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OK, this is a bond board; I'll stop now. But the thread tickled me and I had to chime in. It's a fault, but I can't help it.

Well, besides being interesting, I think it's instructive in how one process or technology replaces another. This took decades really, with many fits and starts, some established firms trying to co-opt the new technology, others guessing wrong, and probably some great alternatives that never made it to market.

Think that won't happen to our financial system. The greatest crisis usually brings the greatest solutions. This is a whooper for the financial market and it will be interesting to see what the future will bring. I don't think we'll automatically go back to the same system.

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