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If the fed is encouraging the banks to stand behind the deal they are
making an implicit pledge to help out (if the fed eases the banks make tons
and there is always the "too big to fail doctrine"). You can bet... there
is no bank in the world that does something for nothing.
Stewart Taylor
Taylor Fixed Income Outlook
Voice: 501-219-9774
Fax: 501-228-0963
E-Mail: staylor@xxxxxxx
Web Site: http://www.cei.net/~staylor/
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