The Los Angeles Times reports an event called the Frugal Festival recently drew 300 people looking for coupons, freebies and the chance to trade money-saving advice with fellow cheapskates in the L.A. area.

The consumer champ definitely would have been at home at this event. Except if he had his druthers, it would have been called the Cheap Festival!

The Frugal Festival was the brainchild of Julia Scott, a former newspaper reporter who now blogs about ways to save money at BargainBabe.com.

Some economists are terrified of a permanent cultural shift as people get more comfortable to the idea of saving money. Yet we are the most over-stored nation on Earth, with a conservative estimate of 20 sq. ft. of retail space for every person in the United States.

You don't, however, build long-term prosperity by spending, spending, spending. If you're a business, you create it by investing in plant equipment, research and development and new technology.

So, yes, Clark's longtime message of save more and spend less will slow down the nation's economic recovery in the short term. But long term, it sets the foundation for a much stronger America and higher economic growth.