Chairman’s Letter
“May you live in interesting times” is oft quoted as an ancient Chinese proverb representative of a “curse” relating to one’s life experience. As a matter of fact Diane Casey-Landry, COO of the American Bankers Association, used these words to reflect upon present day in her opening remarks at the Arkansas Bankers Association’s Bank Management Seminar in August of this year. I have discovered that tracing this phrase back to Chinese origin has never been authenticated, but we Americans have given the Chinese credit (or blame) for its interpretation as a “curse” upon those living in a challenging era. U. S. Senator Robert Kennedy mentioned the “Chinese curse” in a speech to students at the University of Cape Town, South Africa on June 6, 1966 when, after citing it, he went on to say, “Like it or not, we live in interesting times. They are times of danger and uncertainty; but they are also the most creative of any time in the history of mankind.”
In his Day of Affirmation speech to the students at Cape Town, Senator Kennedy further remarked that “this world demands the qualities of youth; not a time of life but a state of mind, a temper of the will, a quality of imagination, a predominance of courage over timidity, of the appetite for adventure over the life of ease.” He invited the youth of that day to be active in the defense of human rights and in the pursuit of their dreams. Two years later to the day Senator Kennedy was assassinated while pursuing the presidency of the United States. I can’t help but think that his assassination cemented the “curse” into the folklore of the American mainstream. Regardless of the origins of the “curse,” I repeat the late Senator Kennedy, “Like it or not, we live in interesting times.” Indeed we do!!
As I scribble down these thoughts it was only yesterday (November 4, 2008) that the people of the United States of America elected Senator Barack Obama to be our next president, the first African-American to be so designated. His election marks the fulfillment of “a dream” of many so eloquently brought to our attention by the late Rev. Martin Luther King.
Not only are these “interesting times” in which we live, but also they are truly historic times. President-elect Obama possesses the “qualities of youth” that Robert Kennedy sensed to be so important. Much has been said and written about President-elect Obama’s campaign engaging the young people of America and inspiring them and members of minority communities to have their voices heard at the ballot box. The late Senator Kennedy’s 1968 presidential campaign was of similar tenor. In times of uncertainty and bewilderment, both Barack Obama and Robert Kennedy turned fear into hope. We bankers should take note.
The banking industry demands the same “qualities of youth” as “this world” to which Kennedy referred in his 1966 speech at the University of Cape Town. In the current national economic crisis we would be ill advised to retract emphasis on our youth. At times when profitability is challenged it may be easy to identify possible expense reductions associated with staff training and product promotion, but at such times resources must be allocated to the continuing education of our employees and our customers, especially those who are relatively young. Our Association offers reasonably priced educational opportunities and provides valuable member support services pertaining to product and vendor endorsements.
The ABA’s Emerging Leaders program under the leadership of president Joe Blanks is a good springboard for staff development. Other ABA sponsored events such as our group meetings, legislative luncheons, and annual Washington visits offer exposure to the important aspect of government relations. I was both encouraged and excited to have John Rutledge (First Security Bank, Little Rock) and Vincent Guest (Cross County Bank, Wynne) join our team of bankers for the annual visit to Washington this past September. Both are enthusiastic young bankers who represent our industry well. It is comforting to know there are many more like Joe, John, and Vincent serving our banks and our communities throughout Arkansas.
While President-elect Obama is preparing his transition to the White House and pulling together his Cabinet and administrative team, we bankers should be anticipating some changes. With a Democratic president and Congress controlled by the same party it is likely that several consumer oriented legislative initiatives will find their way to open debate. It may be a little early to know the specific banking issues that will receive quick attention by the Obama administration, but we can be sure that regulatory reform, housing finance reform, deposit insurance reform, interchange fees assessment, credit card reform, and the Emergency Economic Stabilization Act rules determination will all be in the mix. It is critical that our industry be prepared to speak in unified voice to these issues. Certainly the battlefronts of two wars on foreign soil, energy independence, and healthcare reform will rank high in priority for the new administration, but the state of the economy must be addressed in prompt fashion and our issues will be at the heart of that discussion. Engaging our legislators, regulators, local media, customers and our ABA management team in ongoing dialogue on the pertinent issues will assure our voices are clearly heard by all concerned.
In reflecting on this historic presidential election, the young people who have chosen banking as a career, and the present economic environment, I ponder the days to come. Four weeks ago I welcomed a grandchild into this world. Claire Carter Wade was born to Evelyn (our daughter) and Nick Wade on October 7, 2008. She joins her two and half year old cousin Oliver Carlin as the principal smile-makers in my life. To share these times, I am eager to sit down with my grandchildren and read them the story of the “Little Engine that Could.” I am sure all of you are familiar with this story of the “little engine” that undertook the task of pulling a long train of freight cars over a stretch of difficult mountainous terrain in defiance of great odds and circumstances chanting to itself throughout the journey, “I think I can, I think I can.” The “little engine” had accepted this task only after several larger and stronger engines had declined to take the train over the treacherous mountains. Of course the “little engine” was successful in its quest. Its hard work, determination and optimistic approach were rewarded. The Obama campaign’s creed “Yes we can!” is personified in this children’s story. Regardless of party affiliation, community bankers can adopt this mantra as we traverse the current economic landscape. Yes, the times in which we live are challenging. And yes, if that “Chinese curse” has meaning, the times in which we live are certainly interesting. Yet we can have continued success and serve our communities well despite the prevailing conditions. Yes we can!
I return to the late Senator Robert Kennedy’s Day of Affirmation speech referenced previously. From that speech one can find these words, “Each time a man stands up for an ideal, or acts to improve the lot of others, or strikes out against injustice, he sends out a tiny ripple of hope.” Ideally as bankers we act “to improve the lot of others” on a regular basis. I believe our community banks are and can remain beacons of hope for many in uncertain economic times. In order to sustain this position in our markets we must effectively work with our government leaders to assure a prosperous future for all. I urge you to get involved with our Association as we map out the best route for our banks. The roadway is long and winding and dotted with signs alerting us to dangerous curves and falling rocks. Arkansas banks have a history of being cautious on such a road and arriving safely at their respective destinations. The inauguration of a new president is just around the bend. Godspeed President-elect Obama and my fellow Arkansas bankers!
Around the state and across the Miles…………..there is work to be done. Let’s go have some fun!
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