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The Gentlemen's Bailout

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The Federal Reserve's announcement of an open-ended bail-out for Wall Street's endangered financial firms and banks opens an ominous new chapter in what might be called "market socialism with American characteristics." The financial system's reckless losses-approaching $1 trillion but probably far more-are being "socialized," dumped on the public, the very people victimized by its snares and falsified valuations.
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