Comments on: 20 Credible Ways to Say You’re Safe & Sound

By: Editor

Editor — Thu, 26 Mar 2009 15:11:05 +0000

I ran across this in an extremely popular article by Callahan's Chip Filson (fourth paragraph down):

"As described in a speech by Federal Reserve Chairman Bernanke on March 10: 'The world is suffering through the worst financial crisis since the 1930's . . .Its fundamental causes remain in dispute.'"

By: Jim Perry

Jim Perry — Wed, 25 Mar 2009 11:55:05 +0000

Thanks for the comment…and for the pushback. I suspect we all have different perspectives on the definition of “dismal”. I just had to challenge that particular statement as I felt it promotes fearful thinking rather than forward movement within the industry…especially for many of the community banks and credit unions that look to industry analysts for reliable information and insights.

I really appreciate The Financial Brand. Keep up the great work.

By: Editor

Editor — Wed, 25 Mar 2009 01:31:08 +0000

I guess it depends on your perspective. The number of failed financial institutions is only one metric.

But just the same, your point is well taken Jim.

Please note: I did say it was “arguable.” The argument supporting this perspective includes the fact that the current crisis is so widespread: commercial banks, retail banks, investment banks, credit unions, insurance firms, investment brokerages, personal investors, mortgage brokers/brokerages… all severely impacted.

The crisis in the 80s really was “an S&L crisis.” I’m not trying to diminish its severity, but it really does feel like the current crisis is a global pandemic, not something endemic to a single industry in a single country.

By: Jim Perry

Jim Perry — Tue, 24 Mar 2009 14:41:35 +0000

I really appreciate your blog posts. While today’s post offers good advice on creating a “safe and sound” story, I think using language like “arguably the most dismal year for the financial industry since the Great Depression” is overstated and diminishes your credibility. Are we forgetting the ’80s? According to the FDIC 2,808 institutions failed between 1982 and 1992, including 1,476 commercial banks. Twenty years ago (1989) alone witnessed 534 institutions fail.

Today’s troubled economy is, without a doubt, a complicated crisis of amazing proportion that will reshape the industry. Let’s just try to keep some perspective as we navigate the twists and turns.