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  • The first time that I know of when the Fed saved the world doing this was when the Penn Central railroad went bankrupt, thanks to a couple of dumb crooks, and a few hundred million in loans, bonds, bills, and other stuff went poof. (A few hundred million causing all that trouble-- how quaint, but that was the 70's) Anyway, to stop banks from failing, Wall Street from crashing, and mass suicide,
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