existentialist
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Sat Dec-05-09 08:22 AM
Response to Original message |
| 24. Geithner's plans are unworkable. |
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As has been stated, he may be a smart man, but he's working on a false paradigm.
Not to mention possible corruption issues . . .
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| -Geithner Dismisses Tax on Financial Transactions as Unworkable |
depakid |
Dec-05-09 02:55 AM |
#0 |
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Obama better do something fast. Dems as the Party of Wall Street is becoming |
tblue |
Dec-05-09 03:00 AM |
#1 |
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We HAD such a tax |
CanonRay |
Dec-05-09 08:38 AM |
#33 |
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Can't do it? I bet if it was a FEE FOR the Corporate parasites it would be up running and |
Vincardog |
Dec-05-09 01:46 PM |
#81 |
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Translaton: Goldman Sachs pay taxes? That's for little people! |
SandWalker1984 |
Dec-05-09 10:21 AM |
#46 |
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so we got one end of the Obama Guru team telling us we don't need social security & the other end |
Divine Discontent |
Dec-05-09 03:50 AM |
#2 |
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By that logic there should be no taxes because some people will find a way around them |
laughingliberal |
Dec-05-09 07:10 PM |
#99 |
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Or you could just not pay all you owe, like Geithner - head of the IRS! |
change_notfinetuning |
Dec-05-09 09:44 PM |
#102 |
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Now, there's a thought. Course we know that only works for the rich. The middle class has been |
laughingliberal |
Dec-05-09 09:54 PM |
#105 |
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Really? How would you advise Firms to "get around any tax like that.”" |
Ghost Dog |
Dec-05-09 04:21 AM |
#3 |
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The markets will all just move to Dubai. |
naaman fletcher |
Dec-05-09 11:35 AM |
#61 |
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Or to a Caribean country |
proud2BlibKansan |
Dec-05-09 12:04 PM |
#67 |
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Right. You can see lots of folks betting their pensions |
Ghost Dog |
Dec-05-09 12:09 PM |
#68 |
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LOL to the power of n! |
Joe Chi Minh |
Dec-05-09 01:33 PM |
#78 |
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That haven of financial responsibility and stability? |
Alcibiades |
Dec-05-09 10:03 PM |
#106 |
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And yet, commissions on those transactions are workable? |
aquart |
Dec-05-09 04:25 AM |
#4 |
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commissions in trading algos that banks let their customer use |
Lucky Luciano |
Dec-05-09 08:38 AM |
#32 |
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Of course volume. The small tax is designed to... |
WhaTHellsgoingonhere |
Dec-05-09 10:42 AM |
#47 |
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Yes but it won't hurt the big guys, it will give them more power.. |
naaman fletcher |
Dec-05-09 11:33 AM |
#60 |
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New regulatory policies will be essential. If your point is that... |
WhaTHellsgoingonhere |
Dec-05-09 03:08 PM |
#85 |
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Well, we will not see eye to eye. Too biased given my prop trading background. Nt |
Lucky Luciano |
Dec-05-09 01:39 PM |
#79 |
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I don't know about hurting liquidity but it would slow down this |
ThomThom |
Dec-05-09 10:49 AM |
#50 |
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Yes, a Tobin tax would hurt HFT.. |
girl gone mad |
Dec-05-09 04:25 PM |
#89 |
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Exactly. My thought exactly. n/t |
Tansy_Gold |
Dec-05-09 08:38 AM |
#34 |
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If Geithner is already trying to kill it |
waronbanks |
Dec-05-09 04:38 AM |
#5 |
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yes & get rid of ceo positions, they exist at Congress' pleasure |
KakistocracyHater |
Dec-05-09 07:35 PM |
#100 |
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Possible silver lining... |
dreamnightwind |
Dec-05-09 04:59 AM |
#6 |
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Oh, gee, Making the banks/investment firms to pay for the regulators to watch them |
Roland99 |
Dec-05-09 05:44 AM |
#7 |
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Zactly. nt |
Enthusiast |
Dec-05-09 08:16 AM |
#22 |
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Motives aside |
nod factor |
Dec-05-09 06:19 AM |
#8 |
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A lot of what these transactions do... |
Cassandra |
Dec-05-09 07:15 AM |
#12 |
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Exactly. Such a tax would discourage, |
Ghost Dog |
Dec-05-09 07:50 AM |
#17 |
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You are right. |
nod factor |
Dec-05-09 08:00 AM |
#20 |
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Yes, and this gambling is killing the real economy. |
mbperrin |
Dec-05-09 08:44 AM |
#35 |
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....but, but..... this is timmy |
unabelladonna |
Dec-05-09 03:11 PM |
#86 |
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That speculation is ok. Stocks are liquid instruments. |
Lucky Luciano |
Dec-05-09 08:44 AM |
#36 |
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Could traders avoid the tax by trading outside the U.S.? |
JDPriestly |
Dec-05-09 10:59 AM |
#53 |
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The proposal is to levy much the same tax in London, Europe, |
Ghost Dog |
Dec-05-09 12:17 PM |
#70 |
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Good. It would work if that is the case. But it would |
JDPriestly |
Dec-05-09 05:28 PM |
#95 |
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"A transaction tax is retrogressive." ??? |
depakid |
Dec-05-09 07:56 AM |
#19 |
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Timmy, is that you? |
Jim Sagle |
Dec-05-09 08:34 AM |
#27 |
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It's really not though... |
Chan790 |
Dec-05-09 08:35 AM |
#28 |
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ummmmm 0.25% is a huge tax - commissions these days, |
Lucky Luciano |
Dec-05-09 08:49 AM |
#37 |
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Yes, I understand the proposal is more in the order of 0.025% |
Ghost Dog |
Dec-05-09 09:54 AM |
#41 |
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Okay. |
Chan790 |
Dec-05-09 10:44 AM |
#49 |
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more regulation is ok, but it should be directed at illiquid |
Lucky Luciano |
Dec-05-09 03:35 PM |
#87 |
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Hmmm. So, without the, er, robot (algorithmic) trades these days, liquidity, |
Ghost Dog |
Dec-05-09 04:18 PM |
#88 |
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An example might be that I could buy 10k shares of AAPL |
Lucky Luciano |
Dec-05-09 05:25 PM |
#93 |
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Would significantly reflect a human judgement of the real world value |
Ghost Dog |
Dec-05-09 05:47 PM |
#96 |
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But would this really hinder the ability of companies like Apple |
Telly Savalas |
Dec-05-09 09:47 PM |
#103 |
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A penny a share. |
westerebus |
Dec-05-09 12:14 PM |
#69 |
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This potentially affects several hundred thousand trades a second. |
boppers |
Dec-05-09 01:02 PM |
#75 |
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have high frequency experience... It is soooooo not that simple |
Lucky Luciano |
Dec-05-09 01:48 PM |
#82 |
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I tried to keep it *very* simple, yes, with only two actors (one human, one machine)... |
boppers |
Dec-05-09 05:25 PM |
#94 |
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The bottom line is that this is unproductive, market distorting behavior |
depakid |
Dec-05-09 02:08 PM |
#84 |
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We need to encourage long term investment not this craziness |
ThomThom |
Dec-05-09 10:59 AM |
#51 |
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It does not discourage investment. |
dhpgetsit |
Dec-05-09 11:57 AM |
#63 |
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policy should encourage work and consumer spending..... |
Prospero1 |
Dec-05-09 12:50 PM |
#73 |
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When will BO realize that Geithner is a political liability that may help make him a one termer? |
FreeStateDemocrat |
Dec-05-09 06:28 AM |
#9 |
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His nomination |
nod factor |
Dec-05-09 06:41 AM |
#10 |
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"A politically savvy guy like Obama" |
Dr.Phool |
Dec-05-09 08:11 AM |
#21 |
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Transactions are electronic. They can be taxed as they are being made. |
IndianaGreen |
Dec-05-09 06:56 AM |
#11 |
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If Geithner opposes it, that's a big mark in it's favor. |
baldguy |
Dec-05-09 07:22 AM |
#13 |
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I like the way you think. nt |
Enthusiast |
Dec-05-09 08:20 AM |
#23 |
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Should always do the opposite of what Geitner advises.Just don't let him know that that's what you |
Algorem |
Dec-05-09 07:23 AM |
#14 |
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Nothing I love better than response posts which say |
placton |
Dec-05-09 07:34 AM |
#15 |
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He doesn't seem to WANT a 2nd term. That would just delay his plush gig at Goldman Sachs.. |
Jim Sagle |
Dec-05-09 08:37 AM |
#30 |
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Placton, What you said exactly x100000- O is a corporate whore |
aaronbav |
Dec-05-09 11:22 AM |
#57 |
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why am i not surprised? |
unabelladonna |
Dec-05-09 07:40 AM |
#16 |
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So, let's just find another way of taxing the middle class, is that it Tim? |
DailyGrind51 |
Dec-05-09 07:55 AM |
#18 |
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OF COURSE Geithner doesn't want a transaction tax.... |
lib2DaBone |
Dec-05-09 08:22 AM |
# |
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hopefully we can nominate someone different |
ThomThom |
Dec-05-09 11:07 AM |
#56 |
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Geithner's plans are unworkable. |
existentialist |
Dec-05-09 08:22 AM |
#24 |
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Clearly I have to stop reading the news again for a while |
shadowknows69 |
Dec-05-09 08:24 AM |
#25 |
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Hey, coming from you, shadowknower, that remark |
Ghost Dog |
Dec-05-09 10:06 AM |
#42 |
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I guess Timmy should know about getting around paying taxes |
Bluenorthwest |
Dec-05-09 08:24 AM |
#26 |
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Transaction "fees" on individuals and businesses don't seem to pose a problem. |
54anickel |
Dec-05-09 08:35 AM |
#29 |
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Nah, your government doesn't need 'profit' (on the books): |
Ghost Dog |
Dec-05-09 10:10 AM |
#44 |
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It would be nice if he proposed an alternative, then. |
adamuu |
Dec-05-09 08:37 AM |
#31 |
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How about dismissing Geithner as unworkable. /nt |
Festivito |
Dec-05-09 09:02 AM |
#38 |
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Hey haters: Stop with the Geithner bashing already. |
MannyGoldstein |
Dec-05-09 09:26 AM |
#39 |
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It seems that, like other alumni of Goldman Sachs, Timmy's been a beneficiary |
Joe Chi Minh |
Dec-05-09 01:41 PM |
#80 |
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A mimimal tax on wall street transactions needs |
pjt7 |
Dec-05-09 09:29 AM |
#40 |
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Why am I not surprised? n/t |
SlowDownFast |
Dec-05-09 10:08 AM |
#43 |
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Geithner is wrong about pretty much everything. He MUST go. |
AzDar |
Dec-05-09 10:16 AM |
#45 |
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he MUST go! agreed. I cannot support a president who has these horrible pro-wall st. pro-insurance |
Divine Discontent |
Dec-05-09 11:30 AM |
#59 |
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unworkable? |
ThomThom |
Dec-05-09 10:44 AM |
#48 |
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The Executive Branch doesn't tax, the Legislative Branch does |
BumRushDaShow |
Dec-05-09 10:59 AM |
#52 |
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OK, Timmy, how about this for a deal. |
StreetKnowledge |
Dec-05-09 11:01 AM |
#54 |
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Wash your mouth out with soap and water, this instant! Why that'd be class-warfare. |
Joe Chi Minh |
Dec-05-09 06:20 PM |
#98 |
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They seem to have no problem siphoning off their bonuses |
Canuckistanian |
Dec-05-09 11:03 AM |
#55 |
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So how do local governments collect a sales tax on everything you buy? |
nonationbuilding |
Dec-05-09 11:25 AM |
#58 |
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I'm urging my rep to support it. |
dhpgetsit |
Dec-05-09 11:49 AM |
#62 |
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Stupid excuses |
sfnative |
Dec-05-09 11:58 AM |
#64 |
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Timmy Lies |
colsohlibgal |
Dec-05-09 11:58 AM |
#65 |
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Geithner is Full of Bull! |
Daphne08 |
Dec-05-09 12:00 PM |
#66 |
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K&R. //nt |
Overseas |
Dec-05-09 12:23 PM |
#71 |
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So the Obama administration is trying to kill this idea. |
Better Believe It |
Dec-05-09 12:47 PM |
#72 |
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Well, then. It must be a really viable way to leverage a lien on the corruption within the market. |
HCE SuiGeneris |
Dec-05-09 12:56 PM |
#74 |
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Mustn't tax the rich, the masses be damned! nt |
valerief |
Dec-05-09 01:18 PM |
#76 |
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Treasury Secretary, Timothy Geitner...... said banks and other market participants |
Joe Chi Minh |
Dec-05-09 01:32 PM |
#77 |
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Pour encourager les autres. |
Ghost Dog |
Dec-05-09 04:46 PM |
#90 |
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Mais, bien sur! |
Joe Chi Minh |
Dec-05-09 06:10 PM |
#97 |
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Timmy is always right. I trust him and his marvelous economic team. |
neshanic still |
Dec-05-09 01:49 PM |
#83 |
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Honestly, I didn't think my opinion of Obama's financial picks could get worse, |
Better Today |
Dec-05-09 05:01 PM |
#91 |
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And then he makes no attempt to come up with an alternative. He's not trustworthy. (nt) |
w4rma |
Dec-05-09 05:04 PM |
#92 |
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Well IF he ",has not seen the version of that that he think works",, |
benld74 |
Dec-05-09 09:25 PM |
#101 |
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Geithner should never have been hired. He's largely responsible for the crash |
autorank |
Dec-05-09 09:51 PM |
#104 |
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Tee hee... Good one! |
Joe Chi Minh |
Dec-06-09 05:14 PM |
#111 |
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As far as I'm concerned... |
femrap |
Dec-05-09 10:59 PM |
#107 |
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"Can't implement a tax. People might get around it." |
BobTheSubgenius |
Dec-06-09 12:08 AM |
#108 |
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Every body tries to get around taxes and yet they still have an Income Tax... |
WCGreen |
Dec-06-09 12:12 AM |
#109 |
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the only quarrel I had with that tax is it wasn't high enough. |
yurbud |
Dec-06-09 12:27 PM |
#110 |
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