In Tough Times, America Relearns Thrift

(NEWSER) - A long history of sparse employment and hardships of all stripes has built a culture of frugality that leaves Maine perfectly suited to the current recession, the Boston Globe reports. “Everybody now is into shopping thrift shops, but in most of Maine, people never stopped,” a banker says. “It’s ingrained in people here to plan for tough times.” For example: Though Mainers have the second-lowest income in New England, the state also boasts the second-lowest foreclosure rate. More»

Maintenance cheaper than payment for newer models, consumers find

(NEWSER) - Thanks to the ongoing recession, drivers accustomed to trading in their vehicles often are warming to the idea of a longer covenant with their cars, the Wall Street Journal reports. While the concept might puzzle the less well-heeled, “the 3-year ownership mentality has crumbled,” one insider said. And that means—gasp!—checking oil and tire pressure and spending more on maintenance. More»

Tough times drive many to save big, buy in bulk

(NEWSER) - While the recession has left many cupboards bare, others are sagging as the cash-strapped turn into coupon-wielding obsessives who stock up on months or years worth of groceries on the cheap. While coupon usage peaked in the '90s, it surged 27% last year—mainly due to extreme coupon users, reports the Wall Street Journal . "If you can get 100 packs of toilet paper for free, you're going to," says one devotee. More»

Slumping profits are 'payback' from Main Street whipped by bad practices

(NEWSER) - Those concerned about the nation’s banks should forget about the “softly, softly policy” of the Obama administration that has allowed Goldman Sachs to go back to business as usual in spectacular fashion. The real problem, Paul Krugman writes, is banks like Citi and Bank of America that are still floundering despite taxpayer largess. And the calculus remains the same: “Heads they win, tails the rest of us lose.” More»

(NEWSER) - Ben Bernanke patted himself on the back today for helping to save the world from a complete economic meltdown, MarketWatch reports. Facing public outrage and the prospect of President Obama dumping him in 6 months, the Fed chair said at a retreat in Wyoming that the world’s central banks “responded with speed and force" to "a rapidly deteriorating and dangerous situation." More»