Chairman’s Letter
“It’s a Mad, Mad, Mad, Mad World” is the title of a 1963 feature film that stars an ensemble of many celebrity comedians of that era. The movie is about the madcap chase to find a cache of stolen money hidden by a thief who tells of its whereabouts, as he lies dying at the scene of a car crash in the California desert. “It’s a mad, mad, mad, mad world” is also commentary on our present day’s surroundings.
Pick up a newspaper, turn on your television, pull up a website or blog on your computer, read the messages on your smart phone. Craziness abounds. “What, me worry?” is the dubious question frequently posed by Mad Magazine’s Alfred E. Neuman when world issues confound him. One does not have to venture far to find evidence of worrisome madness.
Bear with me for a moment. Madness in financial circles is a frequent headline grabber with the recently uncovered $50 billion Ponzi scheme perpetrated by the previously well-respected investment advisor Bernard Madoff stealing the front page. Madness looms in the political arena with the current poster child being Illinois Governor Rod Blagojevich who has been charged with corruption in an alleged “pay for play” scandal associated with the appointment of a replacement to President-elect Barack Obama’s senate seat. The circus atmosphere surrounding the question of the legality of Blagojevich’s appointment of Roland Burris to fill Obama’s vacant senate seat is ongoing. Madness often takes center stage in the matter of human rights with the genocide in the Darfur region of Sudan occupying the spotlight.
When one continually takes in the examples of bizarre behavior just cited and teams them with the continuing sagas of the wars in Iraq and Afghanistan, the conflict in the Middle East over the Gaza strip, repeated reports of inhumane treatment of fellow human beings, and less onerous stories dealing with a rising unemployment rate, an unstable world economy, a collapsing auto industry, a declining housing market, and an unparalleled projected trillion dollar plus U. S. budget deficit there must to be questions raised about the sanity of the world around us.
Many are muttering “good riddance” as the final remnants of 2008 drift toward the floor in the form of dated pages torn from the center staples of a wall calendar carrying advertisements for a local community bank. While those 2008 calendars have been ripped from the walls of homes and country stores around the world, memories of its events and its principal characters are certain to linger.
At this writing we are only two weeks away from the presidential inauguration of Barack Obama as successor to George W. Bush. The 111th Congress convened on the date of this writing with some unanswered questions about its makeup. Will the previously mentioned Roland Burris be allowed to assume the Illinois senate seat vacated by President-elect Obama? If not Burris, then who? Who will occupy New York Senator Hillary Clinton’s seat when she is sworn in as our nation’s secretary of state? And there is the undecided senate seat in Minnesota where the final tally from the November election between the Republican incumbent Norm Coleman and Democratic comedy writer Al Franken is still up in the air. Will a new leader sitting in the Oval Office or new voices in the halls of Congress pronounce a remedy to this apparent madness?
The discourse between the Executive branch and the Legislative branch of our government at times resembles the tea party scene from Alice’s Adventures in Wonderland. The conversation between Alice, the Mad Hatter, and the March Hare was nothing more than posing riddles without solutions and reciting nonsensical verse. Despite this comparison I believe that fresh approaches in addressing the issues facing our country will reduce the frenzy.
We live in an age of expected instant gratification and the twenty-four hour a day, seven days a week news networks constantly remind us of actions taken by world leaders that have failed to meet those expectations. Whether it is the latest economic stimulus proposal, the latest government bailout plan, the latest interest rate adjustment, or some other “fix,” there is always someone to immediately second-guess or declare failure. Of course instantaneous corrections to systemic problems that have been developing over time are unrealistic. To expect such is a bit insane. It is a symptom of this “mad, mad, mad, mad world” we inhabit. Where can you find the answers to the riddles? How do we respond?
I do not advocate running to an open window and screaming, “I’m mad as hell and I’m not going to take it anymore” as a crazed Howard Beale, the central character of the 1976 movie “Network,” suggested to his viewing audience as he recounted the world’s ills and offered up response to them. Instead of screaming out when faced with troubled times and challenges group therapy is a good aid. A network of individuals with shared interests, similar challenges, and varied experiences can assist in identifying the opportunities and establishing proper courses of action to stare down the challenges and to overcome the problems. Bankers can find such a network at the Arkansas Bankers Association. Former Arkansas State Bank Commissioner Marlin Jackson used to tell me, “There are no problems, only opportunities to improve.” In similar thought Robert South, a 17th century English theologian, once said, “Problems can become opportunities when the right people come together.” The “right people” can be found through your affiliation with the ABA.
Founded in 1891 the Association has witnessed adverse business cycles within the industry several times before and its network of active bankers remains strong. The ABA and its member banks endured the Great Depression, carried on through two world wars, and worked through numerous other economic downturns. It has changed with the changing times and can serve as an antidote to the prevailing madness. The only pill one must swallow is the one marked “active participation.” To get the full benefit of the Association, active participation is required. Working through the issues alongside other ABA members can make living in this “mad, mad, mad, mad world” not only tolerable, but also enjoyable. I look forward to seeing you at the upcoming Group meetings later this spring so that we can discuss the issues. And I ask that you voice your opinion on legislative matters important to banking as they are introduced in Arkansas’ 87th General Assembly that convenes next week.
Just as the movie version of “It’s a Mad, Mad, Mad, Mad World” concluded in a roar of laughter, I’m cautiously optimistic that the current economic turmoil will cycle back to better times for all in the not too distant future. After all we just may have Al Franken to assist Congress in writing the script for it.
Around the state and across the Miles, there is much work to be done. Let’s go have some fun!
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