ABA Banking Journal - November 2008 - (Page 80)

100 years Times & Views Change From the 34th ABA Annual Convention, Denver, September 1908: “Resolved, That the American Bankers’ Association is unalterably opposed to any arbitrary plan looking to the mutual guaranty of deposits either by a State or the Nation, believing it to be impractical, unsound and misleading, revolutionary in character and subversive to sound economics, placing a tool in the hands of the unscrupulous and inexperienced for reckless banking,…” from our pages Banks embrace deposit insurance increase to $250,000 No more quill pens The state of the art of We weren’t saving in 1912, either “America has but 99 savings bank depositors per thousand of population against an average of 373 in ten of the leading countries of Europe.” These facts prompted this call to action by the Executive Committee of ABA’s Savings Bank Section: “The Savings Bank Section has a duty to… carry to the people the gospel of thrift, for just as sure as the ‘wages of sin is death’ the lack of thrift with resultant extravagance means ruin and poverty.” They definitely had a way with words then, don’t you think? bank posting, 1925. The laptop of its day. Our debut,100 years ago announced that the Journal was "Devoted to the Science of Banking and Finance." Presidential Echoes 1908 was a presidential election year— Republican William Howard Taft versus William Jennings Bryan. The election followed on the heels of the Panic of 1907, and the Journal printed the banking and currency planks of the Republicans, Democrats, and Independents. Here are excerpts from the Democratic plank: “[The Republican Party] has so linked the country to Wall Street that the sins of the speculators are visited upon the whole people…. It has used an emergency for which it is largely responsible to force through Congress a bill changing the basis of bank currency and inviting market manipulation, and has failed to give to the 15,000,000 depositors of the country protection in their savings….” Not a perfect correlation with 2008, but here are Sen. Barack Obama’s words from this fall’s presidential campaign: “So let’s be clear: what we’ve seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed.” The Republicans retained the White House in 1908. By the time you read this you will know the outcome for this year. 1920's This would help now… “A wise bank officer will avoid magnifying little differences [between fellow 80 NOVEMBER 2008/ABA BANKING JOURNAL Subscribe at www.ababj.com http://www.ababj.com

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ABA Banking Journal - November 2008 Contents Editor's Column Banking 2.0: Credit, Banking's Essence, Set for Rethinking Snapshot: The Few, the Proud, the Banks that Can Raise Capital Will Strong and Simple Banks Inherit the Business? Back to the Future ABA Resources ABA Chairman's Position Farm Lenders Must Take Care When Lending in Indian Country Pass the Aspirin Into the Breach Adventures Across A Century What the Future Holds, Post Crisis Paul Volcker: A Financial Legend Still Speaks Strong Ed Yingling: Weathering the Storm Dick Kovacevich: "Boring" Banking to Dynamic Financial Services Jim Culberson: Community Banking: What has Changed and What Shouldn't Walter Shipley: How a Chemical Reaction Helped to Mold Today's JPMorgan Chase William Isaac: Challenges and Opportunities Ahead for Banks A Hundred Years from Our Pages Eight Tech Innovations that Brought Banks into 21st Century Bank Cherokee: Third Generaton Marks 100th Year The First National Bank of Altavista: Railroad Gave Birth to a Town, a Hope Chest, and a Bank Rosedales Federal Savings and Loan Association: How a Friendly Game of Cards Turned into a 100-Year Mutual New Washington State Bank: Cooking Up the Next 100 Years Mailbox Banker's Mart To Advertise/Index of Advertisers The Economy

ABA Banking Journal - November 2008

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