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The evidence to date that liquidity has diminished markedly is, at best, mixed, even if one were to interpret the evidence as indicating that liquidity has been reduced, it is not clear whether regulation is the primary driver, as other changes have played important roles as well.

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    Who Said, “We have nothing to fear, but fear itself”?
    A Evel Knievel
    B Lyndon B. Johnson
    C John F. Kennedy
    D Franklin D. Roosevelt