More people in the country are saving money and trying to get out of debt, practices that they should be taking part in during this tough financial stretch.
That’s the opinion of Robert Kelly, who is the former CEO of BNY Mellon, a financial services company. Along with consumers, Kelly said that aside from auto makers and some financial institutions, businesses have handled themselves well during the recession.
“Where we need to focus our attention is on closing the gaps in our regulatory system, and doing so thoughtfully,” Kelly said.
In order to do so, Kelly came up with a number of suggestions, including making sure no one financial institution is too large to fail. Furthermore, he said that whether the government should be stay in the mortgage market business should also be considered.
When it comes to consumers saving money, the U.S. Bureau of Economic Analysis noted that the personal savings rate for September increased to 3.3 percent of disposable personal income. In all, the savings rate hit $355.6 billion during the month.