| Effects of tax rebates are open to debate
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CUA axes variable loan sales by brokers
AUSTRALIA'S largest credit union is the latest credit crunch victim, suspending sales of all its variable home loans through brokers. Credit Union Australia has told brokers the sales would stop from today, although it would continue to sell the loans through its branch network. "As a result of recent events in financial markets and following a review of CUA's broker distribution model, CUA will temporarily withdraw its variable interest rate product range from this Friday," the credit union said in a note to brokers. CUA is also by far Australia's largest mutual society, with 388,000 members and $6.6 billion in assets. CUA merged last year with the Australian National Credit Union to form the new entity. It was named credit union of the year this year by Money magazine.
Top economist says America could plunge into recession
Despite the so-called "crisis" in the financial and housing markets in the United States in 2007, the net worth of U.S. households grew $4 trillion. That's equal to about 170% of the entire GDP of China or Germany, and not much smaller than the GDP of the UK and France combined. In one year. Despite the "crisis" and losses. Sort of gives the lie to the idea that even a possible trillion in lost value is going to do more than temporarily dent the U.S. economy. .
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