treated badly by "them''. We think that "them'' usually means larger businesses or what is perceived of as the Bermudian "establishment'' or "Front Street'' even though we have never been very successful in defining whether there even is an establishment in any functioning sense.

Nevertheless, you generally hear only the complaints and seldom, if ever, very much about the good and helpful things which occur in Bermuda. Yet in this recession "they'' have been extremely responsive and helpful since we have no doubt that the two major banks would be considered "establishment''.

We think that because Bermuda is a small place and customers are still known personally even to larger businesses, these businesses are much more responsive to individual needs than they might otherwise be. We see real signs that the big banks have understood that Bermudians are hurting in this recession and that the banks have been willing to help. They have done the same thing in helping to keep businesses open and working.

Both banks have moved ahead with building projects outside their planned schedules in order to push cash into the hard-pressed construction industry and to keep construction workers employed. We think that without the Bank of Bermuda's large Gorham Road, Hamilton, project the building industry would be in very bad shape. We use this as an example of how willing big business is to respond to the needs of Bermudians. Both banks could have decided to "wait and see'' and build only if things get better. In that sense the building projects are an affirmation that the banks have faith in Bermuda and that they believe things will get better.

Now the President of the Bank of Bermuda, Mr. Donald Lines, has announced a half-of-one-percent cut in interest rates effective on December 1. "It's a Christmas present for the public of Bermuda and it's an expensive present for us to give,'' Mr. Lines has said.

This interest cut really means two things. It can be a saving and even salvation for those hard pressed to meet their mortgage payments in tough times or it can mean more money in the pocket for people to spend, thus giving the general economy a boost. In the latter sense it may be a "Christmas present'' to the public but it is also a present to Bermuda's businesses.

The Bank of Bermuda is pumping a half of one percent of its income from all the money it is owed back into Bermuda. That's quite a Christmas present and maybe the Bank of Butterfield will either follow suit or come up with another break for Bermuda. It is a very sensible and responsible boost by the bank in these recessionary times. While there is a tendency to think of financial institutions as cold and heartless, that is not the case today.

We see "them'' as very responsive to the needs of "us'' who are hurting and we think "they'' get far too little credit when they behave well.