Writing or speaking about politics and/or religion is strictly taboo in business. I've written many articles on the subject and it's discouraged among our own employees. But politics and banks are seriously affecting our industry because of the difficulty small businesses have in getting reasonable bank loans for new equipment. So, I've broken our own rule and have written lately about politics and especially the Federal Reserve Bank.
The e-mail responses have been much heavier than I anticipated and I've answered every single one. To my surprise, here's the breakdown on how I stand with my readers: Totally agree with my political comments, 74%; Agree somewhat, 17%; Disagree somewhat, 7%; Totally disagree, 2%. Those who disagreed were respectful, but one of the e-mails from those who totally disagree with my views was a real scorcher. It involved one of my articles on the Federal Reserve and the banking industry. In my answer, I suggested that he read Shadows of Power by James Perloff.
Last week he sent this e-mail: Bill, I got the book you suggested, I read it and now I think I understand the federal reserve system, its origin, the bailout debacle and stimulus fiascos. I'd like to offer my most sincere apology for the hateful things I said to you and urge you to continue writing about the politics that hurts our business.
It takes a real man to admit he's wrong and the encouragement to continue to make political comments is especially heart-warming. To paraphrase the old after-shave commercial, "Thanks Steve, I needed that!" Next time you're in town let's have lunch at Murphy's.
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Please e-mail me at wfbane@baneclene.com.
