The private banking system has done it’s job since the Great Depression, but the international potential for bank dominoes to keep falling prompted the federal government to take an ownership stake in 9 large banks as part of the bailout.  That means you and I will own a stake in these banks as citizens of the USA.  The banks involved initially are Bank of America, Merrill Lynch, Bank of New York Mellon, Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, State Street and Wells Fargo.  These banks have agreed to limit top executive compensation and golden parachutes as part of their participation.  The federal government will also guarantee loans between banks to help create more liquidity.  This is turn should free up money to allow businesses to continue to borrow, help home purchasers secure loans, and inject credit where needed in our economy.  This action won’t create a quick fix, but should help keep the financial sector stable as we plow our way through a recession in coming months and hopefully help keep it from becoming a deep recession. 

Are you familiar with BNI? You can learn more at bni.com. Or check out the great site we have in Colorado - bnicolorado.com. I have been a member since late 2005 and was president of the Rocky Mountain Business Builders chapter from October 2006 through September 2007. Our chapter received the BNI Founders Award in 2007 and we have a great group of business people. I am happy to get up at 0 dark 30 to meet with them every Wednesday morning at 7am. If you would like to belong to an organization where everyone shows up once a week just to give you referrals :-), then check out this organization. Make a commitment to grow your business by connections with other business people that you get to know, like, and trust.

If you happen to be a BNI member and Realtor in another state or country, I’d love to hear from you.

Have you heard of The Dip? I just picked up a CD from Barnes & Noble with a one hour program from Seth Godin (Purple Cow) called The Dip. Being a true entrepreneur, I have a tendency to try to reinvent myself every 3-5 years, but am proud to say that I am making it through the Dip in my real estate business and will celebrate 5 years in business in April, 2008. Not only that - but I have risen to the top tiers of the Colorado Springs real estate market because in 2007, almost 100% of my business is from referrals. Without all my great clients, this wouldn’t have been possible. So I thank them for their referrals and business.

Seth Godin provides things to think about as you decide whether to push your current business or job to greater heights or whether is is better to “quit”. Yes, quit. Seth advocates strategic quitting and also points out when it isn’t a good idea to quit. So, if you want to learn how to be the “Best in the World” at whatever you do, pickup Seth’s $5 audio CD and put it in your car CD player to listen to the next time you are stuck in traffic. Then let me know what you think!