Back to Basics

By: George Chase, Chief Executive Officer

Like most Americans growing up, I was taught you must work for the things you want in life.  Save your money.  Don’t buy on credit (except for home and car).  Know the difference between what you need and what you want.  Be honest. Be fair.  Be true to your word.  Say what you mean and mean what you say.  Be strong and self-reliant.  Charity begins at home and within your own family.  Respect, love and help care for your elderly parents and other family members. Be compassionate and generous to those who are less fortunate than you.  Dream your dreams, but work hard to make them reality.  These are some of the basic values that make our people and our country great.

But in the recent past, America and Americans began to change.  We lost our patience with the idea that we should work, save and then buy the things we want.  Instant gratification was ours because of the availability of easy credit and credit cards.  We began to buy things we wanted but really didn’t need.  We bought homes and cars we couldn’t afford.  We buried ourselves in debt.

Some of our largest corporations became corrupt and infected with greed.  Enron, Global Crossings, Adelphia, Tyco and others defrauded shareholders on a massive scale. Thousands of people lost their jobs and retirement accounts, since most of these corporations made contributions to 401k accounts with company stock.  Our government has lost its way as well.  Earmarks, wasteful spending and unfunded entitlements have created a national debt measured in trillions of dollars and that will continue to grow.

It is understandable that when Americans are out of work, their retirement accounts are cut in half and they owe more money on their home than it’s worth, they begin to lose faith in the free market system.  Some even claim the American economic system no longer works and needs to be changed to a more socialistic model.

I would argue that our free market system is just fine as it is.  We just need to return to, and embrace, those basic values that made America great.