Also, mortgages are heavily influenced by prepayments of principal.
How could people spend so much more money without earning more? More gadgets, gizmos, and whatchmacallits. Not only did inflation present no clear and present danger, neither did Americans' debt loads, nor did the negative numbers in the current account. Some economists refer to the whole phenomenon as the "democratization of credit.
The promise of American capitalism is that it makes people richer, freer, and more independent.
So, we stop, draw breath, and wonder.
Certainly, compared with the Old World, Americans have no doubt that the rise of their empire improved every subject's life.
Why didn't they figure out that they could all get rich by buying each others' houses? But Ms Furse is keen to retain independence and is believed to be working furiously behind the scenes to find a way to fend off her suitor. Europe calculates GDP growth more conservatively than America.
In the financial markets, the "going" phase is called a correction.
In a bull market, there are corrections that bring extraordinary gains down to more modest ones.
Generally, the force of a correction is equal and opposite to the trend that precedes it. But since the introduction of the Fed and the rise of the empire, the currency in which Americans keep score has so addled the figures, we scarcely know if we are winning or losing. " Hasn't it been much more vigorous in America than in Europe? In a bull market, there are corrections that bring extraordinary gains down to more modest ones. The deception is so large, we wonder how it could ever be fully corrected.
By setting its key lending rate below the current inflation rate, the Fed misled almost everyone. But the figures are hard to compare. America is the greatest jobs machine on the planet, right? Spiked up by the biggest dose of fiscal and monetary juice in history, America's economy has slightly outpaced Europe's. More Social Security Insurance.
The fund manager's focus in Germany will be on sustainable portfolios, pension funds and funds managed according to quantitative models for institutional and private investors. The owner of a recycling and packing company, Ms Cheung heads a rich list dominated by male property speculators, industrial giants and dot. Some economists refer to the whole phenomenon as the "democratization of credit. "Super-lax policies of the past few years have left behind large economic and financial imbalances that cast doubt on the sustainability of America's growth," says the Economist. Zhang will be based at the Company's headquarters in San Francisco and will report to Andrew Huddart, President of Moody's KMV.
Take out Germany - which has struggled with absorbing its formerly communist cousins from the East - and the two regions are exactly the same.
The average household today has far more of them than we did.
Its house is worth more dollars.
Variable rate mortgages are quite different from floating rate securities in that mortgage payments include principal, whereas floating rate securities usually have the principal paid at maturity. and understates the truth, rather than overstates it, as they do at the Labor Department. It eats out more often. But it is hopeless, the corpses know even less than we do.
These instruments are called floating-rate securities.
Almost every American believes he is richer.
And the pain it causes is directly proportional to the pleasant deception that went before it.
The deception is so large, we wonder how it could ever be fully corrected.