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White House Tells Bankers to Boost Lending After Bailout Successes (Or Else !)
FOX NEWS ^ | 12/14/2009

Posted on 12/14/2009 9:55:38 AM PST by SeekAndFind

President Obama is calling on the financial industry to help dig the economy out of the pit the White House says it helped create, as the president and bank executives headed into a potentially tense meeting Monday morning.

President Obama is calling on the financial industry to help dig the economy out of the pit the White House says it helped create, as the president and bank executives headed into a potentially tense meeting Monday morning.

The president set the tone for the meeting in an interview broadcast the night before in which he called Wall Street bankers "fat cats" whom he has little obligation to help. In response, the bankers plan to tell the president to stop oversimplifying their concerns.

But the president is expected to argue that because Wall Street has already received significant aid from the federal government via the $700 billion bailout package passed last year, it in turn has an obligation to help jump-start the rest of the economy -- by boosting lending to small businesses and getting on board with a sweeping financial regulatory reform package.

"What the president's going to say to the bankers is, you guys were part of the problem, you helped create an economic crisis here that cost 7 million Americans their jobs and now you have to be part of the solution," White House senior adviser David Axelrod said on ABC's "Good Morning America."

Axelrod said the industry has to "accelerate lending to credible small businesses" and suggested Congress would take harsh action against the sector if it does not.

"People are not going to tolerate a situation where the bankers have a party, they pick up the tab and then the bankers pay themselves huge bonuses and they're not lending," Axelrod said,

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


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: bailout; bankers; banks; economy; lending; obama; stimulus; tarp
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1 posted on 12/14/2009 9:55:38 AM PST by SeekAndFind
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To: SeekAndFind
Or else what?

Does Obama really want another failure like Fannie Mae & Freddie Mac or is he so stupid he doesn't understand? Or, maybe he needs another scapegoat to blame for all his failures!

Someone should really tell this arrogant jerk to take a flying leap! He is not a damn dictator (at least not yet)!

2 posted on 12/14/2009 9:58:53 AM PST by kcvl
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To: SeekAndFind

sound and fury and ineffectual posturing from a lame duck


3 posted on 12/14/2009 10:00:01 AM PST by bert (K.E. N.P. +12 . Lukenbach Texas is barely there)
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To: SeekAndFind
So the answer to fixing the economic problems created by loose lending practices, mandated by government, is for banks to loosen lending practices.

Simply brilliant, Barry-o.

4 posted on 12/14/2009 10:00:45 AM PST by skeeter
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To: SeekAndFind
Idiots. The regulators bang the banks for making high risk loans...then the "administration" bangs the banks for not making enough loans, which, in the economic environment created by the "administration" are inherently high risk.
5 posted on 12/14/2009 10:01:24 AM PST by clintonh8r (Oath Keeper and Manhattan Declaration signer)
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To: SeekAndFind; Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; ...

The list, ping


6 posted on 12/14/2009 10:01:56 AM PST by Nachum (The complete Obama list at www.nachumlist.com)
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To: SeekAndFind

Methinks if he pushes this maxim, all TARP funds will be repaid in the next 30 days. The banks know full well what cratered their business: Government diktats. They certainly do not want to repeat the same mistake again. The funny thing would be the only banks forced to follow this BS would be the ones that cannot repay their TARP; think Citibank.


7 posted on 12/14/2009 10:02:20 AM PST by equalitybeforethelaw
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To: SeekAndFind

Give away more money to more people who won’t pay you back so that you go bankrupt and I can blame you then take you over........Alinsky’s Rules plus Cloward-Piven plan in action..........


8 posted on 12/14/2009 10:02:40 AM PST by Red Badger (Al Gore is the Bernie Madoff of environmentalism. He belongs in jail. - Unknown Blogger)
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To: skeeter

Barry’s brilliant scheme to destroy this country is being carried out. Imagine what AmeriKa will look like in 37 months.


9 posted on 12/14/2009 10:02:51 AM PST by gathersnomoss (General George Patton had it right.)
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To: kcvl

......Or else what?.....

A second thought on this thread.

Sometimes I go out in my front yard and my neighbor’s minimini pseudo dog comes off the porch to yip yip yip at me. It knows what to do but lacks the size to do any thing.

The marxist lapdog is the same


10 posted on 12/14/2009 10:04:49 AM PST by bert (K.E. N.P. +12 . Lukenbach Texas is barely there)
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To: SeekAndFind

These bankers have got to get over the idea of operating at a profit and emulate the government. It’ll work as long as the treasury keeps them ‘bama bucks coming off the press. /sarc


11 posted on 12/14/2009 10:05:21 AM PST by Spok
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To: SeekAndFind

Guess who Barry wants all those loans made to....The same ones Barney Frank gave them to!...


12 posted on 12/14/2009 10:05:29 AM PST by AngelesCrestHighway
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To: SeekAndFind

I would just love to be in the room if one of the bankers leaned over the table and snarled “who the @*%$ are YOU calling fat cats, Mr. One Termer?”

On the other hand, I’d really like to know who the “fat cats” voted for last november.


13 posted on 12/14/2009 10:05:32 AM PST by subterfuge (BUILD MORE NUCLEAR POWER PLANTS NOW!!!)
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To: SeekAndFind

I hope one of the bankers says ObaMugabe tried to intimidate him.

After all, America isn’t Zimbabwe, yet


14 posted on 12/14/2009 10:05:37 AM PST by y6162 (uish..)
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To: SeekAndFind

I hope one of the bankers says ObaMugabe tried to intimidate him.

After all, America isn’t Zimbabwe, yet


15 posted on 12/14/2009 10:05:41 AM PST by y6162 (uish..)
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To: SeekAndFind

I’m not sure he realizes that a lot of small businesses have cut back and loans aren’t the problem...


16 posted on 12/14/2009 10:07:12 AM PST by Sacajaweau
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To: SeekAndFind

Can they give us some numbers on how many people have been turned down....If I were a bank and you gave me money, I would have bought and sold gold....and taken a big commish.


17 posted on 12/14/2009 10:09:09 AM PST by Sacajaweau
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To: Sacajaweau

Just envision a geometry student trying to perform advanced calculus, and you’ll understand all you need to know about 0’s ‘great mental agility’.


18 posted on 12/14/2009 10:09:26 AM PST by tgusa (Gun control: deep breath, sight alignment, squeeze the trigger ....)
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To: Sacajaweau

Just envision a geometry student trying to perform advanced calculus, and you’ll understand all you need to know about 0’s ‘great mental agility’.


19 posted on 12/14/2009 10:09:28 AM PST by tgusa (Gun control: deep breath, sight alignment, squeeze the trigger ....)
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To: SeekAndFind

He’s looking for someone to demonize so the heat comes off of his pathetic poll numbers.


20 posted on 12/14/2009 10:09:49 AM PST by clintonh8r (Oath Keeper and Manhattan Declaration signer)
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To: Sacajaweau
“I’m not sure he realizes that a lot of small businesses have cut back and loans aren’t the problem...”

“He” knows that his Muslim agenda is working to destroy this country. “He” just masks it by bad mouthing others and pushing the weak to do his bidding.

“He” realizes exactly what he is doing, and “He” is more than happy to see his plans through to “the end”.

It's a radical Muslim thing. “He” just happens to be the POTUS!!!! And therefore “He” has nothing to worry about because we do not want to be seen as RACISTS!!!

“He” will succeed! It is his time.

21 posted on 12/14/2009 10:13:55 AM PST by gathersnomoss (General George Patton had it right.)
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To: SeekAndFind; Harrius Magnus; mojitojoe; Pelham; mom2twinsn2; LongLiveTheRepublic; ...
The Peter Schiff/Redistribution Watch Ping. (Washington Bankrupting our Nation by Spending your past, present and future money!)

Love SeekAndFind's posts.

So Obama is publically attacking banks for bad loans (Bwaney Fwank anyone), and yet is demanding they risk even more money so they can get blamed again by him and Bwaney Fwank . Low interest rates are making very safe investments 'look good' for banks (not us.) Ask Paul Krugman about that!

22 posted on 12/14/2009 10:14:17 AM PST by sickoflibs ( "It's not the taxes, the redistribution is the government spending you demand stupid")
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To: equalitybeforethelaw
Methinks if he pushes this maxim, all TARP funds will be repaid in the next 30 days.

Didn't some of them try to repay awhile back only to have the feds refuse them?

23 posted on 12/14/2009 10:16:20 AM PST by norton
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To: subterfuge
I would just love to be in the room if one of the bankers leaned over the table and snarled “who the @*%$ are YOU calling fat cats, Mr. One Termer?”

Only banks who have NOT taken tax payer bailout money can ethically say that to Obama in his face. Otherwise they should be ashamed of themselves. They are still in business through the forced rescue using our money.
24 posted on 12/14/2009 10:17:30 AM PST by SeekAndFind
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To: SeekAndFind

Smoke and Mirrors obama is so paid off by the banks but just like the AIG bonus debacle he will be seen as doing something when the real truth is the so called financial reform he is pushing will allow them permanent bailouts. Give the Fed even more power. And look at the size of the problem his favorite banker alone has in derivatives.

http://johngaltfla.com/blog3/2009/12/14/the-true-danger-lurking-behind-0-00-treasury-yields-and-the-1-3-6-rule-part-i/

http://www.freerepublic.com/focus/f-news/2404732/posts


25 posted on 12/14/2009 10:20:30 AM PST by FromLori (FromLori)
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To: SeekAndFind
This must be a misquote: "It's the Bank's fault."

He really meant to say: "It's Bush's fault."

26 posted on 12/14/2009 10:24:06 AM PST by Senator_Blutarski (No good deed goes unpunished.)
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To: SeekAndFind

“Fat cat bankers”....Chicago talk for “The Mob”....


27 posted on 12/14/2009 10:28:41 AM PST by Sacajaweau
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To: sickoflibs; stephenjohnbanker
Do the megabanks need more regulation? IF we had ethical people in government to create and enforce the rules, I would say yes, hell yes. But I don't trust government any more than I do the megabanks.

Another thing: Regulations can contribute to a mindset that there is no danger, and when the unscrupulous find a way around them, the damage can be worse.

28 posted on 12/14/2009 10:44:19 AM PST by ding_dong_daddy_from_dumas (Joe Wilson said "You lie!" in a room full of 500 politicians. Who was he talking about?)
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To: ding_dong_daddy_from_dumas
RE :”Do the megabanks need more regulation?

Regulation is a necessary resulting evil of bailouts. Like welfare. You give welfare and then you must run the peoples lives, because you own them. Now we have an implied guarantee of all big US banks.

I think Bush ran a semi-welfare state, handed out money and closed his eyes (then Boom.) Natural opening for democrats to point at. Many Bush-supporters like the Bailouts, but curse the regulation.

This reminds me of young people who think liberals are libertarians, that liberals have the government just give you help when you need it and let you party on.

29 posted on 12/14/2009 10:56:42 AM PST by sickoflibs ( "It's not the taxes, the redistribution is the government spending you demand stupid")
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To: sickoflibs; stephenjohnbanker; FromLori
Regulation is a necessary resulting evil of bailouts.

Tell me you think that the regulation that will emerge from this will prevent another 2008-type meltdown.

30 posted on 12/14/2009 11:04:52 AM PST by ding_dong_daddy_from_dumas (Joe Wilson said "You lie!" in a room full of 500 politicians. Who was he talking about?)
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To: equalitybeforethelaw

I heard on the news this morning that Citibank will be sending the government a rather impression TARP payment.


31 posted on 12/14/2009 11:07:30 AM PST by carton253 (Ask me about Throw Away the Scabbard - a Civil War alternate history.)
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To: ding_dong_daddy_from_dumas; sickoflibs

“Another thing: Regulations can contribute to a mindset that there is no danger, and when the unscrupulous find a way around them, the damage can be worse.”

Federal intrusion/regulation CAUSED every bit of the bank meltdown. I don’t want Obama near a bank, or anything else!


32 posted on 12/14/2009 11:07:56 AM PST by stephenjohnbanker (Support our troops, and vote out the RINO's!)
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To: ding_dong_daddy_from_dumas

No heck no lol smoke and mirrors a build up for the 2010 midterms nothing more.

http://www.bloomberg.com/apps/news?pid=20601109&sid=ax_m5kK787YM&pos=11


33 posted on 12/14/2009 11:14:18 AM PST by FromLori (FromLori)
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To: ding_dong_daddy_from_dumas; stephenjohnbanker; FromLori
Not saying it will work. Dems greatly desire another bubble to get them through elections, just like Bush had. Just saying it's their responsibility to police it given implied guarantee.

Where will the next bubble be? Most likely a temporary recovery but nothing like what we saw before. That last bubble required huge levels of optimism and debt(credit growth) .

Jim Rogers predicted a short term dollar rally, why? Everyone is bearish on the dollar.

34 posted on 12/14/2009 11:17:02 AM PST by sickoflibs ( "It's not the taxes, the redistribution is the government spending you demand stupid")
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To: stephenjohnbanker; ding_dong_daddy_from_dumas

RE :” I don’t want Obama near a bank, or anything else!”

LOL, I got bad news for you.....never mind :)


35 posted on 12/14/2009 11:18:24 AM PST by sickoflibs ( "It's not the taxes, the redistribution is the government spending you demand stupid")
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To: sickoflibs; ding_dong_daddy_from_dumas; FromLori

There will not be a recovery. Obama has fixed it so the markets, business owners, and banks are afraid to move. Obama is out to destroy the economy, are there are more than just freepers who understand this.


36 posted on 12/14/2009 11:21:37 AM PST by stephenjohnbanker (Support our troops, and vote out the RINO's!)
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To: stephenjohnbanker

Possibly some libertarians understand it I don’t honestly believe the majority of people get it though.


37 posted on 12/14/2009 11:25:33 AM PST by FromLori (FromLori)
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To: FromLori

It’s clear they don’t.


38 posted on 12/14/2009 11:27:51 AM PST by stephenjohnbanker (Support our troops, and vote out the RINO's!)
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To: stephenjohnbanker; ding_dong_daddy_from_dumas; FromLori; Liz
RE :”There will not be a recovery. Obama has fixed it so the markets, business owners, and banks are afraid to move. Obama is out to destroy the economy, are there are more than just freepers who understand this.

Dems have done exactly the wrong thing for the economy. Isn't destroying the economy working against him? 2010 is looking like a slaughter for dems. He needs what appears to be a recovery next year to hold off massive election losses. A ramping up of federal spending (and some temporary tax cuts) could help him out some for 2010(still looks bad for them.)

ACORN voters are unlikely to vote. Health reform, the war and unemployment have democrat voters demoralized. Democrats are fingerpointing. Voters are upset and ready to vote against dems for the first time since 2004.

39 posted on 12/14/2009 11:31:14 AM PST by sickoflibs ( "It's not the taxes, the redistribution is the government spending you demand stupid")
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To: stephenjohnbanker; sickoflibs; FromLori; Liz
Obama is out to destroy the economy

LINK: I'm about to create a whole bunch of jobs."

40 posted on 12/14/2009 11:34:07 AM PST by ding_dong_daddy_from_dumas (Joe Wilson said "You lie!" in a room full of 500 politicians. Who was he talking about?)
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To: sickoflibs; stephenjohnbanker; ding_dong_daddy_from_dumas; FromLori; Liz

It is definitely a plus in that regard people are furious. When they figure out hopefully this is all just a hoax his fat cat banker talk coupled with socialist health care, cap and TAX I think it will also sway the independents and any libertarians who might have voted dirty too.

Americans Are Furious at Wall Street
A new Bloomberg National Poll shows them angry at banks and brokers—and furious about bonuses

http://www.businessweek.com/magazine/content/09_51/b4160000035262.htm

He knows this hence the spin.


41 posted on 12/14/2009 11:41:54 AM PST by FromLori (FromLori)
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To: stephenjohnbanker; sickoflibs; FromLori; Liz
Federal intrusion/regulation CAUSED every bit of the bank meltdown. I don’t want Obama near a bank, or anything else!

I used to work in software development. The management decided that they wanted to "improve our processes" via ISO-9000X standards. We tried to explain to them that you can't fix bad employees by writing new processes that try to change how bad employees do things.

Similarly, I don't think new regulations will help much while we have bad government people in charge.

42 posted on 12/14/2009 11:43:11 AM PST by ding_dong_daddy_from_dumas (Joe Wilson said "You lie!" in a room full of 500 politicians. Who was he talking about?)
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To: ding_dong_daddy_from_dumas
Lets share it lol
43 posted on 12/14/2009 11:43:48 AM PST by FromLori (FromLori)
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To: ding_dong_daddy_from_dumas

LOL!!


44 posted on 12/14/2009 11:46:21 AM PST by stephenjohnbanker (Support our troops, and vote out the RINO's!)
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To: SeekAndFind
The POTUS has NO BUSINESS ordering banks to lend, or how to conduct their business, etc. The forced-lending to non-qualified buyers started the downfall of banking in the first place, and now they're going to do it again?

It looks like the recovery is scaring the socialists, where they haven't taken over all the things they want to control, and the private sector is rallying against it.

45 posted on 12/14/2009 11:46:40 AM PST by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: SeekAndFind

Corporate version of the Community Reinvestment Act. The USG is now a criminal enterprise.


46 posted on 12/14/2009 11:47:42 AM PST by RinaseaofDs
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To: ding_dong_daddy_from_dumas; stephenjohnbanker; sickoflibs; FromLori; Liz
I remember ISO9000. That was the early 1990s. Wasnt that related to European protectionism from the cheap East Block countries? Weren't all the processes just non-sense bureaucracy to keep small firms out?

Almost two decades later and real requirements and software processes have been developed.

47 posted on 12/14/2009 11:50:51 AM PST by sickoflibs ( "It's not the taxes, the redistribution is the government spending you demand stupid")
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To: ding_dong_daddy_from_dumas; sickoflibs; FromLori; Liz

Agree we had regulations except for Glass-Steagull they just were not enforced. I am not one for regulations anyway but I must say had they left Glass-Steagull intact this crisis could never have reached this level of severity.

But more importantly all regulations aside was the fact we bailed them out. That is not true capitalism they privatized the profits and socialized the losses. Because of that I feel no sympathy for the banks and besides I have all the data showing how much they donated to obama and the democrats and to groups like Acorn and they are supporting cap and trade.

The truth is the TBTF (too big to fail) are just gobbling up the littler banks and decreasing competition on top of it all and you know who will pay for that later us. Obamas favorite banker said so.

http://www.freerepublic.com/focus/f-news/2405651/posts


48 posted on 12/14/2009 11:55:24 AM PST by FromLori (FromLori)
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To: FromLori; ding_dong_daddy_from_dumas; Liz
RE :”Agree we had regulations except for Glass-Steagull they just were not enforced....But more importantly all regulations aside was the fact we bailed them out. That is not true capitalism they privatized the profits and socialized the losses. .....The truth is the TBTF (too big to fail) are just gobbling up the littler banks and decreasing competition on top of it all and you know who will pay for that later us. Obamas favorite banker said so.”(FromLori )

Worth repeating. One policy decision pushed by the last administration to create a short term housing boom, long term disaster was : ‘No down payment requirement’.

49 posted on 12/14/2009 12:03:15 PM PST by sickoflibs ( "It's not the taxes, the redistribution is the government spending you demand stupid")
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To: clintonh8r

“Idiots. The regulators bang the banks for making high risk loans...then the “administration” bangs the banks for not making enough loans, which, in the economic environment created by the “administration” are inherently high risk.”


Regular catch 22. Couldn’t happen to a better bunch of fascists. The banksters deserve their dear leader. If they meet dear leader’s demands for even more irresponsible finance after crashing the housing market in cahoots with the Clinton socialists, we should put them in jail for fraud.


50 posted on 12/14/2009 12:06:04 PM PST by SaraJohnson
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