By Robert H. Halleck It is Not Different This Time
Business cycles are called this for a reason. Interest rates go up and down and people think of themselves first. Do I need to go on? I say this with a smile, "I'm from the government and I am here to help you." Could we have seen this coming? Yes. Were we warned? Yes. So it wasn't different this time.
Everything I've written over the course of this series (regarding bad loans, balance sheet blunders, bad branches, portfolio management,bad employees, capital positions, board relations, regulatory risk and member relations) may make it better next time, but not different. All advice isn't good all the time or even helpful all the time. It all depends and it depends on you. These are interesting times and after you have gone through them you will be better prepared for the next time you hear the words, "It's different this time."
Robert H. Halleck, who retired in 2002 from a 35-year financial services career, remains vicariously involved in the industry through his wife, a credit union CEO.
