Governor Bill AnoatubbyEach of us is subject to reading the daily headlines and thinking things in the world are going bad. We know in our hearts that everything doesn’t go wrong at once, however we are still concerned when circumstances take a turn.
We have all been following the news of the U. S. and international financial crises that are now roiling the world’s markets. There is a lot of information to take in.
We have read about exotic financial instruments known as derivatives and how those investments have caused tremendous economic stress. We know the credit markets are severely strained and both businesses and individuals are encountering serious barriers when seeking loans. We know the stock market has lost considerable value this year.
We know there have been bets made on Wall Street that have brought a number of long-established investment houses down, and have driven others into shotgun mergers.
The October report on American consumer confidence, a bellweather of U. S. economic strength, dropped to its lowest level in 40 years.
These reports, and much more current financial news, create an air of incredible negativity regarding our economy.
During these days of economic unrest and uncertainty, it is important to understand that our Chickasaw Nation businesses and our tribe’s economic standing are both very strong.
Our tribal businesses are built on rock solid fundamentals. While there are always risks associated with any business, we are very careful to analyze our exposure thoroughly whenever we consider a project. We are conservative in our calculations of projected sales, and we study our markets with great care. We keep a tight hold on the purse strings and watch our operating expenses closely.
Our executives, analysts, accountants and other professionals put the “full court press” in effect before we ever create, purchase or expand a business. Our managers operate our businesses to create excellent customer satisfaction, and to produce outstanding net income.
And those efforts have paid off for our tribe. Despite the world’s general economic slowdown and other challenges, our Chickasaw Nation businesses are producing well for the Chickasaw people. Our entertainment, hospitality, health care, manufacturing, fi-nancial and other businesses are weathering the current environment, and several are actually expanding.
We understand we do not operate our businesses in isolation. The external environment can impact our operations. Things can and do happen in business, and some things hit businesses very hard. Businesses suffer downturns. However, if you have a great plan to weather those storms, you can then come back strong.
There is no doubt the economy has entered a tough stretch. Problems that have taken years to develop must now be unwound and solved. Governments must investigate the causes of the crises, and a new era of financial regulation will almost certainly result. Issues of liquidity, credit, interest rates and monetary policy will be debated, and changes will be instituted.
As the crises are unraveled and a slowing economy unfolds, some businesses will suffer greatly, and some will cease to exist. Many other established businesses will continue to operate, adapt to the new economic realities and perform well for their owners.
I am pleased to report today that our tribe has created a unique and vibrant set of businesses that is holding up well, with much promise for both the short-term and long-term future.
We move forward with our development and with our planned progress cautiously optimistic about the future.
