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2009 Dallas Federal Reserve Annual Report

Apr 05, 2018

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  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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    Em`vc`vuLcvvcr rmb vdc Xrcugfc`v ;

    _cjcevgm`u m` vdc Jg`k`egkl Ergugu>

    Ydcrc Fm Yc Im Jrmb Dcrc= 6

    Bk`kicbc`v k`f Omkrfu ;4

    Uc`gmr Bk`kicbc`v ;7

    Omkrfu m Fgrcevmru ?8Mecru k`f Kfzgumrw Ems`eglu ??

    Jg`k`egklu ?5

    Bk`kicbc`vu _cxmrv ?5

    _cxmrv m G`fcxc`fc`v Ksfgvmru ?6

    Jg`k`egkl Uvkvcbc`vu ?:

    @mvcu vm Jg`k`egkl Uvkvcbc`vu ?7

    Zmlsbc m Mxcrkvgm`u 66

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    Lcvvcr jrmb vdc

    Xrcugfc`v

    srg`i vdc rcec`v cem`mbge ergugu, vdc

    Jcfcrkl _cucrzc fcxlmwcf `ckrlw czcrw

    rcumsrec kv gvu fguxmukl vm rcuvmrc vdc

    `k`egkl uwuvcb vm ymrag`i mrfcr k`f

    isgfc vdc cem`mbw msv mj rcecuugm`.Vdcuc cjjmrvu udkxcf `cyu emzcrkick`f xsolge xcr"

    ecxvgm`mj vdc ec`vrkl ok`au ymra. Vdc bcfgk jmesucf

    m` Ykudg`ivm`u kevgzgvgcu, uersvg`g~g`i vdc fcvkglu mj

    czcrw g`gvgkvgzc ow vdc Jcfcrkl Mxc` Bkracv Embbgvvcc

    $JMBE' k`f vdc Omkrf mj Imzcr`mru. Vdc embbc`"

    vkrwk bgt mj vdc immf, vdc okf k`f vdc silwec`"

    vcrcf xrgbkrglw m` vdc dguvmrge `kvsrc mj msr xrmirkbu,

    vdcgr xmvc`vgkl bkracv gbxkevu k`f vdcgr rcecxvgm` ow

    vdc xmycrdmsucu mj Ykudg`ivm` k`f Ykll Uvrccv.

    Vdc Jcfcrkl _cucrzc Uwuvcbu ctvrkmrfg`krw cj"

    jmrvu ycrc `mv lgbgvcf vm vdc JMBE. Ku G jrc{sc`vlw

    rcbg`f vdc xrcuu k`f xsolge, bcbocru mj vdc embbgv"

    vcc rclw m` vdc fcfgekvcf uvkjj mj vdc Jcfcrkl _cucrzc

    Ok`au jmr vdc ctcesvgm` mj cked g`gvgkvgzc. Ygvdmsv vdc

    dkrf ymra mj vdc rcigm`kl Ok`aug`elsfg`i vdc bc`

    k`f ymbc` mj vdc Jcfcrkl _cucrzc Ok`a mj Fkllkuyc

    bgidv `mv dkzc uvkzcf mjj cem`mbge emllkxuc.

    Ygvd `k`egkl bkracvu frkg`cf mj em`fc`ec k`f

    lg{sgfgvw, gv ocekbc ergvgekl vdkv lc`fg`i vm fcxmug"

    vmrw g`uvgvsvgm`u oc xrmxcrlw fcugi`cf k`f kylcuulw

    ctcesvcf. Vm kgf g` vdgu cjjmrv, msr uvkjj em`vg`scf vm

    bkg`vkg` k`f rc`c vdc kxxlgekvgm` sucf vdrmsidmsv

    vdc Jcfcrkl _cucrzc Uwuvcb jmr fguems`v yg`fmy lc`f"

    g`i mxcrkvgm`uk` gbxmrvk`v rcuxm`ugoglgvw g` k wckr

    ydc` vdc Fkllku Jcf uky k xrmfgigmsu g`erckuc g` vdc

    `sbocr mj lmk`u ctvc`fcf.

    F

    ?887 K``skl _cxmrv Lcvvcr rmb vdc Xrcugfc`v ;

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    G` kffgvgm`, vdc Fkllku Jcf xlkwcf k acw rmlc g`

    bk`w `cy xrmirkbu k`f g`gvgkvgzcu fcugi`cf vm kuuguv

    g` vdc gbxlcbc`vkvgm` mj bm`cvkrw xmlgew, g`elsfg`i

    g`vcrcuv xkwbc`vu m` rcucrzcu k`f c`dk`ecbc`v mj em`"

    vrmlu vdkv bk`kic ercfgv rgua. Vdc Fkllku Jcf klum em`"

    vrgosvcf vm vdc fcvkglcf rc{sgrcbc`vu k`f fcugi` mj vdc

    xrmxmucf vcrb fcxmugv jkeglgvw, m`c mj uczcrkl vmmlu vdkv

    bkw oc sucf vm usxxmrv k ubmmvd ygvdfrkykl mj bm`"

    cvkrw xmlgew keembbmfkvgm` kv vdc kxxrmxrgkvc vgbc.

    Vdc Fkllku Jcfu usxcrzgugm` k`f rcislkvgm`

    vckb bkfc k zgvkl em`vrgosvgm` vm `k`egkl ukjcvw k`f

    ums`f`cuu. Msr ctxcrgc`ecf uvkjj mj ok`a ctkbg`cru

    rcjmesucf vdcgr vkevgeu, xkwg`i dcgidvc`cf kvvc`vgm` vm

    rgua. Yc cuvkolgudcf k usxxmrv s`gv vm emmrfg`kvc rc"

    umsrecu, c`usrg`i vdkv vdc bmuv ctxcrgc`ecf ctkbg`"

    cru ymracf ygvd `k`egkl g`uvgvsvgm`u jkeg`i vdc bmuv

    uczcrc edkllc`icu. Yc em`vg`scf vm occj sx msr uvk"

    vguvgekl ok`a"rgua kuucuubc`vu k`f ctvc`f vdcgr suc

    vm ercfgv rgua vm dclx gfc`vgjw udkaw g`uvgvsvgm`u kv vdc

    ckrlgcuv xmuugolc ugi`. Vdc orckfvd mj a`mylcfic ke"

    erscf ow msr ok`a usxcrzgumru, emsxlcf ygvd rclkvgzclwjkzmrkolc ok`ag`i em`fgvgm`u g` msr fguvrgev, xsv su kv

    vdc jmrcjrm`v g` xrmzgfg`i ctkbg`cr kuuguvk`ec vm mvdcr

    Jcfcrkl _cucrzc fguvrgevu k`f imzcr`bc`v kic`egcu.

    Icvvg`i vdc Ymrf MsvVdc `k`egkl ergugu g`vc`ugcf vdc xsolgeu `ccf

    jmr g`ugidv k`f g`jmrbkvgm`k`f bg`c, vmm. Msr

    rcuckred uvkjj g`erckucf vdc jrc{sc`ew mj rcigm`kl, `k"

    vgm`kl k`f g`vcr`kvgm`kl orgc`iu vm accx bc kxxrgucf

    mj cem`mbge fczclmxbc`vu. G` Fkllku Jcf xsolgek"vgm`u, msr cem`mbguvu xrmfsecf krvgelcu m` xrcuug`i

    guuscujmrcelmusrcu, `k`egkl bkracvu k`f msr lmekl

    cem`mbwu okvvlc ygvd rcecuugm`, vm `kbc k jcy. Dgidlw

    rcuxcevcf nmsr`klu k`f `cyu bcfgk krms`f vdc ymrlf

    egvcf bk`w mj msr cjjmrvu. G` kffgvgm`, Ok`a uvkjjcru

    ugi`gek`vlw ctxk`fcf vdcgr uxckag`i c`ikicbc`vu

    k`f xkrvgegxkvgm` g` em`jcrc`ecu kermuu vdc ems`vrw,

    fmg`i vdcgr ocuv vm em`vrgosvc vm vdc `kvgm`kl fgklmisc

    m` vdc Irckv _cecuugm`. Bcbocru mj vdc Fkllku Jcfu

    Ilmoklg~kvgm` k`f Bm`cvkrw Xmlgew G`uvgvsvcmsr ki"

    udgx ec`vcr jmr uvsfw mj k` g`erckug`ilw g`vcrem``cev"

    cf ymrlf cem`mbw k`f gvu cjjcevu m` bm`cvkrw xmlgew

    orgcjcf vdc JMBE m` ilmokl g`kvgm` fw`kbgeu.

    G` rcuxm`uc vm vdc `kvgm`u bmrvikic jmrcelmusrc

    ymcu, vdc Ok`a emllkomrkvcf ygvd em`usbcr k`f emb"

    bs`gvw mrik`g~kvgm`u vm lks`ed vdc FkllkuJmrv Ymrvd

    Dmbc My`crudgx Xrcucrzkvgm` C`vcrxrguc $DMXC'

    Xkrv`crudgx. Ug`ec gvu ?883 g`ecxvgm`, vdc irmsx dku

    bmoglg~cf lc`fcru k`f dmsug`i ems`uclmru jmr ymra"

    udmxu vm kuuguv vdmsuk`fu mj dmbcmy`cru g` rcumlzg`i

    vdcgr fclg`{sc`v lmk`u k`f kzmgfg`i jmrcelmusrc. Vdc

    useecuu mj vdmuc cjjmrvu lcf vm vdc jmrbkvgm` mj vdc

    Irckvcr Dmsuvm` Jmrcelmusrc Xrczc`vgm` k`f Vctku

    Jmrcelmusrc Xrczc`vgm` vkua jmrecu. Vdc Ok`a nmg`cf

    ygvd vdc Vctku vkua jmrec vm rs` em`usbcr kykrc`cuu

    kfu g` bmzgc vdckvcru, klcrvg`i em`usbcru vm uekbuk`f mvdcr jrksfslc`v kevgzgvgcu vdkv bgidv kjjcev vdcb

    Msr xsolge msvrcked g`gvgkvgzcu xrmzgfcf msr ksfg"

    c`ecu ygvd sx"vm"fkvc g`jmrbkvgm` m` vdc cem`mbge

    lk`fuekxc. Vm kffrcuu vdc eksucu k`f cjjcevu mj vdc

    `k`egkl ergugu k`f vm xrmbmvc ocvvcr s`fcruvk`fg`i

    mj vdc rcecuugm`, vdc Ok`a xrmzgfcf vgbclw xrmirkbu

    vm ucem`fkrw cfsekvmru k`f s`gzcrugvw k`f emllcic

    jkeslvw. Vdgu cjjmrv ekbc g` vdc jmrb mj em`jcrc`ecu

    k`f xrcuc`vkvgm`u kv k zkrgcvw mj zc`scu, g`elsfg`ivdc Ok`a k`f ork`ed mjecu, m` uedmml ekbxsucu k`f

    kv `kvgm`kl k`f uvkvc em`jcrc`ecu. K`f yc vmma vdc

    fguesuugm` vm Bkg` Uvrccv, mrik`g~g`i xrmirkbu k`f

    dmuvg`i rms`fvkolc fguesuugm`u ygvd ok`acru k`f egzge

    lckfcru g` embbs`gvgcu g` Vctku, `mrvdcr` Lmsgugk`k

    ? JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

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    k`f umsvdcr` @cy Bctgem. Em`jcrc`ecu m` embbs"

    `gvw fczclmxbc`v lc`fg`i k`f c`vrcxrc`csrudgx g` vdc

    edk`ig`i cem`mbw xrmzgfcf em`uvgvsc`vu ygvd gbxmr"

    vk`v g`jmrbkvgm` kv k vgbc mj cem`mbge sxdckzkl.

    Uvkwg`i m` EmsrucG` kffgvgm` vm bccvg`i vdc fcbk`fu mj vdc cem"

    `mbge fmy`vsr`, yc bkg`vkg`cf esuvmbcr ucrzgec

    ctecllc`ec g` msr `k`egkl ucrzgecu. Vm usxxmrv vdc

    `ccfu mj vdc bkracvxlkec, yc rcfguvrgosvcf vm mvdcr

    _cucrzc Ok`au `ckrlw 988 bgllgm` `cy `mvcu ykrc"

    dmsucf g` msr zkslvu m` ocdklj mj vdc Omkrf mj Imzcr"

    `mru k`f vdc S.U. Vrckusrw. G` ?887, vdc Fkllku Jcf

    xrmzgfcf ekud vm bmrc vdk` 5,988 ok`au k`f ork`ed"

    cu, egreslkvg`i umbc 3.9 ogllgm` ogllu vdrmsid msr

    zkslv fmmru. Msr emg` dmlfg`iu g`erckucf klbmuv ?8

    xcrec`v jrmb vdc xrgmr wckr ku emg` mycf okea jrmb

    egreslkvgm` k`f mvdcr umsrecu kv k` s`xrcecfc`vcf

    rkvc. Fsrg`i ?887, vdc Jcfcrkl _cucrzc em`vg`scf vdc

    em`umlgfkvgm` mj edcea xrmecuug`i js`evgm`u. Fkllku

    eckucf xrmecuug`i xkxcr edceau ku vdkv osug`cuu yku

    vrk`ujcrrcf vm vdc Elczclk`f _cucrzc Ok`a, c`fg`ik js`evgm` vdkv dkf occ` em`fsevcf g` Fkllku ug`ec

    ;7;3. Vdgu vrk`ugvgm` rcuslvcf g` k ugi`gek`v fmy`"

    ug~g`i mj msr uvkjj osv yku keembxlgudcf ygvd bg`gbkl

    esuvmbcr gbxkev.

    G` k` m`img`i g`gvgkvgzc vm dclx vdc S.U. Vrckusrw

    rcfsec emuvu, msr Im Fgrcev em`vkev ec`vcr g` Fkl"

    lku em`vg`scf c`rmllg`i jcfcrkl oc`cv rcegxgc`vu g`

    gvu clcevrm`ge fcxmugv xrmirkb. Vdc em`vkev ec`vcr

    xrmecuucf bmrc vdk` :78,888 c`rmllbc`vu g` ?887, k

    ?8 xcrec`v g`erckuc mzcr ?884. Ug`ec ?886, vdc Fkllku

    Jcf dku xrmecuucf klbmuv ?.3 bgllgm` c`rmllbc`vu. G`

    ?887, yc fczclmxcf vced`mlmiw c`dk`ecbc`vu vdkv

    dclxcf rcfsec c`rmllbc`v vgbcu, xrmzgfg`i k ugi`g"

    ek`v emuv ukzg`iu jmr vdc Vrckusrw k`f vdc vktxkwcr.

    Vdc Ok`au rmlc g` usxxmrvg`i vdc vced`mlmiw

    g`jrkuvrsevsrc jmr vdc Jcfcrkl _cucrzc Uwuvcb dclxcf

    bkg`vkg` cjjcevgzc mxcrkvgm`u fsrg`i vdc ergugu. G`

    kffgvgm` vm xrmzgfg`i k`f usxxmrvg`i vdc kxxlgekvgm`

    sucf ow kll _cucrzc Ok`au jmr lc`fg`i kevgzgvgcu, vdc

    Ok`a xrmzgfcu vdc `k`egkl bk`kicbc`v uwuvcb sucf

    ow kll _cucrzc Ok`au jmr xrmesrcbc`v, kuucv bk`kic"

    bc`v k`f keems`vu xkwkolc. Ok`a uvkjj jmuvcrcf ugi"

    `gek`v gbxrmzcbc`vu g` vdc Jcfcrkl _cucrzcu fcua"

    vmx embxsvg`i g`jrkuvrsevsrc, usxxmrvg`i vdc ymra

    mj bmrc vdk` ?8,888 cbxlmwccu kermuu vdc Uwuvcb.

    G` kffgvgm`, yc sxirkfcf msr vclcembbs`gekvgm`u

    embxlct k`f dmuvcf k` 43 xcrec`v g`erckuc g` ucesrc

    em`jcrc`ec ekllu jmr vdc Uwuvcb, usxxmrvg`i g`erckucf

    fcbk`f jmr embbs`gekvgm` k`f emllkomrkvgm`.

    Usjec gv vm ukw vdkv vdc uvkjj mj vdc Jcfcrkl

    _cucrzc Ok`a mj Fkllku k`f gvu ork`edcu ymracf lm`i

    k`f dkrf, rgug`i vm vdc edkllc`icu xrcuc`vcf g` ?887.

    Vdcgr dkrf ymra c`kolcf vdc Jcfcrkl _cucrzc vm fm

    ydkv gv bsuv fm g` vgbcu mj cem`mbge vsrbmglorg`i k

    uc`uc mj uvkoglgvw k`f eklb vm k` cem`mbw yrmsidv owem`vrkevgm` k`f xk`ge. G uxcka jmr kll bw emllckiscu m`

    vdc JMBE k`f vdc em`uvgvsc`vu mj vdc Clczc`vd Fguvrgev

    ydc` G ukw dmy irkvcjsl G kb jmr k nmo ycll fm`c.

    _gedkrf Y. Jgudcr

    ?887 K``skl _cxmrv Lcvvcr rmb vdc Xrcugfc`v 5

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    ...v

    dc

    rgidv

    rcisl

    kvm

    rwekl

    gork

    vgm`

    dc xkuv vym k`f k dklj wckru dkzc

    occ` edkllc`ig`i m`cu jmr vdc Jcfcrkl

    _cucrzc. Vdc `k`egkl bkracv vsrbmgl

    vdkv ocik` g` bgf"?889 xls`icf vdc

    S.U. cem`mbw g`vm k uvsoomr` fmy`"

    vsr` vdkv rkgucf jckru mj k`mvdcr Irckv Fcxrcuugm`.

    Fcvcrbg`cf vm kzmgf vdc bm`cvkrw xmlgew bguvkacu mj

    vdc ;758u, vdc Jcf bcv vdc ergugu dckf"m`, vkag`i k

    ucrgcu mj omlf xmlgew kevgm`u vdkv lmycrcf g`vcrcuv rkvcu

    k`f js``clcf ercfgv fgrcevlw vm vdc xrgzkvc ucevmr.

    Ow vdc c`f mj ?887, yc emslf orckvdc ckugcr.

    Em`fc`ec g` vdc ok`ag`i g`fsuvrw gu m` vdc bc`f,

    `k`egkl bkracvu krc rcvsr`g`i vm `mrbklew k`f vdc

    cem`mbw gu udmyg`i ugi`u mj rcemzcrw, dmyczcr vcxgf.

    Gv gu vgbc vm lmma okeavm ucc ydkv yc dkzc lckr`cf

    k`f vm lmma jmrykrf vm rcudkxg`i vdc xmlgew c`zgrm`"

    bc`v, ygvd k` cwc vmykrf lcuuc`g`i vdc mffu mj jsvsrc

    `k`egkl ergucu.

    G embc kykw jrmb vdc xkuv vym wckru ygvd jmsr

    js`fkbc`vkl oclgcjukll dm`cf `mv m`lw ow bw zc

    wckru ku k bm`cvkrw xmlgewbkacr osv klum ow bw

    fcekfcu mj ctxcrgc`ec ku k bkracv mxcrkvmr. Jgruv, G

    kb bmrc em`zg`ecf vdk` czcr vdkv `k`egkl g`uvgvs"

    vgm`u k`f `k`egkl bkracvu rc{sgrc k dcklvdw fmuc mj

    rcislkvgm` vm js`evgm` cjegc`vlw. Ucem`f, G kb bmrc

    em`zg`ecf vdk` czcr mj vdc gbxmrvk`ec mj rcislkvmrw

    k`f usxcrzgumrw ksvdmrgvw vm vdc xrmxcr em`fsev mj

    bm`cvkrw xmlgew. Vdgrf, G kb bmrc em`zg`ecf vdk` czcr

    V

    6 JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

    _cjcevgm`u m` vdc Jg`k`egkl Ergugu>Ydcrc Fm Yc Im Jrmb Dcrc=

    K` Cuukw ow _gedkrf Y. Jgudcr

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    vdkv vmm"ogi"vm"jkgl ok`au krc fk`icrmsu k`f udmslf

    oc em`vkg`cf, gj `mv ormac` sx. Jmsrvd, G kb bmrc

    em`zg`ecf vdk` czcr vdkv ec`vrkl ok`au mxcrkvc bmuv

    cjjcevgzclw ydc` g`uslkvcf jrmb xmlgvgekl xkuugm`u.

    Vkac` vmicvdcr, vdcuc oclgcju s`fcruemrc vdc

    `cecuugvw mj k jmrykrf"lmmag`i, ekrcjsllw erkjvcf rc"

    uvrsevsrg`i mj vdc `k`egkl uwuvcb. K` kxxrmked vdkv

    uesvvlcu used vgbc"vcuvcf js`fkbc`vklu ku ec`vrkl

    ok`a g`fcxc`fc`ec ygll fm bmrc dkrb vdk` immf. Kv

    vdc ukbc vgbc, ugbxlw fcjc`fg`i vdc uvkvsu {sm ygll

    vkac su fmy` vdc ukbc xkvd vm ergugu k`f rcecuugm`.

    Yc fm `mv yk`v vm nsuv fm k ocvvcr nmo elck`g`i sx vdc

    bcuucu g` vdc `k`egkl uwuvcb. Yc yk`v vm kzmgf vdc

    bcuucu g` vdc ruv xlkec. M`lw ow krrgzg`i kv vdc rgidv

    rcislkvmrw eklgorkvgm` ek` yc kfc{skvclw xrmvcev msr

    `k`egkl uwuvcb, k`f vdc cem`mbw vdkv fcxc`fu m`

    gv, jrmb k rcxckv mj vdc uczcrc ommb"vm"osuv ewelc yc

    dkzc nsuv occ` vdrmsid.

    M`lw ow krrgzg`i kv vdc rgidv

    rcislkvmrw eklgorkvgm` ek` yc

    kfc{skvclw xrmvcev msr

    `k`egkl uwuvcb.

    ?887 K``skl _cxmrv _cjcevgm`u m` vdc Jg`k`egkl Ergugu>Ydcrc Fm Yc Im Jrmb Dcrc=

    3

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    Ommbu, Osoolcu k`f Osuvukb k crec kfzmekvc mj jrcc bkracvu. Vdc

    `my"jkolcf G`zgugolc Dk`f fgrcevu xrmfse"

    cru vm suc uekrec rcumsrecu cjegc`vlw vm

    edsr` msv k` kos`fk`ec mj vdc immfu

    k`f ucrzgecu em`usbcru yk`v. Yc dkzc

    vdc bkige mj vdc bkracv vm vdk`a jmr vdc erckvgm` mj

    Kbcrgeku s`bkvedcf xrmfsevgzc ekxkegvw k`f dgid

    lgzg`i uvk`fkrfu. Vmm bsed rcislkvgm` osrfc`u cem"

    `mbge kevgzgvw. Czc` um, bw xrczgmsu g`ekr`kvgm` ku

    k `k`egkl bkracv mxcrkvmr lcjv `m fmsov g` bw bg`f

    vdkv bkracvu fm meekugm`kllw jkgl> Bmuv `mvkolw, kuucv

    xrgecu mzcrudmmv fsrg`i ommbu k`f osoolcu k`f mzcr"

    emrrcev fsrg`i osuvu.

    Ow gvuclj, zmlkvglgvw gu `mv usjegc`v nsuvgekvgm`

    jmr rcislkvgm`. Dmyczcr, bkracv jkglsrcu vdkv rmgl

    vdc `k`egkl uwuvcb ek` dkzc fgukuvrmsu rcxcresu"

    ugm`u, ucvvg`i mjj k` kfzcruc `k`egkl jccfokea lmmx mj

    em`vrkevg`i ercfgv myu, fcelg`g`i cem`mbge kevgzgvw

    k`f usuvkg`cf dgid s`cbxlmwbc`v. Vdgu rcbg`fu su

    mj vdc zgvkl rmlc bm`cw k`f ercfgv xlkw g` bkg`vkg`"

    g`i k dcklvdw cem`mbw. G lgac` gv vm vdc ekrfgmzkueslkr

    uwuvcb. G` k` cem`mbw, vdc ec`vrkl ok`a gu vdc dckrv,

    bm`cw gu vdc lgjcolmmf, k`f `k`egkl bkracvu krc vdc

    krvcrgcu k`f ekxgllkrgcu vdkv xrmzgfc ergvgekl usuvc`k`ec

    vm vdc bsuelcuvdc bkacru mj immfu k`f ucrzgecu k`f

    erckvmru mj cbxlmwbc`v. K xrmxcrlw js`evgm`g`i ekrfgm"

    zkueslkr uwuvcb jmuvcru dcklvdw irmyvd1 gj vdkv uwuvcb

    jkglu, vdc bsuelcu kvrmxdw k`f vdc omfw orckau fmy`.

    g

    ...yrg`ig`imsvvdccem mbwuctecuucu

    Vdc imkl udmslf oc `mv ugbxlw

    bmrc rcislkvgm` osv rslcu vdkv

    elkbx fmy` ydcrc vdcw krc

    `ccfcf vdc bmuv.

    : JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

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    Ydc` vdc `k`egkl uwuvcb embcu s`fcr uvrcuu,

    lg{sgfgvw gu rcuvrkg`cf, erckvg`i k bknmr olmeakic g`

    vdc `k`egkl g`vcrbcfgkvgm` xrmecuu. Ercfgv uvmxu

    myg`i vm osug`cuucu k`f em`usbcru, uxrckfg`i vdc

    em`vkigm` vdrmsidmsv vdc cem`mbw. Vdkv gu ydkv dkx"

    xc`cf g` vdc bmuv rcec`v ergugu. Clkomrkvc uvkvguvgekl

    bmfclu k`f embxlct ucesrgvg~kvgm` xrmfsevu erckvcf

    vdc gllsugm` mj em`vrml mzcr ercfgv k`f lg{sgfgvw rgua

    g` vdc ok`ag`i uwuvcb. Bguxcrecxvgm`u mj rgua k`f

    bguxlkecf g`ec`vgzcu lcf vm bguisgfcf kevgm`u. Ku

    bkracv xkrvgegxk`vu s`emzcrcf vdc vrsvdku vdcw

    klykwu fm, dmyczcr lkvcem`fc`ec {sgealw ikzc ykw

    vm jckr k`f fmsov. Ygvd s`ecrvkg`vw g` jsll jczcr, ekud

    yku dmkrfcf, ems`vcrxkrvgcu zgcycf cked mvdcr ygvd

    usuxgegm` k`f `m osug`cuu kxxckrcf ymrvdw mj `k`e"

    g`i. Vdc cem`mbw, uvkrzcf mj vdc lgjcolmmf mj ekxgvkl,

    yckac`cf jsrvdcr.

    Ow `my, G usuxcev bk`w udkrc bw em`zgevgm` rc"

    ikrfg`i vdc `ccf jmr gbxrmzcf `k`egkl rcislkvgm`. Yc

    krc czc` dckrg`i k fgjjcrc`v vs`c jrmb vdmuc ydm m`lw

    k jcy wckru kim xrmelkgbcf vdc vrk`uec`fc`v cjegc`ewmj `k`egkl bkracvuydkv G rcjcr vm ku vdc clkomrkvc

    em`ecgv mj cjegc`v bkracv vdcmrwydcrc vmfkwu

    xrgecu krc klykwu rgidv, bkracvu krc uclj"emrrcevg`i

    k`f rcislkvgm` gu ocuv acxv vm k okrc bg`gbsb.

    Msr xrmuxcrgvw rc{sgrcu vdkv `k`egkl rcislkvgm`

    k`f usxcrzgugm` bkg`vkg` vdc ukjcvw k`f ums`f`cuu

    `cecuukrw jmr dcklvdw cem`mbge irmyvd. Vdc bguugm`

    mj rcislkvmru gu vm c`usrc ok`au krc uvsrfwk`f vm

    udsv vdcb fmy` gj vdcw krc `mv. Yc fm `mv yk`v msr

    ~ckl jmr rcuvrsevsrg`i vdc rcislkvmrw kredgvcevsrc vm

    mouesrc msr js`fkbc`vkl oclgcj g` vdc xmycr mj vdc

    bkracv bcedk`gubu. Yc `ccf vm ycgid emuvu k`f oc`"

    cvu mj msr rcislkvmrw kxxkrkvsu vm fcvcrbg`c ydkv

    `ccfu vm im k`f ydkv `ccfu vm oc kffcf. Vdc imkl

    udmslf oc `mv ugbxlw bmrc rcislkvgm` osv rslcu vdkv

    elkbx fmy` ydcrc vdcw krc `ccfcf vdc bmuv, used ku

    ctecuugzc rgua"vkag`i. K` cjjcevgzc rcislkvmrw rcigbc

    uvrgzcu vm emrrkl vdc `k`egkl bkracvu k`gbkl uxgrgvu

    g` k ykw vdkv fmcu `mv g`dgogv vdc zgvkl ymra mj s`fcr"

    yrgvg`i xrmuxcrgvw osv fguemsrkicu uvrkwg`i g`vm wcv

    k`mvdcr rcealcuu cuekxkfck fclgekvc oklk`ec g`fccf.

    K` cjjcevgzc rcislkvmrw rcigbc

    uvrgzcu vm emrrkl vdc `k`egklbkracvu k`gbkl uxgrgvu g` k ykw

    vdkv fmcu `mv g`dgogv vdc zgvkl

    ymra mj s`fcryrgvg`i xrmuxcrgvw

    osv fguemsrkicu uvrkwg`i g`vm wcv

    k`mvdcr rcealcuu cuekxkfck

    fclgekvc oklk`ec g`fccf.

    ?887 K``skl _cxmrv _cjcevgm`u m` vdc Jg`k`egkl Ergugu>Ydcrc Fm Yc Im Jrmb Dcrc=

    9

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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    Vdc Jcf ku _cislkvmrdc ilkbmsr mj ec`vrkl ok`ag`i lgcu

    g` bm`cvkrw xmlgew. Vdc bcfgk vkac

    `mvc mj czcrw bccvg`i mj vdc Jcf"

    crkl Mxc` Bkracv Embbgvvcc, mr

    JMBE, k`f `ckrlw czcrw svvcrk`ec

    ow gvu bcbocru. Osv bkag`i bm`cvkrw xmlgew fceg"

    ugm`u rc{sgrcu k` g`vgbkvc a`mylcfic mj vdc `k`egkl

    uwuvcbvdc vwxc mj a`mylcfic vdkv m`lw k dk`fu"m`

    rcislkvmr ek` xmuucuu. Vm movkg` vdkv a`mylcfic, yc

    rclw sxm` msr rcislkvmrw k`f usxcrzgumrw rcuxm`ugoglg"

    vgcurcuxm`ugoglgvgcu yc udkrc ygvd vdc Embxvrmllcr

    mj vdc Esrrc`ew, vdc Jcfcrkl Fcxmugv G`usrk`ec Emrx.,

    vdc Mjec mj Vdrgjv Usxcrzgugm` k`f uvkvc kic`egcu,

    kbm`i mvdcru.

    G` vdcmrw, vdc Jcfu bm`cvkrw xmlgew k`f rcis"

    lkvmrw js`evgm`u krc ucxkrkvc. G` xrkevgec, vdcw krc

    k`wvdg`i osvrkvdcr, vdcw dkzc k uwbogmvge rclkvgm`"

    udgx. Vdcw embxlcbc`v cked mvdcr oceksuc cjjcevgzc

    bm`cvkrw xmlgew fcxc`fu m` rcislkvgm` vdkv c`usrcu

    vdc ums`f`cuu mj `k`egkl g`uvgvsvgm`u.

    Vm s`fcruvk`f ydw, yc uvkrv ygvd dmy bm`cvkrw

    xmlgew g`sc`ecu cem`mbge kevgzgvw k`f cbxlmw"

    bc`v. Vrkfgvgm`kllw, vdc JMBEu xrgbkrw xmlgew vmml

    gu vdc jcfcrkl js`fu rkvcvdc g`vcrcuv rkvc vdkv ok`au

    edkric m`c k`mvdcr jmr s`ucesrcf, mzcr`gidv lmk`u.

    Edk``clcf vdrmsid vdc `k`egkl uwuvcb, edk`icu g`

    vdc jcfcrkl js`fu rkvc kjjcev xrgzkvc ucevmr fcegugm`u

    m` dmy bsed vm xrmfsec k`f dmy bk`w ymracru ygll

    oc `ccfcf vm fm gv.

    ...accxg iok aum vdcuvrkgidvk f`krrmy

    VCjjcevgzc bm`cvkrw xmlgew

    fcxc`fu m` rcislkvgm` vdkv

    c`usrcu vdc ums`f`cuu mj

    `k`egkl g`uvgvsvgm`u.

    4 JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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    Edk`icu g` vdc jcfcrkl js`fu rkvc fgrcevlw k`f

    g`fgrcevlw g`sc`ec vdc emuv k`f kzkglkoglgvw mj ercfgv

    vdrmsidmsv vdc cem`mbw. Ok`au rcuxm`f ow kfnsuvg`i

    vdc xrgeg`i k`f vcrbu vdcw mjjcr vm omrrmycru, kjjcev"

    g`i oswg`i k`f g`zcuvg`i fcegugm`u. Bm`cw k`f ekxgvkl

    bkracvu suskllw bmzc g` vdc ukbc fgrcevgm`, xg`edg`i

    mr uycllg`i vdc my mj js`fu vm lkricr osug`cuucu. G`"

    vcrcuv rkvc edk`icu kjjcev vdc zklsc mj om`fu, c{sgvgcu,

    rckl cuvkvc k`f mvdcr kuucvu, vdc umsrecu mj em`usb"

    cru k`f osug`cuucu ycklvd vdkv mjvc` ucrzc ku emllkv"

    crkl jmr lmk`u. Gj g`vcrcuv rkvc bmzcbc`vu krc lkricr g`

    vdc S.U. vdk` mzcrucku, ctedk`ic rkvcu bkw im sx mr

    fmy`, kjjcevg`i g`vcr`kvgm`kl vrkfc k`f ekxgvkl myu.

    Jg`k`egkl rcislkvgm`u gbxmrvk`ec vm bm`cvkrw xmlgew

    ec`vcru m` accxg`i vdcuc zgvkl krvcrgcu mxc`k nmo

    keembxlgudcf ow cuvkolgudg`i rslcu jmr ums`f ok`ag`i

    xrkevgecu k`f bkag`i usrc vdkv ok`au jmllmy vdcb.

    Vdc ickru lg`ag`i Jcf xmlgew k`f vdc rckl cem`m"

    bw mxcrkvc ubmmvdlw k`f xrcfgevkolw ydc` ok`au krc

    ycll ekxgvklg~cfvdkv gu, ydc` vdcw dkzc vdc `k`egkl

    ydcrcygvdkl vm bkac lmk`u. Vdgu kllmyu vdc krvcr"gcu mj vdc uwuvcb vm oc mxc` k`f dcklvdw k`f uvrm`i.

    Vrmsolcu embc ydc` ok`au `k`ecu krc udkaw

    ydc` vdc rcislkvmrw xrmecuu dku `mv acxv ok`au

    ums`f. Ugea ok`au ek``mv lc`f k`f xrmxcrlw kev ku g`"

    vcrbcfgkvmruk`f bm`cvkrw xmlgew kevgm`u lmuc vdcgr

    ekxkegvw vm g`sc`ec vdc cem`mbw ygvd keesuvmbcf

    cjegc`ew. Vdgu gu ydkv dkxxc`cf g` vdc `k`egkl

    ergugu. Yckac`cf ow okf lmk`u k`f g`zcuvbc`vu vdkv

    lcf vm bkuugzc yrgvcfmy`u, `k`egkl g`uvgvsvgm`u ycrc

    g` `m xmugvgm` vm bkac `cy lmk`u oceksuc vdcw jkecf

    k` gbbcfgkvc `ccf vm rkguc `cy ekxgvkl. Vdc emuv mj

    vdkv ekxgvkl uxgacf nsuv ydc` ok`au `ccfcf gv vdc

    bmuv. Vdc `k`egkl uwuvcb ermsedcf g` k fcjc`ugzc

    uvk`ec, vgidvc`g`i gvu lc`fg`i uvk`fkrfu k`f edkrig`i

    bmrc jmr ercfgv. Vrkfgvgm`kl Jcf xmlgew lmuv gvu xmvc`ew.

    Ku vdc JMBE xsudcf vdc jcfcrkl js`fu rkvc vm vdc

    lmycuv lczclu czcr g` ?884, vdc rkvcu vdkv bkvvcr bmuv

    jmr uxsrrg`i cem`mbge rcemzcrwvdc rkvcu edkricf m`

    ercfgv vm osug`cuucu k`f dmsucdmlfurmuc ugi`g"

    ek`vlw, lckzg`i vdc Jcf vm rcumrv vm ctvrkmrfg`krw xmlg"

    egcu vm g`ncev lg{sgfgvw g`vm vdc cem`mbw.

    G vdg`a gv gu ymrvd fguesuug`i k`

    ctxk`fcf Jcf rcislkvmrw rmlc

    g` `m`ok`a `k`egkl g`uvgvsvgm`u.

    Vdgu gu ydcrc k irckv fckl mj

    vdc rcealcuu lc`fg`i, xcrzcrucg`ec`vgzcu k`f, g` umbc ekucu,

    fmy`rgidv fgudm`cuvw vmma xlkec

    g` vdc wckru lckfg`i sx vm vdc

    `k`egkl ergugu.

    ?887 K``skl _cxmrv _cjcevgm`u m` vdc Jg`k`egkl Ergugu>Ydcrc Fm Yc Im Jrmb Dcrc=

    7

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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    Vdc xkuv vym wckru dkzc dgidlgidvcf vdc g`vcrem`"

    `cevgm`u mj bm`cvkrw k`f rcislkvmrw xmlgew, s`fcr"

    uemrg`i vdc `ccf jmr vdc Jcf vm bkg`vkg` k bknmr

    rmlc g` rcislkvg`i k`f usxcrzgug`i rbu kermuu vdc

    `k`egkl uwuvcb. Vdc ec`vrkl ok`a ek``mv em`fsev

    bm`cvkrw xmlgew cjjcevgzclw ygvdmsv vkricvcf k`f vgbc"

    lw g`jmrbkvgm` m` vdc dcklvd mj vdc `k`egkl uwuvcb.

    Yc fcxc`f m` msr rcislkvmrw krb vm xrmzgfc g`"fcxvd,

    dk`fu"m` kuucuubc`vu vm isgfc su ku yc xcrjmrb msr

    fsvw ku vdc `k`egkl uwuvcbu lc`fcr mj lkuv rcumrvk

    fsvw vdkv rc{sgrcu su vm a`my msr esuvmbcru, ku vdc

    mlf ok`ag`i kfkic imcu. Yc ek``mv xcrjmrb vdkv fsvw

    mr mxcrkvc k fguems`v yg`fmy gj yc lkea k ruvdk`f

    a`mylcfic mj msr omrrmycru `k`egkl dcklvd. Gv gu ugb"

    xlw gbxmuugolc vm xrmxcrlw czklskvc vdc em`fgvgm` mj k

    xmvc`vgkllw vrmsolcf omrrmycr ygvd g`jmrbkvgm` ic`cr"

    kvcf ow k` msvugfc kic`ew, ydged bgidv `mv igzc su

    ydkv yc `ccf mr bgidv `mv oc usjegc`vlw rcuxm`ugzc g`

    rckl vgbc. Vdgu yku m`c mj vdc dkrud lcuum`u lckr`cf

    jrmb ctkbg`g`i vdc c`vrkglu mj Ockr Uvckr`u, Lcdbk`

    k`f KGI, mzcr ydged yc dkf `m rcislkvmrw mzcrugidv k

    vdc vgbc mj vdcgr rsxvsrc.

    M`lw ow uvkwg`i korckuv mj fczclmxbc`vu g` vdc

    ok`ag`i k`f `k`egkl uwuvcb ek` vdc Jcf ke{sgrc vdc

    a`mylcfic `cecuukrw vm gbxlcbc`v bm`cvkrw xmlgew

    cjjcevgzclw. K`f m`lw vdc`ygvd jsll rcuxm`ugoglgvw k`f

    keems`vkoglgvw jmr `k`egkl uvkoglgvwek` vdc Jcf oc

    jsllw cjjcevgzc g` xsrusg`i gvu fskl bk`fkvc mj uvkolc

    xrgecu k`f jsll cbxlmwbc`v.

    Accxg`i bm`cvkrw k`f

    rcislkvmrw xmlgew vmicvdcr

    rcg`jmrecu keems`vkoglgvw.

    ;8 JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

    ...erkjvg ivdcrgidvbgtmjxmlgegcu

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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    Accxg`i bm`cvkrw k`f rcislkvmrw xmlgew vmicvdcr

    rcg`jmrecu keems`vkoglgvw. Kv k`w igzc` vgbc, bkg`vkg`"

    g`i k dcklvdw cem`mbw k`f ums`f ok`ag`i uwuvcb

    bkw rc{sgrc k xsrclw rcislkvmrw rcuxm`uc, k xsrclw

    bm`cvkrw rcuxm`uc mr k embog`kvgm` mj vdc vym. Vdc

    kxxrmxrgkvc bgt bkw oc s`elckr vm k` kic`ew vdkv dku

    osv k ug`ilc bguugm`. Gj bm`cvkrw k`f rcislkvmrw ks"

    vdmrgvgcu krc ucxkrkvc, cked ugfc bgidv nsuvgjw g`kevgm`

    ydc` vmsid fcegugm`u krc `ccfcf ow elkgbg`i gv ku"

    usbcf vdc mvdcr ymslf kev. Ow xlkeg`i rcuxm`ugoglgvw

    jmr omvd bm`cvkrw k`f rcislkvmrw xmlgegcu s`fcr m`c

    ksvdmrgvw, vdc olkbc ikbc gu `m lm`icr xmuugolc.

    Gv gu cuuc`vgkl vdkv vdc Jcf `mv m`lw bkg`vkg` osv

    klum c`dk`ec gvu rmlc g` ok`ag`i k`f `k`egkl rcislk"

    vgm`. G fm `mv yk`v k vsrj ykr ygvd mvdcr rcislkvmru. G`

    jkev, G ucc kfzk`vkicu vm bkg`vkg`g`i uczcrkl mzcrlkx"

    xg`i osv ucxkrkvc rcislkvmrw kxxrmkedcufgjjcrc`v

    ucvu mj cwcu lmmag`i kv vdc ugvskvgm` jrmb fgjjcrc`v

    xcruxcevgzcu. Dmyczcr, G vdg`a gv gu ymrvd fguesuug`i

    k` ctxk`fcf Jcf rcislkvmrw rmlc g` `m`ok`a `k`egkl

    g`uvgvsvgm`uklum a`my` ku vdc udkfmy ok`ag`i uwu"vcb. Vdgu gu ydcrc k irckv fckl mj vdc rcealcuu lc`fg`i,

    xcrzcruc g`ec`vgzcu k`f, g` umbc ekucu, fmy`rgidv

    fgudm`cuvw vmma xlkec g` vdc wckru lckfg`i sx vm vdc

    `k`egkl ergugu.

    G` bw zgcy, xrmxmuklu vm udrg`a vdc Jcfu rcislk"

    vmrw k`f usxcrzgumrw rcuxm`ugoglgvgcu krc bguisgfcf. Vm

    accx ygvd bw ekrfgmzkueslkr k`klmiw, G ymslf krisc

    vdkv rcbmzg`i vdc Jcf jrmb usxcrzgugm` k`f rcislkvgm`

    mj ok`au mj kll ug~cu k`f embxlctgvwjrmb embbs`gvw

    ok`au vm vdc bmuv embxlct lkric `k`egkl g`uvgvsvgm`u

    $LJGu'ymslf oc vdc c{sgzklc`v mj rgxxg`i msv vdc xk"

    vgc`vu dckrv. Vdkv ymslf usrclw xrczc`v k`mvdcr dckrv

    kvvkea osv ymslf lgaclw dkzc ucrgmsu dcklvd rcxcresu"

    ugm`u. Gj yc krc vm lmycr vdc edk`ecu mj rcxckvg`i vdc

    ergugu yc dkzc nsuv c`fsrcf, vdc Jcf bsuv oc fccxlw

    g`zmlzcf g` `k`egkl usxcrzgugm` k`f rcislkvgm`um gv

    ek` rcemi`g~c vdc ugi`u mj k` cem`mbw vdkv gu mzcr"

    dckvg`i. Vdc Jcf bsuv kffrcuu vdc ctvrcbc jrg`ic mj

    kiircuugzc rgua vkag`i g` k bmrc xrczc`vgzc ykw, sug`i

    kll gvu kzkglkolc vmmlu vm xrczc`v vdc `ctv osoolc jrmb

    rckedg`i ergvgekl bkuu. K`fvdgu gu k ersegkl k`fgv

    ygll `ccf vm fm k ocvvcr nmo.

    Vdc Jcf bsuv oc fccxlw g`zmlzcfg` `k`egkl usxcrzgugm` k`f

    rcislkvgm`um gv ek` rcemi`g~c

    vdc ugi`u mj k` cem`mbw vdkv gu

    mzcrdckvg`i.

    ?887 K``skl _cxmrv _cjcevgm`u m` vdc Jg`k`egkl Ergugu>Ydcrc Fm Yc Im Jrmb Dcrc=

    ;

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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    Vmm"Fk`icrmsu"vm"Xcrbgv

    vrslw cjjcevgzc rcuvrsevsrg`i mj

    msr rcislkvmrw rcigbc ygll dkzc vm

    `csvrklg~c vdc ogiicuv vdrckv vm msr

    `k`egkl uwuvcbu uvkoglgvwvdc

    um"ekllcf vmm"ogi"vm"jkgl, mr VOVJ,

    ok`au. G` vdc xkuv vym fcekfcu, vdc ogiicuv ok`au

    dkzc irmy` ugi`gek`vlw ogiicr. G` ;778, vdc ;8 lkri"

    cuv S.U. ok`au dkf klbmuv ?3 xcrec`v mj vdc g`fsu"

    vrwu kuucvu. Vdcgr udkrc ircy vm 66 xcrec`v g` ?888

    k`f klbmuv :8 xcrec`v g` ?887.

    Ok`ag`i dku ocembc bmrc em`ec`vrkvcf kv vdc

    vmx oceksuc mj lkyu vdkv kllmy g`uvgvsvgm`u vm mxcr"

    kvc `kvgm`ygfc k`f mjjcr k ormkfcr rk`ic mj `k`egkl

    ucrzgecu. Dmyczcr, umbc mj vdgu irmyvd dku meesrrcf

    oceksuc mj vdc imzcr`bc`v iskrk`vccugbxlgegv ku

    ycll ku ctxlgegvvdkv kllmy ogi `k`egkl g`uvgvsvgm`u

    vm irmy jkuvcr ow xsrusg`i rguagcr uvrkvcigcu vdkv wgclf

    dgidcr rcvsr`u, kv lckuv g` immf vgbcu.

    Vdc rguau mj vdc ?;uv ec`vsrw krc `m bkved jmr

    k rcislkvmrw uedcbc xsv g` xlkec g` vdc ;758u, vdc`

    rczgucf g` k xgcecbckl jkudgm` ug`ec. Vdc ctguvg`i rslcu

    k`f mzcrugidv krc `mv sx vm vdc kesvc rcislkvmrw edkl"

    lc`ic gbxmucf ow vdc ogiicuv ok`au. Jgruv, vdcuc ok`au

    krc uxrkylg`i k`f embxlctum zkuv vdkv vdcgr my`

    bk`kicbc`v vckbu bkw mv jsllw s`fcruvk`f vdcgr

    my` rgua ctxmusrcu. Gj vdkv gu um, gv ymslf oc jsvglc vm

    ctxcev vdkv vdcgr rcislkvmru k`f ercfgvmru emslf s`vk`"

    ilc kll vdc vdrckfu, cuxcegkllw s`fcr rkxgflw edk`ig`i

    bkracv em`fgvgm`u. Ucem`f, ogi ok`au bkw oclgczc vdcw

    ek` kev rcealcuulw ygvdmsv jckr mj xkwg`i vdc slvgbkvc

    xc`klvw. Vdcw k`f bk`w mj vdcgr ercfgvmru kuusbc vdc

    Jcf k`f mvdcr imzcr`bc`v kic`egcu ygll esudgm` vdc

    jkll k`f kuusbc vdc fkbkicu, czc` gj vdcgr vrmsolcu

    uvcb jrmb `cilgic`ec mr vrgeacrw. Vdcw dkzc m`lw vm

    lmma vm rcec`v ctxcrgc`ec vm em`rb vdkv kuusbxvgm`.

    KVdc ctguvg`i rslcu k`f mzcrugidv

    krc `mv sx vm vdc kesvc

    rcislkvmrw edkllc`ic gbxmucf

    ow vdc ogiicuv ok`au.

    ;? JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

    ...g uvgvsvgm umjbmrcbk kickolcug~c

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

    15/47

    Umbc krisc vdkv ogi`cuu gu `mv okf, xcr uc. Vdcw

    em`vc`f vdkv vdc S.U. ek``mv bkg`vkg` gvu embxcvg"

    vgzc cfic m` vdc ilmokl uvkic gj gv ecfcu LJG vcrrgvmrw vm

    mvdcr `kvgm`uk` krisbc`v G em`ugfcr dmllmy igzc`

    vdc ctxcrgc`ec mj vdc Nkxk`cuc k`f mvdcru ydm ekbc

    vm rcircv uccag`i vdc fguvg`evgm` mj dkzg`i vdc ymrlfu

    ogiicuv `k`egkl g`uvgvsvgm`u. Ogi ok`au g`vcrkev ygvd

    vdc cem`mbw k`f `k`egkl bkracvu g` k bslvgvsfc mj

    ykwu, erckvg`i em``cevgm`u vdkv vrk`uec`f vdc lgbgvu

    mj g`fsuvrw k`f icmirkxdw. Oceksuc mj vdcgr fccx k`f

    ygfc em``cevgm`u vm mvdcr ok`au k`f `k`egkl g`uvgvs"

    vgm`u, k jcy rckllw ogi ok`au ek` uc`f vgfkl ykzcu mj

    vrmsolcu vdrmsid vdc `k`egkl uwuvcb gj vdcw jkgl, lckf"

    g`i vm k fmy`ykrf uxgrkl mj okf lmk`u k`f em`vrkevg`i

    ercfgv vdkv fcuvrmwu bk`w nmou k`f osug`cuucu.

    @m imzcr`bc`v yk`vu vm vkac vdkv rgua. Um g` dkrf

    vgbcu, rcislkvmru fsvgjsllw elmuc ubkllcr ok`auvdc

    JFGE udsv fmy` ?3 ok`au g` ?884 k`f ;68 g` ?887

    osv vgxvmc krms`f ogi ok`au ygvd udkaw `k`egkl

    jms`fkvgm`u. Ycka VOVJ ok`au krc xrmxxcf sx, czc`

    gj vdcgr ekxkegvw vm lc`f dku occ` ucrgmsulw embxrm"bgucf. K`f um vdcw ugv g` lgbom, k xmvc`vgkl mouvkelc vm

    bm`cvkrw xmlgew oceksuc mj vdcgr xmycr vm mouvrsev vdc

    edk``clu vdkv vrk`ubgv Jcf kevgm`u vm vdc cem`mbw.

    G dkzc `mv occ` rcvgec`v komsv vdc fk`icru xmucf

    ow VOVJ ok`au. Vm oc usrc, dkzg`i k elckrlw krvgeslkv"

    cf rcumlsvgm` rcigbc ymslf rcxrcuc`v uvcxu jmrykrf,

    vdmsid G jckr gv bgidv klum xrmzgfc jkluc embjmrvlkric

    rbu s`fcr uxcegkl rcumlsvgm` ksvdmrgvgcu bgidv oc

    zgcycf jkzmrkolw ow ercfgvmru, em`vg`sg`i vdc imzcr`"

    bc`v"uxm`umrcf kfzk`vkic ocuvmycf sxm` vdcb. Bw

    xrcjcrc`ec gu jmr k bmrc xrmxdwlkevge kxxrmked> k`

    g`vcr`kvgm`kl keemrf vm orcka sx vdcuc g`uvgvsvgm`u

    g`vm m`cu mj bmrc bk`kickolc ug~cbmrc bk`kic"

    kolc jmr omvd vdcgr ctcesvgzcu k`f vdcgr rcislkvmrw

    usxcrzgumru. Vdgu ek``mv oc fm`c kjvcr vdc m`ucv mj k`

    cem`mbge ergugu, ydc` vdc em`uc{sc`ecu mj jklvcrg`i

    VOVJ g`uvgvsvgm`u ocembc k jrm`v"osr`cr guusc. Ow

    vdc`, vdc bguvkacu dkzc occ` bkfc k`f ek``mv oc

    rczcrucf, k`f VOVJ ok`au xlmf klm`i kbm`i vdc lgzg`i

    lgac ~mbogcu g` uegc`ec evgm` lbu.

    Vdc em`uc{sc`ecu krc vmm fgrc. Vdc vgbc vm orcka

    sx VOVJ ok`au gu ocjmrc vdc erguguydc` vdc cem`m"

    bw gu rclkvgzclw dcklvdw k`f vdcw xmuc `m gbbcfgkvc

    fk`icru. Vdkv ykw, vdcw ygll `mv oc krms`f vm yrcka

    dkzme ydc` vdc cem`mbw c`vcru k xcrgmf mj uvrcuu.

    Vdc vgbc vm orcka sx VOVJ ok`au

    gu ocjmrc vdc erguguydc` vdc

    cem`mbw gu rclkvgzclw dcklvdw

    k`f vdcw xmuc `m gbbcfgkvc

    fk`icru. Vdkv ykw,

    vdcw ygll `mv oc krms`f vm yrcka

    dkzme ydc` vdc cem`mbw

    c`vcru k xcrgmf mj uvrcuu.

    ?887 K``skl _cxmrv _cjcevgm`u m` vdc Jg`k`egkl Ergugu>Ydcrc Fm Yc Im Jrmb Dcrc=

    ;5

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

    16/47

    G`fcxc`fc`ecc`vrkl ok`au bsuv vkac k lm`i"vcrb

    zgcy mj vdc cem`mbw k`f erkjv kx"

    xrmxrgkvc xmlgew rcuxm`ucu. Ydc`

    vdc ugvskvgm` ykrrk`vu, yc bsuv

    dkzc vdc lccykw vm rkguc g`vcrcuv

    rkvcu ydc` mvdcru yk`v edckx ercfgv k`f rcg` g` rguaw

    `k`egkl xrkevgecu ydc` mvdcru yk`v ckuw xrmvu.

    K Jcf embbgvvcf vm yrg`ig`i msv vdc cem`mbwu ct"

    ecuucu k`f accxg`i ok`au m` vdc uvrkgidv k`f `krrmy

    gu `mv img`i vm yg` bk`w xmxslkrgvw em`vcuvu. Umbc mj

    vdmuc fguxlckucf ow Jcf fcegugm`u ygll ucca vm ukvgujw

    vdcgr fcugrcu ow rcumrvg`i vm xmlgvgekl xrcuusrc.

    Gv gu jmr vdkv rckum` vdkv Em`ircuu, `ckrlw k

    ec`vsrw kim, dkf vdc jmrcugidv vm cuvkolgud vdc Jcfcrkl

    _cucrzc Uwuvcbk bm`cvkrw ksvdmrgvw, vmicvdcr ygvd

    k rcislkvmrw krb, ucv kxkrv jrmb vdc ctgic`egcu mj vdc

    fkw. Ydglc msr vmmlu k`f bguugm` dkzc czmlzcf mzcr

    vgbc, msr g`fcxc`fc`ec dku rcbkg`cf xkrkbms`v vm

    msr cjjmrvu vm xsrusc k uvckfw emsruc s`vkg`vcf ow

    xmlgvgekl keembbmfkvgm`.

    G`fcxc`fc`v fmcu mv bck` s`keems`vkolc. Vdc

    Jcf dku klykwu occ` usoncev vm kxxrmxrgkvc mzcrugidv

    k`f vrk`uxkrc`ew. Vdc Jcf edkgrbk` k`f bcbocru mj

    vdc Omkrf mj Imzcr`mru krc `mbg`kvcf ow vdc xrcug"

    fc`v k`f em`rbcf ow vdc Uc`kvc. Msr uvkvsvmrw ks"

    vdmrgvw g`elsfcu k irk`v mj ecrvkg` xmycru vm g`sc`ec

    vdc `k`egkl uwuvcb, k`f vdkv ksvdmrgvw gu lgbgvcf vm

    msr bk`fkvcf imklu mj usuvkg`kolc cbxlmwbc`v irmyvd

    k`f xrgec uvkoglgvw, klm`i ygvd vdc xrcrc{sgugvc monce"

    vgzc mj ok`ag`i k`f `k`egkl uvkoglgvw. Yc krc vdc m`lw

    osug`cuu G a`my mj vdkv rclckucu k xsolge keems`vg`i

    mj gvu oklk`ec udccv czcrw yccavdc D.6.; rclckuc,kzkglkolc m` vdc G`vcr`cv. Ug`ec Oc` Ocr`k`ac vmma vdc

    edkgr, yc dkzc rkbxcf sx msr cjjmrvu vm oc ku vrk`u"

    xkrc`v ku gu xrsfc`v g` vdc em`fsev mj bm`cvkrw xmlg"

    ew. Yc my rclckuc bmrc jslumbc cem`mbge xrmncevgm`u

    k`f bg`svcu mj msr bccvg`iu. Kv vdc ucbgk``skl vcuvg"

    bm`w ocjmrc Em`ircuu rc{sgrcf s`fcr vdc Dsbxdrcw

    Dkyag`u lcigulkvgm`, vdc Edkgrbk` clfu {scuvgm`u

    jrmb bcbocru mj kxxrmxrgkvc mzcrugidv embbgvvccu,

    k`f yc dkzc rcuxm`fcf jkzmrkolw vm vdmuc usiicuvgm`u

    vdkv kgf vdc Jcfu koglgvw vm jslll gvu bguugm`.

    Dmyczcr, Jcf xmlgewbkacru bkg`vkg` fguvk`ec

    jrmb vdc xmlgvgekl jrkw oceksuc omkrf bcbocru ucrzc

    uvkiicrcf, ;6"wckr vcrbu, bsvg`i Ydgvc Dmsuc g`s"

    c`ec. Vdc rcigm`kl ok`a xrcugfc`vu, ydm ucrzc klm`i"

    ugfc vdc imzcr`mru m` vdc JMBE, krc jsrvdcr g`uslkvcf

    oceksuc vdcw krc dgrcf k`f rcf kv vdc ygll mj vdcgr

    omkrfu mj fgrcevmru. Vdcuc `g`c"bcbocr omkrfu krc

    c`vgrclw rcbmzcf jrmb vdc F.E. cuvkolgudbc`v, ygvd

    E

    ...g fcxc`fc ecdkurcbkg cfxkrkbms v

    K xmlgvgeg~cf ec`vrkl ok`a gu k

    ergxxlcf ec`vrkl ok`a.

    ;6 JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

    17/47

    vdc ctecxvgm` mj vdc Omkrf mj Imzcr`mru uclcevgm`

    mj vdrcc bcbocru. @ccflcuu vm ukw, bw jcllmy ok`a

    xrcugfc`vu k`f G, k`f msr omkrfu, rcxrcuc`v vdc zgcyu

    mj msr em`uvgvsc`vu m` Bkg` Uvrccv`mv vdmuc mj vdc

    Ykudg`ivm` clgvc.

    K Jcf g`uslkvcf jrmb udmrv"vcrb, xmlgvgekl gb"

    xslucu ek` jmesu m` erkjvg`i vdc rgidv bgt mj xmlgegcu

    jmr vdc cem`mbw g` vdc lm`i vcrb. Gv dku c`msid uxkec

    vm bkac vdc vmsid ekllubmuv mvkolw, ydc` g`vcrcuv

    rkvcu dkzc vm oc xsudcf sxykrf vm ulmy vdc cem`mbw

    g` sud vgbcu. Jcf g`fcxc`fc`ec fmcu `mv nsuv bkvvcrjmr bm`cvkrw xmlgew. K ec`vrkl ok`a g`uslkvcf jrmb xml"

    gvgeu k`f keembxk`wg`i lmoowg`i ek` klum oc k vmsidcr

    rcislkvmr, g`uguvg`i m` uvrgev kfdcrc`ec vm ekxgvkl k`f

    lczcrkic rc{sgrcbc`vu k`f xrsfc`v lc`fg`i.

    Ec`vrkl ok`a g`fcxc`fc`ec dku ocembc vdc ilmokl

    uvk`fkrf. @kvgm`u krms`f vdc ymrlf dkzc embc vm

    rcklg~c vdkv useecuujsl ec`vrkl ok`au bsuv oc g`fcxc`"

    fc`v jrmb xmlgvgekl xrcuusrcu. Vdc Csrmxck` Ec`"

    vrkl Ok`avdc bm`cvkrw ksvdmrgvw vdkv imzcr`u vdc`kvgm`u mj vdc Csrmxck` S`gm`yku cuvkolgudcf g`

    ;774 k`f iskrk`vccf xmlgvgekl g`fcxc`fc`ec ow vrckvw.

    Ok`em fc Btgemu g`uslkvgm` jrmb xmlgvgekl em`ugfcr"

    kvgm`u dku occ` emfgcf g` vdc ems`vrwu em`uvgvsvgm`.

    Mzcr vdc xkuv jcy fcekfcu, `sbcrmsu cem`mbge

    uvsfgcu dkzc udmy` vdkv g`fcxc`fc`v bm`cvkrw

    ksvdmrgvgcu krc g`fccf kuumegkvcf ygvd lmycr g`kvgm`

    k`f dgidcr, uvckfgcr cem`mbge irmyvd. Dguvmrw vcllu

    su ydkv dkxxc`u ydc` ec`vrkl ok`au useesbo vm

    vdc xmlgvgekl fcbk`fu mj vdc fkw. Vdc ctkbxlcu mj vdc

    dkzme yrmsidv ow xmlgvgeg~cf ec`vrkl ok`au uvrcved

    jrmb k`egc`v _mbc vm bmfcr`"fkw ^gbokoyc, ydcrc

    dwxcrg`kvgm` cjjcevgzclw fcuvrmwcf vdc esrrc`ew k`f

    vdc `kvgm`u cem`mbw.

    G` dgu c`vcrvkg`g`i omma Lmrfu mj Jg`k`ec, Lgk{skv

    Kdkbcf vcllu k` g`vcrcuvg`i k`cefmvc krgug`i jrmb

    vdc Icrbk` _cgeduok`au jms`fg`i g` vdc ;498u. Kv

    vdc vgbc, Mvvm zm` Ogubkrea rcecgzcf k ykr`g`i jrmb

    dgu em`fk`v Icrudm` Olcgedrfcr> Vdcrc ymslf oc

    meekugm`u ydc` xmlgvgekl em`ugfcrkvgm`u ymslf dkzc vm

    mzcrrgfc xsrclw cem`mbge nsfibc`vu. Olcgedrfcr g`"

    jmrbcf Ogubkrea vdkv kv used vgbcu vmm g`fcxc`fc`v

    k ec`vrkl ok`a ymslf oc k `sguk`ec.

    Dcrr Olcgedrfcru kfzgec xrmzcf xkrvgeslkrlw s`"

    yguc. Uvsfc`vu mj cem`mbge dguvmrw krc acc`lw kykrc mj

    vdc xmlgvgekl ergugu vdkv jkecf Icrbk`w kjvcr Ymrlf Ykr G

    k`f dmy gv em`vrgosvcf vm vdc fcoglgvkvg`i dwxcrg`kvgm`

    vdkv `ckrlw fcuvrmwcf vdc Icrbk` cem`mbw. G kb usrc

    vdkv bmuv Icrbk`u ydm usjjcrcf vdrmsid vdkv fgjeslv

    xcrgmf ymslf dkzc ilkflw ucc` vdc _cgeduok`a kev k

    `sguk`ec g` vdc `kbc mj cem`mbge uk`gvw.

    Olcgedrfcru bguvkac dgidlgidvu k` gbxmrvk`v

    jkev> K xmlgvgeg~cf ec`vrkl ok`a gu k ergxxlcf ec`vrkl

    ok`a. Lckfcru g` Em`ircuu k`f vdc Ydgvc Dmsucymslf fm ycll vm rcekll vdc rclczk`v dguvmrge xrcecfc`vu

    ku yc cbcric jrmb vdgu, vdc irckvcuv `k`egkl ergugu g`

    xmuv"Ymrlf Ykr GG dguvmrw. Msr `kvgm`u bm`cvkrw ks"

    vdmrgvw bsuv rcvkg` gvu ucxkrkvgm` jrmb xmlgvgekl xrcu"

    usrcu, mr gv ygll dkzc `m dmxc mj mxcrkvg`i cjjcevgzclw

    k`f rcuxm`ugolw.

    Msr `kvgm`u bm`cvkrw ksvdmrgvwbsuv rcvkg` gvu ucxkrkvgm` jrmb

    xmlgvgekl xrcuusrcu, mr gv ygll

    dkzc `m dmxc mj mxcrkvg`i

    cjjcevgzclw k`f rcuxm`ugolw.

    ?887 K``skl _cxmrv _cjcevgm`u m` vdc Jg`k`egkl Ergugu>Ydcrc Fm Yc Im Jrmb Dcrc=

    ;3

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

    18/47

    Kffrcuug`i Msr Ergvgeumbc bkw krisc vdkv vdc Jcf dkf gvu

    edk`ec k`f bsjjcf gv. Vdcw ygll ukw

    yc jkglcf vm kev fcuxgvc vdc mbg`msu

    ugi`u vdkv xrcecfcf vdcuc xkuv vym

    wckru mj cem`mbge ymcum yc udmslf

    `mv dkzc vdc ormkf ksvdmrgvw k`f g`fcxc`fc`ec yc

    dkf lckfg`i sx vm vdc ergugu.

    G dkzc occ` g` msvuxmac` kirccbc`v m` vdc ruv

    xmg`vvdkv yc kv vdc Jcf bkfc bguvkacu. G dkzc

    uvkvcf bk`w vgbcu vdkv rcislkvmru kv vdc Jcf, k`f

    vdmuc kv mvdcr kic`egcu, ycrc g`usjegc`vlw zgiglk`v

    komsv vdc rgua ctxmusrcu k`f mzcrkll `k`egkl bk`gk

    vdkv xcrbckvcf msr cem`mbge uwuvcb. G` kll ek`"

    fmr, yc kv vdc ec`vrkl ok`a udmslf dkzc ucc` vdcuc

    xrmolcbu embg`i k`f kevcf vm fcjsuc vdcb. Ygvd vdc

    oc`cv mj dg`fugidv, yc ucc vdkv msr bm`cvkrw xmlgew

    yku vmm lmmuc k`f msr rcislkvmrw xrkevgecu ycrc `mv

    vgidv c`msid.

    uXsolge xmlgew udmslf xrmbmvccem`mbge irmyvd vdkv gu

    usuvkg`kolc rkvdcr vdk` ccvg`i.

    ;: JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

    ...klm i"vcrbzgcymjvdccem mbw

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

    19/47

    Vdc Jcf gu vkag`i vdc `cecuukrw uvcxu vm kffrcuu

    vdcuc em`ecr`u, rceklgorkvg`i k`f rcxkgrg`i gvu rcislk"

    vmrw k`f usxcrzgumrw kxxkrkvsu vm c`embxkuu bmrc

    xrczc`vgzc k`f emmrfg`kvcf bckusrcu. Yc g`vc`f vm

    bmzc jmrykrf ygvd vdgu `cy k`f gbxrmzcf vmml agv,

    xsvvg`i gv vm suc g` em`ns`evgm` ygvd vdc ctcesvgm` mj

    ums`f bm`cvkrw xmlgew.

    Vm msr ergvgeu ucem f xmg`vvdkv vdc Jcfu ks"

    vdmrgvw mr g`fcxc`fc`ec udmslf oc rcfsecfG bgidv

    rcjcr vdcb vm vdc jmsr em`zgevgm`u G lkgf msv ckrlgcr g`

    vdgu cuukw. Ommbu xrmxcllcf ow irccf k`f osuvu omr`

    mj jckr krc ku mlf ku vgbc gvuclj. Ku Edkrlcu Bkeakw

    rcbg`fcf su `ckrlw ;98 wckru kim g` dgu omma Bcbmgru

    mj Ctvrkmrfg`krw Xmxslkr Fclsugm`u, Bc` vdg`a g`

    dcrfu1 gv ygll oc ucc` vdkv vdcw im bkf g` dcrfu. Vdgu

    {sgra mj dsbk` `kvsrc ygll klykwu gi`gvc vdc csxdmrgk

    vdkv jsclu vdc sxu k`f ctkecrokvcu vdc fmy`u.

    Vdkv gu ydw yc `ccf k bm`cvkrw xmlgew vdkv lck`u

    kikg`uv vdkv xrmxc`ugvw jmr `k`egkl osoolcu. Yc

    `ccf rcislkvmrw k`f usxcrzgumrw xmycru vdkv lckf vm kxmlgew vdkv c`usrcu k ums`f `k`egkl uwuvcb, ekxkolc

    mj bmuv cjegc`vlw edk``clg`i ec`vrkl ok`a kevgm` vm

    vdc rckl cem`mbw. Yc `ccf vm accx msr bm`cvkrw k`f

    rcislkvmrw ksvdmrgvw s`gvcf, um yc ek` ymra vmicvdcr

    g` vdc g`vcrcuv mj vdc c`vgrc `k`egkl uwuvcb`mv nsuv

    vdc g`vcrcuvu mj vdc lkricuv g`uvgvsvgm`u k`f vdmuc vmm

    ogi vm jkgl. K`f yc `ccf vm c`usrc vdkv vdgu ksvdmrgvw

    gu jrcc jrmb udmrv"vcrb xmlgvgekl xrcuusrcu.

    Xsolge xmlgew udmslf xrmbmvc cem`mbge irmyvd

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    msr cem`mbw yrc`edcf ow k` mzcrdckvcf dmsug`i

    bkracv uxkracf ow lmmuc ercfgv, jmllmycf ow k `k`egkl

    ergugu g` ydged vdc em`fsgvu mj ekxgvkl `ckrlw jrm~c sx,

    gv gu vgbc vm em`uvrsev k `k`egkl uwuvcb bmrc em`fs"

    egzc vm k bmrc embjmrvkolc k`f usuvkg`kolc cem`mbge

    vcbxcrkvsrc.

    K` g`fcxc`fc`v Jcf, c{sgxxcf ygvd vdc ksvdmrgvw

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    uvrm`i usxcrzgumrw k`f rcislkvmrw krb, gu vdc bmuv cj"

    jcevgzc yckxm` yc dkzc vm bccv vdc `ccf jmr g`erckucf

    uvkoglgvw k`f em`vkg` vdc fk`icrmsu uxgllmzcru vdkv

    vdrckvc` vdc cem`mbw g` xcrgmfu mj fguvrcuu. @my vdkv

    xmlgewbkacru dkzc xsllcf msr cem`mbw okea jrmb vdc

    kowuu, gv gu vgbc vm kxxlw vdc lcuum`u yc dkzc lckr`cf

    k`f xsv vdc Jcfu koglgvgcu vm ocuv suc.

    @my vdkv xmlgewbkacru dkzcxsllcf msr cem`mbw okea jrmb

    vdc kowuu, gv gu vgbc vm kxxlw

    vdc lcuum`u yc dkzc lckr`cf

    k`f xsv vdc Jcfu koglgvgcu

    vm ocuv suc.

    ?887 K``skl _cxmrv _cjcevgm`u m` vdc Jg`k`egkl Ergugu>Ydcrc Fm Yc Im Jrmb Dcrc=

    ;9

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

    20/47

    ;4 JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

    21/47

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

    22/47

    Nkbcu V. Dkeacvv

    $Edkgrbk`'

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  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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    Dmsuvm`

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    Ydkvkosricr _cuvksrk`vu LX

    ?887 K``skl _cxmrv Omkrfu m Fgrcevmru ?

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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    Fkllku

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    ?? JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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    ?887 K``skl _cxmrv Jg`k`egklu ?5

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    k`f jkgr xrcuc`vkvgm` mj vdc Uvkvcbc`v mj Em`fgvgm`, Uvkvcbc`vu mj G`embc k`f Embxrcdc`ugzc

    G`embc, k`f Uvkvcbc`v mj Edk`icu g` Ekxgvkl ku mj Fcecbocr 5;, ?887 $v dc Jg`k`egkl Uvkvcbc`vu'.

    Vc Jg`k`egkl Uvkvcbc`vu dkzc occ` xrcxkrcf g` em`jmrbgvw ygvd vdc keems`vg`i xrg`egxlcu, xmlgegcu,

    k`f xrkevgecu cuvkolgudcf ow vdc Omkrf mj Imzcr`mru mj vdc Jcfcrkl _cucrzc Uwuvcb ku ucv jmrvd g`

    vdc Jg`k`egkl Keems`vg`i Bk`skl jmr vdc Jcfcrkl _cucrzc Ok`au $Bk`skl', k`f ku used, g`elsfc

    umbc kbms`vu vdkv krc okucf m` bk`kicbc`v nsfibc`vu k`f cuvgbkvcu. m msr a`mylcfic, vdc

    Jg`k`egkl Uvkvcbc`vu krc, g` kll bkvcrgkl rcuxcevu, jkgrlw xrcuc`vcf g` em`jmrbgvw ygvd vdc keems`vg`i

    xrg`egxlcu, xmlgegcu, k`f xrkevgecu fmesbc`vcf g` vdc Bk`skl k`f g`elsfc kll fguelmusrcu `cecuukrw

    jmr used jkgr xrcuc`vkvgm`.

    Vc bk`kicbc`v mj vdc J_OF gu rcuxm`ugolc jmr cuvkolgudg`i k`f bkg`vkg`g`i ccevgzc g`vcr`kl

    em`vrml mzcr `k`egkl rcxmrvg`i ku gv rclkvcu vm vdc Jg`k`egkl Uvkvcbc`vu. Used g`vcr`kl em`vrml gu

    fcugi`cf vm xrmzgfc rckum`kolc kuusrk`ec vm bk`kicbc`v k`f vm vdc Omkrf mj Fgrcevmru rcikrfg`i

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    em`fgvgm`u, mr vdkv vdc fcircc mj embxlgk`ec ygvd vdc xmlgegcu mr xrmecfsrcu bkw fcvcrgmrkvc.

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    Jcfcrkl _cucrzc Ok`a mj Fkllku

    Xrcugfc`v Jgruv Zgec Xrcugfc`v Edgcj Jg`k`egkl Mecr

  • 8/2/2019 2009 Dallas Federal Reserve Annual Report

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    ?6 JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

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    _cucrzc Uwuvcb k`f vdc Omkrf mj Fgrcevmru

    mj vdc Jcfcrkl _cucrzc Ok`a mj Fkllku>

    Yc dkzc ksfgvcf vdc keembxk`wg`i uvkvcbc`vu mj em`fgvgm` mj vdc Jcfcrkl _cucrzc Ok`a mj Fkllku

    $J_O Fkllku' ku mj Fcecbocr 5;, ?887 k`f ?884 k`f vdc rclkvcf uvkvcbc`vu mj g`embc k`f

    embxrcdc`ugzc g`embc, k`f edk`icu g` ekxgvkl jmr vdc wckru vdc` c`fcf, ydged dkzc occ` xrcxkrcf

    g` em`jmrbgvw ygvd keems`vg`i xrg`egxlcu cuvkolgudcf ow vdc Omkrf mj Imzcr`mru mj vdc Jcfcrkl

    _cucrzc Uwuvcb. Yc klum dkzc ksfgvcf vdc g`vcr`kl em`vrml mzcr `k`egkl rcxmrvg`i mj J_O Fkllku

    ku mj Fcecbocr 5;, ?887, okucf m` ergvcrgk cuvkolgudcf g`G`vcr`kl Em`vrmlG vcirkvcf Jrkbcymra

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    mj g`vcr`kl em`vrml mzcr `k`egkl rcxmrvg`i, kuucuug`i vdc rgua vdkv k bkvcrgkl ycka`cuu ctguvu, k`f vcuvg`i

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    suc, mr fguxmugvgm` mj J_O Fkllkuu kuucvu vdkv emslf dkzc k bkvcrgkl ccev m` vdc `k`egkl uvkvcbc`vu.

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    ?887 K``skl _cxmrv Jg`k`egklu ?3

    _cxmrv mj G`fcxc`fc`v Ksfgvmru $em`vg`scf'

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    xmuugoglgvw mj emllsugm` mr gbxrmxcr bk`kicbc`v mzcrrgfc mj em`vrmlu, bkvcrgkl bguuvkvcbc`vu

    fsc vm crrmr mr jrksf bkw `mv oc xrczc`vcf mr fcvcevcf m` k vgbclw okugu. Klum, xrmncevgm`u mj k`w

    czklskvgm` mj vdc ccevgzc`cuu mj vdc g`vcr`kl em`vrml mzcr `k`egkl rcxmrvg`i vm jsvsrc xcrgmfu krc

    usoncev vm vdc rgua vdkv vdc em`vrmlu bkw ocembc g`kfc{skvc oceksuc mj edk`icu g` em`fgvgm`u, mr

    vdkv vdc fcircc mj embxlgk`ec ygvd vdc xmlgegcu mr xrmecfsrcu bkw fcvcrgmrkvc.

    Ku fcuergocf g` @mvc 6 vm vdc `k`egkl uvkvcbc`vu, J_O Fkllku dku xrcxkrcf vdcuc `k`egkl

    uvkvcbc`vu g` em`jmrbgvw ygvd keems`vg`i xrg`egxlcu cuvkolgudcf ow vdc Omkrf mj Imzcr`mru mj vdc

    Jcfcrkl _cucrzc Uwuvcb, ku ucv jmrvd g` vdcJg`k`egkl Keems vg`i Bk`skl jmr Jcfcrkl _cucrzc Ok`au,ydged gu k embxrcdc`ugzc okugu mj keems`vg`i mvdcr vdk` keems`vg`i xrg`egxlcu ic`crkllw keecxvcf

    g` vdc S`gvcf Uvkvcu mj Kbcrgek. Vc ccevu m` used `k`egkl uvkvcbc`vu mj vdc fgcrc`ecu ocvycc`

    vdc keems`vg`i xrg`egxlcu cuvkolgudcf ow vdc Omkrf mj Imzcr`mru mj vdc Jcfcrkl _cucrzc Uwuvcb k`f

    keems`vg`i xrg`egxlcu ic`crkllw keecxvcf g` vdc S`gvcf Uvkvcu mj Kbcrgek krc klum fcuergocf g` @mvc 6.

    G` msr mxg`gm`, used `k`egkl uvkvcbc`vu xrcuc`v jkgrlw, g` kll bkvcrgkl rcuxcevu, vdc `k`egkl xmugvgm`

    mj J_O Fkllku ku mj Fcecbocr 5;, ?887 k`f ?884, k`f vdc rcuslvu mj gvu mxcrkvgm`u jmr vdc wckru vdc`

    c`fcf, m` vdc okugu mj keems`vg`i fcuergocf g` @mvc 6. Klum, g` msr mxg`gm`, J_O Fkllku bkg`vkg`cf,

    g` kll bkvcrgkl rcuxcevu, ccevgzc g`vcr`kl em`vrml mzcr `k`egkl rcxmrvg`i ku mj Fcecbocr 5;,

    ?887, okucf m` vdc ergvcrgk cuvkolgudcf g` G`vcr`kl Em`vrmlG`vcirkvcf Jrkbcymra guuscf ow vdc

    Embbgvvcc mj Uxm`umrg`i Mrik`g~kvgm`u mj vdc rckfykw Embbguugm`.

    Kxrgl ?;, ?8;8

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    ?: JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

    Uvkvcbc`vu mj Em`fgvgm` $g` bgllgm`u'

    Febr 5;, ?887 Febr 5;, ?884

    Kc

    Imlf ecrvgekvcu & :?; & :5:

    Uxcegkl frkyg`i rgidvu ecrvgekvcu ?4? 74

    Emg` ?;6 ;48

    Gvcbu g` xrmecuu mj emllcevgm` 55 ;3?

    Lmk`u vm fcxmugvmrw g`uvgvsvgm`u 57? 3,8?9

    Uwuvcb Mxc` Bkracv Keems`v>

    Ucesrgvgcu xsredkucf s`fcr kirccbc`vu vm rcucll 5,5;4

    Vrckusrw ucesrgvgcu, `cv 54,798 ;7,79;

    Imzcr`bc`v"uxm`umrcf c`vcrxrguc fcov ucesrgvgcu, cv 4,87? 4:8

    Jcfcrkl kic`ew k`f imzcr`bc`v"uxm`umrcf c`vcrxrguc bmrvikic"okeacf ucesrgvgcu, cv

    66,65?

    G`zcuvbc`vu fc`mbg`kvcf g` jmrcgi` esrrc`egcu 5?3 647

    Ec`vrkl ok`a lg{sgfgvw uykxu ;5? ;8,784Keerscf g`vcrcuv rcecgzkolc :;8 ?:;

    G`vcrfguvrgev ucvvlcbc`v keems`v ;;,;33

    Ok`a xrcbgucu k`f c{sgxbc`v, `cv ?9: ?94

    Mvdcr kuucvu 59 54

    mvkl kuuvu & 76,6;: & 35,59;

    LgKogLggc K`F EKxgKL

    Lklvu

    Jcfcrkl _cucrzc mvcu msvuvk`fg`i, cv & 67,:6? & 53,;?;

    Uwuvcb Mxc` Bkracv Keems`v>

    Ucesrgvgcu umlf s`fcr kirccbc`vu vm rcxsredkuc 5,934 5,::3

    Mvdcr lgkoglgvgcu ?7

    Fcxmugvu>

    Fcxmugvmrw g`uvgvsvgm`u ??,4?: ;5,355

    Mvdcr fcxmugvu ; ;

    Fcjcrrcf ercfgv gvcbu ;87 ?7:

    Keerscf g`vcrcuv m` Jcfcrkl _cucrzc mvcu 3; ;85

    G`vcrfguvrgev ucvvlcbc`v keems`v ;9,;96

    G`vcrcuv fsc vm fcxmugvmrw g`uvgvsvgm`u ? ?

    Keerscf oc`cv emuvu ;85 7?

    Mvdcr lgkoglgvgcu ;3 ;:

    mvkl lklvu 75,9;8 3?,4?7

    Ekvkl

    Ekxgvkl xkgf"g` 535 ?9;

    Usrxlsu $g`elsfg`i keesbslkvcf mvdcr embxrcdc`ugzc lmuu mj &;4 bgllgm`k`f &;3 bgllgm` kv Fcecbocr 5;, ?887 k`f ?884, rcuxcevgzclw'

    535 ?9;

    mvkl ekvkl 98: 36?

    mvkl lklvu kf ekvkl & 76,6;: & 35,59;

    Vdc keembxk`wg`i mvcu krc k` g`vcirkl xkrv m vdcuc j`k`egkl uvkvcbc`vu

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    ?887 K``skl _cxmrv Jg`k`egklu ?9

    Uvkvcbc`vu mj G`embc k`f Embxrcdc`ugzc G`embc $g` bgllgm`u'

    Jmr vd Wkru cff

    Febr 5;, ?887 Febr 5;, ?884

    g`cc g`Ec

    Lmk`u vm fcxmugvmrw g`uvgvsvgm`u & ;8 & 39

    Uwuvcb Mxc` Bkracv Keems`v>

    Ucesrgvgcu xsredkucf s`fcr kirccbc`vu vm rcucll ; 48Vrckusrw ucesrgvgcu ;,895 ;,84?

    Imzcr`bc`v"uxm`umrcf c`vcrxrguc fcov ucesrgvgcu 79 6

    Jcfcrkl kic`ew k`f imzcr`bc`v"uxm`umrcf c`vcrxrguc bmrvikic"okeacf ucesrgvgcu

    799

    G`zcuvbc`vu fc`mbg`kvcf g` jmrcgi` esrrc`egcu 6 ;?

    Ec`vrkl ok`a lg{sgfgvw uykxu 5? 98

    mvkl vruv emb ?,;76 ;,583

    g`cc ctxc`c

    Uwuvcb Mxc` Bkracv Keems`v>

    Ucesrgvgcu umlf s`fcr kirccbc`vu vm rcxsredkuc 6 5;

    Fcxmugvmrw g`uvgvsvgm`u fcxmugvu 5: 7

    Vmvkl g`vcrcuv ctxc`uc 68 68

    `v vruv emb ?,;36 ;,?:3

    ``"g`cc g`Ec $L'

    Uwuvcb Mxc` Bkracv Keems`v>

    Vrckusrw ucesrgvgcu ikg`u ;:?

    Jcfcrkl kic`ew k`f imzcr`bc`v"uxm`umrcf c`vcrxrguc bmrvikic"okeacf ucesrgvgcu ikg`u, cv

    66

    Jmrcgi` esrrc`ew $lmuucu' ikg`u, cv $5' ??

    Embxc`ukvgm` rcecgzcf jmr ucrzgecu xrmzgfcf ?4 65

    _cgbosrukolc ucrzgecu vm imzcr`bc`v kic`egcu ;6 ;3Mvdcr g`embc ;8 53

    Vmvkl `m`"g`vcrcuv g`embc 75 ?99

    xcKg i ctxc`c

    Uklkrgcu k`f mvdcr oc`cvu ;?: ;;7

    Meesxk`ew ctxc`uc ?3 ?3

    C{sgxbc`v ctxc`uc ;? ;5

    Kuucuubc`vu ow vdc Omkrf mj Imzcr`mru 55 ?3

    Mvdcr ctxc`ucu ?7 65

    mvkl mrkv uu ??3 ??3

    `v emb rmr vm fuvrsvm ?,8?? ;,5;9

    Edk`ic g` js`fcf uvkvsu mj oc`cv xlk`u $5'

    Embxrcdc`ugzc g`embc xrgmr vm fguvrgosvgm` & ?,8;7 & ;,5;9

    Fggog` J Excc`gzc g`Ec

    Fgzgfc`fu xkgf vm bcbocr ok`au & ;9 & ;9

    Vrk`ujcrrcf vm $jrmb' usrxlsu k`f edk`ic g` keesbslkvcf mvdcrembxrcdc`ugzc lmuu

    4? $7?'

    Xkwbc`vu vm Vrckusrw ku g`vcrcuv m` Jcfcrkl _cucrzc `mvcu ;,7?8 ;,57?

    Vmvkl fguvrgosvgm` & ?,8;7 & ;,5;9

    Vdc keembxk`wg`i mvcu krc k` g`vcirkl xkrv m vdcuc j`k`egkl uvkvcbc`vu

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    ?4 JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

    Uvkvcbc`vu mj Edk`icu g` Ekxgvkl jmr vdc Wckru C`fcfFcecbocr 5;, ?887, k`f Fcecbocr 5;, ?884 $g` bgllgm`u, ctecxv udkrc fkvk'

    srlsu

    Keesbslkvfvdr

    EmbrduLmuu

    Ekvklxkf"g

    `v gembvkf

    mvklsrlsu

    mvklEkvkl

    oKLK`Ec K NK`KW ;, ?884$9,?:4,:;5 udkru'

    & 5:5 & 594 & $;3' & 5:5 & 9?:

    @cv edk`ic g` ekxgvkl uvmea rcfccbcf$;,467,;93 udkrcu'

    $7?' $7?'

    Vrk`ujcrrcf jrmb usrxlsu k`f edk`ic g`keesbslkvcf mvdcr embxrcdc`ugzc lmuu

    $7?' $7?' $7?'

    oKLK`Ec K FcEcoc 5;, ?884

    $3,6;7,654 udkru'

    & ?9; & ?4: & $;3' & ?9; & 36?

    @cv edk`ic g` ekxgvkl uvmea guuscf$;,:58,:34 udkrcu'

    4? 4?

    Vrk`ujcrrcf vm usrxlsu k`f edk`ic g`keesbslkvcf mvdcr embxrcdc`ugzc lmuu

    43 $5' 4? 4?

    oKLK`Ec K FcEcoc 5;, ?887$9,838,87: udkru'

    & 535 & 59; & $;4' & 535 & 98:

    Vdc keembxk`wg`i mvcu krc k` g`vcirkl xkrv m vdcuc j`k`egkl uvkvcbc`vu

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    Jg`k`egkl

    @mvcu vm Jg`k`egkl Uvkvcbc`vu;. Ec

    dc Jcfcrkl _cucrzc Ok`a mj Fkllku $Ok`a' gu xkrv mj vdc Jcfcrkl

    _cucrzc Uwuvcb $Uwuvcb' k`f gu m`c mj vdc ;? Jcfcrkl _cucrzc Ok`au

    $_cucrzc Ok`au' erckvcf ow Em`ircuu s`fcr vdc Jcfcrkl _cucrzc Kev

    mj ;7;5 $Jcfcrkl _cucrzc Kev', ydged cuvkolgudcf vdc ec`vrkl ok`amj vdc S`gvcf Uvkvcu. dc _cucrzc Ok`au krc edkrvcrcf ow vdc jcfcrkl

    imzcr`bc`v k`f xmuucuu k s`g{sc ucv mj imzcr`bc`vkl, emrxmrkvc,

    k`f ec`vrkl ok`a edkrkevcrguvgeu. dc Ok`a k`f gvu ork`edcu g` Cl

    Xkum, Dmsuvm`, k`f Uk` K`vm`gm ucrzc vdc Clczc`vd Jcfcrkl _cucrzc

    Fguvrgev, ydged g`elsfcu ctku k`f xmrvgm`u mj Lmsgugk`k k`f @cy

    Bctgem.

    G` keemrfk`ec ygvd vdc Jcfcrkl _cucrzc Kev, usxcrzgugm` k`f

    em`vrml mj vdc Ok`a gu ctcregucf ow k omkrf mj fgrcevmru. dc Jcfcrkl

    _cucrzc Kev uxcegjgcu vdc embxmugvgm` mj vdc omkrf mj fgrcevmru jmr

    cked mj vdc _cucrzc Ok`au. Cked omkrf gu embxmucf mj `g`c bcbocru

    ucrzg`i vdrcc"wckr vcrbu> vdrcc fgrcevmru, g`elsfg`i vdmuc fcugi`kvcf

    ku edkgrbk` k`f fcxsvw edkgrbk`, krc kxxmg`vcf ow vdc Omkrf mj

    Imzcr`mru mj vdc Jcfcrkl _cucrzc Uwuvcb $Omkrf mj Imzcr`mru' vm

    rcxrcuc`v vdc xsolge, k`f ugt fgrcevmru krc clcevcf ow bcbocr ok`au.

    Ok`au vdkv krc bcbocru mj vdc Uwuvcb g`elsfc kll `kvgm`kl ok`au k`f

    k`w uvkvc"edkrvcrcf ok`au vdkv kxxlw k`f krc kxxrmzcf jmr bcbocr"

    udgx. Bcbocr ok`au krc fgzgfcf g`vm vdrcc elkuucu keemrfg`i vm ug~c.

    Bcbocr ok`au g` cked elkuu clcev m`c fgrcevmr rcxrcuc`vg`i bcbocr

    ok`au k`f m`c rcxrcuc`vg`i vdc xsolge. G` k`w clcevgm` mj fgrcevmru,

    cked bcbocr ok`a rcecgzcu m`c zmvc, rcikrflcuu mj vdc `sbocr mj

    udkrcu mj _cucrzc Ok`a uvmea gv dmlfu.

    G` kffgvgm` vm vdc ;? _cucrzc Ok`au, vdc Uwuvcb klum em`uguvu,

    g` xkrv, mj vdc Omkrf mj Imzcr`mru k`f vdc Jcfcrkl Mxc` Bkracv

    Embbgvvcc $JMBE'. dc Omkrf mj Imzcr`mru, k` g`fcxc`fc`v jcf"

    crkl kic`ew, gu edkricf ow vdc Jcfcrkl _cucrzc Kev ygvd k `sbocr mj

    uxcegjge fsvgcu, g`elsfg`i ic`crkl usxcrzgugm` mzcr vdc _cucrzc Ok`au.

    dc JMBE gu embxmucf mj bcbocru mj vdc Omkrf mj Imzcr`mru, vdc

    xrcugfc`v mj vdc Jcfcrkl _cucrzc Ok`a mj @cy Wmra $J_O@W', k`f, m`

    k rmvkvg`i okugu, jmsr mvdcr _cucrzc Ok`a xrcugfc`vu.

    ?. xcKg` K`F czgEc

    dc _cucrzc Ok`au xcrjmrb k zkrgcvw mj ucrzgecu k`f mxcrkvgm`u.

    dcuc js`evgm`u g`elsfc xkrvgegxkvg`i g` jmrbslkvg`i k`f em`fsev"

    g`i bm`cvkrw xmlgew1 xkrvgegxkvg`i g` vdc xkwbc`vu uwuvcb, g`elsfg`i

    lkric"fmllkr vrk`ujcru mj js`fu, ksvmbkvcf elckrg`idmsuc $KED'

    mxcrkvgm`u, k`f edcea emllcevgm`1 fguvrgosvg`i emg` k`f esrrc`ew1

    xcrjmrbg`i jguekl kic`ew js`evgm`u jmr vdc S.U. Fcxkrvbc`v mj vdc

    rckusrw $rckusrw', ecrvkg` jcfcrkl kic`egcu, k`f mvdcr c`vgvgcu1ucrzg`i ku vdc jcfcrkl imzcr`bc`vu ok`a1 xrmzgfg`i udmrv"vcrb lmk`u

    vm fcxmugvmrw g`uvgvsvgm`u1 xrmzgfg`i lmk`u vm g`fgzgfsklu, xkrv`crudgxu,

    k`f emrxmrkvgm`u g` s`suskl k`f ctgic`v egresbuvk`ecu1 ucrzg`i

    em`usbcru k`f embbs`gvgcu ow xrmzgfg`i cfsekvgm`kl bkvcrgklu k`f

    g`jmrbkvgm` rcikrfg`i jg`k`egkl em`usbcr xrmvcevgm` rgidvu k`f lkyu

    k`f g`jmrbkvgm` m` embbs`gvw fczclmxbc`v xrmirkbu k`f kevgzg"

    vgcu1 k`f usxcrzgug`i ok`a dmlfg`i embxk`gcu, uvkvc bcbocr ok`au,

    k`f S.U. mjjgecu mj jmrcgi` ok`ag`i mrik`g~kvgm`u. Ecrvkg` ucrzgecu krc

    xrmzgfcf vm jmrcgi` k`f g`vcr`kvgm`kl bm`cvkrw ksvdmrgvgcu, xrgbkrglw

    ow vdc J_O@W.

    dc JMBE, g` em`fsevg`i bm`cvkrw xmlgew, cuvkolgudcu xmlgew

    rcikrfg`i fmbcuvge mxc` bkracv mxcrkvgm`u, mzcruccu vdcuc mxcrk"

    vgm`u, k`f k``skllw guuscu ksvdmrg~kvgm`u k`f fgrcevgzcu vm vdc J_O@W

    vm ctcesvc vrk`ukevgm`u. dc JMBE ksvdmrg~cu k`f fgrcevu vdc J_O@W

    vm em`fsev mxcrkvgm`u g` fmbcuvge bkracvu, g`elsfg`i vdc fgrcev xsr"edkuc k`f uklc mj rckusrw ucesrgvgcu, jcfcrkl kic`ew k`f imzcr`bc`v"

    uxm`umrcf c`vcrxrguc $IUC' fcov ucesrgvgcu, jcfcrkl kic`ew k`f IUC

    bmrvikic"okeacf ucesrgvgcu $BOU', vdc xsredkuc mj vdcuc ucesrgvgcu

    s`fcr kirccbc`vu vm rcucll, k`f vdc uklc mj vdcuc ucesrgvgcu s`fcr

    kirccbc`vu vm rcxsredkuc. dc J_O@W ctcesvcu vdcuc vrk`ukevgm`u

    kv vdc fgrcevgm` mj vdc JMBE k`f dmlfu vdc rcuslvg`i ucesrgvgcu k`f

    kirccbc`vu g` k xmrvjmlgm a`my` ku vdc Uwuvcb Mxc` Bkracv Keems`v

    $UMBK'. dc J_O@W gu ksvdmrg~cf vm lc`f vdc rckusrw ucesrgvgcu

    k`f jcfcrkl kic`ew k`f IUC fcov ucesrgvgcu vdkv krc dclf g` vdc UMBK.

    G` kffgvgm` vm ksvdmrg~g`i k`f fgrcevg`i mxcrkvgm`u g` vdc fmbcuvge

    ucesrgvgcu bkracv, vdc JMBE ksvdmrg~cu vdc J_O@W vm ctcesvc mxcrk"

    vgm`u g` jmrcgi` bkracvu g` mrfcr vm ems`vcr fgumrfcrlw em`fgvgm`u g`

    ctedk`ic bkracvu mr vm bccv mvdcr `ccfu uxcegjgcf ow vdc JMBE vmekrrw msv vdc Uwuvcbu ec`vrkl ok`a rcuxm`ugoglgvgcu. Uxcegjgekllw, vdc

    JMBE ksvdmrg~cu k`f fgrcevu vdc J_O@W vm dmlf oklk`ecu mj, k`f vm

    ctcesvc uxmv k`f jmrykrf jmrcgi` ctedk`ic k`f ucesrgvgcu em`vrkevu

    jmr, ;6 jmrcgi` esrrc`egcu k`f vm g`zcuv used jmrcgi` esrrc`ew dmlfg`iu,

    ydglc bkg`vkg`g`i kfc{skvc lg{sgfgvw. dc J_O@W gu ksvdmrg~cf k`f

    fgrcevcf ow vdc JMBE vm bkg`vkg` rcegxrmekl esrrc`ew krrk`icbc`vu

    $JT uykxu' ygvd vym ec`vrkl ok`au k`f vm ykrcdmsuc jmrcgi` esr"

    rc`egcu jmr vdc rckusrw k`f vdc Ctedk`ic Uvkoglg~kvgm` Js`f $CUJ'.

    dc J_O@W gu klum ksvdmrg~cf k`f fgrcevcf ow vdc JMBE vm bkg`vkg`

    S.U. fmllkr esrrc`ew lg{sgfgvw uykx krrk`icbc`vu ygvd ;6 ec`vrkl

    ok`au. dc JMBE dku klum ksvdmrg~cf vdc J_O@W vm bkg`vkg` jmrcgi`

    esrrc`ew lg{sgfgvw uykx krrk`icbc`vu ygvd jmsr jmrcgi` ec`vrkl ok`au.

    Klvdmsid vdc _cucrzc Ok`au krc ucxkrkvc lcikl c`vgvgcu, vdcw eml"

    lkomrkvc g` vdc fclgzcrw mj ecrvkg` ucrzgecu vm kedgczc irckvcr cjjgegc`ew

    k`f cjjcevgzc`cuu. dgu emllkomrkvgm` vkacu vdc jmrb mj ec`vrklg~cf

    mxcrkvgm`u k`f xrmfsev mr js`evgm` mjjgecu vdkv dkzc rcuxm`ugoglgvw

    jmr vdc fclgzcrw mj ecrvkg` ucrzgecu m` ocdklj mj vdc _cucrzc Ok`au.

    Zkrgmsu mxcrkvgm`kl k`f bk`kicbc`v bmfclu krc sucf k`f krc usx"

    xmrvcf ow ucrzgec kirccbc`vu ocvycc` vdc _cucrzc Ok`au. G` umbc

    ekucu, emuvu g`esrrcf ow k _cucrzc Ok`a jmr ucrzgecu xrmzgfcf vm mvdcr

    _cucrzc Ok`au krc `mv udkrcf1 g` mvdcr ekucu, vdc _cucrzc Ok`au krc

    rcgbosrucf jmr emuvu g`esrrcf g` xrmzgfg`i ucrzgecu vm mvdcr _cucrzc

    Ok`au. Bknmr ucrzgecu xrmzgfcf ow vdc Ok`a m` ocdklj mj vdc Uwuvcb

    k`f jmr ydged vdc emuvu ycrc `mv rcgbosrucf ow vdc mvdcr _cucrzc

    Ok`au g`elsfc Edcea Ksvmbkvgm` Ucrzgecu1 @kvgm`kl Ctkbg`kvgm`Fkvk Uwuvcb1 Fcuavmx Ucrzgecu Ec`vcr1 Xkwbc`v Kxxlgekvgm`

    Bmfcr`g~kvgm`1 Lkyum` Ec`vrkl Osug`cuu Kfbg`guvrkvgm` Js`evgm`1

    Keems`vu, _gua k`f Ercfgv Uwuvcb1 k`f Im Fgrcev.

    5. Jg`K`EgKL KogLgW KEgzggc

    dc _cucrzc Ok`au dkzc gbxlcbc`vcf vdc jmllmyg`i xrmirkbu

    vdkv usxxmrv vdc lg{sgfgvw mj jg`k`egkl g`uvgvsvgm`u k`f jmuvcr gbxrmzcf

    em`fgvgm`u g` jg`k`egkl bkracvu.

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    58 JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

    ckff krav rkvmu kf smrv jmr mrvk"

    lkvf esrvu

    dc Ug`ilc"rk`edc Mxc` Bkracv Mxcrkvgm` Xrmirkb kllmyu

    xrgbkrw fcklcru vm g`gvgkvc k ucrgcu mj ?4"fkw vcrb rcxsredkuc vrk`uke"

    vgm`u ydglc xlcfig`i rckusrw ucesrgvgcu, jcfcrkl kic`ew k`f IUC fcovucesrgvgcu, k`f jcfcrkl kic`ew k`f IUC BOU ku emllkvcrkl.

    dc jcfcrkl kic`ew k`f IUC Fcov Ucesrgvgcu k`f BOU Xsredkuc

    Xrmirkb xrmzgfcu usxxmrv vm vdc bmrvikic k`f dmsug`i bkracvu k`f

    jmuvcru gbxrmzcf em`fgvgm`u g` jg`k`egkl bkracvu. S`fcr vdgu xrmirkb,

    vdc J_O@W xsredkucu dmsug`i"rclkvcf IUC fcov ucesrgvgcu k`f jcfcrkl

    kic`ew k`f IUC BOU. Xsredkucu mj dmsug`i"rclkvcf IUC fcov ucesrg"

    vgcu ocik` g` @mzcbocr ?884, k`f xsredkucu mj jcfcrkl kic`ew k`f

    IUC BOU ocik` g` Nk`skrw ?887. dc J_O@W gu ksvdmrg~cf vm xsr"

    edkuc sx vm &?88 ogllgm` g` jgtcf"rkvc, `m`ekllkolc IUC fcov ucesrgvgcu

    k`f sx vm &;.?3 vrgllgm` g` j gtcf"rkvc jcfcrkl kic`ew k`f IUC BOU. dc

    kevgzgvgcu mj omvd mj vdcuc xrmirkbu krc kllmekvcf vm vdc mvdcr _cucrzc

    Ok`au.

    Evrkl oka L{sfvw yku

    dc JMBE ksvdmrg~cf k`f fgrcevcf vdc J_O@W vm cuvkolgud ec`"

    vrkl ok`a lg{sgfgvw uykx krrk`icbc`vu, ydged bkw oc uvrsevsrcf ku

    cgvdcr S.U. fmllkr lg{sgfgvw mr jmrcgi` esrrc`ew lg{sgfgvw uykx krrk`ic"

    bc`vu.

    S.U. fmllkr lg{sgfgvw uykx krrk`icbc`vu ycrc ksvdmrg~cf ygvd ;6

    jmrcgi` ec`vrkl ok`au vm xrmzgfc lg{sgfgvw g` S.U. fmllkru vm mzcrucku

    bkracvu. Used krrk`icbc`vu ycrc ksvdmrg~cf ygvd vdc jmllmyg`i ec`"

    vrkl ok`au> vdc _cucrzc Ok`a mj Ksuvrklgk, vdc Ok`em Ec`vrkl fm Orkugl,

    vdc Ok`a mj Ek`kfk, Fk`bkrau @kvgm`klok`a, vdc Ok`a mj C`ilk`f,

    vdc Csrmxck` Ec`vrkl Ok`a, vdc Ok`a mj Nkxk`, vdc Ok`a mj Amrck, vdc

    Ok`em fc Btgem, vdc _cucrzc Ok`a mj @cy ^cklk`f, @mricu Ok`a,

    vdc Bm`cvkrw Ksvdmrgvw mj Ug`ikxmrc, vdc Uzcrgicu _gauok`a, k`f vdc

    Uyguu @kvgm`kl Ok`a. dc bktgbsb kbms`v vdkv emslf oc frky`

    s`fcr vdcuc uykx krrk`icbc`vu zkrgcf ow ec`vrkl ok`a. dc ksvdm"

    rg~kvgm` jmr vdcuc uykx krrk`icbc`vu ctxgrcf m` Jcorskrw ;, ?8;8.

    Jmrcgi` esrrc`ew lg{sgfgvw uykx krrk`icbc`vu xrmzgfcf vdc

    _cucrzc Ok`au ygvd vdc ekxkegvw vm mjjcr jmrcgi` esrrc`ew lg{sgfgvw vm

    S.U. fcxmugvmrw g`uvgvsvgm`u. Used krrk`icbc`vu ycrc ksvdmrg~cf ygvd

    vdc Ok`a mj C`ilk`f, vdc Csrmxck` Ec`vrkl Ok`a, vdc Ok`a mj Nkxk`,

    k`f vdc Uyguu @kvgm`kl Ok`a. dc bktgbsb kbms`v vdkv emslf oc

    frky` s`fcr vdc uykx krrk`icbc`vu zkrgcf ow ec`vrkl ok`a. dc ksvdm"

    rg~kvgm` jmr vdcuc uykx krrk`icbc`vu ctxgrcf m` Jcorskrw ;, ?8;8.

    Lf vm Fmuvmrw guvvsvmudc crb Ksevgm` Jkeglgvw $KJ' xrmbmvcu vdc cjjgegc`v fguucb"

    g`kvgm` mj lg{sgfgvw ow xrmzgfg`i vcrb js`fu vm fcxmugvmrw g`uvgvsvgm`u.

    S`fcr vdc KJ, _cucrzc Ok`au ksevgm` vcrb js`fu vm fcxmugvmrw g`uvg"

    vsvgm`u kikg`uv k`w emllkvcrkl clgigolc vm ucesrc xrgbkrw, ucem`fkrw,

    k`f uckum`kl ercfgv lcuu k bkrig`, ydged gu k rcfsevgm` g` vdc kuugi`cf

    emllkvcrkl zklsc vdkv gu g`vc`fcf vm xrmzgfc vdc Ok`au kffgvgm`kl ercfgv

    xrmvcevgm`. Kll fcxmugvmrw g`uvgvsvgm`u vdkv krc em`ugfcrcf vm oc g`

    ic`crkllw ums`f jg`k`egkl em`fgvgm` ow vdcgr _cucrzc Ok`a k`f vdkv

    krc clgigolc vm omrrmy s`fcr vdc xrgbkrw ercfgv xrmirkb krc clgigolc

    vm xkrvgegxkvc g` KJ ksevgm`u. Kll lmk`u bsuv oc emllkvcrklg~cf vm vdc

    ukvgujkevgm` mj vdc _cucrzc Ok`au.

    Lf vm xrbkrw Fklru

    dc crb Ucesrgvgcu Lc`fg`i Jkeglgvw $ULJ' xrmbmvcf lg{sgf"

    gvw g` vdc jg`k`eg`i bkracvu jmr rckusrw ucesrgvgcu. S`fcr vdc ULJ,

    vdc J_O@W emslf lc`f sx vm k` kiircikvc kbms`v mj &?88 ogllgm` mj

    rckusrw ucesrgvgcu dclf g` vdc UMBK vm xrgbkrw fcklcru ucesrcf jmrk vcrb mj ?4 fkwu. Ucesrgvgcu ycrc lc`v vm xrgbkrw fcklcru vdrmsid

    k embxcvgvgzc ug`ilc"xrgec ksevgm` k`f ycrc emllkvcrklg~cf, lcuu k

    bkrig`, ow k xlcfic mj mvdcr ucesrgvgcu, g`elsfg`i rckusrw ucesrgvgcu,

    bs`gegxkl ucesrgvgcu, jcfcrkl kic`ew k`f IUC BOU, `m`kic`ew KKK-

    Kkk"rkvcf xrgzkvc"lkocl rcugfc`vgkl BOU, k`f kuucv"okeacf ucesrgvgcu

    $KOU'. dc ksvdmrg~kvgm` jmr vdc ULJ ctxgrcf m` Jcorskrw ;, ?8;8.

    dc crb Ucesrgvgcu Lc`fg`i Jkeglgvw Mxvgm`u Xrmirkb $MX'

    mjjcrcf xrgbkrw fcklcru, vdrmsid k embxcvgvgzc ug`ilc"xrgec ksevgm`, vm

    xsredkuc k` mxvgm` vm frky sxm` udmrv"vcrb, jgtcf"rkvc ULJ lmk`u g`

    ctedk`ic jmr clgigolc emllkvcrkl. dc xrmirkb c`dk`ecf vdc cjjcevgzc"

    `cuu mj vdc ULJ ow c`usrg`i kffgvgm`kl lg{sgfgvw fsrg`i xcrgmfu mj

    dcgidvc`cf emllkvcrkl bkracv xrcuusrcu, used ku krms`f {skrvcr"c`f

    fkvcu. dc xrmirkb yku usuxc`fcf cjjcevgzc ygvd vdc bkvsrgvw mj vdc

    Ns`c ?887 MX mxvgm`u, k`f vdc xrmirkb ksvdmrg~kvgm` ctxgrcf m`

    Jcorskrw ;, ?8;8.

    vdr Lf Jkelvu

    dc Kuucv"Okeacf Embbcregkl Xkxcr Bm`cw Bkracv Bsvskl

    Js`f Lg{sgfgvw Jkeglgvw $KBLJ' xrmzgfcf js`fg`i vm fcxmugvmrw

    g`uvgvsvgm`u k`f ok`a dmlfg`i embxk`gcu vm jg`k`ec vdc xsredkuc mj

    clgigolc dgid"{sklgvw kuucv"okeacf embbcregkl xkxcr $KOEX' jrmb

    bm`cw bkracv bsvskl js`fu. dc xrmirkb kuuguvcf bm`cw bkracv

    bsvskl js`fu vdkv dmlf used xkxcr vm bccv vdc fcbk`fu jmr g`zcuvmr

    rcfcbxvgm`u k`f vm jmuvcr lg{sgfgvw g` vdc KOEX bkracv k`f bm`cw

    bkracvu bmrc ic`crkllw. dc Jcfcrkl _cucrzc Ok`a mj Omuvm` $J_OO'

    kfbg`guvcrcf vdc KBLJ k`f yku ksvdmrg~cf vm ctvc`f vdcuc lmk`u vm

    clgigolc omrrmycru m` ocdklj mj vdc mvdcr _cucrzc Ok`au. Kll lmk`u

    ctvc`fcf s`fcr vdc KBLJ ycrc `m`rcemsruc k`f ycrc rcemrfcf ku

    kuucvu ow vdc J_OO, k`f gj vdc omrrmyg`i g`uvgvsvgm` ucvvlcu vm k fcxmug"

    vmrw keems`v g` vdc Clczc`vd Jcfcrkl _cucrzc Fguvrgev, vdc js`fu ycrc

    ercfgvcf vm vdc fcxmugvmrw g`uvgvsvgm` keems`v k`f ucvvlcf ocvycc` vdc

    _cucrzc Ok`au vdrmsid vdc g`vcrfguvrgev ucvvlcbc`v keems`v. dc ercfgv

    rgua rclkvcf vm vdc KBLJ yku kuusbcf ow vdc J_OO. dc ksvdmrg~kvgm`

    jmr vdc KBLJ ctxgrcf m` Jcorskrw ;, ?8;8.

    6. gi`gJgEK` KEE`g`i xLgEgc

    Keems`vg`i xrg`egxlcu jmr c`vgvgcu ygvd vdc s`g{sc xmycru k`f

    rcuxm`ugoglgvgcu mj k `kvgm`u ec`vrkl ok`a dkzc `mv occ` jmrbslkvcfow keems`vg`i uvk`fkrf"ucvvg`i omfgcu. dc Omkrf mj Imzcr`mru dku

    fczclmxcf uxcegklg~cf keems`vg`i xrg`egxlcu k`f xrkevgecu vdkv gv em`"

    ugfcru vm oc kxxrmxrgkvc jmr vdc `kvsrc k`f js`evgm` mj k ec`vrkl ok`a.

    dcuc keems`vg`i xrg`egxlcu k`f xrkevgecu krc fmesbc`vcf g` vdc

    Jg`k`egkl Keems`vg`i Bk`skl jmr Jcfcrkl _cucrzc Ok`au $Jg`k`egkl

    Keems`vg`i Bk`skl mr JKB', ydged gu guuscf ow vdc Omkrf mj

    Imzcr`mru. dc _cucrzc Ok`au krc rc{sgrcf vm kfmxv k`f kxxlw

    keems`vg`i xmlgegcu k`f xrkevgecu vdkv krc em`uguvc`v ygvd vdc JKB,

    k`f vdc jg`k`egkl uvkvcbc`vu dkzc occ` xrcxkrcf g` keemrfk`ec ygvd

    vdc JKB.

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    Jg`k`egkl

    Lgbgvcf fgjjcrc`ecu ctguv ocvycc` vdc keems`vg`i xrg`egxlcu k`f

    xrkevgecu g` vdc JKB k`f ic`crkllw keecxvcf keems`vg`i xrg`egxlcu g`

    vdc S`gvcf Uvkvcu $IKKX', xrgbkrglw fsc vm vdc s`g{sc `kvsrc mj vdc

    Ok`au xmycru k`f rcuxm`ugoglgvgcu ku xkrv mj vdc kvgm`u ec`vrkl ok`a.

    dc xrgbkrw fgjjcrc`ec gu vdc xrcuc`vkvgm` mj kll UMBK ucesrgvgcu dmlf"g`iu kv kbmrvg~cf emuv rkvdcr vdk` vdc jkgr zklsc xrcuc`vkvgm` rc{sgrcf

    ow IKKX. rckusrw ucesrgvgcu, IUC fcov ucesrgvgcu, jcfcrkl kic`ew

    k`f IUC BOU, k`f g`zcuvbc`vu fc`mbg`kvcf g` jmrcgi` esrrc`egcu

    embxrgug`i vdc UMBK krc rcemrfcf kv emuv, m` k ucvvlcbc`v"fkvc okugu

    rkvdcr vdk` vdc vrkfc"fkvc okugu rc{sgrcf ow IKKX. dc emuv okugu mj

    rckusrw ucesrgvgcu, IUC fcov ucesrgvgcu, k`f jmrcgi` imzcr`bc`v fcov

    g`uvrsbc`vu gu kfnsuvcf jmr kbmrvg~kvgm` mj xrcbgsbu mr keercvgm`

    mj fguems`vu m` k uvrkgidv"lg`c okugu. Kbmrvg~cf emuv bmrc kxxrmxrg"

    kvclw rcjlcevu vdc Ok`au ucesrgvgcu dmlfg`iu igzc` vdc Uwuvcbu s`g{sc

    rcuxm`ugoglgvw vm em`fsev bm`cvkrw xmlgew. Keems`vg`i jmr vdcuc

    ucesrgvgcu m` k ucvvlcbc`v"fkvc okugu bmrc kxxrmxrgkvclw rcjlcevu vdc

    vgbg`i mj vdc vrk`ukevgm`u cjjcev m` vdc {sk`vgvw mj rcucrzcu g` vdc

    ok`ag`i uwuvcb. Klvdmsid vdc kxxlgekvgm` mj jkgr zklsc bckusrcbc`vuvm vdc ucesrgvgcu dmlfg`iu bkw rcuslv g` zklscu usouvk`vgkllw komzc mr

    oclmy vdcgr ekrrwg`i zklscu, vdcuc s`rcklg~cf edk`icu g` zklsc dkzc m

    fgrcev cjjcev m` vdc {sk`vgvw mj rcucrzcu kzkglkolc vm vdc ok`ag`i uwu"

    vcb mr m` vdc xrmuxcevu jmr jsvsrc Ok`a ckr`g`iu mr ekxgvkl. Omvd vdc

    fmbcuvge k`f jmrcgi` embxm`c`vu mj vdc UMBK xmrvjmlgm bkw g`zmlzc

    vrk`ukevgm`u vdkv rcuslv g` ikg`u mr lmuucu ydc` dmlfg`iu krc umlf xrgmr

    vm bkvsrgvw. Fcegugm`u rcikrfg`i ucesrgvgcu k`f jmrcgi` esrrc`ew vrk`u"

    kevgm`u, g`elsfg`i vdcgr xsredkuc k`f uklc, krc bmvgzkvcf ow bm`cvkrw

    xmlgew moncevgzcu rkvdcr vdk` xrmjgv. Keemrfg`ilw, jkgr zklscu, ckr`g`iu,

    k`f ikg`u mr lmuucu rcuslvg`i jrmb vdc uklc mj used ucesrgvgcu k`f esr"

    rc`egcu krc g`egfc`vkl vm vdc mxc` bkracv mxcrkvgm`u k`f fm `mv bmvg"

    zkvc fcegugm`u rclkvcf vm xmlgew mr mxc` bkracv kevgzgvgcu.

    G` kffgvgm`, vdc Ok`a dku clcevcf `mv vm xrcuc`v k Uvkvcbc`v mj

    Ekud Jlmyu oceksuc vdc lg{sgfgvw k`f ekud xmugvgm` mj vdc Ok`a krc

    `mv k xrgbkrw em`ecr` igzc` vdc _cucrzc Ok`au s`g{sc xmycru k`f

    rcuxm`ugoglgvgcu. Mvdcr g`jmrbkvgm` rcikrfg`i vdc Ok`au kevgzgvgcu gu

    xrmzgfcf g`, mr bkw oc fcrgzcf jrmb, vdc Uvkvcbc`vu mj Em`fgvgm`,

    G`embc k`f Embxrcdc`ugzc G`embc, k`f Edk`icu g` Ekxgvkl. dcrc

    krc `m mvdcr ugi`gjgek`v fgjjcrc`ecu ocvycc` vdc xmlgegcu msvlg`cf g`

    vdc JKB k`f IKKX.

    Xrcxkrg`i vdc jg`k`egkl uvkvcbc`vu g` em`jmrbgvw ygvd vdc JKB

    rc{sgrcu bk`kicbc`v vm bkac ecrvkg` cuvgbkvcu k`f kuusbxvgm`u

    vdkv kjjcev vdc rcxmrvcf kbms`vu mj kuucvu k`f lgkoglgvgcu, vdc fguelmusrc

    mj em`vg`ic`v kuucvu k`f lgkoglgvgcu kv vdc fkvc mj vdc jg`k`egkl uvkvc"

    bc`vu, k`f vdc rcxmrvcf kbms`vu mj g`embc k`f ctxc`ucu fsrg`ivdc rcxmrvg`i xcrgmf. Kevskl rcuslvu emslf fgjjcr jrmb vdmuc cuvgbkvcu.

    Ecrvkg` kbms`vu rclkvg`i vm vdc xrgmr wckr dkzc occ` rcelkuugjgcf vm

    em`jmrb vm vdc esrrc`v"wckr xrcuc`vkvgm`. S`g{sc keems`vu k`f ugi"

    `gjgek`v keems`vg`i xmlgegcu krc ctxlkg`cf oclmy.

    k. imlf kf ekl Frky dvu Ervjekvu

    dc Ucercvkrw mj vdc rckusrw gu ksvdmrg~cf vm guusc imlf k`f uxc"

    egkl frkyg`i rgidvu $UF_' ecrvgjgekvcu vm v dc _cucrzc Ok`au.

    Xkwbc`v jmr vdc imlf ecrvgjgekvcu ow vdc _cucrzc Ok`au gu bkfc ow

    ercfgvg`i c{sgzklc`v kbms`vu g` fmllkru g`vm vdc keems`v cuvkolgudcf

    jmr vdc rckusrw. dc imlf ecrvgjgekvcu dclf ow vdc _cucrzc Ok`au krc

    rc{sgrcf vm oc okeacf ow vdc imlf mj vdc rckusrw. dc rckusrw bkw

    rcke{sgrc vdc imlf ecrvgjgekvcu kv k`w vgbc, k`f vdc _cucrzc Ok`au bsuvfclgzcr vdcb vm vdc rckusrw. Kv used vgbc, vdc rckusrwu keems`v gu

    edkricf, k`f vdc _cucrzc Ok`au imlf ecrvgjgekvc keems`vu krc rcfsecf.

    dc zklsc mj imlf jmr xsrxmucu mj okeag`i vdc imlf ecrvgjgekvcu gu ucv ow

    lky kv &6? ?-7 xcr jg`c vrmw ms`ec. dc Omkrf mj Imzcr`mru kllmekvcu

    vdc imlf ecrvgjgekvcu kbm`i vdc _cucrzc Ok`au m`ec k wckr okucf m`

    vdc kzcrkic Jcfcrkl _cucrzc `mvcu msvuvk`fg`i g` cked _cucrzc Ok`a.

    UF_ ecrvgjgekvcu krc guuscf ow vdc G`vcr`kvgm`kl Bm`cvkrw Js`f

    $vdc Js`f' vm gvu bcbocru g` xrmxmrvgm` vm cked bcbocru {smvk g`

    vdc Js`f kv vdc vgbc mj guusk`ec. UF_ ecrvgjgekvcu ucrzc ku k usxxlc"

    bc`v vm g`vcr`kvgm`kl bm`cvkrw rcucrzcu k`f bkw oc vrk`ujcrrcf jrmb

    m`c `kvgm`kl bm`cvkrw ksvdmrgvw vm k`mvdcr. S`fcr vdc lky xrmzgfg`i

    jmr S.U. xkrvgegxkvgm` g` vdc UF_ uwuvcb, vdc Ucercvkrw mj vdc rckusrw

    gu ksvdmrg~cf vm guusc UF_ ecrvgjgekvcu vm vdc _cucrzc Ok`au. Ydc`UF_ ecrvgjgekvcu krc guuscf vm vdc _cucrzc Ok`au, c{sgzklc`v kbms`vu

    g` S.U. fmllkru krc ercfgvcf vm vdc keems`v cuvkolgudcf jmr vdc rckusrw

    k`f vdc _cucrzc Ok`au UF_ ecrvgjgekvc keems`vu krc g`erckucf. dc

    _cucrzc Ok`au krc rc{sgrcf vm xsredkuc UF_ ecrvgjgekvcu, kv vdc fgrce"

    vgm` mj vdc rckusrw, jmr vdc xsrxmuc mj jg`k`eg`i UF_ ke{sgugvgm`u

    mr jmr jg`k`eg`i ctedk`ic uvkoglg~kvgm` mxcrkvgm`u. Kv vdc vgbc UF_

    vrk`ukevgm`u meesr, vdc Omkrf mj Imzcr`mru kllmekvcu UF_ ecrvgjgekvc

    vrk`ukevgm`u kbm`i vdc _cucrzc Ok`au okucf sxm` cked _cucrzc

    Ok`au Jcfcrkl _cucrzc `mvcu msvuvk`fg`i kv vdc c`f mj vdc xrcecf"

    g`i wckr. dcrc ycrc `m UF_ vrk`ukevgm`u g` ?884, k`f g` ?887 vdc

    rckusrw guuscf &5 ogllgm` g` UF_ ecrvgjgekvcu vm vdc _cucrzc Ok`au, mj

    ydged &;46 bgllgm` yku kllmekvcf vm vdc Ok`a.

    . Lmku vm Fmuvmrw guvvsvmu

    Lmk`u krc rcxmrvcf kv vdcgr msvuvk`fg`i xrg`egxkl oklk`ecu, k`f

    g`vcrcuv g`embc gu rcemi`g~cf m` k` keerskl okugu.

    Lmk`u krc gbxkgrcf ydc`, okucf m` esrrc`v g`jmrbkvgm` k`f

    czc`vu, gv gu xrmokolc vdkv vdc Ok`a ygll `mv rcecgzc vdc xrg`egxkl mr

    g`vcrcuv vdkv gu fsc g` keemrfk`ec ygvd vdc em`vrkevskl vcrbu mj vdc

    lmk` kirccbc`v. Lmk`u krc czklskvcf vm fcvcrbg`c ydcvdcr k` kllmy"

    k`ec jmr lmk` lmuu gu rc{sgrcf. dc Ok`a dku fczclmxcf xrmecfsrcu

    jmr kuucuug`i vdc kfc{skew mj k`w kllmyk`ec jmr lmk` lmuucu sug`i

    kll kzkglkolc g`jmrbkvgm` vm rcjlcev vdc kuucuubc`v mj ercfgv rgua. dgu

    kuucuubc`v g`elsfcu bm`gvmrg`i g`jmrbkvgm` movkg`cf jrmb ok`ag`i

    usxcrzgumru, omrrmycru, k`f mvdcr umsrecu vm kuucuu vdc ercfgv em`fg"vgm` mj vdc omrrmycru k`f, ku kxxrmxrgkvc, czklskvg`i emllkvcrkl zklscu

    jmr cked xrmirkb. Ic`crkllw, vdc Ok`a fguem`vg`scu rcemi`g~g`i

    g`vcrcuv g`embc m` gbxkgrcf lmk`u s`vgl vdc omrrmycru rcxkwbc`v

    xcrjmrbk`ec fcbm`uvrkvcu xrg`egxkl k`f g`vcrcuv ygll oc rcecgzcf g`

    keemrfk`ec ygvd vdc vcrb mj vdc lmk` kirccbc`v. Gj vdc Ok`a fguem`"

    vg`scu rcemrfg`i g`vcrcuv m` k` gbxkgrcf lmk`, ekud xkwbc`vu krc jgruv

    kxxlgcf vm xrg`egxkl s`vgl vdc lmk` oklk`ec gu rcfsecf vm ~crm1 uso"

    uc{sc`v xkwbc`vu krc kxxlgcf ku rcemzcrgcu mj kbms`vu xrczgmsulw

    fccbcf s`emllcevgolc, gj k`w, k`f vdc` ku g`vcrcuv g`embc.

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    5? JCFC_KL _CUC_ZC OK@A MJ FKLLKU ?887 K``skl _cxmrv

    e. esrvu xsredkuf fr Krbvu vm ull, esrvu

    mlf fr Krbvu vm sredku, kf esrvu Lf

    dc J_O@W bkw c`ikic g` xsredkucu mj ucesrgvgcu ygvd xrgbkrw

    fcklcru s`fcr kirccbc`vu vm rcucll $rcxsredkuc vrk`ukevgm`u'. dcuc

    rcxsredkuc vrk`ukevgm`u krc vwxgekllw ctcesvcf vdrmsid k vrg"xkrvwkrrk`icbc`v $vrg"xkrvw vrk`ukevgm`u'. rg"xkrvw vrk`ukevgm`u krc em`"

    fsevcf ygvd vym embbcregkl esuvmfgkl ok`au vdkv bk`kic vdc elckr"

    g`i, ucvvlcbc`v, k`f xlcfig`i mj emllkvcrkl. dc emllkvcrkl xlcficf bsuv

    cteccf vdc xrg`egxkl kbms`v mj vdc vrk`ukevgm`. Keecxvkolc emllkvcrkl

    s`fcr vrg"xkrvw rcxsredkuc vrk`ukevgm`u xrgbkrglw g`elsfcu rckusrw

    ucesrgvgcu1 xkuu"vdrmsid bmrvikic ucesrgvgcu mj Jk``gc Bkc, Jrcffgc

    Bke, k`f Ig``gc Bkc1 U_GX rckusrw ucesrgvgcu1 k`f uvrgxxcf uces"

    rgvgcu mj jcfcrkl kic`egcu. dc vrg"xkrvw vrk`ukevgm`u krc keems`vcf jmr

    ku jg`k`eg`i vrk`ukevgm`u ygvd vdc kuumegkvcf g`vcrcuv g`embc keerscf

    mzcr vdc lgjc mj vdc vrk`ukevgm`. _cxsredkuc vrk`ukevgm`u krc rcxmrv"

    cf kv vdcgr em`vrkevskl kbms`v ku Uwuvcb Mxc` Bkracv Keems`v>

    Ucesrgvgcu xsredkucf s`fcr kirccbc`vu vm rcucll g` vdc Uvkvcbc`vu mj

    Em`fgvgm` k`f vdc rclkvcf keerscf g`vcrcuv rcecgzkolc gu rcxmrvcf ku k

    embxm`c`v mj Keerscf g`vcrcuv rcecgzkolcu.

    dc J_O@W bkw c`ikic g` uklcu mj ucesrgvgcu ygvd xrgbkrw fcklcru

    s`fcr kirccbc`vu vm rcxsredkuc $rczcruc rcxsredkuc vrk`ukevgm`u'.

    dcuc rczcruc rcxsredkuc vrk`ukevgm`u bkw oc ctcesvcf vdrmsid k

    vrg"xkrvw krrk`icbc`v, ugbglkr vm rcxsredkuc vrk`ukevgm`u. _czcruc

    rcxsredkuc vrk`ukevgm`u bkw klum oc ctcesvcf ygvd jmrcgi` mjjgegkl

    k`f g`vcr`kvgm`kl keems`vu. _czcruc rcxsredkuc vrk`ukevgm`u krc

    keems`vcf jmr ku jg`k`eg`i vrk`ukevgm`u, k`f vdc kuumegkvcf g`vcrcuv

    ctxc`uc gu rcemi`g~cf mzcr vdc lgjc mj vdc vrk`ukevgm`. dcuc vrk`uke"

    vgm`u krc rcxmrvcf kv vdcgr em`vrkevskl kbms`vu g` vdc Uvkvcbc`vu mj

    Em`fgvgm`, k`f vdc rclkvcf keerscf g`vcrcuv xkwkolc gu rcxmrvcf ku k

    embxm`c`v mj Mvdcr lgkoglgvgcu.

    rckusrw ucesrgvgcu k`f IUC fcov ucesrgvgcu dclf g` vdc UMBK

    krc lc`v vm xrgbkrw fcklcru vm jkeglgvkvc vdc cjjcevgzc js`evgm`g`i mj vdc

    fmbcuvge ucesrgvgcu bkracv. Mzcr`gidv ucesrgvgcu lc`fg`i vrk`ukevgm`u

    krc jsllw emllkvcrklg~cf ow mvdcr rckusrw ucesrgvgcu. ULJ vrk`uke"

    vgm`u krc jsllw emllkvcrklg~cf ygvd g`zcuvbc`v"irkfc fcov ucesrgvgcu,

    emllkvcrkl clgigolc jmr vrg"xkrvw rcxsredkuc kirccbc`vu krrk`icf ow vdc

    J_O@W, mr omvd. dc emllkvcrkl vkac` g` omvd mzcr`gidv k`f vcrb uces"

    rgvgcu lc`fg`i vrk`ukevgm`u gu g` ctecuu mj vdc jkgr zklsc mj vdc ucesrgvgcu

    lc`v. dc J_O@W edkricu vdc xrgbkrw fcklcr k jcc jmr omrrmyg`i uces"

    rgvgcu, k`f vdcuc jccu krc rcxmrvcf ku k embxm`c`v mj Mvdcr g`embc.

    G` kffgvgm`, MX jccu krc rcxmrvcf ku k embxm`c`v mj Mvdcr g`