Word: thrifts
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Dates: during 2000-2009
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...federal government has a small operation called the Office of Thrift Supervision, which, among other things, keeps track of mortgage defaults. It defies common sense, but the agency says that many people who have mortgages re-worked to their financial advantage often default on their obligation anyway...
...contrast, 70 percent of the surveyed members of the National Association of Resale and Thrift Shops (NARTS) reported sales increases between fall 2007 and fall 2008, with an average increase of 35%. The vast majority also saw increases in the numbers of new customers and consigners...
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...
...down at least part of its debt. "Some of the painful adjustments that are taking place are not avoidable," says David Blankenhorn, founder and president of the Institute for American Values, a New York City think tank that for the past few years has made an obsession of thrift. "Wringing debt out of our economy at every level is a painful and inevitable process, and it isn't going to be solved by charging more things at the supermarket...
...right. Virtually all economists agree that there is no paradox of thrift in the long run. Saving stimulates investment. Careful stewardship of resources brings prosperity. Frugality is its own reward. Just not right this second...