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Interest rates dropped from a high of more than 11 percent in mid1989 to 725 percent in 1995 and continued to dip for the remainder of the decade, according to HSH Associates28 Because nancing was cheaper, US real estate sales and prices soared Residential mortgage volume jumped from $295 trillion at year-end 1992 to $51 trillion by 2000 The housing boom resulted in a need for construction workers Lured by high wages, many Mexicans and Central Americans (some legal, some undocumented) immigrated to ll these open jobs29 In turn, billions of dollars worth of capital remittances were sent back to families in Latin America, sparking domestic booms in these countries A similar economic expansion in the Middle East and Europe led to parallel immigration and remittance patterns with laborers from India, Bangladesh, Pakistan, Turkey, and the Philippines This real estate boom also ushered a great US import binge from China Americans began to ll their houses with everything that could be bought from the local Home Depot or Wal-Mart and jammed into a plus-sized SUV The seeds of our widening trade de cit, weaker dollar, and the rises in commodities prices were planted As the real estate boom continued, banks targeted less quali ed or subprime borrowers for mortgages With the rise of interest-only and adjustable-rate mortgages, as well as personal mortgage insurance, many NINJA borrowers (No Income, No Job, No Assets) were able to buy houses with little or no money down the resulting combination of a debt-prone culture, some predatory lending practices, as well as some outright fraud in mortgage applications With surging US real estate and a sizzling economy, the US trade de cit jumped from $111 billion to $370 billion from 1995 to 2000 sending dollars abroad and building wealth overseas in places like China The 2000 bursting of the Silicon Valley bubble and resulting crash in tech stocks, only further whet appetites for US real estate because property values held up better than the NASDAQ So Americans continued to build, buy, and renovate houses, (not to mention speculate on pre-built properties) as well as piling into their mammoth SUVs, consuming more gasoline, and buying more and more imported goodies In the wake of the 9/11 terrorist attacks, the US Federal Reserve Bank kept the US economy a oat with huge interest rate cuts, pushing.



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( 1)N mn e i( 1 ma 2 nb) U (ma, nb) S ( , N )

(1613) The proof of S ( , N ) = P S(R) is based on the Poisson summation formula As a Hilbert space, S ( , N ) is equipped with the scalar product

in agreement with the one obtained by simplifying (10.60) for c = 0. Noise-Limited Case. For noise-limited systems [i.e., th = 0, or equivalently 2 D /( th I ) and thus p ], after simpli cation of (10.57), we get Pout = 1 exp = 1 2 exp c2 2 c2 2 1 exp + exp d2 2 , , Sth ST Sth > ST (10.63)

N 1

.

c j ( )c j ( )

(1614)

Worksheet 4.35 Business Worksheet for Staff Management. (continues)





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This Hilbert space will be denoted by H ( ) With respect to this inner product, a b the operators U n 1 N , n 2 N , (n 1 , n 2 ) Z2 are unitary They represent elements of a b the form 2 s, n 1 N , n 2 N , with s Z Such elements form, thanks to (1611), a discrete subgroup of the Weyl Heisenberg group, sometimes called the discrete Weyl Heisenberg group Note that the rst element of the triplet has no effective action since it is represented as a unit phase, and so can be omitted in the notation Now, it is a general result of group representation theory that this unitary representation decomposes into a direct sum of unitary irreducible representation U of the discrete Weyl Heisenberg group: U n1 a b , n2 N N

(r p)~(r p)

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