Wednesday, November 22, 2006
Trashball 112206: Passbook Savings, A Fine Example
Some of us are old enough to remember savings passbooks, where every deposit, withdrawal, or interest payment was duly and carefully typed into small passbooks the customer kept. The passbooks were a bit smaller than passports but had the same important feel to them. I come across old passbooks every so often and am frequently impressed by the diligence with which people put money into their savings accounts. Apparently the U.S. now has a negative savings rate (heaven knows I do), but this wasn't always so. Here's one from 1977-78.