Bill Polley (on right), an Associate Professor in the WIU Economics Department, spoke at this weeks meeting about economic conditions and what he thought led to our current situation in the country.
Bill said "the economy has had a pretty amazing year, beginning with the collapse of Lehman Brothers one year ago and markets were preparing for an all out crash."
He said "AIG was also involved because they were helping Lehman manage the risks."
He was asked "how did we get there?" He replied "one thing I heard over and over again is simply greed. That's the perception that Main Street had of Wall Street."
"The level of greed was astounding" he said. Lehman and other companies held a number of bad mortgage loans and people started defaulting on those loans. "They were, in effect, placing bets with borrowed money. The regulators were asleep at the switch and we still don't totally understand everything that happened."
You can read more about Bill and his financial analysis at his own website.
Bill was introduced by September program chairman Jack Elfrink.
President Tim Moss presided. Following the Pledge of Allegiance and Kiwanis Pledge, John Moon led us in singing "Boost Kiwanis" and Chuck Nicholson gave the invocation.
The big news to come out of this weeks meeting is the members unanimous approval of moving our meeting location to Wesley Village and our paying for meals weekly at the meeting. The cost of the meal will be $8 weekly. It was also announced that, when we move to Wesley Village, meetings will begin at 6:00 instead of 6:15. In order for Wesley Village to plan for how many meals to prepare, we will need to let them know by noon on Monday before the Tuesday meeting. For those members with computers, Rick will send out an email each week. All you have to do is answer yes or no and include your name. For those members without computers, Tim said we will have some kind of calling system put into place. We also approved changing the dues structure to every member paying $35 per quarter. The changes are all effective October 1 and our first meeting at Wesley Village will be Tuesday, October 6.
Tim is collecting the Club Excellence Tool survey and asks everyone that has not turned one in to do so. Incoming Lt. Gov. Nancy Clayton would like to review those as she gets ready for her year in office starting in October. Tim asks that we get all those turned in by next week.
Tim also passed around the club membership roster so it can be updated for the new year. We need your correct address, phone number and email address (if applicable).
For our new playground, Tim would like to pursue selling bricks for the walkway around the playground. These could be purchased in memory of someone or as a booster sponsor.
Tim reported that 322 Kiwanis members attended the recent Illinois-Eastern Iowa District Convention. During the convention, it was announced that clubs in the district had raised $165,000 for spastic paralysis. $60,000 was from the Parade of Love at the convention.
Incoming President Debbie Vandemark had several sign up sheets to pass around. The first was for monthly program chairs to start in November. Another was for volunteers to help out this Saturday, September 19, in Chandler Park during the Al Sears Jazz Festival and Gazebo Art Festival. Debbie says we will be under the tents selling both turkey wraps and ice cream sandwiches to help raise funds for the new Kiwanis playground. She needs two people per two hour shift. Debbie is also looking for someone to be a "go-fer" to get supplies or help out as needed that day. Another sign up sheet is for the Picture Book of the Month program at Lincoln and Edison Schools. Kiwanis members read a book to the classes and then that book is donated to the school library. Debbie is encouraging all Kiwanis members to volunteer as much as possible.
