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And for a long time, it looked to be the case. Brazil abolished it only in 1888.

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Just as the market closed, Paulson had a call with Sheila Bair, the chairwoman of the Federal Deposit Insurance Corporation, who shared further dismaying news of the intense pressures in the mortgage market: The FDIC was about to seize IndyMac Bancorp, a mortgage lender, marking the fifth FDIC-insured bank failure that year and the biggest since the savings and loan debacle.30

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In modern societies, the correlation is generally positive but never perfect (the coefficient of correlation is always less than one). It is a sprawling 230-squaremile compound the size of metropolitan Chicago but not marked on any map.

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