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To: Mike M2 who wrote (32647)	10/31/2000 1:32:41 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

Mike, i have NO DOUBT AT ALL (deserves caps, so doubtless am i) that when crash comes to crunch, they'll be bailing out da boyz left and right. and the big banks/brokers know it. why do you think they take on so much unquantifiable risk? they know that all it'll take is one of them squealing "systemic risk" and the printing presses will be running an additional 24 hours a day to the 24 hours a day they're running now (the money printing day will then have 48 hours...) and Mr. Tax Payer stands at the ready to provide all the funds needed to see to it that they come out of it unscathed. same goes for the GSE's of course, whose balance sheets have become a travesty. the Fed has made moral hazard the normal, expected framework for everybody. their thankfully infrequent denials notwithstanding. no 'too big to fail'? well, ho ho ho.