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International Trade and the U.S.

…boom of 1981 – 1985 tax cuts and increased defense spending stimulated GDP growth. Stronger growth in national income led to higher consumption and greater investment, including consumption and investment

More on Gagnon

…still be some private label issues and they will be crowded out and, more importantly, the whole point is to get more mortgages written (either for new purchases or refinancing)….