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THEODORE ROOSEVELT MALLOCH is chairman and CEO of the Roosevelt Group. He headed consulting at Wharton-Chase Econometrics and has worked in capital markets at Salomon Brothers. Dr. Malloch has held positions at the United Nations and has served in senior policy positions in the U.S. Senate Committee on Foreign Relations and in the U.S. Department of State. He is a research professor at Yale University and the author of Spiritual Enterprise.
Despite the calls for massive spending and “stimulus,” if the current financial crisis has taught us anything, it is to save, not just spend. In fact, over the years “thrift” has become America’s lost or forgotten virtue, rarely mentioned and never celebrated, despite its historical significance.