Posted by Phil Keithahn on Thu, May 20, 2010 @ 08:42 AM
Be very wary of policies, predictions, and pronouncements from Washington DC that offer what usually turns into the "99% Solution for the 1% Problem."
What does this mean?
In my banking experience, less than 1% of the people abuse or misuse a product or an opportunity. But when that abuse gets publicized, public pressure results in costly Washington DC solutions for the abuses of less than 1% of Americans...paid for by taxing the earnings of 99% of our taxpayers. As my dad often said, "Don't abuse the privilege of being stupid, or the privilege will be taken away."
Unfortunately, we live in a world where politicians pass legislation, lobbyists and attorneys develop new laws, bureaucrats send out regulations, and directives, that never eliminate risk...let alone the abuser. They simply make life more complicated and make business more expensive for the average, ordinary tax-paying citizen to pay for the unethical, unintelligent, or unforgivable abuses of less than 1% of our citizens. By the time the "simple law" in Washington, DC reaches Main Street America, it has morphed into thousands of pages of forms, checklists, procedures, and other documents that suck the time, energy, and talent, not to mention money from our nation's hardworking citizens, farmers, and small business owners...and community banks!
Let's hold the right people accountable. This nation cannot afford and should not continue developing 99% solutions for the 1% problems...or worse yet....the solution that is looking for a problem. We can never eliminate fear, mistakes, let alone risk. But we can use better discipline to reduce our reliance on policy, procedure, regulations, and rules that limit our freedoms and tax our lives.
One final thought for you to remember. In spite of an economy that has hurt our customers, our communities, and our bank, we are all survivors. ProGrowth Bank will continue donating money and time to local charities, we will continue providing you with great service, and we will continue listening to you and working with you to move forward. Have a great summer!