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Algora Publishing - The age of obligation
                                               For a Kinder, Gentler Society
Tuesday,
The age of obligation
Looking back, we now see just how big a proportion of US growth since 2001 was financed by mortgage equity withdrawals. Without that as a means of financing consumption, the economy would barely have grown at 1 per cent a year under President George W. Bush.
The Financial Times

by Neil Ferguson

The age of obligation