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Lawmakers Reach Accord on Huge Financial Rescue (ACORN's out)
Washington Post ^ | September 28, 2008 | Lori Montgomery and Paul Kane

Posted on 09/28/2008 2:15:27 AM PDT by hocndoc

Lawmakers Reach Accord on Huge Financial Rescue Vote is Imminent on $700 Billion Bailout Plan

Congressional leaders and the Bush administration this morning said they had struck an accord to insert the government deeply into the nation's financial markets, agreeing to spend up to $700 billion to relieve Wall Street of troubled assets backed by faltering home mortgages.

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Front Page News; Government; Politics/Elections
KEYWORDS: 110th; acorn; bailout; corruption; rapeoftaxpayers; tammanyhall; teapotdome; wallstreet
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Pelosi promises us 24 hours to review before the vote, the Dems agreed to remove a provision that would have allowed probate judges to re-write mortgages and there will be no set aside for an "affordable housing fund" that's just a cover for groups like ACORN.
1 posted on 09/28/2008 2:15:27 AM PDT by hocndoc
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To: hocndoc

democrats asked for 150% of what they wanted and then ‘settled’ for 100%.


2 posted on 09/28/2008 2:18:58 AM PDT by ari-freedom (We never hide from history. We make history!)
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To: hocndoc

bump


3 posted on 09/28/2008 2:22:13 AM PDT by WorkerbeeCitizen (An inadequately policed Conservative)
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To: hocndoc

If McCain votes “present” or “yes” on this, he is toast. He MUST vote “NO” and not even “present”.


4 posted on 09/28/2008 2:22:32 AM PDT by Evil Slayer (Sarah Palin reminds me of the story about David and Goliath)
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To: hocndoc

washington post is snowing you.

http://www.freerepublic.com/focus/f-news/2091931/posts


5 posted on 09/28/2008 2:23:04 AM PDT by Tempest (http://www.youtube.com/watch?v=gNlXgzzdJQA)
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To: hocndoc

I have the feeling that this is all a boondoggle to save the asses of all those martini-drinking, limousine riding, very rich liberals who work at Goldman Sachs.


6 posted on 09/28/2008 2:23:24 AM PDT by SatinDoll (No foreign nationals in the Presidency! Obama, produce the Birth Certificate!)
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To: hocndoc
From 3 p.m. to 5:30 p.m., Conrad and other lawmakers met with Paulson around a massive table in Pelosi's conference room under an ornate portrait of Abraham Lincoln. Among lawmakers, Democrats outnumbered Republicans nine to two, an imbalance that so irritated Paulson that he called and complained to Senate Majority Leader Harry M. Reid (D-Nev.), according to three GOP sources familiar with the call.

Does not seem fair. Why were there not more Republicans present?

7 posted on 09/28/2008 2:23:53 AM PDT by rawhide
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To: rawhide
Reid told Paulson he would not pull any of his colleagues out of the meeting. A Reid spokesman, Jim Manley, said: "If the secretary doesn't like it, that's just too bad, because he is going to need the help of each and every one of them to sell the president's plan to the Democratic caucus and the American people."
8 posted on 09/28/2008 2:24:45 AM PDT by rawhide
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To: hocndoc
What about the other garbage such as the 56 billion in earmarks for Democrat cronies?
9 posted on 09/28/2008 2:28:37 AM PDT by OKIEDOC (The Difference Between Palin and Obama is Common Sense, She's GOT IT, He DOESN'T)
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To: hocndoc

Repubs will vote yes. This dog and pony show will go on and on until the death spiral hits rock bottom.


10 posted on 09/28/2008 2:31:06 AM PDT by screaminsunshine
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To: Tempest

Time tests all. Your news is more than 12 hours old.

We’ll see whether Pelosi keeps her deal or not.


11 posted on 09/28/2008 2:31:51 AM PDT by hocndoc (http://www.LifeEthics.org (I've got a mustard seed and I'm not afraid to use it.))
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To: hocndoc
I was just in Houston last week trying to get my late mother-in-law buried amid all of IKE's destruction. There was still no electricity at her house for over two weeks.

There were a few restaurants that did not throw out there spoiled food and served it anyway. These out to be shutdown after being dragged through the mud first.

This bail-out deal smells as bad as any spoiled food from all of the millions of refrigerators that lost power through IKE's path. But when you have a political party like the DEMs, which stink already, what can you expect.

I live about three miles from our local House Representative here in Round Rock, TX, and I have been burning up his ears about "MAN-UP" to these scumbags there in D.C. and not to vote for this piece of cr*p.

Though it will probably pass because of the limp-wimp leadership of the GOP, at least ACORN can get its NUTS roasted somewhere else.

Old Patriot

12 posted on 09/28/2008 2:32:37 AM PDT by old patriot ((Lived too long.))
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To: OKIEDOC

Yeah, I thought it was suppose to be a clean bill with NO earmarks. Also, I don’t see anywhere where ACORN is out of this. How did that get attached to the main article?


13 posted on 09/28/2008 2:32:44 AM PDT by Evil Slayer (Sarah Palin reminds me of the story about David and Goliath)
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To: hocndoc

Not happy, but would like to see Raines, Johnson and Gorelick go to jail for their part in this mess.


14 posted on 09/28/2008 2:33:26 AM PDT by fastrock (life will go on)
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To: Evil Slayer
I do not trust these folks.

The Democrats are liars and non trust worthy.

Who's not to say that come negotiations between the House and Senate that these corrupt organizations like ACORN and La Raza don't get added back in at some point.

I vote no on the fiasco known as the bail out.

15 posted on 09/28/2008 2:36:26 AM PDT by OKIEDOC (The Difference Between Palin and Obama is Common Sense, She's GOT IT, He DOESN'T)
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To: Tempest

That’s an older thead. The current reports are ambiguous or say the ACORN funding is out. Does anyone know for sure or have any actual bill language?


16 posted on 09/28/2008 2:37:24 AM PDT by Truth29
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To: hocndoc
Pelosi promises us...

And we are supposed to believe these shysters?



All smiles - Nancy Pelosi, Secretary of the Treasury Henry Paulson, right,
Senate Majority Leader Harry Reid, second left, and Sen. Judd Gregg, left,
announce a tentative deal on legislation regarding the financial crisis on
Sunday on Capitol Hill in Washington.

17 posted on 09/28/2008 2:39:11 AM PDT by XR7
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To: rawhide

Take this deal and shove it.

I don’t care if it ever passes.

It’s a total Democrat rip off, timed perfectly to give that lackluster Chicago punk-thug a platform...the economy...Bush is an absolute moron and the democrats are absolute thieves...why would Bush confide in Chuck Schumer’s friend?

This isn’t going to do a thing except reward crooks which will make them want to steal more because the democrats will reward them more...as long as they get their cut of the action.

All this makes me want to puke...big time pay off here...you think they won’t give money to Acorn...I got news for you...Acorn is helping them steal the election for Obama...they’ll get them the funds they need one way or another....

If we really new the truth, Acorn probably helped them steal the last election too! You think they want to give them 20% for nothing....Oh no, Acorn is a big asset in stealing elections.

All this is shameful....I’d rather lose my retirement fund...than to watch these thieves drooling over their $700Billion scam...socialism is here to stay if this passes...


18 posted on 09/28/2008 2:39:48 AM PDT by Chuck N
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To: rawhide
Among lawmakers, Democrats outnumbered Republicans nine to two, an imbalance that so irritated Paulson that he called and complained to Senate Majority Leader Harry M. Reid (D-Nev.), according to three GOP sources familiar with the call.

LISTEN YOU GUTLESS GOP WORMS! Paulson is not your "defender"! Defend yourselves like men! They should have immediatly walked out of the meeting until the agreed upon balnace of two - two was in place. God good!

19 posted on 09/28/2008 2:41:38 AM PDT by AmericaUnited
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IF BUSH SIGNS THIS, HE SHOULD BE IMPEACHED.
20 posted on 09/28/2008 2:42:08 AM PDT by XR7
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To: Truth29

regardless I’m so disappointed in every single pol associated with this theft.


21 posted on 09/28/2008 2:42:22 AM PDT by Tempest (http://www.youtube.com/watch?v=gNlXgzzdJQA)
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To: XR7

If these two ah*oles are all smiles IT HAS GOT TO BE BAD FOR AMERCIA!!!!


22 posted on 09/28/2008 2:42:45 AM PDT by AmericaUnited
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To: ari-freedom

They are bailing out a trilliond of worthless paper with another trillion of worthless paper. Excuse me if I pass on buying the Brooklin Bridge.


23 posted on 09/28/2008 2:43:39 AM PDT by screaminsunshine
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To: hocndoc
It's official. America is now a welfare state. Just not for people whom actually need it though...


24 posted on 09/28/2008 2:46:34 AM PDT by Tempest (http://www.youtube.com/watch?v=gNlXgzzdJQA)
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To: AmericaUnited

Our Marines are fighting in the wrong place. We need to send them to DC and take care of the terrorist right here.


25 posted on 09/28/2008 2:49:19 AM PDT by Evil Slayer (Sarah Palin reminds me of the story about David and Goliath)
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To: AmericaUnited

You know there is an Ethiopian in the fuel supply (W C FIELDS) when these aholes agree on anything.
If the Dems weren’t scared of it they would have voted on this BS days ago. Partisanship my a$$.
To bad WE couldn’t get a grass roots move going to oust ALL of these MF’s come Nov 4....could get 100% of House and 33% of the Senate....if NO changes complete turn over in 2 yrs again then we will be up to 66% of the Senate.
We have to start with the primaries and tell our own parties either put someone NEW up or lose the seat if you insist on running the incumbent.
Show these fools what TERM LIMITS really means....
Of course this is just why they PANDER to the majority whether they have their hands out or not....


26 posted on 09/28/2008 2:56:07 AM PDT by xrmusn ( True gun control is hitting what you aim at.)
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To: Evil Slayer

http://www.youtube.com/watch?v=LPSDnGMzIdo


27 posted on 09/28/2008 2:58:06 AM PDT by XR7
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To: hocndoc

“I WOULD RATEHR LOOSE AN ELECTION THAN A WAR”
THIS IS WAR! IF YOU WANT TO CONTINUE TO USE THE “MAVERIC” TITLE PROVE IT TO THE AMERICAN TAXPAYER!
LIVE BY YOUR VERY WORDS JOHN, VOTE NO! AND INJECT YOUR OWN PLAN


28 posted on 09/28/2008 3:09:35 AM PDT by ronnie raygun (IF YOU ARE NOT CONSERVATIVE BY 35 YOU HAVE NO BRAIN. W CHURCHILL)
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To: ari-freedom

I’m not in favor of any bailout but they certainly did not get all of what they want. No Judges to rewrite mortgages, no money for ACORN and the inclusion of insurance to be paid for by the firms holding the allegedly bad paper.

If your point was that they asked for things they never thought they would get then I believe you underestimate the arrogance of the left.


29 posted on 09/28/2008 3:16:37 AM PDT by 101voodoo
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To: Truth29
Does anyone know for sure or have any actual bill language?

Good point - we, the people, absolutely need to see this bill in its entirity before a vote. Press your reps and Senators!

30 posted on 09/28/2008 3:16:52 AM PDT by meyer (Go, Sarah, Go!!)
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To: Tempest

The article you linked to was from yesterday afternoon. At that time the provision for ACORN was still in the bill. It is no longer there as of this early A.M.

I suppose we won’t know exactly what is in there until we actually are able to see the bill in its entirety.


31 posted on 09/28/2008 3:18:56 AM PDT by 101voodoo
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To: rawhide

This statement if made by a Republican would be front page news and leading every newscast. They would be screaming of Republican arrogance and their “my way or the highway” mindset.


32 posted on 09/28/2008 3:20:31 AM PDT by 101voodoo
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To: Evil Slayer
"They (Dems) also agreed not to dedicate a portion of any profits from the bailout program to an affordable housing fund that Republicans claimed would primarily assist social service organizations that support the Democratic Party, the official said.

Above referenced fund is ACORN.

33 posted on 09/28/2008 3:29:35 AM PDT by 101voodoo
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To: 101voodoo

nobody expects to get everything they wanted. but acorn was so over the top crazy that republicans would give up almost everything else just so acorn wouldn’t be in there.
I’m glad the judge thing is out. The insurance doesn’t excite me...I really wanted the newt/Republican Study group plan.


34 posted on 09/28/2008 3:33:40 AM PDT by ari-freedom (We never hide from history. We make history!)
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To: hocndoc

Thank God! ACORN is out. Just go and read the other postings here which refer to the voter fraud shaping up out there. We have been told that ACORN is behind a lot of it. Legitimate voting is one of our most precious privileges and when it is hugely corrupted by those who want to pervert our system, we are in trouble.


35 posted on 09/28/2008 3:43:08 AM PDT by jazzlite (esat)
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To: Evil Slayer
From the article:

"They also agreed not to dedicate a portion of any profits from the bailout program to an affordable housing fund that Republicans claimed would primarily assist social service organizations that support the Democratic Party, the official said. "

I think this is the WP reference to ACORN.

36 posted on 09/28/2008 4:09:12 AM PDT by InterceptPoint
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To: hocndoc

RATS lie


37 posted on 09/28/2008 4:11:53 AM PDT by rrrod
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To: hocndoc
I cannot understand what terrible things will happen that justify turning our already mixed socialist/capitalist economy into an outright fascist state.

People lose their houses because they can't honor the mortgage contracts they signed? Sad, but those folks were not going to invite me, the taxpayer bailing them out, to live in their houses when things were going well.

Big banks and brokerage companies going under? Sounder companies will buy them or replace them.

A run on the banks? The FDIC is already there to cover accounts under $100,000. Anyone risking more than that in a single account knows they are taking a chance for convenience sake.

Someone please help me out here. What is the disaster that will happen that is worse than the government destroying the the system of private property and private contracts?

38 posted on 09/28/2008 4:12:12 AM PDT by SupplySider
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To: Truth29

The WaPo article says the compromise will be posted on the web today, and the lowly public will have 24 hours to look at it (so good of them). So we’ll know today, barring yet more shenanigans, of course.


39 posted on 09/28/2008 4:13:16 AM PDT by browardchad
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To: hocndoc
Here is the Republican backed Insurance Clause from the article:

"Meanwhile, House Republicans won a major victory, persuading negotiators to include a provision that would require the Treasury Department to create a federal insurance program that would guarantee banks and other firms against loss from any troubled asset, the official said."

My problem with this is that given the choice of selling non-preforming assets for cash versus spending money to insure these assets that the banks will simply choose to take the money and run. What would motivate them to subscribe to the Republican plan when they can cash out from the $700 billion piggy bank? It's not obvious to me that they would.

40 posted on 09/28/2008 4:13:34 AM PDT by InterceptPoint
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To: hocndoc

“I listened to President Bush’s speech. I think I understand this whole economic crisis. See, rich people on Wall Street made a big mess. And they’re too rich to clean it up. So the rest of America, you know, their maids and butlers, they have to clean it up for them. You see how easy it is?” —Jay Leno

“As far as this $700 billion bailout is concerned, they keep saying ‘we have to act now, we have to act now.’ It’s like a bad TV offer. Just ten easy payments of $70 billion each, operators are standing by, but you have to act now!” –Jay Leno

“I’ll tell you, to give you an idea how bad the economy is, Wall Street investors are now clinging to their guns and religion.” —Jay Leno


41 posted on 09/28/2008 4:27:20 AM PDT by mirkwood (Palin has my vote!)
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To: hocndoc

What about the union provision - part of the prcoeeds protecting union worker’s 401K’s? Is that out?


42 posted on 09/28/2008 4:29:00 AM PDT by randita
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To: hocndoc
Before any money from government goes to this debacle, the people and their practices that caused it must be removed from further participation. That means no more "community reinvestment" programs and no more relaxing of credit standards, for example.

No bail out should be considered until the major causes, including people, of the problem is eliminated.

43 posted on 09/28/2008 4:29:55 AM PDT by Rudder
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To: XR7

"We support free American money from taxpayers for Paulson.
It all comes back to us Democrats, anyway. Now move along, dhimmis."

Problem:
"Sen. Dodd has been rewarded in the 2008 election cycle with $7.65 million in campaign contributions
he took in $11.7 million in all — from the securities, insurance, real-estate and commercial-banking industries, according to his latest Federal Election Commission filing posted at opensecrets.org.

Sen. Dodd's list of donors reads like a who's who of who's in the stew:
Citigroup, $310,294; SAC Capital Partners, $282,000; United Technologies, $263,400;
AIG, $224,678; Bear Stearns, $205,600; St. Paul Travelers, $205,400; Royal Bank of Scotland, $203,750;
Goldman Sachs, $175,600; Morgan Stanley, $155,000; Credit Suisse, $154,550;
Merrill Lynch, $134,950; The Hartford, $94,350; Bank of America, $91,300
JPMorgan Chase, $129,150; USB, $101,900; Hartford Finance Services, $101,500
Lehman Brothers, $128,400; KPMG, $113,100; General Electric, $108,250; Deloitte Touche, $108,000

With $165,400, Sen. Dodd also tops the list of members of Congress who took campaign cash from Fannie Mae and Freddie Mac since 1989.

Sen. Barack Obama, the self-styled agent of change, is a distant second at $126,000 and Sen. John Kerry is third at $111,000.
In the top 20 are Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi and Sen. Hillary Rodham Clinton."

Media silent and will leak nothing .............. check
DOJ will continue to do NOTHING ........... check
GAO will continue to do NOTHING .......... check
There is NO accountability in America........check

44 posted on 09/28/2008 4:37:20 AM PDT by Diogenesis (Igitur qui desiderat pacem, praeparet bellum)
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To: rawhide
Why were there not more Republicans present?

Because the Dems are the majority party. People don't realize that's what happens. At the beginning of this "negotiation" the republicans weren't even included at the table. The party in power sets the rules.

45 posted on 09/28/2008 4:43:56 AM PDT by gotribe (The right pick!)
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To: XR7

Down south we have a saying....."he was grinning like a mule eating shi*"

That's dingy Harry in this pic

46 posted on 09/28/2008 4:43:59 AM PDT by bert (K.E. N.P. +12 . Conservation? Let the NE Yankees freeze.... in the dark)
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Thaddeus McCotter: Republicans Oppose the Paulson Splurge http://www.youtube.com/watch?v=7qA3cpYiz5k


47 posted on 09/28/2008 4:46:28 AM PDT by anglian
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To: InterceptPoint
My problem with this is that given the choice of selling non-preforming assets for cash versus spending money to insure these assets that the banks will simply choose to take the money and run. What would motivate them to subscribe to the Republican plan when they can cash out from the $700 billion piggy bank? It's not obvious to me that they would.

Well, theoretically, you could sell the assets to the Treasury for 25 cents on the dollar, or you could have them insured, which would effectively make them free of default risk and so they should now be priced closer to 100 cents on the dollar. The insurance might go for only a few percent, meaning you could profit big from it.

48 posted on 09/28/2008 4:56:19 AM PDT by Thane_Banquo (You can put lipstick on a donkey, but it's still just a jackass.)
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To: hocndoc

Stuart Varney was just on F&F and I’ll admit I was only 1/2 way listening initially, as I was reading FR, but I thought I heard him say the ACORN provision and the provision that would allow judges to re-write mortgages was still in the bill. Maybe I mis-heard and he said they were removed. We’ll really need to have a look at the bill to make sure they were totally removed.

They just showed a clip of Sen Judd Gregg (R-NH)- he didn’t look very happy and Chuckie Schmoozer was smirking in the background.


49 posted on 09/28/2008 5:04:58 AM PDT by Seattle Conservative (God Bless and protect our troops and their CIC)
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To: Thane_Banquo

I believe the original funding for ACORN came through some mumbo-jumbo in the law about required credit counseling and lender education, etc. Sure worked well, didn’t i? Watch out for ANY language like this, as it’s just cover for more Democrat voter registration.
The GOP Caucus hasn’t signed on yet. Stay tuned.


50 posted on 09/28/2008 5:05:22 AM PDT by Kanzan
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