Word: welling
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Dates: during 2000-2009
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...that degree of spending good for the economy, especially in a recession? Well, yes and no. Let me talk about that in a couple of different ways. First of all, the economy consists of buyers and sellers. You think about why we spend in the first place. We spend in order to produce satisfaction for buyers. We don't spend in order to help sellers. It's fine if we do help sellers, but we're trying to produce satisfaction. If the spending we engage in doesn't produce any satisfaction, then it's hardly a measure of well-being...
...Have you thought about why do we do it? Why is there this huge splurge at the end of the year? Well, it's a bit of a puzzle. We don't do it with cash. Giving cash is very socially awkward. The exceptions are for parents to children, grandparents to grandchildren, aunts and uncles to nieces and nephews. It's O.K. for cash to flow from those of higher social status to those of lower social status, but [otherwise] it's just considered a tacky thing to do. Which makes the growth of gift certificates remarkable, because they...
...What if you don't give them holiday gifts? Well, I do give them holiday gifts, because they are people whose preferences I know a lot about. The problem arises in the situations where we have to give a gift, but we have no idea what the recipient wants. I'm not against giving gifts in the situations where we have a good idea what people want...
...know not to send you a Christmas gift! Well, I'm not against it. Why don't you do something good for someone else and say it's in my name, and everyone's happy...
...securities fraud. At the center of the case was an e-mail that one of the managers, Matthew Tannin, sent to his colleague Ralph Cioffi indicating he was concerned about the health of their fund. Publicly, Tannin continued to tell investors he was confident the fund would perform well. (See the financial crisis after one year...