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FIFTH RULE OF IMPERFECTION: The fifth of seven basic rules of the economy. It is the observation that the real world is not perfect. This means markets often fail to achieve efficiency because of several failings. This also means that government seldom enacts the policies needed to correct market failings. We are usually faced with the lesser of evils.
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PLASTIC MONEY A slang phrase for credit cards, especially when such cards used to make purchases. The "plastic" portion of this term refers to the plastic construction of credit cards, as opposed to paper and metal of currency. The "money" portion is an erroneous reference to credit cards as a form of money, which they are not. Although credit cards do facilitate transactions, because they are a liability rather than an asset, they are not money and not part of the economy's money supply.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for deranged pelicans.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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FRB
Federal Reserve Board
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