Word: prudently
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Dates: during 2000-2009
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...Finn, who will step down as superintendent in four months, is expected to present several formal recommendations to the school committee in November. In December, the committee will make the final decision on whether to proceed with any plan of action. But Grassi emphasized that the committee would be prudent in their decision making. “I would think the committee would not rush any recommendations through [due to] the sheer fact that he’s leaving in February,” Grassi said. “It’s very difficult to pass something for someone...
...compounded by other factors. A system of remunerating bankers with fat bonuses based on the volume of business done, irrespective of the quality and future profitability of that business, did not help. A variation of Gresham's Law was also at play, with imprudent lending driving out prudent lending. This tends to occur as responsible institutions see their market share fall while those of irresponsible institutions rise, and decide to emulate the reckless practices they previously eschewed. The phenomenon was particularly prevalent in the mortgage market. Central bankers cannot escape censure, either. In his memoirs Alan Greenspan, former chairman...
...righteous rage, there was a refusal to admit that in many cases Wall Street's sins are also our own: the average American has nine credit cards with a $12,000 balance; we don't save; we overreach; and together we've created a situation where the prudent who lived within their means are expected to pay for the recklessness of both their neighbors and their leaders...
...France's real estate values, no lender would grant credit to an applicant with more than a 33% debt-to-income level. French banks have also always favored fixed-rate mortgages over more enticing but perilous variable-rate loans. The French real estate market is slowing, but the more prudent approach of French banks lessens the prospect of foreclosures, which have haunted millions in the U.S. and are one major origin of the current crisis. That's hardly a reason for smugness, either, though, since there's scant evidence that enlightened domestic practices in France or anywhere else can ward...
...paying the price for Wall Street's excesses. Some of the cost is being paid by prudent people, like retirees who have saved all their life. They're now getting ridiculously low rates of 2% or so on their savings because the Federal Reserve has cut short-term rates in an attempt to goose the economy and reassure financial markets. Taxpayers are going to get stuck too. By the estimate of William Poole, former head of the St. Louis Fed, bailing out the creditors of the two big mortgage firms, Fannie Mae and Freddie Mac, could cost taxpayers $300 billion...