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The Lehman bailout talks failed because potential investors demanded government guarantee for bad assets. The Bush administration was not that stupid to accept the demanded and the talks ended.

Now, that government guarantee is exactly what American investors demanded and got to bail out the Long Term Credit Bank of Japan and they reaped huge profits through no ingenuity on their part, but simply at the Japanese taxpayers expense. These people think they can still squeeze some juice (and that they are smart).

I will become a patissier, God willing.

by tuasfait on Fri Sep 19th, 2008 at 10:05:18 AM EST

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