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Politics : Bill Clinton Scandal - SANITY CHECK
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To: Lizzie Tudor who wrote (27139)1/12/1999 9:45:00 AM
From: Les H  Read Replies (1) of 67261
 
Hedge funds have been around for decades. You're really grasping for straws as a a desperate liberal Democrat. As for junk bonds, high yield bonds were used by municipalities and secondary businesses in order to raise funds for public works and other useful means. As with any mania, such as Amazon.com, people get comfortable with the high returns and don't pay attention to risk. Now, that's a pyramid. Emerging market debt is the junk bond of the 90's. I haven't even mentioned the stock option mania of the 90's and the associated accounting gimmickry on which Silicon Valley is currently addicted.

As for pyramid schemes, the government runs the largest pyramid schemes: Social Security and lottos. Only the government is legal to run these pyramids.
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