Word: thrifting
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Dates: during 2000-2009
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...about money, though, says Farrell. Taking an unexpected turn, the author writes that going green is an aspect of contemporary thrift. Being mindful of the earth is a corollary of being frugal: "Being energy conscious at home, buying clothes at yard sales and vintage stores, and similar thrifty actions both save money and reduce our impact on the planet." Simplify, simplify, simplify...
Complexity is the mode of the second author, Theodore Roosevelt Malloch, whose book Thrift: Rebirth of a Forgotten Virtue may be tough sledding for the non-Ph.D. reader. Malloch, who has held positions at the U.N., the Senate Committee on Foreign Relations and the State Department, writes with passion in an ambitiously academic style. He examines the history of the concept of thrift--the root of the word is an Old Norse verb meaning "to thrive"--citing the contributions of the Scots and Calvinists. Malloch, like Farrell, considers frugality a moral imperative as well as an economic necessity. "Thrift...
...rapid period of time," says Stephen Sadove, CEO of Saks Inc. This year, savings are up and credit-card use is down, which is good--sort of. Yet keep in mind that the Pilgrims were barely eking out a living, surviving in squalor. They had no access to credit. Thrift is a great virtue, but a little mindless spending this season couldn't hurt...
Virtues, like viruses, have their seasons of contagion. When catastrophe strikes, generosity spikes like a fever. Courage spreads in the face of tyranny. But some virtues go dormant for generations, as we've seen with thrift, making its comeback after 40 years in cold storage. I'm hoping for a sudden outbreak of modesty, a virtue whose time has surely come...
...Dodd would like to gut bank regulators like the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve and the Office of Thrift Supervision (OTS). He would give their power to supervise and regulate banks to a new, single bank regulator with power to set capital requirements and ensure stability. By contrast, the Frank-Geithner-negotiated bill in the House would do away with only the OTS, leaving the FDIC in charge of state-chartered-bank supervision, the OCC in charge of nationally chartered banks and the Fed in charge of complex...