In re: Encouraging Saving

Back from my trip to Boston, which was a good time, seeing friends and enjoying some good food. In particular I enjoyed the opportunity to check out Hamed which is an Afghan restaurant and is regarded as quite good and I would have to concur, recommend that folks check it out if there in the Boston/Cambridge area. I am not back home yet though, taking a brief stop in Cleveland to see family and friends, so I am still enjoying my vacation although I have a lot of work looming.

Last Friday I saw John Edwards talk and it was quite interesting, in particular I thought his idea for providing bank accounts for displaced Katrina victims rather then the ill fated debit cards. I thought that this was a particular good idea as a means of getting folks into understanding banking and savings as many haven’t ever had the opportunity to do so. Further I thought that this could be slowly expanded to a program of getting lower income individuals to save. In this mold there could be incentives to save such as subsidized interest rates to encourage savings, in exchange for such rates one might have to attend classes on fiscal responsibility (not that our gov’t knows anything about that) but in the mold of professional organizations, such as lawyers who must participate in CLE classes in order to remain in standing. Part of the reason that I mention this is that I was recently reading in last weeks Economist how we as American’s don’t save and how this will eventually hurt us (and how the Chinese save too much). Anyway I’ll probably try and get back to posting, traveling had gotten me out of the loop.

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