An Anthem for 9/11 and Today

Words from Into the Fire by Bruce Springsteen.

Into the Fire

The sky was falling

And streaked with blood

I heard you calling me

Then you disappeared into the dust

Up the stairs, into the fire

Yeah, up the stairs, into the fire

I need your kiss

But love and duty called you some place higher

Somewhere up the stairs, into the fire

May your strength give us strength

May your faith give us faith

May your hope give us hope

May your love give us love… 

(https://www.youtube.com/watch?v=OM6lw40VPLg)

By Dr. Andrew Roth, Booknotes #211:

What cannot be permitted to be lost is the heroism and sacrifice of those who ran not away but into danger that day to try to save others. Like Fr. Mychal Judge OFM, Franciscan friar, priest, and chaplain to the New York City Fire Department. Fr. Judge is an alumnus of St. Bonaventure University . . . Fr. Judge is the first official victim of 9/11 – Death Certificate No. 1. He ran into the burning buildings to give aid, comfort, and last rites to “his guys” the firefighters of FDNY. His daily prayer was “Lord, take me where you want me to go; let me meet who you want me to meet; tell me what you want me to say; and keep me out of your way.”

My wife Joan dined at the Windows of the World atop the World Trade Center on the evening of September 10th.  The morning of September 11 she was participating in a NABE economic conference at the Marriott World Trade Center.   She walked to the Hudson river, crossed to New Jersey by ferry, and joined four strangers  renting a car to drive home to DC.

On the Waterfront

Lots of conflicting views on  the US economy.  Was discussing the prospect of state or local funding for an historic restoration project with a retired property developer yesterday.

He had moved to Maryland’s Eastern  shore from Montgomery County where he had many development projects. And of course financial ups and downs and many “interactions” with local and state government regulators.

Here is his observation from one indicator of the state’s economy.  Accurate for the entire situation or just anecdotal, I don’t know.  But it does remind us that as in  politics, all economic issues are ln the first instance local.

You’re right on. State resources??? I think the state declares bankruptcy in 2 years.
I drive across the Bay bridge a lot. Before Covid, always 10-15 tankers/container ships waiting at anchor south of the bridge to get into the port at Baltimore. Covid? Dropped to 3-5 boats waiting.
After Covid it picked right back up to 10-15. The port even retooled and floated in a $400 million  crane system that barely fit under the bridge. Everything was booming.
Now,  zilch….nada.. no boats, nothing waiting to unload.
The cost for that $400 million  crane to sit idle makes me cringe. The owners will go under, the bank that financed it will get hurt, and the loss of employment on top of those costs. Then add in the loss of tax revenues to the state and city and the loss of revenue to the truckers and rail systems every single day will add up.
I do not see resolution.
I see destruction.

A Labor Day Observation

A point of view:

Republicans have held the federal minimum wage to $7.25 for 16 years nowAt that rate, someone working 12 hours a day six days a week with no holidays, sick days, or vacation will earn $27,144 before deductions.  (source: Andrew Tobias daily column)

Jump the Likely Drop in Market Rates

Unless there is a complete change in market sentiment or a “black swan” event, the consenus is that the Fed will lower interest rates by .25% in September.  Or for sure by October.

If that is your assessment, why not get ahead of the market with a special announcement to your members such as:

We’ve lowered our mortgage rates!

If you’ve been waiting for a sign to buy a new home, this could be it. Take advantage of ournew rate discount

Or it could be auto loans, student loans or HELOCS.

If you wait till the Fed makes a move, you will just be part of the market’s noise.

Why not get ahead of the game?  Start your “lowering our rates” campaign while everyone else just talks about it.  The President might even take note of your initiative!

Learning from History as We Debate the Past

Eighty years ago in August  1945  America exploded atomic bombs over Hiroshima and Nagaski. These actions propelled a quick end to the war with Japan.

President Truman’s  decision has been much debated since.  Some believe it was necessary; others disagree arguing that either a “demonstration” explosion or continuing the fight with an invasion of the Japanese homeland was the better next step.

As the topic will again be raised this week, I believe history provides an important perspective on this  decision. And insight as to how  we justify decisions now.

Two Post WW II Events

There were two WW II  related events that occurred when  while I was in the Navy on a ship homeported in Yokosuka, Japan.

The first was the return of the Okinawa islands to Japanese control via a treaty signed  in June 1971.  Return of this part of the Japanese territory was very emotional and deeply meaningful to the country.  Today Russia has failed to return the northern islands of Hokkaido they occupied at the war’s end.  It has left a deep emotional scar on the country’s  national pride.

The second was the surrender of the last Japanese soldier from WW II .   I remember the Japanese newspaper and TV accounts of this March 1974 event.  Here is  how the BBC described the event:

Lieutenant Onoda finally handed over his sword on March 9th 1974. He had held out in the Philippine jungle for 29 years. In interviews and writings after his return to Japan, Lt Onoda said he had been unable to accept that Japan had capitulated.

To many outsiders, Onoda looked like a fanatic. But in imperial Japan his actions were perfectly logical. Onoda had sworn never to surrender, to die for the emperor. He believed the rest of his countrymen, and women, would do the same.

Japan’s Internal Divide on WW II Surrender

Recognizing the Japanese strong allegiance to their homeland and their loyalty to the Emperor  exemplified by Lt. Onoda (who died in 2014), one can understand how difficult the decision to end the war was for Japan’s leaders.

The  internal political debate was intense. Whether Japan should accept  unconditional surrender or continue to fight is  reported in historian Martin  Gilbert’s book The Second World War.

At the very moment when the Nagasaki bomb exploded, the Japanese Supreme War Direction Council was meeting in Tokyo.  News of the bomb led to a renewed discussion as to whether Japan should accept unconditional surrender.  

The Council was evenly divided; three generals were for surrender, three for continuing the war.  The Foreign Minister, Shigenori Togo, cast his vote for surrender, as did the Prime Minister, Admiral Suzuki.  But the Minister of War, General Anami, was emphatic that there should be no surrender.  “It is far too early to say that the war is lost,” he told his colleagues, and he added:  “That we will inflict severe losses on the enemy when he invades Japan is certain, and is by no means impossible that we may be able to reverse the situation in our favour, pulling victory out of defeat.  Furthermore, our Army will not submit to demobilization.  And since they know they are not permitted to surrender, since they know that a fighting man who surrenders is liable to extremely heavy punishment, there is really no alternative for us but to continue the war.”  

The impasse was complete; but Togo and Suzuki were determined to end the war at once, and, in a secret meeting with Hirohito, prevailed upon him to summon a further meeting of the Supreme War Direction Council, and to preside over it himself.

The meeting took place shortly after midnight, in the Emperor’s underground bomb shelter.  First Suzuki read out the Potsdam Declaration.  Then, Togo urged its acceptance, provided that the position of the Emperor and the throne could be respected.  Suzuki supported Togo, General Anami opposed him.  For nearly two hours the discussion continued.  Then Hirohito spoke.  “Continuing the war,” he said, “can only result in the annihilation of the Japanese people and a prolongation of the suffering of all humanity.  It seems obvious that the nation is no longer able to wage war, and its ability to defend its own shores is doubtful.”

The time had come, Hirohito told the council, “to bear the unbearable”.  He therefore gave his sanction to Togo’s proposal that Japan should accept unconditional surrender.  The message to that effect, a formal acceptance of the Potsdam Declaration, was sent out from Tokyo, early on August 10, to the Japanese ambassadors in Switzerland and Sweden, for transmission to the Allies.

Is History Inevitable?

When an historical event is done, the outcome can seem almost inevitable.  In the use of the atomic bombs, there is an ongoing issue with the counter-factual argument that the US not have used the atomic weapons.

I believe the record of the internal political divisions and subsequent events such as the two above, suggest that this option was necessary.  That is not to dismiss the concerns about ever using atomic weapons again nor continue to learn from the aftermath.

I believe this event involved sober discussion and conflicting points of view by both the US and Japan’s leadership.  That is the point to remember today.  Few situations are without options, sometimes better ones, but not necessarily easier.

One of the most important questions any leader can ask in a crisis is what are my options? To describe choices by leaders as inevitable or dictated  by circumstance, takes away the agency and responsibility of those involved.   This is especially true when  the welfare of the whole is overridden by the self-interest of the few.

This acceptance of unalterable fate is a temptation the cooperative democratic system was designed to prevent.  But it hasn’t always worked that way.  Why?

Celebrating Credit Union Bikers Across Iowa in Summer

I have been told several stories by credit union employees of this summer midwestern Tour de Iowa.   Not to be confused with the Tour de France.   

It is often a family effort.  Here is a poem written by a 2025 participant which won Garrison Keillor’s July poetry contest.

Please add any comments about your experience if you have participated in this popular event.

As Fed Meets Today, a Forecast for the US Economy

. . .Simply put, tariff and immigration policies threaten to both increase inflation and slow growth, a combination thatcomplicates the challenge facing the Federal Reserve. It will take several months to see how this plays out, but the tariff shock will soon be in the rear-view mirror and its inflation impact will fade towards the end of the year.

That should enable the Fed to focus more on the risks to growth and the job market, setting the stage for a series of rate cuts. The economy as well as the financial markets have been remarkably resilient so far despite policy induced heightened uncertainty. Once the tumult over tariffs is removed, the economic landscape should look much brighter.

Source:  August 20-25 Economic and Fancial Digest from Louisiana Corporate.

 

 

 

A Comment on CEO Compensation

An observation on American business practice- I have lost the source.  Is the  issue relevant for credit unions?

During the past 30 to 40 years, the compensation of CEO’s has dramatically increased, relative to that of the average employee. Is the CEO’s proportionate contribution 100 or 1000 times greater than that of the average employee?

Many large American corporations are using distributive compensation process that reflect an employee’s relative power rather than an objective and ethical analysis of their relative contributions. Even Boards are unwilling to discuss this topic.

 

An Important History Note

From Garrison Keillor’s Writer’s Almanac on July 15,  2014, i.e. eleven years ago.

July 15 is the birthday of microbiologist Thomas Francis Jr., born in Gas City, Indiana (1900). T.F., as he was known to his friends, grew up in western Pennsylvania and studied medicine at Yale. He graduated in 1925. His early research projects involved bacterial pneumonia, but he was particularly interested in the study of viruses. He was the first American to isolate the human influenza virus.

He joined the University of Michigan in its newly formed School of Public Health in 1941. It was here that he developed the first flu vaccine, which used the dead influenza virus to provoke an immune response in the human body. Francis had discovered in 1940 that there was more than one kind of flu virus. That’s why epidemiologists release a different flu vaccine every year, based on their predictions of which strains will be dominant. It’s estimated that Francis’s flu vaccine has directly saved more than a million lives.

While he was teaching at the University of Michigan, Francis established a virology lab to study viruses. One of his first students in the lab was Jonas Salk. Francis taught his student how to develop vaccines, and Salk eventually went on to develop a vaccine against polio. Francis designed the massive nationwide field trial that proved the effectiveness and safety of Salk’s vaccine.

Francis also founded the University of Michigan’s Department of Epidemiology, to study how diseases are spread through populations and develop ways of controlling outbreaks. Francis said: “Epidemiology must constantly seek imaginative and ingenious teachers and scholars to create a new genre of medical ecologists who, with both the fine sensitivity of the scientific artist and the broad perception of the community sculptor, can interpret the interplay of forces which result in disease.”

Summer Thoughts and Sights

Growing up our family lived in small towns surrounded by farms.  In suumer the lightning bugs would glow  as tiny yellow flying dots in the warm nights after dark.  They flew their courses at our level of play.

We would take the quart glass Bell jars used for canning vegetables, punch air holes in the metal covers and put in some cut grass. Then we would catch the yellow flickering, flying tiny creatures with our hands. Put them in the jar. We’d take the jars of small nightlights to our bedroom to watch them blink on and off  till sleep.

Frost had a different image in mind.

Fireflies in the Garden

by Robert Frost

Here come real stars to fill the upper skies,

And here on earth come emulating flies,

That though they never equal stars in size,

(And they were never really stars at heart)

Achieve at times a very star-like start.

Only, of course, they can’t sustain the part.

Summer is vacation time.  School is out.  We look forward to swimming pools opening, time off for holidays and occasionally the ultimate challenge, what are we going to do today?

For Mary Oliver, summer’s hiatus from fixed schedules is a time to ask, what is it you plan to do with  life?

The Summer Day

by Mary Oliver

Who made the world?

Who made the swan, and the black bear?

Who made the grasshopper?

This grasshopper, I mean –

the one who has flung herself out of the grass,

the one who is eating sugar out of my hand,

who is moving her jaws back and forth instead of up and down –

who is gazing around with her enormous and complicated eyes.

Now she lifts her pale forearms and thoroughly washes her face.

Now she snaps her wings open, and floats away.

I don’t know exactly what a prayer is.

I do know how to pay attention, how to fall down

into the grass, how to kneel down in the grass,

how to be idle and blessed, how to stroll through the fields,

which is what I have been doing all day.

Tell me, what else should I have done?

Doesn’t everything die at last, and too soon?

Tell me, what is it you plan to do

with your one wild and precious life? 

Summer Colors

My oldest azalea planted over 40 years ago is the last to bloom in mid-June protected by the shade of a tall maple and redbud trees.   Yes, those are two topiary steeds guarding our front door in the background.

Best year yet for gladiolas.  The bulbs take several seasons to reach their full glory at a height of over 6 feet.