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Posted AT 1:47 PM EST on 04/09/08

Fed not 'magical piggy bank,' Greenspan says

JEANNINE AVERSA

The Associated Press

WASHINGTON — Troubled by the Bear Stearns debacle, former Federal Reserve Chairman Alan Greenspan is advocating a new way of dealing with government bailouts of companies whose sudden collapse could wreak havoc on U.S. economic and financial stability. Mr. Greenspan says Congress needs to give the government new powers to handle troubled companies to minimize any potential losses to American taxpayers.

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