I recently subscribed to Reuters’ free daily Morning Bid U.S.
It is a succinct summary of key rates, economic announcements for the day and selected articles about important events. Today’s is the JOLTS report.
You can sign up here. It is one of 18 Reuters briefings. The latest market updates are short and the commentaries accompanied by clear graphs. Today also looks ahead tp Friday’s nonfarm payroll report for March.
A useful 60 second brief before reviewing the financial priorities in your credit union.
There came a dove, an Easter dove, When morning stars grew dim; It fluttered round my lattice bars, To chant a matin hymn.
It brought a lily in its beak, Aglow with dewy sheen; I caught the strain, the incense breathed, And uttered praise between.
It brought a shrine of holy thoughts To calm my soul that day; I caught the meaning of the note, Why did it fly away?
Come peaceful dove, sweet Easter dove! Above earth’s storm and strife, Sing of the joy of Easter-tide, Of light and hope and life. (1910)
After
Easter’s Freedom
In a famous passage of Paradise Lost, Milton’s God acknowledges that He could have created Adam and Eve without freedom. But what would there be to praise? “Not free, what proof could they have given sincere / Of true allegiance, constant faith or love, / Where only what they needs must do appeared, / Not what they would?” (Source: Legalizing the Resurrection)
Today is Maundy Thursday of Holy Week. The day of the Last Supper and Jesus’ arrest in the Garden of Gethsemane.
Events on this and subsequent days include two intense examples of human motivation not limited to strictly spiritual contexts. Rather the story shows how any individual might react to events in their own life.
Prophets and Honor
Every social system has ways of recognizing the successful and the benefactors of their profession. In credit unions a major event is the Herb Wegner dinner, the occasion for presenting lifetime achievement awards to honor selected leaders.
These traditions salute individual’s values and/or performance that fulfill the goals of the industry: profit, service, innovation, growth or even longevity. Some goals are very tangible, others more qualitative.
Those Without Honors
But whose contribution does not get honored? The topic is raised at least twice in the New Testament:
In Mark 6:4 Jesus said to the crowd, “A prophet is not without honor except in his own country, among his own relatives, and in his own house.”
And, in Luke 4:24 (English Standard Version 2016): “Truly, I say to you, no prophet is acceptable in his hometown.”
Why this disbelief? Does familiarity breed contempt? Are we skeptical of any special insight let alone prophetic wisdom from persons we know well, have worked with over years. and who seemingly share the same experiences as everyone else? Why should one peer’s views be trusted over another’s?
There is an inherent caution to see those among us, whom we know well, as having special insight versus merely expressing a different opinion. Persons, often outsider who focus more on the message, are often more inclined to listen to these singular views.
Ordinary people can have extraordinary wisdom. Sometimes their outspokenness make them unpopular with those in authority or leadership. The “prophetic voice” is uncomfortable. It challenges current shortcomings often with a passionate hope for a different future. For those who are being challenged, this passion feels like anger.
I am not referring to the purveyors (often consultants) of innovation who promote operating improvements. The prophet’s concern is more deeply rooted in fundamental meaning and purpose.
The question for credit unions is, are there any prophetic voices challenging local or national priorities today? Who might they be? What is basis for their critique?
And if we can name none, what does that say about the state of our “movement”? Has consensus trumped wisdom?
The Thirty Pieces of Silver
A second example routinely pulled from Maundy Thursday is Judas’ betrayal of Jesus in the Garden for 30 pieces of silver.
Think of how often this metaphor is used to accuse someone taking an action for monetary or other rewards seemingly to betray their personal beliefs.
Rev. Megan Brown takes a more nuanced view of Judas’ motivation:
“Judas was not a peripheral bystander, but one of the twelve, the inner circle of disciples who had accompanied Jesus in his ministry and in a shared, communal life together.
Surely Judas knew the implications of his actions. Surely, he knew that the chief priests and the elders were growing weary of this rabble rouser, Jesus, and that they wanted him gone. This exchange, and the kiss that follows later are ominous moments in the life of Jesus and his followers. They leave one wondering about Judas’ motivations. “
Judas was a believer. Some have interpreted his action as driven by deep disappoint that Jesus was not radical or bold enough in his Jerusalem journey. The march from the Mount of Olives to the Temple should signal a rebellion against Roman rule, not a pacificist call to turn the other cheek.
Or, maybe he sensed that the multiple political forces mobilizing against this upstart rabbi from Nazareth were becoming too strong; so he decided to go to the other, more likely “winning” side.
Perhaps he was emotionally confused by the historical intensity of the Passover remembrance, the increasing crowd appeal of Jesus and the growing immanence of a life-making choice.
What we know is that Judas deeply regrets his actions, attempts to return the silver coins and commits suicide.
Judas shows us the very human side of intense hope and belief. Is this a movement that will go in the directions I believe it should? Is there another option to this leader’s course of action? How does one express dissent if convinced current directions are not the best?
How many initial “reformers” give up their quest from exhaustion, just to get on with life, and be comfortable with their peers?
Whether Prophetic Voice or Judas?
All movements have both personalities in their adherents. We all might cite leaders who took courageous stands or whom we believe compromised their duty to their followers.
That is what makes leadership so critical, and often controversial. It is also what makes public dialogue so vital.
We live in an era where there is continuing reinterpretation and debate after millennia about faith, whether Christian, Jewish, Muslim or just a value-centered life. While many believe that truth, when proclaimed, is universal; even some would challenge that assumption.
The one common approach that all faith and other “movements” followers have ultimately taken to succeed, is to pursue these issues in community. People aligned with one another agree to listen and learn together how their differing perspectives can arrive at common purpose or priority.
The Necessity of Community
Scott Galloway has put the power of relationships in a much broader context in his precent post Mammal.ai.
“Within and across species, relationships are essential to surviving and thriving. . .
“Humans have speedballed the power of relationships. Physically we are weak, slow, and fragile, with mediocre senses and absurdly long infancies. Yet, thanks to our superpower of cooperation, we’ve dominated our environment and become the apex of apex predators. There are more birds in captivity than birds in the wild. . .
“We are wired to seek and sustain relationships and cannot survive without them. The future of the human race won’t turn on space travel or climate tech, but on our ability to attach to others. A sense that we matter, that we can call on and be called upon by others to ease burdens and celebrate joy.”
It is not coincidence that the last moments of Maundy Thursday’s Biblical events were spent in community. Christians call it The Last Supper.
Music for Holy Week
Stabat Mater, by Antonio Vivaldi (1712). There have been many beautiful settings depicting the scene of the Mother of God standing in sorrow at the foot of the cross.
Feb 8 (Reuters) – Bank of America has brought in $10.5 billion in deposits and investments in the last four years after making deals with companies to provide financial services to their employees, the lender said on Thursday.
On Immigration
In 2015, when the migrant and refugee influx from war-torn countries was considered of epic proportions in central Europe, one world leader stood out — German Chancellor Angela Merkel, a devout Lutheran.
During a public forum at the time, Chancellor Merkel was asked a question by a woman in the audience saying, What does that mean for us, what does that mean for our country and our identity? I’m afraid that it will mean more terrorist acts in our country by militants like ISIS.
Chancellor Merkel took a long breath before responding, and said, “Fear has never been a good advisor for us as individuals or for societies. Cultures and societies that are shaped by fear can’t grip the future.”
I recently became involved in a restoration project of a local church first built in 1829 and designated an historical site. One person’s observation on getting work approvals to preserve this property:
Once I started dealing with County personnel and permitting and approvals, I found out another truism that everyone has to remember, IF YOU ASK FOR APPROVAL in Montgomery County, usually there isn’t anyone that knows enough to answer and they will have to check.
No one wants their neck on the line and no one wants to give an approval without someone else from the county involved.
Postscript
I’ve done what is mine to do, now you do what is yours to do.
Over the weekend I was going through my parent’s personal records. During WW II they had written each other almost daily. The letters are in 15 large manila envelopes along with photos and official documents.
My dad was an inveterate record keeper. In his military file I saw this typed letter addressed to:
My Dear Mr. Filson: and dated December 4, 1946.
It reads in part:
I have addressed this letter to reach you after all the formalities of your separation from active service are completed. I have done so because, without formality but as clearly as I know how to say it, I want the Navy’s pride in you, which it is my privilege to express, to reach into your civil life and to remain with you always.
You have served in the greatest Navy in the world.
It crushed two enemy fleets at once receiving their surrenders only four months apart. . .
No other Navy at any time has done as much. For your part in these achievements you deserve to be proud as long as you live. The Nation which you served at a time of crisis will remember you with gratitude.
The best wishes of the Navy go with you into civilian life. Good luck!
Sincerely yours,
signed
James Forrestal (The Secretary of the Navy)
A Personal Letter from Ed Callahan
Ed was was confirmed as NCUA Chairman in October 1981. Prior to this we had worked together for four plus years when I was supervisor of the Credit Union Division for DFI in Illinois.
I would soon join Ed at NCUA in December. Nonetheless he took time to write.
The letter was addressed to Charles Filson at my Wilmette, Il home, dated November 17, 1981. It reads in part:
Chip:
I’m sitting here in the in the Albany, N.Y. airport for my flight. I’ll probably have many waits like this in the future. It gives me time to reflect.
The past few weeks have been wild. Now that the events are past, I’ve got time to think of all the good friends. The only really important thing is just that-friends.
You have been one of the best. . .
Thank you very much.
I’m looking forward to our future endeavors. We’ll have some exciting times.
E. F. Callahan
Signed Ed
Chairman
“Gratitude and Thanks“
Neither of these exceptional leaders needed to write these messages of gratitude and thanks. But they knew the success of their organizations depended on others, not their individual capabilities.
Government service, whether chosen or drafted, is sometimes under appreciated. Or worse, captured by the political divisions now seeding distrust of any government calling.
These two individuals in very different spheres of influence and responsibility, illustrate in these personal gestures, what makes great leaders in any organization.
“In a leadership role, it’s crucial to surround yourself with individuals who are comfortable telling you the truth. People naturally want to please the boss and tell them how great they are and might hesitate to disagree or deliver unpleasant information. It’s important to create a safe space where people feel comfortable voicing their opinions and assisting in decision-making.
“Everyone has a little bit of an ego. It’s nice to hear that praise, but that can make it too easy to believe everything is going well, so you must actively seek out different perspectives.
“Now that I’m in this role, I realize the importance of this kind of transparency. I knew it before, I’ve supervised hundreds of employees and billions of dollars in business, but now that I’m in the CEO role, I can see it even more clearly.”