Banking, Business, and Beliefs
Posted by Phil Keithahn on Tue, May 18, 2010 @ 03:23 PM
Our family recently visited Northfield, which promotes itself as the "Home of Colleges, Cows, and Contentment." You could probably make a similar statement about most communities in South Central Minnesota. It's a wonderful image of happiness, which is a feeling that many people would like to move towards, as the economy recovers from recession.
The current recession is the 22nd official downturn in our nation's economy since 1900. Although the average recession since 1900 has lasted 14 months, the recession that started in December 2007 has now lasted 21 months, second only to the "Great Depression" as the longest economic downturn.
What does this deep recession mean for you, for me, for our communities, and for our nation?
First, we need to work together, help and support each other, and remain trustworthy, loyal, and honest with each other.
Second, we need to work hard to set a positive example for our family, friends, neighbors, and communities in how we are going to respond, recover, and refocus our efforts on the truly important things in life.
Third, we need to recognize that everyone is hurting. Everyone. How can we feel good in the midst of 10% unemployment, a 20-40% decline in housing prices, a new health care bill that is particularly expensive for small business owners, record-setting federal deficits that will eventually lead to higher inflation and more taxes, not to mention more rules and regulations that Washington DC is dictating to the entire country?
We are all hurting...BUT...we will all move forward together. We will feel better...and eventually we will all feel good!
Finally, it means that we have to BELIEVE in ourselves and each other...that we WILL survive and eventually thrive as we recover. ProGrowth Bank and the citizens in the communities we serve have survived 22 recessions in the last 110 years. Every generation has faced severe challenges, and has recovered. In the words of General George S. Patton, one of our country's greatest generals, "Failure is not an option." In Gaylord, Nicollet, Mankato, and North Mankato, I believe that our citizens have more faith in ourselves than we do in Washington DC's so-called "solutions." Let's focus on building up our communities rather than tearing down each other.