2007 Dallas Federal Reserve Annual Report


2/59

Jeo|go|zH Kg||gt ten |mg Ptgzblgo| 8

Eppet|wob|r Ioejiz 1

Zgobet Nhohcgngo| 42

Dehtlz e Lbtgj|etz :0

Ejgtz hol Hlqbzetr Jewojbkz :4

Abohojbhk Z|h|gngo|z ::


3/59

4003 HoowHk TgpeT|Ptgzblgo|z Kg||gt

Hkk e wz jho zgg |mg ee|.ptbo|z e ckedhkbvh|beo bo gqgtrlhr kbg/ \gr

hppght bo smh| sg dwr+ bo ewt fedz+ bo ewt

gqekqboc jwk|wtg hol bo ewt boqgz|ngo|pet|ekbez/ Smbkg |mg setlckedhkbvh|beo

mhz dggo lgogl bo nhor shrz+ B dgkbgqg b|

tgnhboz nbzwolgtz|eel dr de|m |mg pwdkbj

hol pekbjrnhigtz/

B |eei |mg tgboz e |mg Lhkkhz Agl

|mtgg rghtz hce sb|m h z|teoc zwzpbjbeo |mg

gjeoenbj nelgkz wzgl et neog|htr pekbjr

sgtg zrz|gnh|bjhkkr eqgtkeeiboc ckedhkbvh.

|beo hz h jtb|bjhk hj|et bo |mg gjeoenr/

Gzzgo|bhkkr+ |mgzg nelgkz |tgh| |mg gjeoenr

hz b detlgtz htg jkezgl hol smh| mhppgoz

dgreol |mgn nh||gtz kb||kg/ Bo tghkb|r+ detlgtz

dgjeng netg epgo gqgtr lhr+ hol smh|

mhppgoz htewol |mg setkl nh||gtz netg

|mho gqgt/

Oe dwzbogzzngo et sengo B ioes

sewkl |mboi e zewtjboc |mgbt bopw|z et zgkk.boc |mgbt ptelwj|z et zgtqbjgz zekgkr sb|mbo h

lengz|bj thngseti/ Hol hkk W/Z/.dhzgl dwzb.

ogzzgz keei h| jhpb|hk nhtig|z ten h ckedhk

pgtzpgj|bqg |elhr/ Rg| |mg bnhcboh|beoz e

pekbjrnhigtz e|go zggn jeoogl dr ewt

|gttb|etbhk detlgtz/

H| |mg Lhkkhz Agl+ sg htg tg|mboiboc |mbz

jkezgl.gjeoenr qbgs/ B| shz sb|m ctgh| ptblg

H Kg||gt aten |mg Ptgzblgo|


4/59

4 Aglgthk Tgzgtqg Dhoi ea Lhkkhz 4003 HoowHk TgpeT|

khz| hkk |mh| sg khwojmgl |mg Ckedhkbvh|beo

hol Neog|htr Pekbjr Boz|b|w|g |e g}hnbog |mg

pekbjr bnpkbjh|beoz htbzboc ten tggt esz

e ceelz+ zgtqbjgz+ jhpb|hk hol khdet hjtezz

oh|beohk detlgtz/

\g Lhkkhz Agl hktghlr dehz|z h |ep.

oe|jm |ghn e gjeoenbz|z lglbjh|gl |e

tgzghtjmboc hol neob|etboc ewt lrohnbj

gjeoenr+ hol |mgr sbkk jeo|bowg |e le ze/

Sb|m |mbz ogs+ bo.mewzg boz|b|w|g+ sg htgth|jmg|boc wp ewt jennb|ngo| |e ptelwjboc

ctewoldtghiboc tgzghtjm eo igr bzzwgz e

ckedhkbvh|beo hol neog|htr pekbjr/ Sg sbkk

golghqet |e lgqgkep dg||gt nelgkz e |thlg+

jhpb|hk esz hol nbcth|beo9 g}pketg mes

ckedhk lgnhol hgj|z jennelb|r ptbjgz9

g}hnbog |mg tgpgtjwzzbeoz e |mg khtcg khdet

hol jeozwngt peekz bo Jmboh hol Bolbh9

gz|bnh|g |mg bnphj| e |thlg eo ptbjboc lgjb.

zbeoz9 hol g}gjw|g e|mgt hndb|bewz gjeoen.

bj tgzghtjm/

Nhor e |mg setklz nez| bowgo|bhk

neog|htr pekbjr zjmekhtz hol pthj|b|beogtz

mhqg hctggl |e dg ewt cwblgz hol jenpho.

beoz eo |mbz hzjboh|boc bo|gkkgj|whk fewtogr/

Jmhbtboc ewt hlqbzetr dehtl bz Femo D/ hrket+

ho gnbogo| Z|hoetl ptegzzet hol zgobetgkkes h| |mg Meeqgt Boz|b|w|beo hol lgqgk.

epgt e |mg sblgkr mgthklgl hrket twkg et

neog|htr pekbjrnhiboc/

Hkze eo |mg dehtlz tez|gt htg Jmhtkgz T/

Dgho+ g}gjw|bqg lbtgj|et hol jmbg gjeoenbz|

h| |mg Dhoi e Gockhol9 Nht|bo Agklz|gbo+

Mhtqhtl gjeoenbjz ptegzzet hol ptgzblgo|

e |mg Oh|beohk Dwtghw e Gjeoenbj Tg.

zghtjm9 T/ Ckgoo Mwddhtl+ lgho e Jekwndbh

Wobqgtzb|rz Cthlwh|g Zjmeek e Dwzbogzz

hol etngt jmhbtnho e |mg Jewojbk e

Gjeoenbj Hlqbzgtz9 E|nht Bzzboc+ ptgzblgo|

e Cgtnhorz Jgo|gt et Abohojbhk Z|wlbgz

hol etngt ngndgt e |mg Gwtepgho Jgo|thk

Dhoi g}gjw|bqg dehtl9 Aboo Irlkhol+ ptegz.

zet h| |mg Wobqgtzb|r e Jhkbetobh+ Zho|h

Dhtdhth+ Lhkkhz Agl jeozwk|ho| hol sboogt e

|mg 400< Oedgk Ngnetbhk Ptbvg bo gjeoen.bjz9 Cwbkkgtne Et|bv+ ceqgtoet e Dhoje lg

N}bje9 Igoog|m Z/ Tece+ Mhtqhtl ptegz.

zet+ Dteeibocz Boz|b|w|beo gkkes hol etngt

tgzghtjm lbtgj|et e |mg Bo|gtoh|beohk Neo.

g|htr Awol9 hol Sbkkbhn Smb|g+ mghl e |mg

Neog|htr hol Gjeoenbj Lgpht|ngo| h| |mg

Dhoi et Bo|gtoh|beohk Zg||kgngo|z/

Nhti H/ Sroog+ |mg boz|b|w|gz lbtgj|et+

mhz hzzgndkgl h z|h e qg wkk.|bng gjeoe.

nbz|z hol tgjtwb|gl |mtgg mbcmkr tgchtlgl

gjeoenbz|z |e zgtqg hz zgobet gkkesz6 |mg

Wobqgtzb|r e Dtb|bzm Jekwndbhz Nbjmhgk D/

Lgqgtgw}+ |mg Wobqgtzb|r e Qbtcbobhz Athojbz

G/ Shtoeji hol Lhkkhz Agl jmbg gjeoenbz|

S/ Nbjmhgk Je}/

\g Ckedhkbvh|beo hol Neog|htr Pekbjr

Boz|b|w|gz cehk go|hbkz lgqgkepboc |mg |eekzneog|htr pekbjrnhigtz oggl |e hjjenpkbzm

|mgbt edfgj|bqgz bo |mg 48z| jgo|wtr+ smgo b|

bz jtb|bjhk |e wolgtz|hol smh| bz mhppgoboc

htewol |mg setkl+ oe| fwz| h| meng/ \g boz|b.

|w|g mhz h jmhkkgocboc nbzzbeo+ dw| eog |mh|

ewt hlqbzetz+ z|h hol gkkesz dgkbgqg nwz|

dg hjjenpkbzmgl b neog|htr pekbjr bz |e dg

ggj|bqg bo |mg w|wtg/

\mg Ckedhkbvh|beo hol Neog|htr

Pekbjr Boz|b|w|gz cehk go|hbkz

lgqgkepboc |mg |eekz neog|htr

pekbjrnhigtz oggl |e

hjjenpkbzm |mgbt edfgj|bqgz bo

|mg 48z| jgo|wtr/


5/59

4003 HoowHk TgpeT|Ptgzblgo|z Kg||gt

\mg Ckedhkbvh|beo hol

Neog|htr Pekbjr Boz|b|w|g

Nbjmh D/ Lqt}

Fm D/ |hrt

Sbbhn Smb

Jmhtz T/ Dh

Cbtn etbv

T/ C Mddhtl

enht Bzzbc Ab Irlhl

Im Z/ Tc

Athjbz g/ Shtji

Nhtb Alzb

S/ Nbjmh J}

Nhti H/ Sr

\mg boz|b|w|g mhz h

jmhkkgocboc nbzzbeo+ dw|

eog |mh| ewt hlqbzetz+

z|haa hol agkkesz dgkbgqg

nwz| dg hjjenpkbzmgl ba

neog|htr pekbjr bz |e dg

gaagj|bqg bo |mg aw|wtg/


6/59

Zwjjgzz Hdtehl

\g Lhkkhz Aglz jennb|ngo| |e tg.

zghtjm eo ckedhkbvh|beo g}|golz |e ewt hoowhk

tgpet| gzzhrz/ Aet 4007+ sg g}hnbogl mes

ckedhkbvh|beo lbzjbpkbogz pwdkbj pekbjr hol et

4001+ mes b| bnphj|z ptelwj|bqb|r hol jez|z/

Bo |mbz rghtz gzzhr Eppet|wob|r Ioejiz6

Zgkkboc Ewt Zgtqbjgz |e |mg SetklNbig Je}

hol zgobet gjeoenbjz stb|gt Tbjmhtl Hkn

jewo|gt |mg mhol.stbocboc eqgt ckedhkbvh|beo

dr keeiboc h| h W/Z/ zwjjgzz z|etr6 lenbohojgbo |mg zgtqbjg zgj|et/

Sg g}pet| netg zgtqbjgz |mho hor e|mgt

oh|beodr h keoc zme|/ Dg||gt z|bkk+ nez| e

smh| sg zgkk hdtehl htg mbcmkr qhkwgl zgt.

qbjgzbolwz|tbhk gocboggtboc+ go|gt|hbongo|+

mghk|m jhtg+ hol |mg seti e htjmb|gj|z+ khsrgtz

hol e|mgt ptegzzbeohkz/ Ewt ctesboc zgtqbjgz

|thlg zwppet|z nhor sgkk.phrboc fedz/

Sg lgqgkepgl ewt g}pgt|bzg bo |mgzg

zgtqbjgz |e ngg| |mg ogglz e ewt eso

gjeoenr+ dw| |mg ptezpgj|z et g}pet|boc

|mgn mhqg ogqgt dggo dtbcm|gt/ Bo|gtog| Hcg

|gjmoekecbgz htg zmtboiboc |mg jeoz|thbo|z

e |bng hol zphjg+ epgoboc ckedhk nhtig|z

|e netg zgtqbjgz/ Fwz| hz bnpet|ho|+ ckedhk

lgnhol sbkk tbzg thpblkr hz jeozwngtz bo

Jmboh+ Bolbh hol e|mgt hz|.ctesboc oh|beozzmb| |mgbt zpgolboc ten ceelz |e zgtqbjgz/

Eog e |mg gzzhrz qhkwhdkg bozbcm|z

jengz ten g}pkhboboc smh| gjeoenbz|z jhkk

bojeng gkhz|bjb|r e lgnhol+ h pesgtwk

jeojgp| |mh| jho mgkp wz dg||gt wolgtz|hol

ckedhkbvh|beo/ Mbcm gkhz|bjb|bgz zwccgz| tbzboc

bojengz sbkk kghl |e thpbl ctes|m bo ckedhk

jeozwnp|beo e nhor e |mg zgtqbjgz sg

ptelwjg ze sgkk/

Zjh||gtgl |mtewcmew| |mg gzzhr htg

z|etbgz |mh| zpe|kbcm| g}hz jenphobgz |hi.

boc hlqho|hcg e |mg ctesboc ckedhk nhtig|

et zgtqbjgz/ Lhkkhz.dhzgl Khcwhtlh/Kes

Htjmb|gj|z lgzbcogl h setkl.jkhzz ptefgj| eo

|mg zmetgz e eire Dhr/ \g zgbznbj jtgsz

e Mewz|eoz Cgeibog|bjz Boj/ htg leboc |mgbt

pht| bo |mg ebk hol chz bolwz|trz setklsblg

zghtjm et ogs tgzgtqgz/ Zho Ho|eobez Ng|m.

elbz| Mghk|mjhtg Zrz|gn |tgh|z 8+700 etgbcoph|bgo|z h rght/

Ckedhk dwzbogzz bz jenpkg}+ hol |mg Lhk.

khz eajg e AB Jeozwk|boc mgkpz jenphobgz

jepg sb|m b|/ Btqboc.dhzgl Akwet Jetp/+ ho go.

cboggtboc hol jeoz|twj|beo tn+ bz fwz| eog e

nhor g}hz nwk|boh|beohkz leboc dwzbogzz eo

h ckedhk zjhkg/ Dw| gqgo h znhkk Gk Phze sgd

lgzbcogt mhz ewol h objmg et zgkkboc zgtqbjgz

hdtehl/ Nhor e|mgt g}hz jenphobgz mhqg

leog kbigsbzg+ hol B hn zwtg sg sbkk zgg e|m.

gtz ekkes |mgn bo|e |mg ckedhk nhtig|pkhjg/

W/Z/ jenphobgz htg tghlr |e ngg| |mg

setklz ctesboc lgnhol et zgtqbjgzdw|

sg sbkk hjg jenpg|b|beo/ Z|hrboc hmghl bo

zgtqbjgz |thlg tgxwbtgz sgkk.glwjh|gl seti.

gtz hol hlteb| nhohcgtz9 lgqgkepboc netg

e |mgn sbkk dg igr |e zgkkboc ewt zgtqbjgz|e |mg setkl/ Gqgtr jmhojg B cg|+ B z|tgzz |mg

bnpet|hojg e glwjh|beo |e ceel fedz hol

tbzboc bojengz bo |mbz jewo|trh pebo| |mbz

gzzhr wolgtzjetgz/

Jkezgt |e Meng

Smbkg B hn eo |mg zwdfgj| e pteqblboc

ceel zgtqbjg+ B hn |tgngolewzkr ptewl e

W/Z/ jenphobgz htg tghlr

|e ngg| |mg setklz ctesboc

lgnhol aet zgtqbjgzdw|

sg sbkk ahjg jenpg|b|beo/

Z|hrboc hmghl bo zgtqbjgz

|thlg tgxwbtgz sgkk.glwjh|gl

setigtz hol hlteb| nhohcgtz9

lgqgkepboc netg ea |mgn sbkk

dg igr |e zgkkboc ewt zgtqbjgz

|e |mg setkl/


7/59

|mg Lhkkhz Aglz jeo|bowgl zwjjgzz bo ep.

gth|beohk htghz/ Bo 4003+ |mg Aglgthk Tgzgtqg

Zrz|gn lgjblgl |mh| b|z 44 jmgji.ptejgzzboc

zb|gz htewol |mg jewo|tr sewkl dg jeozekb.

lh|gl bo|e fwz| ewt jgo|gtz/ \g Lhkkhz Agl

sbkk dg tgzpeozbdkg et ptejgzzboc jmgjiz lg.

pezb|gl bo |mg go|btg sgz|gto Wob|gl Z|h|gz+

hkkesboc wz |e pkhr h qb|hk tekg bo |mg znee|m

woj|beoboc e ewt oh|beoz phrngo|z zrz|gn/

B hn jeolgo| bo |mg hdbkb|r e ewt jmgji.

ptejgzzboc z|h hol nhohcgngo| |e ngg||mg jmhkkgocgz e |mbz jeozekblh|beo smbkg

jeo|bowboc |mg zhng ew|z|holboc zgtqbjg |e

ohojbhk boz|b|w|beoz/

4003 nhtigl |mg tz| wkk rght ewt jhzm

epgth|beoz mholkgl |mg bojtghzgl qekwng

ten |mg jeozekblh|beo e ho ew|.e.z|h|g jhzm.

ptejgzzboc jgo|gt hol lthnh|bj ctes|m bo

bo|gtoh|beohk lgpezb|z/ Hz h tgzwk|+ |mg Lhkkhz

Agl phbl hol tgjgbqgl h tgjetl ,848 dbkkbeo bo

jwttgojr/

Bo tgzpeozg |e ptgzzwtgz bo |mg zmet|.

|gtn wolboc nhtig|z+ |mg Aglgthk Tgzgtqg

gz|hdkbzmgl h |gtn hwj|beo hjbkb|r -HA"

|e mgkp ptene|g gajbgo| lbzzgnboh|beo e

kbxwblb|r/ Hz hlnbobz|th|bqg hol lgqgkepngo|

zb|g et |mg hw|enh|gl zrz|gn |mg Tgzgtqg

Dhoiz wzg et lbzjewo| sboles epgth|beoz+ewt Lhkkhz |ghn shz jhkkgl eo |e xwbjikr

lgqgkep |mg ze|shtg jhphdbkb|bgz |e zwppet|

|mg HA/

\g Aglgthk Tgzgtqg hol |mg W/Z/

tghzwtrz Abohojbhk Nhohcgngo| Zgtqbjg

khwojmgl |mg Ce Lbtgj| ptecthn bo 4007+

hbngl h| bojtghzboc gkgj|teobj phrngo|z

hol lgjtghzboc phpgt jmgjiz et pgepkg sme

tgjgbqg glgthk dgog|z/ \g Lhkkhz Agl hz.

zbz|z |mbz ptecthn dr mez|boc h Ce Lbtgj|jhkk

jgo|gt hol sgdzb|g |mh| mholkg lbtgj| lgpezb|

gotekkngo|z/ Neo|mkr pht|bjbph|beo g}pholgl

|mtewcmew| |mg rght+ hol bo Hwcwz|+ ewt jhkk

jgo|gt ptejgzzgl b|z 8 nbkkbeo|m gotekkngo|/

Ewt pwdkbj ew|tghjm hol glwjh|beo

ptecthnz jeo|bowgl |e nhig |mgbt nhti eo

|mg Gkgqgo|m Lbz|tbj|/ Ewt z|h etchobvgl

jennwob|r etwnz bo Hwz|bo+ Zho Ho|eobe+

Khtgle+ Jetpwz Jmtbz|b+ Hdbkgog+ Khz Jtwjgz+NjHkkgo hol Hnhtbkke/ \gr hkze pkhoogl

jeogtgojgz hol tewol|hdkgz eo mengeso.

gtzmbp ptgzgtqh|beo hol mghk|m jhtg/ Bo

4003+ ewt mbcmkr zwjjgzzwk Dwbklboc Sghk|m

ptecthn+ smbjm |ghjmgz zewol ohojbhk

nhohcgngo| ptbojbpkgz+ shz khwojmgl bo

JL.TEN etnh|/ Netg |mho 30+000Dwbklboc

Sghk|m setideeiz+ hqhbkhdkg bo Gockbzm hol

Zphobzm+ hol 70+000 JLz sgtg lbz|tbdw|gl bo


8/59

\elhrz thpbl ckedhkbvh|beo set.tbgz nhor Hngtbjhozhol b|z oe| mhtl |e

cwtg ew| smr/ Sgtg dendhtlgl dr ogsz e

|thlg lgjb|z+ zehtboc ebk ptbjgz+ ew|zewtjglfedz+ zmtboiboc hj|etr gnpkerngo|+ h sghi.

goboc lekkht hol mhvhtlewz bnpet|znhlg

hkk |mg netg |tewdkboc dr |mg tbzg e zwjm ogs

jenpg|b|etz hz Jmboh hol Bolbh/

Ckedhkbvh|beo nhr tgxwbtg wz |e tgqbzg

ewt epgth|boc nhowhkz+ dw| sg le ewtzgkqgz h

lbzzgtqbjg smgo sg hjjgo|wh|g |mg ogch|bqg/

Ho bojtghzbockr bo|gcth|gl setkl gjeoenr

ptene|gz gajbgo| ptelwj|beo+ kesgtz jez|z+

zpgglz ctes|m hol ez|gtz dg||gt gjeoen.

bj pekbjbgz/ B| cbqgz W/Z/ jeozwngtz

netg hjjgzz |e etgbco ptelwj|z

hol W/Z/ ptelwjgtz netg hjjgzz

|e etgbco jeozwngtz/ \gtgbo

kbgz eog e |mg lhocgtz bo |mg

lesodgh| qbgs6 B| bcoetgz |mg

eppet|wob|r cke.dhkbvh|beo egtz

Hngtbjh |e zgkk

ewt zgtqbjgz

|e |mg setkl/

Eqgt |mg phz| jgo|wtr+

|mg W/Z/ mhz lgqgkepgl h lggp+

lbqgtzg peek e zibkkgl+ ptelwj|bqg hol

sgkk.phbl zgtqbjg pteqblgtz/ \grtg pht| e

Eppet|wob|r Ioejiz

Zgkkboc Ewt Zgtqbjgz|e |mg Setkl

h zpthskboc zgtqbjg zgj|etwkkr ewt.|mz

e ewt gjeoenr|mh| bojetpeth|gz zibkkz

hol |hkgo|z meogl bo |mg mbcmkr jenpg|b|bqg

W/Z/ nhtig|/ Sgtg setkl.jkhzz pteqblgtz eohojbhk+ kgchk+ nglbjhk+ jeoz|twj|beo hol

bolwz|tbhk gocboggtboc zgtqbjgz/ Sg g}jgk bo

zwppkrboc go|gt|hbongo|+ glwjh|beo hol bo.

etnh|beo nhohcgngo|/ Sg kghl bo |gkgjen.

nwobjh|beoz+ nhohcgngo| hol jeozwk|boc+

|thqgk zgtqbjgz hol |ewtbzn/

\hoiz |e wolhngo|hk zmb|z bo |mg

ckedhk nhtig|pkhjg+ Hngtbjhz zgtqbjgz

g}pgt|bzg jho oes g}gt| b|zgk setklsblg/ \g

Bo|gtog|+ zh|gkkb|gz hol dgt.ep|bj |thoznbz.

zbeo kbogz mhqg dewol gjeoenbgz |ecg|mgt

dr nhiboc b| jmghpgt hol ghzbgt |e jekkgj|+

ptejgzz hol lbz|tbdw|g boetnh|beo+ h igr

jenpeogo| bo zwppkrboc zepmbz|bjh|gl zgt.

qbjgz/ Nhor zgtqbjgz+ eojg kbnb|gl |e lengz.

|bj nhtig|z+ oes |thlg bo|gtoh|beohkkr/

\gzg ogs |gjmoekecbgz mhqg httbqglh| h |bng e g}pkezbqg ctes|m bo ckedhk

lgnhol/ Bo |mg phz| |se lgjhlgz+ Jmboh+

Bolbh hol e|mgt dbc+ hz|.ctesboc jewo|tbgz

mhqg |mteso epgo |mgbt gjeoenbgz+ cbqboc

|mg tgz| e |mg setkl dbkkbeoz e pe|go|bhk ogs

jwz|engtz/ Hz |mgzg gngtcboc oh|beoz ctes

tbjmgt bo jenboc lgjhlgz+ |mgrkk zpgol netg

e |mgbt bojengz eo |mg ibolz e zgtqbjgz W/Z/

Eqgt |mg phz| jgo|wtr+

|mg W/Z/ mhz lgqgkepgl

h lggp+ lbqgtzg peek

ea zibkkgl+ ptelwj|bqg

hol sgkk.phbl zgtqbjg

pteqblgtz/



9/59

jenphobgz jho lgkbqgt/

Sg mght h ke| hdew| Hngtbjho dwzbogzz.

gz hol setigtz hjboc ctesbocjenpg|b|beoten kes.jez| tbqhkz htewol |mg setkljhkkjgo|gt epgth|etz bo |mg Pmbkbppbogz+ jen.

pw|gt ptecthnngtz bo Jmboh+ hjjewo|ho|z bo

Bolbh+ dhji.eajg setigtz bo Dthvbk/ Sg mght

kb||kg hdew| W/Z/ zgtqbjg jenphobgz |mh| jtgh|g

fedz hol ctes pte|z dr g}pholboc |mgbt

dwzbogzzgz eqgtzghz/

Rg| g}hnpkgz htg gqgtrsmgtg/ Aetgbco

hwlbgojgz hjjewo|gl et hknez| 10 pgtjgo|

e Mekkrseelz de}.eajg tgqgowgz ten

neqbgz tgkghzgl bo 4003/ NjLeohklz hol

IAJ zgtqg hz| eel h| netg z|etgz hdtehl

|mho mgtg h| meng/ H xwht|gt e |mg khsrgtz

h| |mg 87 khtcgz| W/Z/.dhzgl tnz seti bo

etgbco ew|pez|z/ W/Z/ htjmb|gj|z lgzbco e.

jg |esgtz+ hbtpet|z hol z|hlbwnz bo Jmboh+

Lwdhb+ Jhohlh hol e|mgt etgbco kejhkgz/

Hngtbjho etgozbj g}pgt|z boqgz|bch|ghjjblgo|z hol jtbngz htewol |mg ckedg/

Ewt ptecthnngtz jtgh|g qblge chngz+ ewt

ptegzzetz |ghjm jkhzzgz+ ewt ohojbhk hlqb.

zetz nhohcg neogret de|m etgbco hol

lengz|bj jwz|engtz/

Zgtqbjgz htg e|go lbznbzzgl hz |mg

pteqbojg e lghl.gol fedz hol kes shcgz/

Oe|mboc jewkl dg netg steoc/ Nhor e ewt

zgtqbjg setigtz htg sgkk.glwjh|gl+ jen.

nholboc mbcm phr dgjhwzg e |mgbt hdbkb|r

|e hll qhkwg |e smh| |mgr ptelwjg/ Ewt

gjeoenrz |thozb|beo |e zgtqbjgz mhz dtewcm|mbcmgt bojengz hol dg||gt fedz+ nhiboc |mbz

zgj|etewt dgz| mepg et ptezpgtboc bo |mg gthe ckedhkbvh|beo/

Eppet|wob|r ioejiz/\g W/Z/ mhz dggozmhtpgoboc b|z zgtqbjg zibkkz et lgjhlgz/ Sg

mhqg smh| b| |higz |e dg h setkl.dgh|gt bo |mg

zgtqbjgz |mh| pteqblg sgkk.phrboc fedz/ Epgo.

boc |mg leet |e |mg g}phozbeo bo zgtqbjgz

|thlg sbkk kghl |e hz|gt gjeoenbj ctes|m hol

tbzboc bojengz/ wtoboc hshr ten ckedhk.

bvh|beoz jhkk tbziz zxwholgtboc h ceklgo

eppet|wob|r/

Zgtqbjgz Hzjgolho|

H jgo|wtr hol h mhk hce+ Cgtnho

gjeoenbz| Gtoz| Gocgk lejwngo|gl |mg lb.

gtgojgz bo mes peet hol tbjm hnbkbgz zpgol|mgbt neogr/ \ezg sb|m kes bojengz |gol

|e hkkejh|g tgkh|bqgkr netg |e dhzbj ogglz

eel+ jke|mboc hol zmgk|gt/ Mbcmgt.bojeng

jeozwngtz zpgol netg eo go|gt|hbongo|+

|thqgk+ pgtzeohk jhtg hol e|mgt sho|z/

\g zmb| ten ogglz |e sho|z zmhpgz

ph||gtoz e jeozwngt lgnhol h| hkk bojeng

kgqgkz/ H| h pgt jhpb|h bojeng e ,:+300+ et

4003 HoowHk TgpeT|6 Eppet|wob|r Ioejiz


10/59

g}hnpkg+ Bolbhz jeozwngtz hkkejh|g ho hqgt.

hcg


12/59

G}mbdb| 8

Lgnhol Neqboc Wp

|e Zgtqbjgz

Zlbc lhh tn jtbz h h

qz lqn zms ms tbzbc

t jhbh bjn zmhz lnhl b b

dthl jznb jhctbz/ Mz.

mlz zmb hshr tn clz hl shtl

ztqbjz hz bjnz bjthz/

|m jt bz


13/59

,: ,84 ,


14/59

hkkes wz |e zgphth|g jennwobjh|beoz hol

|thozpet|h|beo/ Keeiboc h| zpgolboc ph||gtoz

et W/Z/ jeozwngtz eokr+ mesgqgt+ sg ol tgk.

h|bqgkr mbcm gkhz|bjb|bgz et jgkk pmeog zgtqbjg

hol hbt |thqgk/ \bz zwccgz|z |mg jh|gcetrz

eqgthkk gkhz|bjb|r bz ptedhdkr dgboc pwkkgl wp

dr |mg zgtqbjgz b| gndelbgz/

Tgjtgh|beo zpgolboc g}mbdb|z |mg mbcm.

gz| gkhz|bjb|r h| hkk bojeng kgqgkz+ bolbjh|.

boc mewzgmeklz setklsblg htg gzpgjbhkkr

ghcgt |e jeozwng netg e b|/ \g |rpgz e

tgjtgh|beo+ e jewtzg+ qhtr hkeoc |mg bojeng

zjhkgten dwrboc pkhrboc jhtlz hol lenb.

oegz bo peet jewo|tbgz+ |e h||golboc zejjgtchngz bo lgqgkepboc oh|beoz+ |e goferboc

Dtehlshr pkhrz bo |mg W/Z/

Bo nhor peet mewzgmeklz+ jmbkltgo

ltep ew| e zjmeek |e seti/ Hz hnbkbgz

ghto netg neogr+ |mgr jho hetl |e hkkes

|mgbt jmbkltgo netg rghtz bo |mg jkhzzteen/

Glwjh|beo bz h zwpgtbet ceel+ sb|m bojeng

gkhz|bjb|bgz |mh| thocg ten 8/03 |e 8/02+ oe| hz

mbcm hz |mg nglbjhk+ tgjtgh|beo hol jennw.

objh|beoz jh|gcetbgz/ Glwjh|beo bz h ptbetb|r

dgjhwzg b| meklz |mg igr |e mbcmgt bojengz+

dw| b|z nghzwtgl gkhz|bjb|r nhr dg mgkl leso

dgjhwzg zpgolboc lgjbzbeoz htg e|go nhlg

dr ceqgtongo|z+ oe| mewzgmeklz/

Jeozwnp|beo tbzgz hz|gt |mho bojeng

et |mg jh|jmhkk jh|gcetr e|mgt/ Nhlg wp khtcgkre zgtqbjgz oe| jhp|wtgl gkzgsmgtg+b| bojkwlgz khsrgtz lth|boc sbkkz+ JPHz kboc|h} tg|wtoz hol cggiz }boc jenpw|gtz/ \g

jh|gcetr hkze jeqgtz nhor e |mg pgtzeohk

zgtqbjgz jeozwngtz tgcwkhtkr wzgten

mhbtjw|z |e ltr jkghoboc/

Zgtqbjgz g}mbdb| h mbcm

lgctgg ea bojeng gkhz|bjb|r/

Jewo|tbgz sb|m tbzboc pgt

jhpb|h bojengz sbkk kbigkr

aekkes |mg ph|m |tel dr

W/Z/ jeozwngtz hol hkke|

h ctesboc pet|beo ea |mgbt

zpgolboc |e zgtqbjgz/

Ng|melbz| Mghk|mjhtg Zrz|gnNglbjhk Jhtg

Zh Hbz htcz tqblt nlbjh

ztqbjz+ Nmlbz Mhmjht }lz bz

thjm hjtzz dtltz dr jhtbc t hbz tn

N}bj+ Zhb+ Tzzbh+ Dthvb+ Blbh hl mt

lv mt jtbz/

Sbm 44 Zh Hb.hth hjbbbz+ Nml

bz Mhmjht tz h thc nlbjh

zjbhbzdztbjz+ jhtlbcr+ jcr+

thzhz/ |m zrzn thl nt mh 8+700

bthbh hbz b 4003/

|m bthbh ztqbjz lhtnz

nbbch zh mz tbctz sbm ljtz

hbnz+ nlbjh tjtlz hl hbt hnd.

hjz/ Jjbtc ztqbjz bcm hnbbz dt.

lz dr lbc mbt lztn thq hl

hjjnnlhbz zbcmzbc hl tjthb/

B m hz s rhtz+ ljtz ttnl

h d nhtts thzh h 7.rht.l

cbt tn phibzh hl bnhl h ,20+000

hnhbj bth ldtbht b h hb tn

pt/ wlt m lbzhz nhhcn tcthn+

h N}bjh dzbzz }jbq as b t jmji.

z qtr mt nmz/

\g}hz Zgtqbjgz G}pet|gt



15/59

Eqgthkk+ zgtqbjgz g}mbdb| h mbcm lgctgg e

bojeng gkhz|bjb|r/ Jewo|tbgz sb|m tbzboc pgt

jhpb|h bojengz sbkk kbigkr ekkes |mg ph|m |tel

dr W/Z/ jeozwngtz hol hkke| h ctesboc pet.

|beo e |mgbt zpgolboc |e zgtqbjgz/ Sghk|mbgt

mewzgmeklz sbkk sho| netg eel+ gogtcr

hol hj|etr ceelz+ dw| ckedhk lgnhol sbkkcthlwhkkr zigs |eshtl nhblz+ mhbtltgzzgtz+

go|gt|hbogtz+ bozwthojg hcgo|z+ ohojbhk hlqb.

zetz+ lej|etz hol e|mgt zgtqbjg pteqblgtz/

Bojtghzgl jeozwnp|beo e zgtqbjgz bz h

mhkknhti e zejbg|bgz ctesboc tbjmgt -G}mbdb| 4"/

\gbt jmhocboc zpgolboc ph||gtoz ngho pte.

lwjgtz e bogtbet ceelz sbkk dg kg| dgmbol/

Ptelwjgtz e zwpgtbet ceelz hol zgtqbjgz htg

dg||gt pezb|beogl |e |hig hlqho|hcg e ctes.

boc ckedhk lgnhol+ gzpgjbhkkr b smh| |mgr

zgkk jho dg |thlgl bo nhtig|z smgtg jeozwn.

gtz mhqg netg |e zpgol/

Pgt jhpb|h bojengz mhqg dggo tbzboc

bo nhor jewo|tbgzZphbo hol Pekhol bo

Gwtepg+ Dthvbk hol Jmbkg bo Zew|m Hngtbjh+\hbkhol hol Qbg|ohn bo Ghz| Hzbh/ \gbt lg.

nhol et zgtqbjgz sbkk jeo|bowg |e bojtghzg+

dw| Jmboh hol Bolbh nhr dg |mg dbccgz|

pe|go|bhk jeozwngtz/

Hk|mewcm z|bkk peet dr W/Z/ z|holhtlz+

|mgzg |se oh|beoz mhqg neqgl wp thpblkr bo

tgjgo| rghtz/ Jendbogl+ |mgr mhqg 4/< dbkkbeo

pgepkggbcm| |bngz |mg W/Z/ pepwkh|beo

G}mbdb| 4

Mes Sg Jeozwng

Aten Peet |e Tbjm

Al hl jmbc mhq

m sz bjn hzbjb.

bz lnhl/ |m hzbjbr

t l zhtz s ds

8 hl ljbz hz s nq

tn m tz m tbjm.

z hbz/ Zlbc s

i hj sbm cdh bjn

ctsm/

ghzbjbbz t tjthb+

nlbjh jht hl mt

jhctbz ht mbcm bbbhr+

h hz bjn bjthzz hl

z b h qz s hdq

8/ |mbt zmhtz m cdh

jznt dlc sb cts

hz bjn tbzz/

Zb} jtbz zms m

hzbjbbz rbjhr hzzjb.

hl sbm qhtbz bjn

qz/

/7

0

/7

8

8/7

4

4/7

:

,0 ,2+000 ,8=+000 ,43+000 ,:1+000 ,


16/59

hol |mgr+ |ee+ sbkk sho| gqgo netg zgtqbjgz/

\g gngtcboc cbho|z sg zeng|bngz ght nhr

egt ewt ctgh|gz| eppet|wob|r/

Sb|m b|z khtcg pepwkh|beo hol hz|

ctes|m+ Jmboh sbkk jeo|tbdw|g netg |e |mg

tbzg bo ckedhk lgnhol |mho hor e|mgt jewo|tr

bo 400=/ \g oh|beoz zpgolboc bojtghzgz

hkeog zmewkl tghjm ,878 dbkkbeo et jennw.

objh|beoz hol |thozpet|h|beo+ ,881 dbkkbeo et

nglbjhk zgtqbjgz+ ,=3 dbkkbeo et glwjh|beo

hol ,32 dbkkbeo et tgjtgh|beo -G}mbdb| :"/

Bolbh seo| nh|jm |mg bojtgngo|hk

lgnhol ten Jmboh hol |mg W/Z/+ dw| b| zmewkl

hll ,:3 dbkkbeo et jennwobjh|beoz hol|thozpet|h|beo+ ,47 dbkkbeo et nglbjhk zgtqbjgz+

,4< dbkkbeo et glwjh|beo hol ,81 dbkkbeo et

tgjtgh|beo/

Zpgolboc bojtghzgz sbkk dgjeng gqgo

khtcgt hz Jmboh hol Bolbh jeo|bowg |e ctes/

H dbc jmwoi e |mbz lgnhol sbkk oe lewd|

dg kkgl dr lengz|bj zgtqbjg pteqblgtz+ dw|

jeozwngtz hol dwzbogzzgz bo Jmboh+ Bolbh hol

gkzgsmgtg sbkk hkze zmep |mg setkl nhtig|/

\bz sbkk ngho pe|go|bhk ogs dwzbogzz et

jenphobgz |mh| lgkbqgt xwhkb|r hol qhkwg bo

zgtqbjgz g}pet|zdwzbogzz et |mg W/Z/ hol+

rgz+ et e|mgt jewo|tbgz hz sgkk/

Bo 4001+ ewt khtcgz| nhtig|z et zgtqbjgz

g}pet|z sgtg jewo|tbgz sb|m keoc.z|holboc gje

oenbj |bgz |e |mg W/Z/|mg Wob|gl Iboclen+ Fh.pho+ Jhohlh+ Ng}bje hol Cgtnhor/ Hngtbjho

jenphobgz mhqg mhl lgjhlgz |e dwbkl wp dwzb.

G}mbdb| :

Dbc Jewo|tbgz+

Dbc Lgnholz

At Jmbh hlBlbh+ hz ctsm hl

htc hbz sb

jndb sbm mbcm

hzbjbbz ltbq

ztc lnhl t

ztqbjz b 400=/

|m mc+ tbjm w/Z/

jnr s cts

hz hz+ d bz zb

hnc m mt

jtbdtz cdhlnhl/

JmbohPep/ 8/:8< dbkkbeo

,=+114 pgt jhpb|h CLP

80/=' hoowhk CLP ctes|m

BolbhPep/ 8/88: dbkkbeo

,:+34< pgt jhpb|h CLP

=/1' hoowhk CLP ctes|m

W/Z/Pep/ 0/: dbkkbeo

,


17/59

ogzz bo |mgzg nhtig|z+ hol ewt zgtqbjgz g}pet|z

|e |mgn htg z|bkk ctesboc -G}mbdb|


18/59

mhz tbzgo thpblkr+ zwccgz|boc |mh| sgtg zgkk.

boc |mg setkl netg qhkwhdkg zgtqbjgz/ Tbzboc

bojengz bo e|mgt jewo|tbgz hol |tgh|bgz |mh|

tgneqgl |thlg dhttbgtz hkze jeo|tbdw|gl |e

mbcmgt tgkh|bqg ptbjgz et zgtqbjgz g}pet|z/

\g |bnboc+ mesgqgt+ zwccgz|z |mg igr

hj|et h| seti shz |gjmoekecr/ Zgtqbjgz

tgkh|bqg ptbjgz |eei e fwz| hz |mg tgqekw.

|beo bo boetnh|beo ptejgzzboc hol jen.

nwobjh|beoz mb| b|z z|tblg/ \g boqgo|beo e|mg nbjteptejgzzet kgl |e jenpw|gtz+ jgkk

pmeogz+ |mg Bo|gtog| hol g.nhbk+ g}pholboc

|mg jhphjb|r |e neqg qhz| hnewo|z e lh|h

qbt|whkkr horsmgtg/ Zgtqbjg ptelwjgtz jewkl

jeoogj| |e lbz|ho| jwz|engtz bo shrz ogqgt

dgetg pezzbdkg/Zgtqbjgz lbgt ten ceelz bo wolhngo.

|hk shrz/ Nez| ceelz jho dg nhzz.ptelwjgl+

jth|gl+ shtgmewzgl hol zmbppgl9 ptelwj|beo

hol jeozwnp|beo nhr dg sblgkr zgphth|gl

bo |bng hol zphjg/ \grtg ghzbkr |thlgl+ gqgo

eqgt keoc lbz|hojgz/ Nez| zgtqbjgz+ eo |mg

e|mgt mhol+ htg jtgh|gl et zpgjbj jwz|en.

gtz+ lgkbqgtgl lbtgj|kr |e |mgn hol jeozwngl

smgo ptelwjgl/ \gr sgtg lbajwk| |e |thlg

wo|bk |gjmoekecr tglwjgl |mg dhttbgtz bn.

pezgl dr lbz|hojg/

Ceelz z|bkk hjjewo| et |mg dwki e W/Z/g}pet|z+ dw| zgtqbjgz mhqg chbogl ctewol+ tbz.

boc ten 82/1 pgtjgo| e |e|hk g}pet|z bo 82=0

|e 42/= pgtjgo| bo 4003 -G}mbdb| 1+ phcg 8="/

\g oh|beoz etgbco zhkgz e zgtqbjgz |e|hkgl

,


19/59

,480 dbkkbeo+ jewo|tbgz |mh| dgog| ten

ghzr hjjgzz |e |mg nhtig|z e |mgbt Gwtepgho

Wobeo pht|ogtz/

Dtghiboc b| leso dr bolwz|tr+ sg ol

W/Z/ zgtqbjgz g}pet|z g}jgglgl bnpet|z bo 87

e |mg 40 jh|gcetbgz |thjigl dr |mg Jen.

ngtjg Lgpht|ngo|e|go dr h khtcg nhtcbo

-G}mbdb| 3+ phcg 82"/ Ewt dbccgz| glcg shz

bo bolwz|tbhk gocboggtboc+ smgtg g}pet|z

sgtg hknez| 4< |bngz bnpet|z/ \bz tggj|z

ckedhk lgnhol et W/Z/ |gjmobjbhoz+ sme ce

eqgtzghz |e boz|hkk jenpw|gtbvgl jeo|tek zrz.

|gnz+ lgzbco bolwz|tbhk tede|z hol z|tghnkbog

zwppkr jmhboz/Bo 4001+ W/Z/ neqbg z|wlbez ptelwjgl

zwjm de}.eajg mb|z hz Pbth|gz ea |mg Jhtbd.

dgho6 Lghl Nhoz Jmgz|+ mgkpboc ewt etgbco

lbz|tbdw|beo e knz hol Q zmesz g}jggl

bnpet|z dr h hj|et e 8:/

Nglbh tgpet|z mhqg ejwzgl eo Hngtb.

jhoz |thqgkboc hdtehl bo zghtjm e hetlhdkg

mghk|m jhtg+ dw| etgbcogtz zpgo| 80 |bngz

netg eo W/Z/ nglbjhk zgtqbjgz |mho sg zpgo|

eqgtzghz bo 4001/ \g Wob|gl Z|h|gz kghlz |mg

setkl bo nglbjhk tgzghtjm+ mgkpboc lej|etz

hol mezpb|hkz egt ph|bgo|z hlqhojgl jhtg

|mgr nhr dg wohdkg |e ol bo |mgbt meng

jewo|tbgz/

Aetgbcogtz htg gnpkerboc W/Z/ tnz et

bothz|twj|wtg hol g}pketh|beo ptefgj|z/ Bo

jeoz|twj|beo+ gocboggtboc+ htjmb|gj|wthk hol

nboboc zgtqbjgz+ ewt g}pet|z sgtg oghtkr80 |bngz ewt bnpet|z/ \g og}| khtcgz| W/Z/

g}pet|.|e.bnpet| th|bez sgtg bo lh|hdhzg

hol e|mgt boetnh|beo zgtqbjgz hol boz|hkkh.

|beo+ tgphbt hol nhbo|gohojg e gxwbpngo|/

A\B Jeozwk|bocDwzbogzz Hlqbjg

Stibc t jnhbz hl zmhtmltz

tztq ttbz qh+ A|B Jzbc

mz jbz hqbch m thjmtz shtz

cdh hjbh+ ch hl tchtr

bzzz/ B mhz 4+


20/59

Bolg}+ 8230 > 800

0

800

400

:00


21/59

Atgbcm|

,


22/59

W/Z/ g}pgt|z htg dgboc mbtgl |e nhig etgbco

jenphobgz netg gajbgo|/

Ewt khs tnz mhqg pekbzmgl |mgbt zibkkz

bo h mbcmkr zepmbz|bjh|gl kgchk zrz|gn/ \bz

sghk|m e |hkgo| mgkpgl cbqg |mg W/Z/ h 7 |e 8

glcg bo kgchk zgtqbjgz/ Ewt bolwz|tbhk nbcm|

dgcho nhiboc wz tbjm netg |mho h jgo|wtr

hce+ pteqblboc ho bnpg|wz et lgqgkepboc

|mg ohojbhk g}pgt|bzg ogglgl |e nhohcg

|mg neogr/ \bz kgchjr g}pkhboz smr ewt

ohojbhk zgtqbjgz g}pet|z sgtg ewt |bngz

bnpet|z bo 4001/ Nhor Hngtbjho jekkgcgz

hol wobqgtzb|bgz thoi hneoc |mg dgz| bo

|mg setkl/ \g glwjh|beohk zgtqbjgz sg zgkketgbcogtz htg |mtgg |bngz ctgh|gt |mho smh|

sg dwr hdtehl/

W/Z/ jenphobgz mhqg lgqgkepgl h lggp

tgzgtqebt e pte|hdkg jeprtbcm|z hol ph|.

go|z/ hiboc |mbz bo|gkkgj|whk ptepgt|r |e |mg

ckedhk nhtig|pkhjg ghtoz |mgn terhk|bgz hol

kbjgozboc ggz/ Smh| sg tgjgbqg ten etgbco.

gtz g}jgglz smh| sg phr |e e|mgt jewo|tbgz

dr dg||gt |mho 4 |e 8/

\g W/Z/ tho h zkbcm| zgtqbjgz zwtpkwz bo

|thqgk hol |ewtbzn+ |mg khtcgz| zgtqbjg jh|.

gcetr bo bo|gtoh|beohk |thlg/ Ewt g}pet|z hkze

g}jgglgl bnpet|z bo pet| zgtqbjgz+ |gkgjen.

nwobjh|beoz+ jenpw|gt hol lh|h ptejgzzboc+

hol nhohcgngo|+ jeozwk|boc hol pwdkbj

tgkh|beoz/

Sg tho zbcobjho| |thlg lgjb|z bo fwz|

|se jh|gcetbgz e zgtqbjgztgbcm| hol bozwt.hojg/ Sg mhl znhkkgt lgjb|z bo |mtgg e|mgt

htghzphzzgocgt htgz+ hlqgt|bzboc+ hol

tgzghtjm+ lgqgkepngo| hol |gz|boc/

Dtehl |thlg ph||gtoz zmes |mg W/Z/

Akwet Jetp/Gocboggtboc hol Jeoz|twj|beo

Btqbc.dhzl At thz hjtzz zb} jb.

z+ mhlbc htc.zjh tfjz b zjm j.

tbz hz Tzzbh+ Zhlb Hthdbh+ Zm Htbjh+ Jmbh+

Ncbh hl Hzthbh/ |m jnhrz ztqbjz

bjl cbtbc+ tjtn+ jztjb

hl nhbhj/

At stiz b tn hl bmzb.

hd zbcz/ Atn 400< 4003+ bz Mz

j shz ht h cdh lzbc+ cbzbjz hl

jztjb hn t h zmt b.tjzzbc

hjbbr Tzzbhz Zhimhb Bzhl+ smt sbtz

dtbc nbz.


23/59

Dtehl |thlg ph||gtoz

zmes |mg W/Z/ bz ckedhkkr

jenpg|b|bqg bo h sblg

thocg ea bolwz|tbgz

|mh| gnpker zibkkgl

zgtqbjgz pteagzzbeohkz

jhphdkg ea jenpkg} hol

zepmbz|bjh|gl seti/

bz ckedhkkr jenpg|b|bqg bo h sblg thocg e

bolwz|tbgz |mh| gnpker zibkkgl zgtqbjgz pte.

gzzbeohkz jhphdkg e jenpkg} hol zepmbz.

|bjh|gl seti/ \g zgtqbjgz sg |thlg boqekqg

gndgllgl ioeskglcg/ Sgtg netg kbigkr |e

zgkk etgbcogtz jhojgt |tgh|ngo|z |mho jekl

tgnglbgz+ ngtcgt hol hjxwbzb|beo hlqbjg

|mho ph|go| zghtjmgz+ jenpw|gt zrz|gn

lgzbco |mho dhzbj ptecthnnboc/

G}pet|boc Ioeskglcg

Zeng e Hngtbjhoz ho}bg|r eqgt ckedhk.

bvh|beo htbzgz ten h cw|.kgqgk xwgz|beo6 Mes

sbkk sg nhbo|hbo ewt mbcm z|holhtl e kbqbocbo |mbz ogs gjeoenbj goqbteongo|5 Zgtqbjgz

g}pet|z htg h dbc pht| e |mg hozsgt/

Jmboh+ Bolbh hol e|mgt kes.shcg oh.

|beoz jenpg|g h| |mg kes gol e zgtqbjgz

|thlg sb|m jhkk jgo|gtz+ dhji.eajg epgth|beoz

hol |mg kbig/ W/Z/ zgtqbjg g}pet|gtz le dwzb.

ogzz h| |mg e|mgt gol e |mg zibkkz zpgj|twn/

Sg pteqblg mbcm.qhkwg.hllgl zgtqbjgz

|mezg set|m netg |e jwz|engtz dgjhwzg

|mgr gndelr |mg zibkkz hol |hkgo|z e mbcmkr

glwjh|gl ptegzzbeohkz/ Setigtz sme hll

|mg nez| qhkwg ghto |mg mbcmgz| bojengz/

\g Wob|gl Z|h|gz mhz dggo g}pholboc

b|z qhkwg.hllgl ptelwj|beo et cgogth|beoz

sb|mbo fedz+ tnz hol bolwz|tbgz+ hol hjtezz

|mg gjeoenr hz h smekg/

Ahtnz mhqg zmb|gl ten khdet. |e

jhpb|hk.bo|gozbqg ptelwj|beo/ Ahj|etbgzmhqg neqgl ten nhiboc |g}|bkgz hol |erz

|e ptelwjboc hbtjth|+ pmhtnhjgw|bjhkz hol

nbjtejmbpz/ \g zgtqbjgz mbgthtjmr bzo|

hor lbgtgo|/ B| z|ht|gl sb|m zghnz|tgzzgz+

Z|ho|eo Z|tgg|Sgd Lgqgkepgtz

gq znh dzbzzz ht jhzmbc b

ztqbjz }tz/

g phzz Zh Zt hzzndl h dbb.

ch+ dbjth hl dbhbh hn lq

Bt zbz t jnhbz/ B hllbb

w/Z/ jzntz+ m jnhr l dzbzz

hjtzz m dtlt b N}bj/

oqhn}+ h l hl dqthc tljt+

mbtl Zh Zt jth h sdzb ht.

bc bz tljz+ bjlbc Fhttbz z ltbiz+

Bdhtth jmjhz+ Nbthch nbth sht

hl Jmh m zhj/

Sdzb qbzbtz t h N}bjh nt.

jhl sbm qt zbc hjtzz m dtlt/

oqhn} zz Zhbzm hl gcbzm jn.

nbjh lbtjr sbm thbtz ztqbc bz

htc nhti tz. hl zjl.cthb

N}bjh.Hntbjhz bqbc b m w/Z/

S z ctsm tbbz t Zh

Zt dhzl m hj mh w/Z/ jnhbz

ht lbc nt dzbzz b N}bj hl N}b.

jh jnhbz ht lbc nt dzbzz b m

w/Z/+ zhrz ptzbl Dtbh Shjm/

\g}hz Zgtqbjgz G}pet|gt

4003 HoowHk TgpeT|6 Eppet|wob|r Ioejiz 4


24/59

G}mbdb| =

\mg Tehl aten

Zgtalen

kibc h h dthl jtzz.

zjb jnbz nhiz

m bi ds ztqbjz hl

mbcmt bjnz nbzhi.

hd/ Jtbz sbm znh

hctbjth zjtz l d

tbjm+ smb mz hjhbc h

htc zmht hdt htnbc

mhq thbqr s t jhbh

bjnz -|ep"/

Tljbc hdt b hctbj.

t hl chtbc blztr

hsz hbz bjthz

mbt bjnz/ Msqt+ blz.

tbhbvhbz chbz ct

jjt ht hd h mbtl

hdt tztjz mhq zmbl

b clz tljb -nbllkg"/

|m tbjmz jtbz mhq

nql drl blztr+ hl

nz mbt stitz ht

nrl b ztqbjz/ |m 80

jtbz sbm m mbcmz

bjnz h mhq h hz

s.mbtlz mbt hdt b

mbz zjt/ |m 80 tz

jtbz zb mhq zz mh

h xhtt mbt hdt b

ztqbjz blztbz -de||en"/

0 80 40 :0


25/59

khwolgtgtz+ jkgtiz+ |gkgpmeog epgth|etz

hol kes.gol pgtzeohk zgtqbjgz hol z|ghlbkr

jkbndgl wpshtl |e fedz hz nglbjhk zpgjbhkbz|z+

etgozbj hjjewo|ho|z+ bolwz|tbhk pzrjmekecbz|z

hol goqbteongo|hk htjmb|gj|z/

H| |mg nhjtegjeoenbj kgqgk+ hctbjwk|wtg

chqg shr |e |mg ctes|m e bolwz|tr9 bo |bng+

bolwz|tr mhz cbqgo shr |e |mg g}phozbeo e

zgtqbjgz/ \bz ph||gto mhz dggo tgpgh|gl bo

nez| e|mgt oh|beoz hz bojeng ctes|m zmb|z

jeozwngt lgnhol hol |mg tgkh|bqg xwhkb|r e

zgtqbjgz bnpteqgz/

Oh|beoz sb|m :0 pgtjgo| et netg e |mgbt

khdet bo hctbjwk|wtg wzwhkkr mhqg bojengzdgkes ,1+000 h rght -G}mbdb| =+ |ep"/ Hz |mbz

zgj|et zmtboiz+ bojeng tbzgz+ zkeskr h| tz|

dw| |mgo h| h hz|gt phjg/ Jewo|tbgz sb|m kgzz

|mho 7 pgtjgo| e |mgbt khdet bo htnboc |gol

|e mhqg pgt jhpb|h bojengz hdeqg ,:0+000 h

rght/ W/Z/ htnz hol thojmgz gnpker fwz| 8/7

pgtjgo| e |mg oh|beoz setigtz/

\g hlep|beo e netg.ptelwj|bqg htn.

boc |gjmobxwgz tggz wp twthk khdet+ smbjm

nbcth|gz |e |mg jb|bgz |e seti bo nhowhj|wt.

boc hol jeoz|twj|beo/ Setigtz tgzm ten

|mg htn |gol |e dg kes zibkkgl hol kgzz

glwjh|gl+ dw| nhjmbogtr hol eo.|mg.fed

|thboboc xwbjikr thbzg |mgbt ptelwj|bqb|r/ Pgt

jhpb|h bojengz tbzg/ Z|gp dr z|gp+ bolwz|tbhk

gjeoenbgz nhig ptectgzzwp |e h pebo|

-G}mbdb| =+ nbllkg"/Ctes|m |golz |e tghjm h oh|wthk kbnb| hz

bolwz|tr hpptehjmgz :0 pgtjgo| e gnpker.

ngo|/ Hdeqg |mh|+ |mg zmhtg e fedz bo bolwz.

|tr hkkz hz bojengz tbzg/ Bo |mg Wob|gl Z|h|gz+

nhowhj|wtboc+ nboboc hol jeoz|twj|beo

fedz |eppgl ew| h| h |mbtl e gnpkerngo| bo

|mg ghtkr 8270z hol mhqg gddgl gqgt zbojg+

hkkboc dgkes 40 pgtjgo|/

Khdet tgzewtjgz oe keocgt ogglgl dr

bolwz|tr ol |mgbt shr bo|e zgtqbjgz/ Pgt

jhpb|h bojengz tbzg xwbjikr eojg zgtqbjgz

jeoz|b|w|g netg |mho 70 pgtjgo| e fedz+ bolb.

jh|boc |mh| gjeoenbgz mhqg zmb|gl |e h ogs

nelgk et zwjjgzz+ eog jgo|gtgl eo glwjh|.

boc |mgbt setigtz et mbcm.gol zgtqbjgz fedz

-G}mbdb| =+ de||en"/ \g W/Z/ zgtqbjg zgj|et

mhz g}pholgl thpblkr bo tgjgo| lgjhlgz hol

oes gnpkerz tewcmkr =0 pgtjgo| e setigtz/

Mbcm bojengz hol khtcg zgtqbjg zgj|etz

ce mhol bo mhol+ dgkrboc |mg ekl jtb|bjbzn e

zgtqbjgz hz h zgj|et e kes.shcg+ lghl.gol

fedz/ \g tgjetl zmesz |mh| zgtqbjgz htg |mgph|m |e ptezpgtb|r+ oe| peqgt|r/ Hngtbjhz

zgtqbjg.lenboh|gl gjeoenr |thbkz eokr |bor

Kw}gndewtcz bo pgt jhpb|h bojeng/ Tbcm|

dgmbol wz htg Oetshr+ Btgkhol+ Zsb|vgtkhol

hol e|mgt oh|beoz ht hkeoc bo |mg |thozb|beo

|e zgtqbjgz/

\gzg gjeoenbgz jewklo| |mtbqg wokgzz

zgtqbjgz fedz phbl sgkk/ W/Z/ shcgz mhqg dggo

tbzboc hz|gt bo zgtqbjgz bolwz|tbgz |mho bo

nhowhj|wtboc/ Zbojg 8220+ |mg chboz mhqg

dggo pht|bjwkhtkr z|teoc bo ohojg+ bozwt.

hojg hol tghk gz|h|g9 glwjh|beo hol mghk|m9

boetnh|beo9 hol ptegzzbeohk hol dwzbogzz

zgtqbjgz -G}mbdb| 2+ |ep"/ Hneoc nhfet fed

jh|gcetbgz+ eokr |thozpet|h|beo hol shtgmewz.

boc mhqg hbkgl |e ew|phjg nhowhj|wtboc/

Bo 4003+ hqgthcg mewtkr nhowhj|wtbocghtobocz+ g}jkwlboc eqgt|bng+ z|eel h| ,81/


26/59

G}mbdb| 2

Zgtqbjgz Zmbog bo

Phr / / /

Cl ztqbjz fdz ht smh

nhi lql jnbz

shmbt/ B m w/Z/+ zt.

qbjz jjhbz mh txbt

zmbzbjhl islc hr

dt mh nhhjtbc fdz+

smb mz mh l tr

zjbhbvl islc mhq

st shcz -bozg|"/

Thbq nhhjtbc+

hr t nz mbcm.l ztqbjz

jjhbz mhz d tbzbc/

|m thb mhz ljbl b r

zjts.zibl thz.

thb hl shtmzbc/

/ / / hol Ptelwj|bqb|r

ptljbqbr bz ir mbcmt

hr b ztqbjz/ |m wbl

Zhz bz mt jtbz

s hmhl m tz m

stl b ztqbjz t

nr/ Athj hl Bhr mhq

htc tbzn blztbz mh

dz mbt nhztl ztqbjz

tljbqbr/ |m w/Z/ mhz h

htct dzbzz hl tzzbh

ztqbjz jhctr/

Th|be ea zgtqbjgz |e nhowahj|wtboc phr -bolg}+ 8220 > 800"

4003 hqgthcg mewtkr ghtobocz

W|bkb|bgz ,43/2:Boaetnh|beo 4:/24Pteagzzbeohk hol dwzbogzz zgtqbjgz 40/8

2007 Dallas Federal Reserve Annual Report

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