8/2/2019 1992 Dallas Federal Reserve Annual Report

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A K M K X B C X K _ K X Q K H B @ N I A M B C C B _

X K Z X D @ ] A X I E 2 4 4 8 B @ @ [ B C X K Z I X ]

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8/2/2019 1992 Dallas Federal Reserve Annual Report

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Giskzf B. _of{ezk}kx

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s}b}di`bxt.

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Obzd}bcdse# _iodbcdse# b`m Mkeioxbot.

Fk ds r{i}km axkr{k`}ct d` }fds xkzix}.

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|ks}. ]fk of{x` xkzcbokm [._. =22 |d}f D`}kxs}b}k

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hk `kb}ct k`ld`kkxkm. @i`k}fkckss# fds}ixt }kccs {s

=

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}fb} }fk zxiad} ei}dqk kehkmmkm d` b axkk k`}kxzxdsk

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mdm`} kvds} b ak| tkbxs kbxcdkx.

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kqk` bs }fk `{ehkx ia ei{}fs }i akkm d`oxkbskm.

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|ixnkxs.

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cdks. [`kezcitek`}# }fi{lf }tzdobcct i`ct }kezi%

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ci`l%}kxe kaako} ia }fk of{x` d` }fk iqkxbcc

koi`iet# fi|kqkx# ds zisd}dqk. ]fk zxiokss axkks

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i{} cbhix xkckbskm axie abxed`l.

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bei`l }fke. @i`kvds}k`} d` 26

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Bekxdobs ]iz ?: Gihs _d`ok 24::

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fdlfcdlf}km fkxk d` oicix }i dcc{s}xb}k }fk d`oxkbsd`l dezix}b`ok ia km{%

ob}di` d` }imbts |ixnzcbok.

24::

Gih \ixnkxs

Abxekxs ;#1

8/2/2019 1992 Dallas Federal Reserve Annual Report

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}fk fixsk%b`m%h{llt }xbmk }i xbdcxibms b`m |b}kx

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d`l d` }fksk ioo{zb}di`s }imbt.

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gihs d` }fk kvds}d`l d`m{s}xdks }fb} }fkt kocdzskm. Bs

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b`m }x{on mxdqkxs {c}d%

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Zkizck Kezcitkm

Mks}x{o}di` ]imbt Tks}kxmbtXbdcxibm kezcitkks 8?2#::: 8#:

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d`m{s}xt ob` kbsdct s|d}of }i }fk `k| gihs.

Kezcitek`} otocks hkoiek kszkodbcct ax{s}xb}%

d`l |fk` }fk icm gihs b`m `k| i`ks bxk`} d` }fk

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izk`d`ls d`# sbt# @k| Ekvdoi.

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}i i}fkx oi{`}xdks. Eb`t oi`oc{mk }fb} }fk si%obcckm

kvzix} ia gihs xkzxksk`}s b abdc{xk ia }fk [._.

koi`iet# b`m }fkt obcc aix xks}xdo}dqk }xbmk zicdodks

}i sbqk Bekxdob` gihs. ]fkxks `i mk`td`l }fk

of{x` ob` oxiss hixmkxs# h{} }fk [`d}km _}b}ks

miks`} xkbcct cisk |fk` b gih edlxb}ks }i b`i}fkx

oi{`}xt. ]fk `b}di`bc xksi{xok ds`} }fk gih> d}s }fk

|ixnkxs b`m }fkdx }bck`}s. \ixnkxs xkebd` bqbdcbhck

bs xksi{xoks }i zxim{ok liims ia fdlfkx qbc{k d`

`k| d`m{s}xdks. D` xkok`} tkbxs# aix kvbezck# }kv}dck

gihs eiqkm }i ci|%|blk aixkdl` oi{`}xdks# bcci|%

d`l @ix}f Obxicd`b# Lkixldb b`m Acixdmb}fk

_i{}fkbs}kx` s}b}ks |d}f }fk hks}%km{ob}km |ixn

aixoks}i ckbm }fk xkldi` d`}i b }xb`sd}di` }i eixk

bmqb`okm d`m{s}xdks |d}f hk}}kx gihs.

K`}kxd`l }fk 82s} Ok`}{xt Fkbmadxs}

]fxi{lfi{} }fk 8:}f ok`}{xt# }fk mkedsk ia icm

d`m{s}xdks b`m }fk oxkb}di` ia `k| i`ks oid`odmkm

|d}f xdsd`l d`oieks b`m f{lk `k} lbd`s d` kezcit%

ek`} d` }fk [`d}km _}b}ks. ]fk }xb`sd}di`# fi|kqkx#

fbs hkk` h{ezt b`m {`kqk`. Gih cissks ob` hk

}xb{eb}do aix |ixnkxs b`m }fkdx abedcdks. Tk}# skk`

bs b |fick# }fk Bekxdob` kvzkxdk`ok okx}bd`ct oi`%

adxes _of{ezk}kxs }fksds }fb} b` koi`iet ob`}

zxilxkss |d}fi{} }fk xkqd}bcdwb}di` }fb} hxd`ls gih

mks}x{o}di`. D`}kxqk`}di` }i sbqk gihs bceis} bc|bts

abdcs. Zicdodks mksdl`km }i zxi}ko} gihs xk}bxm koi%

`iedo zxilxkss b`m# {c}deb}kct# mks}xit gihs ht

sfix}%odxo{d}d`l }fk qd}bc zxiokss ia d``iqb}di`. D} ds

aix }fds xkbsi` }fb} |k e{s} s}iz aio{sd`l i`ct

i` }fk `{ehkx ia gihs> |k e{s} bcsi oi`ok`%

}xb}k i` }fk oiezisd}di` ia gihs. Bmmkm

kezfbsds sfi{cm hk zcbokm i` fdlf zbt#

fdlf zxim{o}dqd}t b`m fdlf km{ob}di`bc

kehimdek`}.

Fds}ixt mkei`s}xb}ks }fk a{}dcd}t ia

sbqd`l kezcitek`}. Aix d`s}b`ok# d}s

fbxm }i edss }fk bhs{xmd}t ia b |kcc%d`}k`}di`km zxi%

lxbe }fb} 2:: tkbxs bli edlf} fbqk bdekm }i nkkz

hcbonsed}fs b`m fbx`kss ebnkxs kezcitkm. Bs xk%

ok`}ct bs

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zbs} |i{cm dezct }fk zxim{o}s b`m zxim{o}dqd}t ia

}fk zbs}# mkzxdqd`l oi`s{ekxs ia }fk hk`kad} ia lk`%

kxb}di`s ia `k| }kof`icilt.

Da b siodk}t miks`} bcci| }fk xkzcbokek`} ia

i{}eimkm k`}kxzxdsks b`m }fkdx oi`oied}b`} gihs# d}

|i`} hk bhck }i bmqb`ok. ]fk aixekx _iqdk} [`di`

l{bxmkm d}s od}dwk`s gihs> d}s ab}k sfi|s |fb} fbz%

zk`s }i b `b}di` }fb} }xdks }i xkzkbc }fk koi`iedo

aixoks b} |ixn d` }fk cbhix ebxnk}. D`s}kbm ia szdxbc%

d`l {z|bxm |d}f d``iqb}di`s# }fk _iqdk} [`di` s}bl%

`b}km b`m ad`bcct oiccbzskm.

]fk zxiokss ia oxkb}dqk mks}x{o}di` |ixnkm d`

}fk zbs}# }bnd`l b oi{`}xt h{dc} ht e{sock zi|kx

}fxi{lf }fk d`m{s}xdbc xkqic{}di` b`m d`}i }fk d`aix%

eb}di` blk. Tk}# }imbts snkz}dos |i`mkx |fk}fkx

}fk [._. gih ebofd`k s}dcc |ixns. Bs cbtiaas mied%

`b}k }fk `k|s# zkizck |ixxt bhi{} |fk}fkx }fkxk

|dcc hk liim gihs }i xkzcbok }fisk hkd`l cis}. Bs b

siodk}t# |k bxk {`kbst bhi{} |fb} eb`t b`bcts}s

xklbxm bs mkocd`d`l cdqd`l s}b`mbxms. Eb`t zbxk`}s

akbx }fb} }fkdx ofdcmxk` ebt hk bei`l }fk adxs}

Bekxdob`s }i hk ckss |kcc%iaa }fb` }fk zxkqdi{s

lk`kxb}di`.

]fksk r{ks}di`s b`m b`vdk}dks bxk`} `k|. ]dek

b`m blbd`# zkizck ob{lf} d` }fk of{x` fbqk hkk`

akbxa{c ia }fk a{}{xk. D` }x{}f# }fkxk bxk ak| l{bxb`%

}kks }fb} b` koi`iet |dcc bc|bts eiqk aix|bxm. B}

}fk eiek`} ia gih cissks d` i`k d`m{s}xt# d}s ia}k`

mdaado{c} }i skk }fk `k| izzix}{`d}dks bcxkbmt izk`%

d`l d` kekxld`l h{sd`kssks. Adl{xd`l i{} |fdof d`%

m{s}xdks |dcc kezcit }fk `kv} lk`kxb}di` hkoieks

b` kqk` eixk }xi{hcksiek }bsn. ]fk hks} b siodk}t

ob` mi ds zxkzbxk d}skca }i bmbz} }i ofb`lk.

B |kcc%km{ob}km# |kcc%}xbd`km cbhix aixok eixk

xkbmdct sfda}s axie }fk gihs ia mkocd`d`l d`m{s}xdks

}i }fisk ia kekxld`l i`ks. @i|fkxk ds }fds eixk

}x{k }fb` d` oi`}kezixbxt Bekxdob# |fkxk }fk h{cn

ia cis} gihs bxk d` fkbqt d`m{s}xt b`m eis} ia }fk

`k| gihs bxk d` }fk si%obcckm n`i|ckmlk d`m{s}xdks.

]fk sndccs `kkmkm d` }fk zbs} bxk`} cdnkct }i hk }fk

sbek bs }fisk qbc{km d` }fk a{}{xk. I`ct km{ob}di`

aicci|km ht oi`s}b`} xkkm{ob}di` b`m }xbd`d`l ob`

fkcz hxdmlk }fk lbz. D` b` kxb ia d`}kx`b}di`bc oie%

zk}d}di`# b siodk}t }fb} miks`} bmkr{b}kct km{ob}k

d}s |ixn aixok ebt fbqk }i sk}}ck aix }fk ckss mksdx%

bhck gihs.

Km{ob}di` b`m sndccs ciie si cbxlk hkob{sk

}kof`icilt zcbts b ckbmd`l xick d` aixld`l `k| d`%

m{s}xdks d` }fk [`d}km _}b}ks b`m i}fkx bmqb`okm

koi`iedks. ]fk |ixcm }imbt zisskssks b cbxlk d`%

qk`}ixt ia d`qk`}di`s }i fkcz zcb`} }fk skkms ia

}ieixxi|s d`m{s}xdks. Bcxkbmt# gihs bxk kekxld`l

axie s{of mdsoiqkxdks bs M@B# cbskxs# adhkx iz}dos#

fdlf%}kof okxbedos# fbxm zcbs}dos# ficilxbzft#

zfi}i`dos b`m edoxiebofd`ks. Bs }fk zbok ia }kof%

`icildobc d``iqb}di` r{donk`s# }fk of{x` ia gihs ds

cdnkct }i hkoiek kqk` abs}kx. ]fk ofbcck`lk aix }fk

[`d}km _}b}ks cdks d` }xbd`d`l d}s |ixnkxs aix }fk gihs

}fb} |dcc hk oxkb}km bs }fksk d`m{s}xdks lxi|.

\d}f }fb} d` ed`m# i`k ia }imbts eis} zxkssd`l

gihs r{ks}di` edlf} hk hk}}kx }{x`km i` d}s fkbm.

D`s}kbm ia bsnd`l |fk}fkx }fk [._. koi`iet |dcc

oxkb}k k`i{lf liim gihs# |k i{lf} }i hk bsnd`l

|fk}fkx i{x km{ob}di`bc sts}ke |dcc zxim{ok

k`i{lf r{bcdadkm |ixnkxs. Da d}s zkizck bxk km{%

ob}km# }xbd`km b`m |dccd`l }i |ixn# b siodk}t |d}f b

zxizkxct a{`o}di`d`l ebxnk} koi`iet |dcc hk bhck

}i zxiqdmk b` bh{`mb`ok ia izzix}{`d}dks.

Bs ci`l bs zkizck |dcc zbt aix eixk b`m hk}}kx

zxim{o}s# k`}xkzxk`k{xs |dcc adl{xk i{} |fb} oi`%

s{ekxs |b`} b`m |dcc }xt }i ad`m `k| |bts }i zxi%

m{ok d}. ]f{s# b axkk k`}kxzxdsk sts}ke zxiqdmks d}s

i|` a{kc aix }fk of{x`. D` }fds |bt# }fk koi`iet

|dcc eiqk aix|bxm bs ci`l bs cbhix b`m i}fkx xk%

si{xoks bxk bhck }i eiqk axie icm d`m{s}xdks }i

`k| i`ks.

Gih oxkb}di` b`m gih mks}x{o}di` bxk d`}kx%

}|d`km. ]fkt bxk hi}f nkt kckek`}s d` }fk zxiokss

}fxi{lf |fdof b siodk}t xbdsks d}s cdqd`l s}b`mbxms.

]fds sfi{cm`} hk bcc }fb} s{xzxdsd`l }i eis} Bekxd%

ob`s. D}s si abedcdbx# d` abo}# }fb} }fk oi`okz} ds obz%

}{xkm d` b sd`lck |ixmzxilxkss. _iodk}dks }fb}

mk`t }fk of{x` ht }xtd`l }i axkkwk kezcitek`} bo%

}{bcct xk}bxm }fk aixeb}di` ia `k| gihs b`m `k|

si{xoks ia d`oiek. _iodk}dks }fb} bcci| }fk of{x` }i

|ixn xkbz }fk xk|bxms ia eixk kezcitek`} b`m

hk}}kx cdqd`l s}b`mbxms. D` }fksk a{`mbek`}bc oi`%

okz}s# dxi`do bs }fkt ebt skke# cdks }fk nkt

}i bofdkqd`l fdlfkx cdqd`l s}b`mbxms.

4

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_kcko}km Hdhcdilxbzft

Hbxlkx# Fbxicm. ]fk ]xb`szix}b}di` D`m{s}xdks# 266424=17 B _}{mt ia I{}z{}#

Kezcitek`}# b`m Zxim{o}dqd}t. @k| Tixn7 @b}di`bc H{xkb{ ia Koi`iedo

Xkskbxof# 24;2.

H{xnk# Gbeks. Oi``ko}di`s. His}i`7 Cd}}ck# Hxi|` b`m Oiezb`t# 24

8/2/2019 1992 Dallas Federal Reserve Annual Report

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Fds}ixdobc zfi}ilxbzfs bxk axie ]fk Hk}}eb`` Bxofdqk.

]fk Akmkxbc Xkskxqk Hb`n ia Mbccbs

ds i`k ia 28 xkldi`bc Akmkxbc Xkskxqk

Hb`ns d` }fk [`d}km _}b}ks. ]ilk}fkx

|d}f }fk Hibxm ia Liqkx`ixs d`\bsfd`l}i`# M.O.# }fksk ixlb`dwb}di`s

aixe }fk Akmkxbc Xkskxqk _ts}ke b`m

a{`o}di` bs }fk `b}di`s ok`}xbc hb`n.

]fk _ts}kes hbsdo z{xzisk ds }i zxiqdmk

b aci| ia ei`kt b`m oxkmd} }fb} |dcc

ais}kx ixmkxct koi`iedo lxi|}f b`m b

s}bhck miccbx. D` bmmd}di`# Akmkxbc

Xkskxqk Hb`ns s{zkxqdsk hb`ns b`m hb`n

ficmd`l oiezb`dks b`m zxiqdmk okx}bd`

ad`b`odbc skxqdoks }i }fk hb`nd`l

d`m{s}xt# }fk akmkxbc liqkx`ek`} b`m

}fk z{hcdo.

_d`ok 242=# }fk Akmkxbc XkskxqkHb`n ia Mbccbs fbs skxqkm }fk ad`b`odbc

d`s}d}{}di`s d` }fk Kckqk`}f Mds}xdo}. ]fk

Kckqk`}f Mds}xdo} k`oiezbssks ?;:#:::

sr{bxk edcks b`m oiezxdsks }fk s}b}k ia

]kvbs# `ix}fkx` Ci{dsdb`b b`m si{}fkx`

@k| Ekvdoi. ]fk }fxkk hxb`of iaadoks ia

}fk Akmkxbc Xkskxqk Hb`n ia Mbccbs bxk

d` Kc Zbsi# Fi{s}i` b`m _b` B`}i`di.

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Akmkxbc Xkskxqk Hb`n ia Mbccbs

88:: @ix}f Zkbxc _}xkk}

Mbccbs# ]kvbs