Liberal Democrat education spokesman Phil Willis said ministers had "abandoned the fundamental principle" of making academic and vocational qualifications of equal value.
Even with Fannie and Freddie inflating the bubble and the Fed and the rest of the Bush Administration weakening the dollar, the crisis never would have become so unprecedentedly destructive but for a seemingly arcane accounting principle called mark-to-market, or fair value, accounting.
The percentage depletion deduction was conceived in 1932 based on the accepted corporate tax principle that business taxes should be reduced in scale as the value of company equipment, structures and other assets diminish over time.
The first industry foresight principle at work here is this: where the same problem applies, a solution that creates value in one industry will turn up to create value in another, even if apparently unrelated.