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To be clear, more expensive liquidity is a price well worth paying for making the core of the system more robust, removing public subsidies is absolutely necessary for real markets to exist. Volatility characterizes such real markets and much of the pre-crisis market-making capacity among dealers was ephemeral.

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    Quiz

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    In which movie does this quote appear: "I don't like violence, Tom. I'm a businessman; blood is a big expense"?
    A The Godfather
    B Rush Hour
    C Blade
    D Ocean's Eleven