As you suggest the article from the New York Times is perplexing. I claim no professional expertise on this topic. However, it strikes me as perplexing that the author is clearly suggesting the use of institutional systemic racism to correct the problems created by institutional systemic racism. Do the article's proposals make sense to this audience at any level? Seems like a call to escalate racial divides rather than unite our society. What am I missing?
What is causing millions of Americans to believe now is the time to declare our land is no longer one of individual responsibility and opportunity? Is it the increasing technological complexity that causes all but a select minority of entrepreneurs to feel anxiety about their own competencies to succeed and even survive. Has our world become so confusing that our young people of all races have lost hope in the opportunities that once were much more obvious to the generations that were coming of age?
To the person who lives without hope, consequences mean nothing. Could it be that we are seeing hopelessness building enthusiasm for empowering the government to go beyond its legacy in the U.S.. As a young person today loses confidence in their own and their friend's abilities to navigate a dynamic and complex world maybe a bigger, powerful, and benevolent government would be a better choice than trying to work my way through it? What am I missing? I know I must be missing something when I see a headline that states "Millennials are the Unluckiest Generation in US History". The author attempts to make a serious case for his headline in this post... https://www.washingtonpost.com/business/2020/05/27/millennial-recession-covid/
I listened to President Trump's speech at Mt. Rushmore on July 3rd and was surprised that CNN's Brian Stelter responded that that speech makes no sense to America and would not have made sense at any other time by any other president. In contrast, I found the speech celebrated the very things that unified this country as a land of opportunity over decades. Perplexing.
A good friend of mine shared a message recently that spoke to me from his son-in-law where his son-in-law stated "The current culture is looking at the world through new philosophical lens. They are looking at suffering through the lens of the oppressed and oppressors divided up into classes of people exercised through systems. As with anything, there is an element of truth to this. However, data from the past and today is viewed through these lens. Us millennials who grew up in predominantly white neighborhoods and were not taught the fullness of suffering and oppression in the U.S. and/or in evangelicalism are attracted to this philosophical paradigm because we feel as though we were not given the full picture - it really is worse than what we were told! The present philosophy now seems more credible/reliable than our upbringing."
This young man's comment really helped me understand how generational perspectives can evolve as people grow up in a overly sheltered environment and know deep down that there must be more than they have been led to believe. For those who have lived in a produce or suffer environment like the family farm in the 70s which I grew up on where we curtailed quality of life and life events when we had a drought or bad cattle prices, we knew that we must roll up our sleeves and get to work rather than look around to see who we could get a handout from. The future of this country is unclear to me. However, we seem to be quickly evolving toward a mindset that the government can and will solve our problems in spite of the lack of any model across the globe of enhanced societal welfare arising from any other past or present alternative government structures.
Ultimately the quality of life boils down to gratitude for the gifts and people we have been blessed with to this point, living together joyfully with the people in our life today, and hope for a bright tomorrow that blesses our families and communities. These aspects of life have no race or gender boundaries. Great leaders must be humble in recognizing our individual and collective failings while persevering to not become mired down in a past they cannot change. Learning from history, we can and must primarily focus on today and tomorrow. That is where I believe harmony and prosperity will be most abundantly found.
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Neil Stanley
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Original Message:
Sent: 07-02-2020 16:57
From: Barb Rehm
Subject: Weekly News Roundup
Wall Street had its best quarter in 20 years, Thursday was World UFO Day, and baseball's "spring" training starts Friday. A quick reminder: please register for our July 15 webinar with Jimmy Pittenger and Nathan Stovall of S&P Global Market Intelligence. If you're not familiar with them, you're in for a treat. Jimmy and Nathan know the industry inside and out and have S&P's deep data and analytics to back up their opinions. We'll be talking about the outlook for the rest of the year with a focus on credit quality, capital raising, and deal making. I hope you can join us.
"Congress Nears New Small Business Rescue with Big Hurdle: Lender 'Fatigue'"
The House followed the Senate and extended the Paycheck Protection Program through early August so small businesses can still tap the $130 billion that's left. But as this Politico story notes, lawmakers working on the next iteration of the program may not be able to count on bankers. "There's PPP fatigue," said Paul Merski of the Independent Community Bankers of America. "This is just adding a whole new complex program with terms that are generally not viable for banks to make."
"Fed's $600 Billion Main Street Lending Program Sees Lukewarm Interest"
Expect more changes to the Fed's Main Street program as neither borrowers nor bankers seem all that interested.
"As PPP Enters Forgiveness Phase, Some Banks See Outsourcing as Best Move"
With the PPP's forgiveness phase expected to be messy, some banks are selling these loans or hiring third parties to work with borrowers. But there is still a chance the government will simply forgive all PPP loans under a certain size.
"What the Next Relief Bill Might Look Like"
Congress is expected to pass a fourth massive coronavirus stimulus package during the third week of July. CNBC has the outlines of what's next.
"Coronavirus Takes Toll on Bank M&A"
The coronavirus is slowing the industry's consolidation. The number of deals announced in 2020 fell 70% from a year earlier, with 40 transactions, according to data from Keefe, Bruyette & Woods and S&P Global Market Intelligence. If you're thinking of buying or selling, take a look at this American Banker story. It has a lot of details on pace, pricing, etc.
" 'Flying Blind into a Credit Storm': Widespread Deferrals Mean Banks Can't Tell Who's Creditworthy"
Credit reporting companies are offering lenders novel ways to assess borrower risk now that widespread payment deferrals have made traditional tools like credit scores less reliable. My favorite quote in this Wall Street Journal story is from an Accenture exec: "Banks don't know who is going to pay and who isn't. It's like flying blind into a credit storm."
"Wary Outlook for Loan Growth After PPP Boost"
A related story in American Banker says loan growth will be tough the rest of the year.
"Get Ready for Wave of Small-Business Defaults, PNC's Demchak Warns"
A resurgence of the coronavirus is slowing the economy and consumer spending, which may trigger a wave of loan defaults, according to PNC CEO Bill Demchak.
"The Cash Cliff Is Coming, and It's Trouble for Everyone"
Millions of Americans face a cash cliff this month as emergency benefits expire.
"Mnuchin and Powell Offer Mixed Views of Economic Recovery"
The nation's two top economic policymakers testified before Congress this week. Treasury Secretary Mnuchin predicted an economic recovery in the second half while Fed Chair Powell said the economy will not recover until the coronavirus is under control.
"Edward Jones Applies for Bank Charter, Hires Former UBS Banker"
The St. Louis-based brokerage applied for an industrial loan charter with the goal of increased lending and keeping more of its customers' cash.
"After Ruling, Stage Set for New Battles over CFPB's Future"
This American Banker story goes beyond the headline of the Supreme Court's CFPB decision to tackle the what comes next questions.
"Banks Should Face History and Pay Reparations"
This New York Times op ed will likely make you angry, but it's important to know what critics are saying about the industry. Here's a taste: "Banks have been underwriters of American racism - no industry has played a bigger or more enduring role in black oppression, exploitation and exclusion."
I wish this list had more optimistic news, but it was just another one of those weeks! But Independence Day is Saturday and I hope your celebration is uplifting.
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Barb Rehm
Senior Managing Director
Promontory Interfinancial Network, LLC
Arlington VA
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