Word: fails
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Thaler has been putting these ideas to work for years in corporate retirement-savings plans. Some 30% of people eligible for such plans fail to sign up, even though companies often match contributions--free money, as it were. As a result of Thaler's work, many firms have switched to automatic enrollment. In the language of Nudge, the plans have moved from "opt in" to "opt out." That turns people's inertia-like tendency to stick with the default option--whether or not it's a good one--into an advantage...
Financial regulation is usually born of financial disaster. The Panic of 1907--during which several big New York City banks actually did fail--led to the creation of the Federal Reserve. The Great Depression, unleashed by a market crash and countless bank runs, gave us the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, and the Glass-Steagall Act separating banks from Wall Street. Now we're up to our elbows in another mess, albeit one that has yet to acquire a name for the ages. (Credit crunch? Subprime meltdown? Give me a break!) And so, as foreclosure follows...
...arranged sale of about-to-fail Bear Stearns in mid-March and its subsequent decision to extend credit to other investment banks over which it has no regulatory say have been major prods to discussion. Both House Financial Services Committee chairman Barney Frank and Treasury Secretary Hank Paulson have since suggested that the Fed be given power to snoop around such institutions in search of market-endangering risks. Frank and presidential candidate Barack Obama have also talked of replacing the hodgepodge of federal and state regulatory agencies with a simpler and less loophole-ridden structure--and on March 31, Paulson...
...sweet indie-pop folk, sometimes with a bluesy twist. Though the Dodos don’t present anything groundbreaking with this album, their interesting use of percussion sets them apart from the hordes of other groups like them. Unfortunately, though, even Kroeber’s unique drum licks fail to save the album from repetitiveness, and the songs soon begin to blend together. The percussive elements—consisting of everything from insistent toms over a deeper backbeat to the rat-tat of wooden sticks topped off with tingly silver bells—share a nearly equal billing with...
...chairman of the economics department, admitted that the question of whether the vote on quorum would achieve a quorum was somewhat worrisome. “Yes, there will be self-evident irony (and perhaps some red faces) if we have a meeting to discuss changing the quorum and fail to get a quorum,” he said in an e-mail last month. “But that would simply highlight the importance of making that change.” —Staff writer Maxwell L. Child can be reached at mchild@fas.harvard.edu...