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Candidate Reaction: Wall Street Bailout Agreement

By Perry Bacon Jr.
Both presidential candidates said they were likely to support a Wall Street bailout agreement hashed out in late-night negotiations yesterday by the Bush administration and congressional leaders.

Sen. John McCain, appearing on ABC News's "This Week," said, "This is something all of us will swallow hard and go forward with. The option of doing nothing is simply not an acceptable option."

Sen. Barack Obama, in a statement put out by his campaign, said, "while I look forward to reviewing the language of the legislation, it appears that the tentative deal embraces these principles," referring to his stance that any agreement would have to include an oversight board, limits to pay for executives whose companies benefit from the bailout and measures to help Americans pay their mortgages and and make sure taxpayers collect any profits that come from the bailout.

As for the aid that will be offered to Wall Street firms, Obama said: "It is not a cause for celebration. But this step is necessary."

By Web Politics Editor  |  September 28, 2008; 11:30 AM ET
Categories:  B_Blog , Barack Obama , Economy , John McCain  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Gov. Palin Gets the SNL Treatment -- Again
Next: Bill Clinton Talks Obama, McCain and Greatness


To those of you who feel you are racially superior (MCShame/Falin supporters)the United States Marine Corps has been integrated since 1947.

Defending to the death the right of people everywhere in the US to execute their first amendment rights. (including stupid, ill-informed rascists).



Posted by: SueMVetforObama | September 30, 2008 10:15 AM | Report abuse


This was posted in the headlines section of Democracy Now! on 9/22:

Army Unit to Deploy in October for Domestic Operations

*** Beginning in October, the Army plans to station an active unit inside the United States for the first time to serve as an on-call federal response in times of emergency. The 3rd Infantry Division’s 1st Brigade Combat Team has spent thirty-five of the last sixty months in Iraq, but now the unit is training for domestic operations. The unit will soon be under the day-to-day control of US Army North, the Army service component of Northern Command. The Army Times reports this new mission marks the first time an active unit has been given a dedicated assignment to Northern Command. The paper says the Army unit may be called upon to help with civil unrest and crowd control. The soldiers are learning to use so-called nonlethal weapons designed to subdue unruly or dangerous individuals and crowds.

The last sentence appears to be a reference to "directed energy (read: RADIATION) weapons" that are being widely deployed among the military, intelligence, and law enforcement agencies. These weapons emit silent and potentially deadly radiation of various forms, and "targets" of this weaponry may not even know they've been "dosed."



For more: see OR

Posted by: scrivener50 | September 29, 2008 1:00 AM | Report abuse

McCain Wins Independence Endorsement
By Special to the Sun | September 22, 2008

The New York State Independence Party is venturing into major party presidential politics for the first time to endorse Senator McCain.

The move might seem odd given that the party in 2004 endorsed consumer advocate Ralph Nader, a candidate best known for his left-wing politics. The organization's state chairman, Frank MacKay, said the state party felt that Mr. McCain, a Republican, was not beholden to partisan interests and therefore justified the nod. "It's not that we endorsed a major party candidate, it's that for the first time one of the major parties ran an independent," Mr. MacKay said in an interview yesterday. "He's a maverick and somebody who has driven his party crazy. The special interest groups in his party certainly didn't want him — I'm amazed he got through."

Posted by: thecannula | September 28, 2008 11:16 PM | Report abuse

It is amazing how unlucky the Bush family is with taxpayer money on their watch. When the Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.3 billion. Neil Bush, son of then Vice President of the United States George H. W. Bush, was Director of Silverado at the time. Neil Bush was accused of giving himself a loan from Silverado, but he denied all wrongdoing. The US Office of Thrift Supervision investigated Silverado's failure and determined that Neil Bush had engaged in numerous "breaches of his fiduciary duties involving multiple conflicts of interest." Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying ONLY $50,000 as part of the settlement.

So far this year, our government, Democrats and Republicans, have approved the spending of over $1 trillion dollars ($1,014,000,000,000) of our hard earned money to bailout corporations and banks that screwed us over in the first place. If you think your presidential candidate is immune from the graft and will make a change, think again. Obama and McCain’s list of financial contributors should make you think twice, see Regardless of who you vote for, let us strive to hold our elected officials accountable for their promises, accountable for their actions and accountable for our hard earned money.

Earlier this year, our government guaranteed $29 billion dollars ($29,000,000,000) to support the bailout of Bear Stearns. Our government then spent $200 billion dollars ($200,000,000,000) to sort out financial problems with mortgage lenders Fannie Mae and Freddie Mac. Recently, our government spent/lent $85 billion dollars ($85,000,000,000) to American International Group.

Now, our politicians want to spend $700 billion dollars ($700,000,000,000) of our tax money to bailout American and non-American financial institutions or businesses, that did not complain when they were making huge profits off of high-risk mortgage loans. This bailout is another method for wealthy Republicans and Democrats to bailout their wealthy friends.

We need to watch those pushing for the $700 billion dollar bailout like Treasury Secretary Henry Paulson. When Paulson was Goldman Sachs’ chief, Paulson himself received an $18.7 million cash bonus for the first half of 2006, and in 2005 he was the highest paid chief executive officer on Wall Street, reaping $38.3 million in salary, stock and options. Paulson also accumulated 3.23 million shares of Goldman's common stock worth $492 million, plus restricted shares worth $75.2 million and options to purchase 680,474 shares, according to a Goldman regulatory filing on July 2, 2006. Paulson wasn't required to pay a 20 percent tax penalty on some of his compensation from Goldman under an Internal Revenue Service rule that waived the tax on executives forced to sell stock to comply with government ethics rules.

Posted by: ConcernedConsumers | September 28, 2008 10:08 PM | Report abuse

Why is Obama hiding Michelle? The McCains appear together frequently - but not the Obamas.
Posted by: marty123xyz | September 28, 2008 5:45 PM | Report abuse
Working moms are great. I had one. I've got nothing against them. How 'bout you?

That said, Michelle Obama seems to be at home, being a mom. You remember? Mom? That woman Republicans love to idealize as having her rightful place be in the home and not too involved with presidential politics? 'Member? Like Nancy Reagan? Bar' Bush? Jackie-O?

But shouldn't she be standing at her man's side? Oh yes, moms can do that, too. Michelle Obama was in Detroit, Michigan, just today. She gave a speech, hugged her husband AND Mrs. Biden. (That doesn't mean she's lesbian, though, so you don't have to make up another lie to go with your first several, 'k?) Yep, we checked, and she was there, in Detroit. Catch it on CNN. By the way, where were you?

Maybe you were somewhere you shouldn't be, posting lies to the internet, hmmm??? Maybe parked outside someone's house, stealing their wireless signal? It could be, you know. We haven't seen any full-frontal pictures of you in, oh, quite some time. Maybe you have a guilty conscience and you're projecting your misdeeds onto somebody else. Could that be? Hmmm???

Honestly, if you're going to make sh*t up just to start rumors about people *who aren't even running for office,* perhaps you should get your facts straight. Or hey, better yet, just stick to the facts themselves. You don't like Obama? Fine, but don't be intellectually dishonest about it. Everybody sees right through it.

Posted by: tellthetruth01 | September 28, 2008 8:45 PM | Report abuse

>>>>Thank You John McCain for taking a flawed bill on Thursday and making it better through your principled actions by Sunday!

Exactly!! but don't expect the media and press to give any credit to McCain.

Dems for McCain/Palin!

Posted by: marty123xyz | September 28, 2008 8:39 PM | Report abuse

A monkey in a suit is still a monkey!

America does not know who the real Barack Hussein Obama is...
Country First!
McCain/Sarah Palin
Posted by: Manolete | September 28, 2008 3:33 PM | Report abuse
"Racism first!"--Manolete

My grandmother told us that we'd catch more flies with honey than vinegar. The only thing you'll catch with racism is other racists.

How sad for you.

Posted by: tellthetruth01 | September 28, 2008 8:37 PM | Report abuse

A monkey in a suit is still a monkey!

America does not know who the real Barack Hussein Obama is...
Country First!
McCain/Sarah Palin
Posted by: Manolete | September 28, 2008 3:33 PM | Report abuse
"Racism first!"--Manolete

My grandmother told us that we'd catch more flies with honey than vinegar. The only thing you'll catch with racism is other racists.

How sad for you.

Posted by: tellthetruth01 | September 28, 2008 8:30 PM | Report abuse

Thank You John McCain for taking a flawed bill on Thursday and making it better through your principled actions by Sunday!

Posted by: thecannula | September 28, 2008 5:46 PM | Report abuse


Amen! Let's just hope that Pelosi & Co. did not make it worse.

Posted by: Verrazzano | September 28, 2008 6:37 PM | Report abuse

The Color of Money --

Excellent video from March 2008 re Obama's take from corporations involved in current financial crisis.

Posted by: marty123xyz | September 28, 2008 5:46 PM | Report abuse

Yesterday's Washington Post

"When Sen. John McCain made his way to the Capitol office of House Minority Leader John A. Boehner (R-Ohio) just past noon on Thursday, he intended to "just touch gloves" with House Republican leaders, according to one congressional aide, and get ready for the afternoon bailout summit at the White House.

Instead, Rep. Paul D. Ryan (Wis.), the ranking Republican on the House Budget Committee, was waiting to give him an earful. The $700 billion Wall Street rescue, as laid out by Treasury Secretary Henry M. Paulson Jr., was never going to fly with House Republicans, Ryan said. The plan had to be fundamentally reworked, relying instead on a new program of mortgage insurance paid not by the taxpayers but by the banking industry.

McCain listened, then, with Sen. Lindsey O. Graham (S.C.), he burst into the Senate Republican policy luncheon. Over a Tex-Mex buffet, Sens. Robert F. Bennett (Utah) and Judd Gregg (N.H.) had been explaining the contours of a deal just reached. House Republicans were not buying it. Then McCain spoke.

"I appreciate what you've done here, but I'm not going to sign on to a deal just to sign the deal," McCain told the gathering, according to Graham and confirmed by multiple Senate GOP aides. "Just like Iraq, I'm not afraid to go it alone if I need to."

For a moment, as Graham described it, "you could hear a pin drop. It was just unbelievable." Then pandemonium. By the time the meeting broke up, the agreement touted just hours before -- one that Sen. Lamar Alexander (Tenn.), the No. 3 GOP leader, estimated would be supported by more than 40 Senate Republicans -- was in shambles.

An incendiary mix of presidential politics, delicate dealmaking and market instability played out Thursday in a tableau of high drama, with $700 billion and the U.S. economy possibly in the balance. McCain's presence was only one of the complicating factors. Sen. Barack Obama played his part, with a hectoring performance behind closed doors at the White House. And a brewing House Republican leadership fight helped scramble allegiances in the GOP.

It is unclear whether the day's events will prove to be historically significant or a mere political sideshow. If the administration and lawmakers forge an agreement largely along the lines of the deal they had reached before McCain's arrival Thursday, the tumult will have been a momentary speed bump. If the deal collapses, the recriminations spawned that day will be fierce.

But if a final deal incorporates House Republican principles while leaning most heavily on the accord between the administration, House Democrats and Senate Republicans, all sides will be able to claim some credit -- even if the legislation is not popular with voters.

"If there is a deal with the House involved, it's because of John McCain," Graham, one of the Arizonan's closest friends in the Senate, said yesterday.

In truth, McCain's dramatic announcement Wednesday that he would suspend his campaign and come to Washington for the bailout talks had wide repercussions.

Democrats, eager to reach a deal before McCain could claim credit, hunkered down and made real progress ahead of his arrival. Conservative Republicans in the House reacted as well, according to aides who were part of the talks.

The Republican Study Committee, an enclave of House conservatives, had already begun turning against the Paulson plan. When McCain announced his return, the conservatives feared he would forge an agreement largely along Paulson's lines, with slight alterations and the GOP leadership's blessing. "

Thank You John McCain for taking a flawed bill on Thursday and making it better through your principled actions by Sunday!

Posted by: thecannula | September 28, 2008 5:46 PM | Report abuse

Why is Obama hiding Michelle? The McCains appear together frequently - but not the Obamas.

Michelle didn't attend the 9/11 ceremony supposedly because it was the Obama kids' first week of school - (private, tuition $15K).
And there was Obama - standing alone - next to the McCains.

But according to the Toledo Blade, Michelle spoke and campaigned for Obama at a religious conference in Ohio on Sept. 10.....

At the end of the debate this week, the cameras showed a full and sustained frontal view of the McCains - but only brief side and rear views of the Obamas.
Notice - surprisingly no cries of "racism" or prejudice from Obamabots nor Obama.

Posted by: marty123xyz | September 28, 2008 5:45 PM | Report abuse

A monkey in a suit is still a monkey!

America does not know who the real Barack Hussein Obama is, but Americans remember Obama’s 20 year close association and blood relationship with his religious leader, priest and father image, Jeremiah Wright.

Americans remember vividly the hideous videos of Jeremiah Wright's congregation which included Obama and Oprah, when they were celebrating in bombastic joy, the murderous attack on America on 9/11.

Americans that love our country and have always been proud of it, know Barack is a radical extremist and black supremacist that has a hidden agenda that is a serious threat to the American values we all treasure and cherish.

Country First!
McCain/Sarah Palin

Posted by: Manolete | September 28, 2008 3:33 PM | Report abuse

Frank Rich totally undressed John McCain today. Wanna know what his role was in the entire negotiating process? Try, clueless and invisible.

Want more on the Rich piece, it's at:

Also, newly posted, the video Srah Palin doesn't want you to see. She sounds exactly like the inane Miss South Carolina at last year's Miss Teen USA pageant. Close your eyes when listening to the 2 and you will think they are sisters. The video is at:

Posted by: scootmandubious | September 28, 2008 3:13 PM | Report abuse

Boston Globe finally called Barney Frank on his hypocrisy, today. Frank, as the leading Congressional Democrat in finance matters, has been blocking attempts to regulate Fannie & Freddie for years now. He blocked Bush's attempts to regulate Fannie & Freddie in 2003 and blocked McCain's attempts to reform and regulate them in 2006.

Barnie Frank is an incredible hypocrite and jackass who is now claiming that the government is not responsible for the financial sector mess.

In fact, both Democrats and Republicans are responsible parties and Fannie and Freddie are more of the core problem than Wall Street, as they connected the Wall Street derivative schemes with our subprime and mortgage finance programs.

I think someone should start calling for Barney Frank to step down. Out of all of Congress, he is more of the problem than anyone else.

Frank's fingerprints are all over the financial fiasco
By Jeff Jacoby

'THE PRIVATE SECTOR got us into this mess. The government has to get us out of it."

That's Barney Frank's story, and he's sticking to it. As the Massachusetts Democrat has explained it in recent days, the current financial crisis is the spawn of the free market run amok, with the political class guilty only of failing to rein the capitalists in. The Wall Street meltdown was caused by "bad decisions that were made by people in the private sector," Frank said; the country is in dire straits today "thanks to a conservative philosophy that says the market knows best." And that philosophy goes "back to Ronald Reagan, when at his inauguration he said, 'Government is not the answer to our problems; government is the problem.' "

"In fact, that isn't what Reagan said. His actual words were: "In this present crisis, government is not the solution to our problem; government is the problem." Were he president today, he would be saying much the same thing."

"Because while the mortgage crisis convulsing Wall Street has its share of private-sector culprits they weren't the ones who "got us into this mess." Barney Frank's talking points notwithstanding, mortgage lenders didn't wake up one fine day deciding to junk long-held standards of creditworthiness in order to make ill-advised loans to unqualified borrowers. It would be closer to the truth to say they woke up to find the government twisting their arms and demanding that they do so - or else."

"The roots of this crisis go back to the Carter administration. That was when government officials, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites...."

Posted by: AsperGirl | September 28, 2008 2:51 PM | Report abuse



Posted by: scrivener50 | September 28, 2008 11:45 AM

Why do you keep posting this over and over? Crazy. It's about as pointless as posting conspiracy theories that Obama is a Manchurian candidate controlled by Muslim elites or how the world is coming to an end. Do you really think anyone cares about these victims, if they exist?

Posted by: AsperGirl | September 28, 2008 2:42 PM | Report abuse

I continue to wonder why Paulson & Bush would drop this Bomb one week before senate and congress were to recess!

The Real Big Spender is McCain at all those Gambling casinos he likes to visit with the Lobbyists who are affiliated with casinos and to the Oil companies and special interest groups, but none for the guy and gal on Main Street! McCain says No to extend unemployment compensation benefits and No to retraining education for the man and woman who have lost a job!'

(McCain's Next Distraction?) From the Times of London ...

In an election campaign notable for its surprises, Sarah Palin, the Republican vice- presidential candidate, may be about to spring a new one -- the wedding of her pregnant teenage daughter to her ice-hockey-playing fiancé before the November 4 election. Inside John McCain's campaign the expectation is growing that there will be a popularity boosting pre-election wedding in Alaska between Bristol Palin, 17, and Levi Johnston, 18, her schoolmate and father of her baby. "It would be fantastic," said a McCain insider. "You would have every TV camera there. The entire country would be watching. It would shut down the race for a week."

--Josh Marshall

Posted by: dsoulplane | September 28, 2008 2:39 PM | Report abuse

"while I look forward to reviewing the language of the legislation, it appears that the tentative deal embraces these principles,"


Looks like King Barack will approve anything Prime Minister Pelosi tells him sign.

Posted by: Verrazzano | September 28, 2008 2:18 PM | Report abuse

Does anyone want to know what is wrong with the Republican Party - we have some ideas. ...........

Posted by: glclark4750 | September 28, 2008 2:13 PM | Report abuse

Senator McCain (a.k.a Quick Draw McGraw) rescues Wall Street. Watch his amazing adventures, how he rescues America next.

Posted by: OscarMayer2 | September 28, 2008 1:36 PM | Report abuse

Bail out is wrong--Privatize profits and socialize losses.--Can you think of a better way to cripple the next administration?, The next generation?

Posted by: lewby54 | September 28, 2008 1:35 PM | Report abuse

Leaders Nancy Pelosi and Harry Reid had the power as leaders to do something about America’s national financial crisis over their last couple of years in Congress. Bush is responsible for signing bills into law, but Pelosi and Reid have the responsibility to set the country's legislative agenda and provide leadership to pass financial institution laws and banking regulations, but they both ignored the looming loan crisis until the very last minute. They failed our nation big time and should resign.

The senators and House leaders on the senate and house banking committee's should also resign because they failed to take action, when they were fully aware the country would eventually face a liquidity and banking crisis. They failed the nation along with the rest of the senate and house that relies on their banking committee to hold hearings, write banking laws and provide legislative oversight of our banking institutions.

The leadership in the White House - Bush, Senate - Harry Reid, House - Nancy Pelosi, and both Democrats and Republican's on the banking committees have failed to provide leadership and foresight to protect and regulate our nations financial system and institutions. Over the years Greenspan warned them that the increasing national debt was unsustainable that could lead to a national financial crisis if other countries lose confidence in our financial system and stop buying our national debt.

Congress just continues to overspend the nations money, give political favors to financial company's that give them political contributions, and add billions of dollars of earmarks for unneeded pork projects and possible fraud.

Did Congress and Bush really think they could run up the national debt forever and the rest of the world would continue to finance all of the nation's debt with a falling dollar? What about worthless American housing loan securities that they bought that are now becoming worthless? No! Now the world is slowly stopping to buy our debt and our nation may go bankrupt. Our only solution is to print more money to make up the difference, only leading to a lower dollar. This in turn may require the fed to increase interest rates to a premium to eventually attract more foreigners to buy more of our risky national debt due to a declining dollar at the expense of our own economy.

Bush, Pelosi and Reid had the legislative and executive power to prevent this nation’s financial crisis but they simply ignored it until the nations financial institutions practically crashed.

Now all American's will suffer, but they will now just continue to blame each other or the other political party, when they were all to blame.

Bush, Reid and Pelosi should all leave office because they over time allowed the nations financial crisis to evolve and continue to get worse until it practically crashed, all on their watch as national leaders. There is a reason that both Bush and Congress have low national approval ratings, it is because they as leaders they have failed to make American better over the years. If either Obama or McCain is elected both leaders in congress should step down so congress can start fresh with new House and Senate leadership so congress once again can gain the confidence and approval of the American public.

The "time of change is now" and we need national leaders to put the "country first" over party politics’ and corporate political donations influences that have led the country to the biggest country's financial crisis since the great depression.

Right now Obama and McCain should both be very involved with what congress is doing with the bailout because it is going to greatly impact their potential presidency in a few months and one of them will need to fix this country’s huge financial mess as president.

Posted by: edabelia | September 28, 2008 1:12 PM | Report abuse

The U.S. banks have fleeced the little guy for at least 2 decades. The signs of greed and corruption started in the 80's. The last S&L collapse and the current sub-prime Mortgage collapse are the big picture. Here's the little picture: A picture of stealing from customers. In no other business, has an industry pinched the poor and Main St. American more. Five examples of greed: 1) Charging for use of ATM's. The banks save billions of dollars in staff expenses and office overhead. Banks would have to hire a hundred thousand tellers and open thousands of offices to handle banking needs of the last 2 decades. Instead, for the minimal cost of running computers, and putting up machines, they are dispensing/collecting money without hiring employees saving benefits, salaries, hiring/firing. Instead of sharing these savings, the banks CHARGE customers for using cheap automation! Transaction fees should have been made illegal the minute it was greedily conceived. Some banks charge as much as three dollars. This is fleecing. 2) No or little interest on savings accounts. The banks are so greedy, they give nothing to the depositors for the "safety" of holding and investing the depositors' money. Savings interest is often BELOW 1% annually. No one is motivated to save in a bank in America. 3) Bounced check charges. BofA is a good example in this abuse of the customer: They charge a whopping THIRTYFIVE dollars/bounced check. They don't take the checks in order of submittal, but rather in order of size in a day (sometimes across several days). The largest check is positioned by the bank to bounce and remove all the funds. Any other smaller checks, previously dated, then bounce. In the customers mind, they might be bouncing one check. But after BofA rearranges the withdrawal times, and a customer can accrue HUNDREDS of dollars because of an accounting slight of hand. It's a shell game run by grifters. 4) Deposit of funds. Banks hold checks that aren't drawn on their own funds, out-of-state (even from the same bank), cash deposits (from out-of-state) and have daytime limit rules of 4pm. All of these are intended to freeze the customers' money arbitrarily while banks use and invest that money. There is NO handing of on money with electronic banking. There's no reason to "FREEZE" deposits, except to let the bank abscond with it for 2 or three days. Banks have been screwing the poor and middle class in America for years. 5) Charging for money orders. This is paper with the banks name on it. There is no service, or time involved, anymore than making a withdrawal and using the paper withdrawal slip. These examples show the constant battle taken on by the banks to fleece the little guy. This money adds up to big dollars. Now the banks/pols are going for the big screw. I say, let them put up collateral for bailout loans, with the profits written in the name of the American taxpayer. No more profits to the banks ... ZERO ... until the debts are paid. When was the last time your bank called YOU with a free bailout loan or to say it's okay to be a few million overdrawn? Screw the banks as they have gouged us. Or let them collapse and build a new structure on Union banks and small benevolent local banks.

Posted by: BostonTom | September 28, 2008 12:52 PM | Report abuse

Video link below is "malformed" according to YouTube site... please post again.

Posted by: scrivener50 | September 28, 2008 11:49 AM | Report abuse

Obama claimed authorship for so much legislation in Illinios with the help of Emil Jones, now his four talking points are the heart of the legislation that he said he was not going to inject Presidential politics into. Slick guy!
I got up this morning and bopped NOBAMA 500 times and told some friends to do the same.

McCain/Palin '08

Posted by: acarponzo | September 28, 2008 11:47 AM | Report abuse



Once again, Congress is being asked to rush through emergency legislation -- to cede effective control of the economy to the government.

Officials continue to blame lax lending policies on the part of the mortgage industry for spawning this crisis.

But were lenders ORDERED to offer "easy credit" to people "targeted" by government agencies?

Is government "targeting" of American citizens a root cause of the mortgage meltdown that spawned the broader financial crisis?

Consider this: OR

Posted by: scrivener50 | September 28, 2008 11:45 AM | Report abuse

Over 500,000 hit son this You Tube

Burning down the house, what caused the economic crisis!–o

Posted by: thejaner | September 28, 2008 11:36 AM | Report abuse

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