Word: behaviorism
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...churches were the only institutions American blacks had the freedom to establish and run themselves, and they thus became deeply embedded in the culture. "The black church is a different institution than the synagogue or mosque or even the white church," says Ken Resnicow, a professor of health and behavior education at the University of Michigan School of Public Health. "It is the center of spiritual, community and political life." (See pictures of the Civil Rights movement from Emmett Till to Barack Obama...
...power in 1996. After Sept. 11, the U.S. relied on the northern warlords and their militias to help oust the Taliban. Many of those leaders were given prominent positions when the new Afghan government was formed, enabling them to claw back credibility that had been lost because of their behavior in the civil...
This kind of behavior, contends McCulley, is what the paradox of thrift demands. "Uncle Sam has got to go the other direction and lever up his balance sheet and actually spend money," he says. Simply standing by and letting the downward economic spiral worsen strikes him as "inconsistent with a civilized society...
Blankenhorn isn't opposed to using government stimulus to ease the transition, but he's worried that it could obscure the need for big changes in behavior. "If the moral of today's crisis is 'Let's stimulate this and bail out that, and as soon as things get back to normal, we can go back to a debt culture,' that's just not a sustainable idea," he says...
...course, there are major differences between today's banking and monetary systems and those of the 1930s, but the one constant is human behavior. Personal balance sheets, corporate balance sheets and bank balance sheets will inexorably move into safer instruments given the wealth destruction that has occurred in riskier assets over the past year (and which will continue for the foreseeable future). If the banking sector alone were to move toward its more conservative 1935 ratios, then the increased demand for government paper from that source alone would be $700 billion...