar is organising its 1,000 plus volunteers and members into a coherent line-up in time for event. “Today’s meeting is to start organising for this event, as many have volunteered, and we have now found it necessary to devise teams, covering sponsorship, music, event planning,” said Karen Al Kharouf, Founder of Think Pink Qatar. “Because the group has grown from 200 to 1,000 members, there is the need for consistency and a centralized system.”
More volunteers are hoped for, to take the currently part-time organisation full–time, and to add to numerous out-reach programmes the group currently runs. This includes adding more to the survivors groups, and the Pink Candies, a group of older teenagers who provide morale support for breast cancer sufferers. Al Kharouf underlined the need to create greater awareness in Qatar, as many women dislike talking about the disease, hence its high death rate.
PS: I see Peninsula says the walk is on the 30th, Gulf Times says it is on the 31st. Hmmm. . . .
Best Birthday Present(s) Ever
Our son kept asking if his card had arrived, meaning the card for AdventureMan’s birthday. When it arrived, a sonogram was inserted, our first photo of the long-awaited-babe yet to be born.
This week, another thrill – Sent from our son’s i-phone, the sound of this baby’s heartbeat. I think this baby will have a bent toward music, like his father. This baby doesn’t have a Bangles heartbeat, s/he has a heavy metal heartbeat.
Happy Birthday, Mom
“You make me sound so OLD!” my Mother scolded me, when I wrote about how she was 85 years old and still living on her own. Mom keeps active. She can’t do all the things she really wants to do – travel, mostly – because she can’t manage a heavy bag or standing too long – but she keeps up her own place, fixes her own meals, goes out with friends, exercises, makes and keeps her own appointments. We should all be so fortunate, when we hit our 80’s.
(This is not my Mother’s birthday cake, but when I looked up cakes I found this on Kay’s Cakes.com and knew it was a cake my Mom would love, if she loved cake. Actually, she loves Lemon Meringue Pie, and that is what she really had at her birthday party.)
My younger sister has shown her a couple really nice places where she could have more assistance on a daily basis, beautiful places with activities and transportation for elders.
(I can already hear her wincing at using the word ‘elder’)
She doesn’t want to be surrounded by old people. She stays young by being as active as she wants to be.
She has signed up for a three-day mini university course at a nearby university, where they use the college facilities during the summer months to offer interesting mini classes. One of the four classes that she has signed up for is Early Islamic Spain. I’m impressed, Mom.
She keeps up with the news, sends me clippings, reads books we tell her are worth reading, and keeps up with her friends. She is good at managing her money, and researching her investments. She does better than most women half her age.
Happy Happy Birthday, Mom, and many more to come.
The Guernsey Literary and Potato Peel Pie Society
I don’t know why I didn’t read this book sooner! First, I saw people like me reading it in airports, and it certainly has a memorable title. The people reading looked totally engrossed. I’m not one to strike up conversations in airports, but on occasion, when I see people reading a book I don’t know about and it is the size of the books that book groups usually read, I will ask, and write it down, and bother the person no further.
I had ordered it on amazon.com when my son’s wife’s father’s wife (and you thought Gulf relationships were complicated!) mentioned to me in an e-mail that she was reading it and that she could barely tear herself away. She and I often pass really good books and/or recommendations back and forth, so that bumped it up a few notches in priority. When it got here, I had just finished Rutherfurd’s London (oops, I thought I had reviewed it, and I haven’t, so I will,) and I thought it was a southern book, like The Ya-Ya Sisterhood or Sweet Potato Queens, no, you are right, I hadn’t read anything about it, just trusted from all the people I saw reading it that it was good, but because of the name, I thought it would be light.
Wrong!
It isn’t depressingly heavy, like The Little Prisoner was heavy, and it had some totally wonderful laugh-out-loud moments, but the subject matter was the German occupation of the island of Guernsey, in the English Channel, and an author in search of a book topic in post-war London, and a little girl born outside of marriage and cared for by a village of caring people. It is spiced up by a dashing romance, and the process of relationship building that happens in the novel, unlikely relationships, aren’t those the very best kind for spice? 😉
The entire story is told in letters. The primary voice, that of Juliet, a thirty-something author, ties all the letters together, but not all letters are to her or from her. It is a great technique for allowing many different voices and many different perspectives. From the first page, you are captivated. Right now, Guernsey is more real to me than the boxes I need to unpack, and there is a part of me that yearns to flee to Guernsey and find a house near a cliff where I can watch the sun set in the west and the clouds turn colors . . .
Here is one sample of the kind of letters you will find when you read The Guernsey Literary and Potato Peel Pie Society. Don’t wait! This is an unforgettable book!
1st May 1946
Dear Mark,
I didn’t refuse, you know. I said I wanted to think about it. You were so busy ranting about Sidney and Guernsey that perhaps you didn’t notice – I only said I wanted time. I’ve known you two months. It’s not long enough for me to be certain that we should spend the rest of our lives together, even if you are. I once made a terrible mistake and almost married a man I hardly knew (perhaps you read about it in the papers) – and at least in that case, the war was an extenuating circumstance. I won’t be such a fool again.
Think of it: I’ve never seen you home – I don’t even know where it is, really. New York, but which street? What does it look like? What color are your walls? Your sofa? Do you arrange books alphabetically? (I hope not.) Are your drawers tidy or messy? Do you ever hum, and if so, what? Do you prefer cats or dogs? Or fish? What on earth do you eat for breakfast – or do you have a cook?
You see? I don’t know you well enough to marry you.
I have one other piece of news that may interest you: Sidney is not your rival. I am not now nor have I ever been in love with Sidney, nor he with me. Nor will I ever marry him. Is that decisive enough for you?
Are you absolutely certain you wouldn’t rather be married to someone more tractable than I?
Juliet
Written by Mary Ann Shaffer and Annie Barrows, the book will challenge your ideas, will inform you of an obscure episode in World War II, will make your heart sorrow at the inhumanity of which we human beings are capable towards one another, and make your heart sing at the goodness in the human soul. That’s pretty amazing for one book.
Having a Ball to Celebrate the Army’s 234th Birthday
(Photo from PictureBook Directory of Children’s Illustrations)
As a child, I grew up with stories of dressing up in beautiful gowns and going to the ball – didn’t you see Cinderella when you were a child? My mother would dress in wonderful gowns to go out with my father to balls; I still remember her kissing me goodnight, dressed is midnight dark blue velvet with rhinestones scattered on the gown; it reminded me of a starry night in Alaska. She wore White Shoulders perfume.
We always thought they had so much fun when they went out – they would bring us small swords and umbrellas. We would ask “what did you do with these?” imagining sword fights or something equally interesting, but they would say they were just decorations for fancy drinks. We knew they were lying; we knew it must be some adult thing that they couldn’t tell us about.
This weekend AdventureMan and I went to the Army Birthday Ball, and realized it may be the last ball we go to. We were prepared, or mostly. Unlike Cinderella, I didn’t have my glamorous shoes with me. I remember taking them out of the closet, but somehow they got packed in my household goods. I did have a pair of sandals with me that matched my gown closely enough, but they were far from glam.
AdventureMan was dressing in his evening wear and discovered he had no black socks! Horrors! We found a pair of very dark green socks that he usually wears traveling in Africa, and his pants were long enough to cover them, both standing and sitting, as long as he didn’t cross his legs, LLOOLLL!
So, off we went to the ball, not in a glorious carriage but in air conditioned comfort, thank God. The air conditioning matters when you are all dressed up, made up, and want to be cool.
Cool we were. As we sat shivering in the giant decorated warehouse where the ball was held, I laughed at AdventureMan and said “I have NEVER been cold at a ball before!” Even at the winter balls we used to attend in Germany, the heat would be on, and with 300 – 400 people attending, all crowded in, things heated up in a hurry. The summer balls in Germany were often sweltering – there was never any air conditioning, and a big heat wave always seemed to hit around the time of the balls. There is nothing so unglamorous as sweating in a ball gown!
Here, in Doha, where the temperatures at night sometimes don’t even drop below 90°F, the air conditioning was working great.
The food was also surprisingly good. Most of the time at grand occasions the food can be rubbery, or blandly disappointing. The food was pretty good.
Best of all, this was a ball put on by soldiers, for soldiers. It was really fun seeing all the soldiers and civilians in their finery, all glammed up and having a great time. It was even more fun having some of the soldiers out of the war zones, on R&R, in their battle-dress-uniforms – after all, the ball was to celebrate the Army, the Army’s 234th birthday, and those who serve.
The program was excellent, and moving. Great honor was given to those who serve, who sacrifice, those who have been wounded, the families that support them, and to those who give their lives in service to our country. There were many solemn moments. It gave the occasion gravity. It was impossible not to be moved. They did a great job.
When I was younger, before marrying AdventureMan, my sister and I were in the right place at the right time. All the young officers needed respectable dates for the balls, and we attended a lot of balls. I guess we “cleaned up good.” 😉 Many of the balls were held in the Heidelberg Castle, or other castles, it was always a very fun time, lots of dancing.
After getting married, I realized that what I thought was just a great romantic evening out was really all about politicking. The wives were left stranded at their tables while the husbands were out renewing acquaintances, getting introductions to new potential bosses and angling for their next assignment. So much for an evening of dancing and romance! As the music blared, you couldn’t even have a good conversation, just sit at the table or walk around with a friend, wondering when your husband was coming back!
So, for me, this ball was the best. AdventureMan made his rounds during dinner, while I chatted with other wives whose husbands were also out making the rounds, but before the loud music had started. The program didn’t end until late, and after making our rounds of farewells, we made our escape, hoping we would not turn into pumpkins!
Here is a wonderful video, made by a 15 year old girl, to honor our Armed Forces:
Cell Phone Etiquette: What do you think?
AdventureMan and I were having lunch yesterday and I saw a couple at another table, both on their cell phones. So, like they were sharing a meal, but not really sharing time with each other.
I’m not that big of a cell/mobile phone fan, although my son and my sister both have iPhones, which I look at with envy and think one day I will get one. I carry it because I think it would really be a bad thing in Kuwait to be in a car accident, not my fault, with our without a cell phone. I carry it so I can reach my husband in an emergency. But sometimes, yes, my bad, I forget it and don’t even miss it. Sometimes I stick it in my purse and remember two days later that it is still there.
Here is how I see it. If you are with another person – like if you and your best-friend-forever are having lunch, sharing your deep down secrets, how do you feel about them taking a phone call, one that really doesn’t matter? I totally understand if there are emergencies, or even if one of the children wants to ask something, but what about a full-blown conversation? Chat chat chat chat chat as if you don’t exist?
AdventureMan and I used to disagree about this. Now, if he gets a phone call and he thinks it can wait, he doesn’t answer. If he thinks it might be important, he answers but keeps it short. If we are in a large group and it is a crisis call, he will leave the group, and not subject us to be unwilling evesdroppers. I am very comfortable with this. if it is just the two of us and a tricky phone call comes in, I just pull out my Sudoku and work on a puzzle until he is free to rejoin me. It works for us.
I feel the same way about texting. Some people are very good at doing it so subtly that no one else knows; I don’t mind that. If you are in a meeting, however, and there is a speaker, don’t you think the right thing to do is to put away your phone and pay attention to the speaker? If you are with a friend, isn’t it rude to be texting all the time to someone else? What kind of message does that send about how much you value the relationship with me?
If you are texting while you are driving, how much attention are you paying to the road? I see you, half in my lane because you are trying to read the response!
I don’t like being accessible to the world 24/7. I think these mobile phones are supposed to be our servants, not our masters. I like seeing who is calling (if your number doesn’t show your name on my phone, I won’t be answering!) I like getting and sending messages. I just have a feeling there is a time and place for everything. If I have made plans to see you – I want you to pay attention to me!
Am I way out of whack on this?
There is a little voice telling me this is generational, that I am falling a little out of step with the modern way of doing things. So, you tell me. How do you see it?
The Next Five Years in American House Trends
Consumers stay at home more, and housewares industry takes note
By Amy Hoak, MarketWatch
CHICAGO (MarketWatch) — As the recession takes a toll on most businesses, the housewares industry is actually expecting to see some benefit as more consumers eat, entertain and generally spend more time at home in order to save money.
In a presentation earlier this week, Mirabile pointed out several home trends he’s expecting for 2010. Below are five trends he predicts for the kitchen and beyond:
The live-in kitchen. Consumers spend three to four hours in the kitchen every day, not only cooking there but using it as a place to entertain, work, craft and spend leisure time, Mirabile said. The kitchen is being reinvented as a second living room, he said, as appliances are camouflaged and functional objects are hidden or minimized, allowing people to create ambiance in the room.
Living within our means. The recession is changing long-held opinions on how we spend our money. Consumers are looking for quality and durability in products — a shift away from disposable consumption, he said. They’re canning food more and growing their own herbs, they’re brown bagging lunches and they’re shopping in bulk at warehouse clubs or stocking up during grocery store sales to save money.
The green kitchen. Americans continue to make their lives more environmentally friendly, but they’re increasingly confused and frustrated about what is really “green,” Mirabile said. While they want products to be eco-friendly, they’re not going to pay much of a premium for it either — they expect retailers and manufacturers to deliver green products at competitive prices.
The wellness kitchen. Buying local food and/or growing your own often means it will be fresher and free from pesticides and preservatives — in short, more nutritious, he said. Today’s consumers are also interested in purifying their water and air.
Cooking for fun. We’re a nation of foodies, Mirabile said, quoting a Nielsen survey that found one in every five households has a “budding gourmet chef.” It’s not just women spending more time in the kitchen, either; “gastrosexuals” are men who consider cooking more of a hobby than a household chore, and use kitchen skills to impress friends and prospective partners. The popularity of the Food Network has helped to inspire a new love with food and cooking, and he expects consumers to continue to search for new recipes, techniques and cooking tools.
Amy Hoak is a MarketWatch reporter based in Chicago.
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