Economy

While there does appear to be any intent of the Federal Reserve to raise interest rates, geo-political situations could effect interest rate levels.  And the one that seems most serious right now is the Russia - Ukraine problem. 

How Blessed We Are

When you consider all the turmoil and killing in the world, you realize how blessed we are to live in this country!  When you hear about Ebola, you realize how fortunate you are to live in this country!  When  you hear about the children starving in various parts of the world, you should realize how fortunate we are.  Let us never take for granted our blessings!

Mystert

How tragic the two murders in Fitchburg.  How can we know the pain the families are going through and the long-term pain the six children will have to live with.  While I believe everything happens for a reason, just can't figure out why this has to happen. 

Vote

Hopefully you all voted yesterday.  Despite what many felt was not an important election, the consequences of many of the races may prove very important.  I was the third person to vote in my ward.  As I was standing in line I had conversation with voters from both parties.   I sensed a feeling that we are tired of the polarization that seems to exist in politics today.  Whatever happened to the ability to reach a consensus through compromise?

Favre's Number

I am pleased to hear the Packers are planning to retire Brett Favre's number "5" next year.  Really wish it could have been this year but another year may get rid of a few boo birds.

Trivia

The most obsolete job in America is the milkman - what is the second most obsolete?  The elevator operator! 

Baby Boomers

Pew Research reports Baby Boomers started turning 65 years old in 2011 and every day for the next 16 years about 10,000 more will reach that threshold.  That means in 16 years about 20% of the population will be 65 years old or older! 

More on Credit Cards

A study on habits of the Millennial generation (ages 19-29) also indicated that family members were cited as a significant influence, with 49% reporting that their parents shaped their views on money matters.  54% reported going to their banks for financial advice.  This is interesting given about 90% of them bank online or on their smartphone.

More on Credit Card Debt

TD Bank did a study focusing on the habits of the Millennial generation (ages 19 - 29 yrs) and found some interesting results.  This group has entered the workforce in the worst of economic times and as such seems to have tendencies towards financial conservatism quite similar to people who grew up in the Great Depression.  Job prospects have been difficult for this group at best and financial markets were roiled within their formative years.  Many also carry high levels of student debt.  More later.......

Credit Card Debt

The average credit card debt is $28,000.  The average number of cards per person is 2.2the average utilization is about 30%.   The age group carrying the highest average balance per card and the highest number of cards is the baby boomers (ages of 47-to 65 yrs.), many of whom are both sending kids to college and caring for elderly parents.  More later......

Smart Phones

Predictably, there are more urban mobile banking users (64% in cities versus 60% in suburbs and 43% of rural dwellers.  58% of Americans have a smartphone and the highest use is by those under age 39.  Further, almost 50% of people between ages 50 and 64 are smartphone users.

Technology Change

Another amazing technological change over a short time is the use of broadband in homes.  When the Pew Internet Project began studying this in 2000 only 3% of homes had broadband, and now 70% of homes have broadband and internet use is above 80%, regardless of whether one is an urban or rural dweller.

Mobile Technology

You may wonder how many people still try to avoid omnipresent technology these days.  The Pew Internet Project found in Jan. 2014 that 90% of American adults have a cell phone and only 14% do not use the internet at all.  This really is astounding considering that in 1995, 86% of the population did not use the internet.  More to come......

Dane Day Trips

In 1996 the Capital Times did a series of articles on Dane County Day Trips.  These trips take you to places in Dane County you don't even know exists.  If you'd like a copy of the five trips, e-mail me at rgorsuch@oakbankonline.com.

Beauty of Nature

Occasionally one has an experience that reminds them to be aware of your surroundings.  I had one such experience the other day when an Oriole flew unto and landed on the railing of my deck.  It proceeded to go to the patio table that had a little puddle of rainwater on it and took a drink.  What beauty!

State of the Economy

Oak Bank had its annual Shareholders' Meeting last night.  A highlight of the meeting was a talk by the economist for Legacy Private Trust, a firm we have partnered with for trust and related services.  Paul Kasriel who has an impressive background with the Federal Reserve Bank of Chicago and Northern Trust Co of Chicago as an economist feels we will see significant growth in our economy over the balance of this year.  In addition to his outlook, it also appears the U. S. Government is backing off some of its stringent mortgage lending rules passed down after the home loan bubble burst.  Good news for the housing industry and the economy.

Small Business & Jobs

Often overlooked when discussing economic conditions is the impact small business has on the number of jobs being created.  Small firms with less than 500 employees accounted for 63% of the net new private-sector jobs created between 1993 and mid-2013.  What's more, small businesses make up 99.7% of U.S. employer firms and 48.5% of private-sector employment.  Clearly small businesses are important to our economy and the community banks that largely serve them.

Your Branch is your Phone

The use of mobile devices is increasing at a pace that is impacting business sales like nothing before!  This includes banking.  Eventually, it's inevitable that more consumers will turn to mobile and new merchants will come up to speed.  20 years from now I envision banks looking entirely different than we know them today.

50 years

It is not often someone spends 50 years in a profession and is starting on their second 50!  But that's me.  Doubt if I will complete the next 50, but who is counting?  I could talk for hours about how banking used to be and how it is today.  But with all the changes interest rates today are actually lower than when I started in banking in 1964. 

Elite We Are!

Bo Ryan never ceases to amaze me.  I knew after watching Baylor play last Sunday, and listening to everyone comment about how tough Baylor would be for Wisconsin, that Bo would see it as a challenge.  And he met the challenge!  Someone who has been around as long as he has needs that special challenge once in a while to keep the fun in what they're doing!