Business Notebook: Limbaugh: Recession talk is premature at this point

Predictions of an economic recession in the next couple of years are premature, according to at least one Cape Girardeau banker.

Jim Limbaugh, regional president and executive vice president of Montgomery Bank, shared his thoughts with me after reading my story in last Wednesday's paper about a survey by the National Association for Business Economics in which 74% of the 226 survey respondents said the U.S. will be in an economic recession by the end of 2021.

In my story I also included general information from David Yaskewich, chairman of the Department of Accounting, Economics and Finance at Southeast Missouri State University, about the typical causes of a recession and that he thought the nation was becoming "more vulnerable" to an economic downturn.

Limbaugh, however, cited the opinion of Brian Wesbury, chief economist with First Trust Advisors, who says there are few similarities between the economy leading up to the last major recession in 2008 and economic conditions today. In his Aug. 19 newsletter, he said "those predicting a recession in the near term are way too pessimistic."

Limbaugh agreed and said conditions today are much different from what they were prior to the last recession. "The fundamentals are different now," Limbaugh said. "You have unemployment at all-time lows, the housing bubble is not there, you have (appropriate) price-earnings ratios in the markets and yes, in previous recessions there has also been an inverted yield curve, but the fundamentals are so different now than they were in 2008 and in earlier recessions."

Limbaugh said the local economy is robust. "Our customers that we deal with, both big and small, are having really, really good years. They're growing. It's a slow, steady, controlled growth, which is sound in my mind," he said.

"My grandfather (Rush H. Limbaugh, Sr.) always said, even back during the Depression, that this market did not fall under these huge economic swings," Limbaugh remarked, adding while this area isn't completely "recession-proof," the local economy is "fundamentally sound" because of the diversity in the market with strong manufacturing, education, health care, retail and agriculture sectors.

"We're not a one-horse town," he said.

KFVS exhibit

Oscar C. Hirsch and the early days of KFVS is the subject of an exhibition at the Cape River Heritage Museum that will be on display through November.

On Saturday, three longtime and now retired KFVS employees -- weather forecaster Bob Reeves, master control operator Dave Heise and chief engineer Arnold Killian -- shared their memories of Hirsch and their years at KFVS with a capacity audience that included several Hirsch family members and a number of current and former station staffers including Mike Smythe who was the station's general manager form 1998 until 2011 and the recently-retired Jim Burns who was with the station almost 40 years, 36 of which as anchor of The Breakfast Show.

Hearing some of their stories reminded me of the "cup of coffee" I had with KFVS in the mid-1980s when I reported out of the station's news bureau in Carbondale, Illinois. Back in college, I also worked one summer as an on-air announcer at one of Mr. Hirsch's radio stations, WHCO in Sparta, Illinois. (It wasn't until my last day there that I realized the station's call letters were his initials, O.C.H., in reverse.)

The museum's Hirsch/KFVS exhibit is on display through November. The museum, located in the old Cape Girardeau fire station at 538 Independence St., is open from noon until 4 p.m. Thursdays, Fridays and Saturdays.

No update yet

In case you're wondering, I checked with Drury Southwest late last week and there's still nothing to report on the future of the Ruby Tuesday and O'Charley's buildings at the intersection of William Street and South Mt. Auburn Road. Stay tuned.

Now on to the rest of this week's Business Notebook ...

Tipton Linen achieves

Clean Green' certification

Tipton Linen, a family-owned and operated laundry business in Cape Girardeau, has been certified "Clean Green" by the Textile Rental Services Association (TRSA).

The three-year certification reflects Tipton's commitment to operational efficiency and sustainability and is attained by adhering to TRSA-designated water and energy use thresholds and using best management practices consistent with ASTM environmental laundering standards.

These practices include:

• Recovering heat from drained hot water and heat dispersed from the process of warming water;
• Recapturing drained water from rinses for reuse;
• Using environmentally-friendly detergents;
• Removing solids and liquids from wastewater;
• Using solar energy and energy-efficient lighting;
• Recycling programs;
• Re-routing trucks to save fuel; and
• Spill prevention plans.

"I applaud Tipton Linen for their sustainability efforts and maintaining the highest standards in their production and delivery operations," said TRSA president and CEO Joseph Ricci. "Meeting all the criteria for certification is not easy, but the company is committed to industry-leading processes and technologies."

SoutheastHEALTH

honors scholarship

recipients and donors

SoutheastHEALTH Foundation scholarship recipients and scholarship donors were recognized at a recent luncheon at the Jackson Civic Center. The event celebrated the success of 24 students who received $47,200 in scholarship awards.

Scholarship recipients are enrolled in health care education programs at the Southeast Missouri Hospital College of Nursing and Health Sciences, the Cape Girardeau Career and Technology Center, Missouri State University, Southeast Missouri State University and Three Rivers College.

"Because of the generosity of donors, our scholarship recipients are working to enter a field dedicated to helping others," said foundation executive director Patti Ranzini. "Our scholarship programs not only make a difference to patients, but also to our communities as scholars meet their academic goals and enter the health care work force."

Nearly $1.5 million in scholarships has been awarded by the foundation since 1962.

Awards & Recognitions

Olivia Carter, school counselor at Jefferson Elementary School in Cape Girardeau, has been named Missouri State Counselor of the Year by the Missouri School Counselor Association.

Olivia Carter

Carter is in her eighth year as a school counselor and fourth year at Jefferson Elementary. She was named the Southeast Missouri School Counselor Association's Elementary Counselor of the Year during the 2018-19 school year.

Carter credits the Jefferson students, parents and staff for her success as a counselor. "Every teacher goes above and beyond to meet student needs and they have really embraced my role," she said. "I couldn't have the comprehensive school counseling program that I do without the support of our amazing students, families and staff."

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Faune Riggin

Faune Riggin, program director at KZIM-KSIM of Cape Girardeau and Sikeston and host of Real Talk With Riggin, recently won the Best Radio Feature award from the Missouri State Teachers Association (MSTA). The recognition was in connection with her coverage of a Perryville hero bus driver. She also took the second-place award for another story on helping teachers in their efforts to provide classroom items. Her feature stories, along with others submitted by radio stations across the state, were judged by a panel of judges comprised of MSTA members.

Riggin, who joined KZIM-KSIM in 2001, has received the MSTA recognition for feature reporting several other times, but this is this is the first time she has won both first and second place in the annual competition.

People on the Move

David Shell

David Shell has joined Banterra Bank as senior commercial lender for the Cape Girardeau area. Shell has more than 30 years of banking and lending experience, all in the Southeast Missouri area.

Before joining Banterra, Shell was senior vice president of commercial lending at First State Community Bank where he had been since 2012. Prior to that, he was senior vice president of commercial lending at Commerce Bank in Cape Girardeau, a position he held for nearly 10 years. In addition, Shell has been senior vice president at Capaha Bank, vice president and manager of real estate development at Boatmen's National Bank in Cape Girardeau and loan officer at Mercantile Bank of Stoddard/Bollinger Counties.

Originally from Sikeston, Missouri, Shell attended Arkansas State University where he majored in business administration and economics. He also attended Colorado Graduate School of Banking and participated in the RMA (Robert Morris Associates) commercial Lending Mentor Course.

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Adam Kidd

Adam Kidd and Laura Younghouse have joined the Saint Francis Healthcare System Board of Directors, according to a news release issued last week by Saint Francis.

Kidd is president of Kidd Oil Co. and has served on the Saint Francis Health Development Board since 2015. He chairs the board's payor contracting committee and serves on the board's Black River Medical Center task force. In addition, he is vice chairman of the Cape Girardeau County Industrial Development Authority, a member of the Commerce Bank Southeast Region Board and LaCroix United Methodist Church Advisory Board.

Laura Younghouse

Younghouse is president of Midwest Energy, Inc., of Cape Girardeau which she owns and operates as Amerimart Convenience Stores, LL Investments, and All Star Transportation. She has been a member of the Saint Francis Health Development Board since 2002. A member of the St. Vincent DePaul Parish, she has served as chair of the parish's capital campaign committee and is a past school board president. Younghouse has also served as a board member of Notre Dame Regional High School and is a past-president of the school's home and school organization. She serves on the Missouri Petroleum Marketer's Board and the Montgomery Bank Advisory Board and is a member of the National Association of Convenience Stores.

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Jenny Eichhorn

Dr. Jenny Eichhorn has joined Saint Francis Healthcare System and has become affiliated with Jackson Family Care, 545 Broadridge Drive in Jackson.

Eichhorn specializes in family practice and earned her medical degree from the University of Missouri-Kansas City in 2016. She completed an internship in 2017 and residency in 2019 both at Cox Family Medicine Residency in Springfield, Missouri. She is certified through the American Board of Family Medicine.

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Stephane Bond

Nurse practitioner Stephane Bond has joined Saint Francis Health Center-Poplar Bluff located at 225 Physicians Park Drive, Sute 400 there. the practice is affiliated with Saint Francis Healthcare System.

Bond earned her nursing degree from Southeast Missouri State University in 2009 followed by a Master of Science Degree in nursing form the University of Missouri-St. Louis in 2011. She is board certified through the American Academy of Nurse Practitioners.

Chamber events

The Cape Girardeau Area Chamber of Commerce will host a ribbon cutting at 11:30 a.m. Tuesday to commemorate the opening of a new Shelter Insurance agency at 465 S. Mount Auburn Road, Suite 102, in Cape Girardeau.

Business license applications

Debra Ann Charles of Cape Girardeau has applied for a business license to operate Artistry & Aesthetics Studio, 339 Broadway, Suite 208 in Cape Girardeau. According to the business license application, the business will open in September and will provide professional makeup services.

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Jose Parker of Cape Girardeau has filed a business license application for Jose's Beauty Salon, 1301 N. Kingshighway, Suite E in Cape Girardeau. The business, scheduled to open in October, will provide hair care services.

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Amanda Boatwright of Scott City has submitted a business license application to open West Em Medical Spa at 326 S. Mount Auburn Road, Suite 104, in Cape Girardeau. The business will offer a variety of cosmetic procedures and is scheduled to open in mid-September, according to the license application.

A final note

From time to time in this column, I'll pass along the dates of some interesting observances.

For instance, today is "National Dog Day" and "Women's Equality Day." Tuesday has been designated "Global Forgiveness Day" and "Just Because Day." Why? I don't know. Maybe it's "just because."

According to my list of daily observances, Wednesday is "Race Your Mouse Day," when you're supposed to race your mouse around the icons on your computer screen while you're waiting for a program or document to load.

It all builds up to "National Bacon Day" on Saturday so I guess it will be a good week because everything's better with bacon on it, right?

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