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September 27, 2008

A GENUINE AND IMMEDIATE CRISIS? "The huge European bank Fortis is apparently about to fail. The ripple effect on the American banking system could be disastrous, with bank runs, liquidity crises, and stock sell offs possible Monday. Wachovia may well fail next week. As Larry put it, this really will be 1933 soon if we don't move rapidly to stabilize the banking system." We don't want bank runs or liquidity crises.

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