:: OCT 2008 $2.95 SPECIAL ELECTION ISSUE POLITICS 2008 The youth vote: Will the millenials decide our next president? Arianna Huffington on Sarah Palin Dina Titus rolling lucky sevens in Nevada Republican rising star Charlie Crist John Shelley Jane Gus Sarbanes Berkley Mitakides Bilirakis Republican or Democrat, this time Vote Greek! Zack Space Alexi Giannoulias Carolyn B. Maloney Dean Skelos Lou Michael Dina Titus Raptakis Jim Trakas Gianaris This election message is sponsored by Aris Melissaratos :: magazine An Anniversary Editor in Chief: Dimitri C. Michalakis hree years ago we had a dream—to publish a magazine that would bridge the [email protected] generation gap in Greek America. A new magazine, appropriately called NEO, that :: Twould acknowledge the accomplishments of the older generation and at the same time Features Editor be a forum for the dreams and hopes of a new generation and acknowledge its Katerina Georgiou accomplishments. [email protected] :: Lifestyle Editor A friend said to us at the start of this venture, “It’s not easy; you’re not going to get rich. It’s a Maria Athanasopoulos tough business.” And it is. But the reward is that you shine the spotlight on people who richly [email protected] deserve it—the superstars of the previous generation such as Brademas and Sarbanes—and :: show how the new generation has taken up the torch and carried on the tradition of service Western Region Desk and accomplishment: John Sarbanes is the spitting image of the young Paul Sarbanes, who Irma Seferi-Goodenough TIME Magazine once called one of the up-and-coming public figures of his generation. (323) 651-3507 [email protected] John Sarbanes was our first annual NEO Person of the Year and there was no more worthy :: recipient. As we said in our tribute, “After an Ivy League education and a job at a powerhouse Baltimore Desk law film, John Sarbanes could have settled into the fast track to a partnership and the Georgia Vavas [email protected] advantages provided to him by his famous name.” Instead, he chaired committees on health :: care, worked part-time in public education, and did pro bono work for years to help Photo/Fashion community organizations throughout Maryland. “That’s because I cared about those issues, ETA Press and frankly, I was willing to forego some compensation in order to do that,” says the freshman :: congressman, who is leaving his mark on the Congress as his father once did. Graphic Design NEOgraphics Inc. Ike Gulas, the dynamic young head of AHEPA, was our most recent Person of the Year and Adrian Salescu another of the figures that we spotlighted for bridging the generation gap. A skilled lawyer :: who grew up in Alabama from a large extended family that ranged over the South, he has Publishing Committee Chairman: made his mark defending ordinary citizens in the largest civil litigation cases in the country. “It Demetrios Rhompotis is hard not to become affected by someone’s catastrophic loss,” he says. [email protected] But he’s also embraced his parent’s commitment to his community and to organizations like :: AHEPA. “I would travel with my parents to most of the AHEPA conventions around the country Marketing and Advertising Director where I would meet other Greek American youth from other cities,” he remembers. “Seeing how they embraced their heritage and the common similarities we shared made me that Kyprianos Bazenikas much prouder to be Greek American.” [email protected] :: In our own small measure in the past three years, we have tried to acknowledge the Athens Liaison continuing ties of the generation and their common believe in our heritage and public service. Konstantinos Rhompotis In our next three years, and hopefully beyond that, we intend to continue the NEO tradition (01130) 210 51 42 446 of bridging the generation gap and ask you to join us to make the magazine your forum. A magazine is a living extension of its readers and without you we have no voice. We made the (01130) 6937 02 39 94 brave attempt, you joined us on this journey, the road is very long, but the people along the [email protected] way are fascinating, and these people are just like you. They are both an inspiration and a : challenge to our own dreams. Check our website www.neomagazine.com :: Thank you for sharing the journey with us these past three years—you’ve been wonderful NEO Magazine company—and we can’t wait for our future adventures together. is published monthly by Neocorp Media Inc. P.O. Box 560105 College Point, NY 11356 Phone: (718) 554-0308 Dimitri C. Michalakis e-Fax: (718) 878-4448 [email protected] Check (payable to NEOCORP MEDIA) 1 Year Subscription Mail To: NEOCORP MEDIA SUBSCRIPTION CARD 12 Issues for $29.95 P.O. Box 560105 College Point, NY 11356 :: magazine VISA MASTER CARD AMEX NAME ADDRESS NAME CITY STATE ZIP CARD# TELEPHONE# E-MAIL EXPIRATION DATE: SIGNATURE In economic terms, the velocity of money available in the 1990s under programs has dropped. The velocity of money is how designed to increase low-income and fast money changes hands, from a family minority home ownership. Like other paying for a meal in the restaurant, to the mortgages, subprime loans were packaged restaurant paying salaries and buying and traded among banks and others. supplies, to the bank lending money to a Insurance companies issued guarantees on Diner/Restaurant businessman or a young couple. the subprime bonds in case those less- credit-worthy borrowers failed to pay the Even with plenty of money around, if it interest or principal on the mortgages doesn’t change hands, the economy grinds backing up the bonds. Specialist to a halt, just as your car stops if you jump on the brake. Starting the economy again Over the past two years, many subprime takes faith in the future. Faith in the future borrowers failed to make their mortgage improves the velocity of money, because payments. As the nonpayment problem when you believe that more money will be grew, the market prices of bonds backed up Chris Mavris coming to you in the future, you are willing by those mortgages began to fall. As houses to spend, lend, and invest. were seized and auctioned off by lenders, house prices fell, making it more difficult for How did we go from a subprime mortgage buyers to get financing, and creating a problem to a global credit crisis? vicious cycle in which house prices fell even more. Many insurance guarantees became By James Hansel worthless because the insurers did not have With Jeffery Realty you get more than just a group of brokers… Special for NEO magazine enough capital. The loss of guarantees further reduced the value of mortgage bonds. Trading ceased because many you get a partner you can depend on to furnish the highest level of wanted to sell and few wanted to buy. Recently, rules have required banks to professional real estate services in a reliable and timely manner. calculate the market value of their mortgage bond holdings in a process known as “mark to market.” In a disorderly “fire sale” market, where offers to buy mortgage bonds might be only 5% to 10% of their face value, the impact on a bank’s balance sheet is crippling. A bank might suddenly appear You also get: Chris Mavris is our agent specializing in selling Questions about today’s financial crisis are Let’s clarify a few terms for those who are insolvent because of “mark to market” and leasing diner and restaurant properties. He has haunting every dinner conversation. How not bankers. Over a year ago, we began to accounting. An objective evaluation of can we understand it? We have a global hear about a “subprime mortgage crisis” many contacts with national retail chain stores, credit crisis, not merely a problem for banks and later about a “mortgage bond” crisis. As The government is implementing a number market opportunities or Wall Street tycoons. everyone knows, a home mortgage is a loan of actions to resolve the crisis. Mark to drugstores and banks. Chris’ considerable retail real Let’s say you own a diner. You have to a homeowner, where the home is market accounting rules are being adjusted Total broker cooperation to employees and utility bills to pay every pledged as security for the loan. The wide to put less weight on market value when estate experience complements Jeffery Realty’s staff week. You have perishable inventory. One availability of 30-year home mortgages in the markets are disorderly. The rescue plan best serve client needs day, your customers start to worry about the U.S. has boosted home ownership. passed by Congress and signed into law on of 15 retail specialists. their own finances, thinking, “I can’t afford Home ownership builds stable October 3rd allows the US Treasury to Established relationships with to eat out. I will cook at home to save neighborhoods, because home owners purchasing troubled assets, in order to Jeffery Realty is recognized as the largest Retail money.” maintain their own property and care about restart trading in frozen markets. Their goal buyers/sellers in each market their neighborhoods. Middle-class home is to reassure the public, investors, and Specialist in Central and Northern New Jersey having Suddenly, there are no customers in your ownership across the United States has bankers in order to restart the flow of credit State-of-the-art information fine restaurant. What can you do? If it lasts created great social stability. and spending. closed over 1700 retail transactions.