Chairman’s Letter
For what it’s worth I like good music. The soundtrack of my life is pretty well centered in the music of the late 1960s and early 1970s, a time when I attended a good many concerts. I had the pleasure of seeing Buffalo Springfield, one of my favored groups, in Memphis in April 1968. Their song “For What It’s Worth” written by Stephen Stills is somewhat of an anthem for those turbulent times. Most everyone from my generation can sing along…………….
“There’s something happenin’ here. What it is ain’t exactly clear.”
A short month after I saw Buffalo Springfield in concert they disbanded. They had only played together for a couple of years. What I thought to be one of the best bands around was no more. I was dismayed by the break up because I knew I would miss hearing their music I had come to love. Something happened here and what it was wasn’t clear to me. The band’s members went their separate ways to spawn such successor groups as Crosby Stills & Nash, Poco, Loggains and Messina, Neil Young and Crazy Horse, and the Souther Hillman Furay Band. For what it’s worth all former members of Buffalo Springfield continued to make good music.
As I ponder present day it is clear to me that some things “ain’t exactly clear.” On the other hand there are some things that are vividly clear.
For what it’s worth I am intrigued by the inner workings of our government. The 2008 presidential election season has been electrified by the finalization of the party tickets. “Change” is the buzzword from both sides. History will be made regardless of the victorious party. Future generations will look back at this year’s election as a defining moment in the Civil Rights and Women’s Rights movements sparked in those tumultuous 1960s. How the candidates’ respective economic policies will impact banking hangs in the balance. “There’s something happenin’ here.”
For what it’s worth I enjoy the thrill that comes with riding roller coasters. But I don’t have much appreciation for the roller coaster like course that energy prices, interest rates and housing and financial markets have been on. Up and down, down and up. A dramatic turn was experienced this week with the government takeover of Fannie Mae and Freddie Mac. It is a measure taken in pursuit of smoothing out the upheavals in the housing market, but falling prices and rising foreclosures are likely to continue in the short run. In addition the systemic impact of this historic takeover will take a while to shake out. The roller coaster ride runs on. Concerns about these matters take us back to the pending presidential election and policy agendas to be pursued. “There’s something happenin’ here.” I’m hoping to gain insight into government actions and learn more about the pressing issues during our Association’s annual visit to Washington, DC next week.
For what it’s worth I like stormy weather. But the heavy rains and floods experienced around the state have brought some disastrous results this year. Tornadoes springing forth from stormy conditions have caused considerable damages. Hurricane influenced rainstorms have established rainfall totals well above normal averages. Our farmers need good rains on a timely basis to assure a successful growing season and our lawns need a good steady dose of rain to maintain their lushness, but enough is enough. Is global warming bringing all this rain? It “ain’t exactly clear.” But having said all this I will keep my disaster recovery procedures manual close by my side. I will also mark my calendar as a reminder to attend the ABA’s Agriculture Conference in Hot Springs on October 29-30 where issues relative to the farming economy, commodities and agri lending will be presented. And, who knows, we may even talk a bit about the weather.
For what it’s worth I am fascinated by new technology. But the rapid pace of advancement in technology in our business is truly testing my limited brain capacity. This admission comes on the heals of being informed by Lee Wetherington at this year’s Bank Management Seminar that the bottom line of today’s technology is that there is virtually unlimited processing power available with virtually unlimited portable storage available for information being generated at virtually no speed limit. “There’s something happenin’ here.” I’m glad to be surrounded by young bankers with an energetic grasp of innovations in this area. And I’m delighted that Mr. Wetherington along with several other notable experts will be speaking at the ABA’s Technology Conference in Hot Springs on October 8-9 to keep us all up to speed on the changing technology byway. Sign up to attend now!
For what it’s worth I love this business of banking. It is both challenging and rewarding. When we bankers walk around the towns in which we live and take note of the business activity, it is clear to see that our investments have made significant difference, hence the reward. Challenges arise when the economy cycles downward, when the weather wreaks havoc with the farmer’s schedule, when other factors interrupt the path to success for our customers. When our customers face challenging times, so often do our banks. Your Arkansas Bankers Association provides a knowledgeable staff and a network of friendly, caring bankers to assist when answers are being sought for tough questions. I encourage you to be active in your Association, to give advice to fellow bankers when asked, to seek guidance from fellow bankers when needed. “There’s something happenin’ here!” And it is music to my ears, good music!!!
Around the state and across the Miles……………….there is work to be done. Let’s go have some fun!
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