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April 27, 2009


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You lost me a little at the end.

"Are we sure that all profits are indeed profits, and not disguised labor payments?"

I'm not at all sure that they were profits, but I'm not sure what you mean by "disguised labor payments." Retained earnings with the assumption that a lot of the equity is (was) held by "employees"?

Not very clear, was I? But you got it.

Then again, partnerships are pretty much dead, but I'm not sure how stock options and the like are counted in the BEA stats.

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