But once the stigma broke down, budget deficits became common even during good times.
Contra-cyclical capital requirements, forcing banks to build more reserves during good times, will leave them less cash to splurge on bonuses.
Too much disclosure during good times, when corrective market forces are strong, may lead investors to stop paying attention to this information.
In this case, any new restraints on cross-border commerce seem much more foolish right now than they would be during good times.
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During good times banks are not forced to hold too much capital.
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Bankers' pay is tightly tied to revenue, so that it rises during good times, but less quickly than earnings, and falls when business slows.
The month-to month variations are similar during good times and bad.
Growth is slow, competition fierce, margins narrow even during good times.
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However, this is one reason that depending on the rich to finance government is so ill-advised: Progressive tax rates create mountains of cash during good times that vanish during recessions.
Consumers who were careful spenders during the good times for the German economy become still more cautious during a downturn.
Capital requirements need to be revamped so that banks accumulate more reserves during the good times.
During economic good times, it's not unusual for the state to collect one-half of all income-tax revenue from the top 1%.
"We say we want to share generously during really good times, rather than lock in really high wages all the time, " says Mr. Ayer.
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If Mr Brown had fattened the public finances during the good times, as he should have done, then this would be no bad thing.
In effect, the BDC model forces growth when prices for assets are high and the companies pay high multiples and accept lower yields during good economic times.
It will be argued that the pay cited here (from the five most recently published proxy statements) includes options cashed in recently but earned years ago during the good times.
Because they distribute most of their income and capital gains in the form of dividends during the good times, they are unable to pay down debt or build up cash reserves prior to the inevitable downturns.
Interviewed in the Harvard Business Review, John Chambers, the boss of Cisco Systems, a network equipment-maker, said the firm tended to make more aggressive investments during bad times than good ones.
New presidents, says Hirsch, like to get their dirty work done in the first year or two of their term and then "prime the pump" to produce good times during their reelection campaigns--a view held by most of those who observe the cycle.
He was a popular leader in the good times, during Spain's long boom.
Perhaps the most shocking aspect of the hardships facing General Motors and Ford Motor as they've struggled to earn money selling cars in their home market is that their troubles have happened during what should have been good times.
Many that have a history of maintaining and raising payments to shareholders are also good candidates for capital gains during better times, too.
So container lines found it relatively easy to take out excess capacity during the 2009 downturn, and are bullish in a big way now that good times are back.
He admits that he and Ozzie sometimes marvel at their good fortune when they talk on the phone or during the three to four times a year they see each other.
But, as always during a boom, investors and borrowers have got carried away in the belief that the good times will continue for ever.
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"There were a couple of times during my 40-year career where people wouldn't have given very good odds on the private rail system even surviving, " Chairman Goode says.
Good housekeeping practices leave companies better prepared to handle financial turmoil, which is crucial during tough economic times.
But any time's good: on average, we visit the Facebook app or the site 13.8 times during the day, for two minutes and 22 seconds each time.
During a recent month in Chalten the weather was good enough for Jim and me to venture into the mountains four times and three times it turned foul not long after getting to basecamp.
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