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  "documentTitle": "US/Japan Sovereign Debt & Fiat Currencies (Macro)",
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  "authorName": "David Einhorn",
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      "text": "These are good points that he should run by his policy team, because Secretary Geithner's reform proposal does exactly the opposite.",
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      "kind": "paragraph",
      "text": "do we bail them out? Different parents with different philosophies might come to different decisions on this point. As you know our regulators went the bail-out route.",
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      "text": "And the neighbors are angry, because at some level, Americans understand that the Washington-Wall Street relationship has rewarded the least deserving people and institutions at the expense of the prudent. ... The lack of trust over the inability to deal seriously with the healthcare feeds the lack of trust over healthcare.",
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      "text": "On the anniversary of Lehman's failure, President Obama gave a terrific speech. ... These are good points that he should run by his policy team, because Secretary Geithner's reform proposal does exactly the opposite.",
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      "text": "The proper way to deal with too-big-to-fail, or too inter-connected to fail, is to make sure that no institution is too big or inter-connected to fail. ... The real solution is to break up anything that fails that test.",
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      "text": "With the ensuing government bailout, we have now institutionalized the idea of too-big-to-fail and insulated investors from risk.",
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      "text": "The financial reform on the table is analogous to our response to airline terrorism by frisking grandma and taking away everyone's shampoo, in that it gives the appearance of officially \"doing something\" and adds to our bureaucracy without really making anything safer.",
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      "text": "But then the question becomes, once you bail them out, what do you do to discipline the misbehavior? ... It has not done much to repair the damage to the neighborhood.",
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      "text": "The lesson of Lehman should not be that the government should have prevented its failure. The lesson of Lehman should be that Lehman should not have existed at a scale that allowed it to jeopardize the financial system. And the same logic applies to AIG, Fannie, Freddie, Bear Stearns, Citigroup and a couple dozen others.",
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      "text": "\"Those on Wall Street cannot resume taking risks without regard for the consequences, and expect that next time, American taxpayers will be there to break the fall.\" — President Obama. \"For a market to function, those who invest and lend in that market must believe that their money is actually at risk.\" — President Obama.",
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