Word: thrifting
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...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...
...FDIC funds is raising questions about how well the agency has contained the costs of the credit crisis. Bank failures are not of the FDIC's making: the Federal Reserve failed to rein in mortgage-lending, while regulatory agencies like the Office of Thrift Supervision allowed banks to make loans without adequate capital. But the FDIC has the final say on when and how to close a bank, and some believe it has been waiting too long to act, adding to the cost of failures. Regulators labeled Chicago-based Corus Bank critically undercapitalized in March, but it took the FDIC...
...recent high-profile case that has highlighted the difficulties in authenticating a piece of art is a disputed Jackson Pollock painting, purchased for $5 in 1992 by ex-trucker Teri Horton in a California thrift store. Biro was also involved in that investigation. He matched a partial fingerprint on the canvas to one on a paint can used by Pollock and paint on the canvas to samples from Pollock's studio. Still, despite the forensic evidence, the art community has been reluctant to certify the work. There is no record of the painting's former ownership, and examinations by experts...