The first was excess demand for its exports created by the high tide of credit-financed spending and illusory wealth in rich countries.
First, neither excess reserves nor the monetary base (currency plus bank reserves) are money.
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According to Mr Tauzin, 1999 was when WorldCom first started capitalising excess capacity, putting a valuation on the spare space on its network and claiming it as an investment.
Meanwhile, they lost sight of improving balance sheets and excess cash flow, a first for this industry in its 35-year jet history.
Processor demand is likely to slow over the course of the year to offset shipments well in excess of demand in the first quarter.
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It was the first machine to smash particles together with energies in excess of 1 trillion electron-volts or 1 TeV, whence its name.
First, actively-managed mutual funds cannot earn excess returns over index funds because in aggregate they earn the same as index funds, less the difference in cost.
Similarly, long-term capital losses are first applied against long-term capital gains, with any excess applied against short-term capital gains.
Just last month, Jefferies analyst Peter Misek already cut his estimate for iPhone shipment volumes for the first quarter of 2013, saying Apple had to "balance excess inventory" by cutting orders to suppliers.
Like many kids discovering the freedom of college for the first time, Ko began to smoke and drink, occasionally to excess.
First, avoid unnecessary spending and lance the lavish, eradicate the excess.
First, the Federal Reserve could drain bank reserves and reduce the excess liquidity at other institutions by arranging large-scale reverse repurchase agreements with financial market participants, including banks, government-sponsored enterprises and other institutions.
As we head into the final month of the first quarter, three of the ten major sectors are showing gains in excess of 10% for the quarter.
At one stage, Sussex looked on course for a total in excess of 350 after Gloucestershire skipper Alex Gidman's decision to field first backfired.
When I first noticed them, I felt relief that banks were finally satisfied with their holdings of excess reserves and were finally stepping up their deposit (and money) creating loans and investments.
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First, banks have to be continually willing to forsake the 25 bps they receive on their excess reserves as well as the cash cushion they provide for higher yielding risk assets.
On the bright side for First Solar, its strong financial position could help it outlast competitors in a downturn which would result in excess capacity being taken out of the sector.
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But first he wants to change Colombia's political institutions, and especially the corruption, vote-buying and cosseted excess of its politicians.
On its website, Virgin Trains warns travellers they will be charged an excess or penalty fare if they board a train without a ticket or attempt to change from standard to first class without a first class ticket.
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