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To: smolejv@gmx.net who wrote (14029)1/27/2002 2:14:31 AM
From: Terry Maloney  Respond to of 74559
 
DJ, he does, it seems:

Clearly, to choose the distribution of risk-bearing between private finance and government is to choose the degree of moral hazard. I believe we recognize and accept it. Indeed, making that choice may be the essence of central banking.