American - Journalist | 1974 -
If you look hard enough, you'll find that many of the products we use every day - chewing gums, skin moisturizers, disinfecting wipes, air fresheners, water purifiers, health snacks, antiperspirants, colognes, teeth whiteners, fabric softeners, vitamins - are results of manufactured habits.
Charles Duhigg
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For years, many public health campaigns that aimed at changing habits have been failures.
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Candy bar companies, through commercials, have tied their products to low-energy cues, transforming what was once a dessert into a pick-me-up for cubicle dwellers.
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Between 1857 and 1929, while regulators largely stood idle, the American economy swung through 19 national boom-and-bust gyrations that sometimes threatened to wipe out whole industries within months.
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As homeowners see the value of their homes decline, they become more likely to delay purchases of the big items - like automobiles, electronics and home appliances - that are ballasts of the American economy. When those purchases decline, large manufacturing firms, suddenly short on funds, could begin laying off employees.
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Even if consumer confidence hit rock bottom, that most likely would not be enough, by itself, to cause a depression.
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As the United States has become an older nation, reverse mortgages have grown into a $20-billion-a-year industry, with elderly homeowners taking out more than 132,000 such loans in 2007, an increase of more than 270 percent from two years earlier.
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In surveys, many borrowers say reverse mortgages have improved their lives and provided money they needed for retirement.
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Because reverse mortgages do not require borrowers to make immediate repayments, the interest charges are added to the debt every day, and the total amount owed grows over time.
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Lawsuits against reverse mortgage companies, including the nation's largest, Financial Freedom Senior Funding, contend that those firms helped pressure older Americans into bad investments.
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Because the fees associated with a reverse mortgage are high, such loans make sense only for borrowers who expect to live in their home for a number of years.
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Some financial advisers say anyone who may move in less than seven years should not take out a reverse mortgage.
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