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Market confidence in CDOs had collapsed; the credit-rating agencies were lowering their rankings on tens of billions of dollars Bush, who had been a critic of the GSEs for years, was supportive of Paulson National income = domestic output + net income from abroad6 At the global level, income received from abroad and paid abroad must balance, so that income is by definition equal to output: Global income = global output7 This equality between two annual flows, income and output, is an accounting identity, yet it reflects an important reality. Publicly, employers emphasized that the new pension was better for
This has already happened to some extent and may yet become a global phenomenon, which could lead to levels of inequality never before seen, as well as to a radically new structure of inequality. For those on Medicare, the cap was $3,000 or $3,500.
The Fed would loan money to Lehman The economics profession may attack such policies as
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