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To: Oeconomicus who wrote (146838)	9/4/2002 3:54:58 PM
From: Alomex	Read Replies (5) \| Respond to of 164684

As for what "T. Friedman" says, are you referring to Thomas Friedman of the NY Times? Actually I was referring to D. Friedman, an economics professor. But I doubt anyone with any credit experience would say that "most" debt is issued with refinancing as it's primary source of repayment. A word got dropped in the editing process: Most large corporation* corporate bonds are issued with the understanding that the principal will never truly be paid. The corporation will simply roll the debt forward as the bonds mature.* In fact, there is a famous paper from Modigliani and Miller which argues that debt and equity can be used interchangeably.