Originally posted by PhlabibitI'm not a magistrate. I'm reimbursed fairly. It has nothing to do with how much or little I care about anyone. If little people don't like their station in life they have an obligation to change it. Its not the responsibility for others to look out for them.
Who made you the magistrate of decisions and conclusions? Is that why you're paid so well?
Don't you care about the small people?
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Originally posted by ratherbighammerDo you find it funny one man makes 2 million each year while a person making 26k can't buy milk, clothes or repair their car?
I'm not a magistrate. I'm reimbursed fairly. It has nothing to do with how much or little I care about anyone. If little people don't like their station in life they have an obligation to change it. Its not the responsibility for others to look out for them.
What would you do with 2 million... let alone 2 million each year?
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Originally posted by Phlabibithttp://www.titanmag.com/2009/banking-crisis/
Give me facts, and I'll argue.
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Today Richard K. Davis ’83 (B.A. economics) – who has been called one of the nation’s most influential leaders in the financial services industry – is chairman, president and CEO of U.S. Bancorp, the parent company of U.S. Bank. The sixth-largest bank in the country, U.S. Bank has $264 billion in assets and more than 2,500 banking offices in 24 states.
But he remembers growing up in Hacienda Heights in a home where the furniture was covered with plastic. He recalls drying the dishes with threadbare tea towels while a couple of dozen new towels languished on the shelf. These were his Depression-era parents’ thrifty ways of staving off wear and tear on their possessions for as long as possible, sparing the need for extravagant spending.
It’s that kind of thinking and those kinds of values – frugal living and wise choices – that Davis sees as important in today’s uncertain economic times. Whether it is planning for the future with a will or trust, spending money mindfully or investing conservatively, Davis believes that lessons learned from the past should guide the way we think about money now.
“The Depression made a permanent impression upon adults who will be forever careful about their finances,” Davis said in a July interview. “Those lessons were hard, painful and permanent.” These days, even as there are some initial indications the downturn may be bottoming-out, it is increasingly important that individuals, organizations and corporations alike review their assets and liabilities with the goal of ensuring adequate risk and returns.
“Take stock in everything you own, and decide how to protect it,” Davis recommends. “Be a decent money manager. When you make a decision, see the alternatives. For instance, I could step up to a better house, but under what circumstances? We each should decide our own unique advantage.
“It’s time to be thoughtful about decisions but not afraid to make them. For every issue, there’s an opportunity. Even in a downturn, it’s time to take stock of what you own, check your own risk tolerance. A recession is the very time to consider everything. It’s a time for introspection.”
What Davis calls the ultimate chore in taking stock of one’s finances is thinking about wills and trusts. “People don’t want to think about it, but planning is important whether it’s for the distant future or goals for vacations and college education.”
Davis predicts that economic recovery will occur very slowly, with permanent recovery trajectories by mid-2010. “It’s likely to take two to three years total to get out of the recession,” Davis said. “And I don’t think that we’ll recover back to where we started.”
U.S. Bank officials hope the bank will be a leader in the recovery, which will be possible largely because Davis led the company with prudence and careful methodology throughout the economic boom. “We were routinely criticized for not growing fast enough,” Davis noted. But today, the bank is considered particularly strong. “We’re careful investors, and that has turned out to be the right course. We’ve earned that distinction.”
Not only did U.S. Bank return its $6.6 billion of the U.S. Treasury’s Troubled Asset Relief Program (TARP) funds in June, the bank is launching a multi-million-dollar, national advertising campaign aimed at introducing its strength, stability and legacy to its key constituencies, beginning with investors and critical decision-makers and ultimately rolling out to consumers throughout its markets.
“The headlines are all about companies failing or in distress,” Davis said. “We didn’t fall into distress, and we wanted to protect our depositors. We found the right way to respond appropriately.” The ad campaign, he said, will let consumers know that U.S. Bank is caring for its customers and is a relevant, highly visible partner in the recovery.
“When the future is uncertain, you need leaders,” Davis said. “We need leaders who are not Pollyannas, but also who are not mired in the morass of the downtrodden. We need courage. As the economy struggles, banks are fulfilling the needs of the people. We are vested with that responsibility.”
Davis, 51, and a resident of Minnesota where U.S. Bank is based, is incoming chair of one of the nation’s most powerful lobbying groups, the Financial Services Roundtable, representing the top 100 U.S. banks, important insurance and investment companies, and more.
“We want people to know that banks are still here to achieve in consumers’ investment future. The industry is capable of being a good steward of consumers’ resources.”
In hindsight, Davis said, the recession was a warning for us all that if things seem to be too good, they probably are. “We as a society need to be more prudent. The world is more global now, with the influence of others on the American economy much bigger than we thought. It won’t be the strength of other markets that helps us out of this. ”
Richard Davis “We need leaders who are not Pollyannas, but also who are not mired in the morass of the downtrodden. We need courage. As the economy struggles, banks are fulfilling the needs of the people. We are vested with that responsibility." - Richard Davis '83
In addition, he said, brokers, bankers and international fund managers did not realize the degree of the connectivity of markets worldwide. “There is a need for better, more comprehensive regulation that’s more deeply ingrained in our economy than we would have thought.” At the same time, he said, “we are in this with the global community. We’re in a great position to lead with solutions.”
Davis noted that consumers and business leaders make future decisions based upon current circumstances. “As a result of this prolonged recession, coupled with no strong evidence that it is ending soon, it is reasonable to note that confidence is very low at this stage of the downturn,” he said. “Accordingly, the recovery will likely be delayed [in part] by the ‘self-fulfilling prophecy’ theory that we expect the recovery to be slow and lagging.”
It is likely, he said, that consumers and business leaders are less aware of the implications of the global aspect of this recession and the risk of a slower, multi-country recovery as it will impact the United States.
“This current slowdown is unlike many which preceded it in that the worldwide community is suffering from the same economic malaise at the same time,” he said.
Davis attributes his vision today in part to his formative experience at Cal State Fullerton. Enrolled as a night student and working fulltime during the day, Davis gained a keen appreciation for the value of an education. “When you do that, you aren’t in it for fun. Education’s real. Those are the people I like to hire, the folks who are working all day and in school at 7 p.m.”
In his experience, “I found there was an incredible breadth and depth of educators at Cal State Fullerton. I will forever be grateful to those amazing people.”
He believes the world is still in the learning stages of the economic decline. “We’re not finished with economic stress for consumers or for business. A real recession is under way. We believe it’s time to reevaluate core business needs and adjust for a prolonged economic downturn.”
He worries about the sheer numbers of people who are being hurt in the recession, many of them U.S. Bank customers. “We are doing everything to help them,” he said. “We’re keeping them in their cars, reducing their expenses. By the virtue of what I do, I’m all about helping people achieve their dreams.”
Originally posted by PhlabibitNo I find it explainable. Who do you think has the higher education?
Do you find it funny one man makes 2 million each year while a person making 26k can't buy milk, clothes or repair their car?
What would you do with 2 million... let alone 2 million each year?
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If 26k isn't enough then make more. Make the changes needed to get what you want.
Originally posted by ratherbighammerListen, I'm also a 'have'. I just don't like to trip over the homeless all over the streets.
No I find it explainable. Who do you think has the higher education?
If 26k isn't enough then make more. Make the changes needed to get what you want.
What should we do with them?
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Originally posted by PhlabibitWhat would you like my journal? My diary? Notes to my bff? A letter from my mother? A note from a doctor? Bank statements? A CIA folder about me. Pull your head outta your bum, you and I can both be homeless persons at a cafe or PhD candidates at MIT. Its the internet, and you asking for credentials that someone has led an observant life?
Give me facts, and I'll argue.
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Originally posted by ratherbighammerYou said 'many'.
What would you like my journal? My diary? Notes to my bff? A letter from my mother? A note from a doctor? Bank statements? A CIA folder about me. Pull your head outta your bum, you and I can both be homeless persons at a cafe or PhD candidates at MIT. Its the internet, and you asking for credentials that someone has led an observant life?
Give me a number.
Not your social security number.
Define 'many'.
Also, you're lagging I guess, you're answering my old questions and missing the new ones. I understand that cut and paste is probably pretty easy, I'm willing to wait for you to type original answers... make your time.
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Originally posted by ratherbighammerSuccess is determined by a wide variety of factors--not just "good ol' hard work, ambition and American spirit". I was lucky enough to be born into a good, stable family in an affluent suburb of NY City. My town had some of the best public schools in the country. After high school, my parents could afford to send me to a good college. My education, social connections and upbringing helped me to make a lot of the choices that led to where I am today. There was also a lot of luck involved. In several situations, I simply found myself in the right place at the right time.
I'm not a magistrate. I'm reimbursed fairly. It has nothing to do with how much or little I care about anyone. If little people don't like their station in life they have an obligation to change it. Its not the responsibility for others to look out for them.
While I certainly feel that I earn my pay, I'm also smart enough to realize that others may not have had the same advantages I did and that these people are not always to blame for their circumstances. I don't mind paying extra taxes or toning down my lifestyle to help them out.
Please refresh my memory. When did American independence and freedom become a handy excuse for unbridled selfishness and greed? What lessons for success would you give to Rosalina Gomez's son, who probably has very few of the advantages many of us took for granted? I'm truly disgusted by people like you.
Originally posted by ratherbighammerIt's not the little people who are causing all the stress and strife. It's the rather big people.
I'm not a magistrate. I'm reimbursed fairly. It has nothing to do with how much or little I care about anyone. If little people don't like their station in life they have an obligation to change it. Its not the responsibility for others to look out for them.
