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I have very little time but love playing the guitar!
Today marks the 233 rd anniversary celebrating the signing of America’s Declaration of Independence. America’s Founding Fathers knew that achieving independence would require winning a difficult war that risked bringing ruin on their fortunes, friends, and families if they did not succeed.
B arack Obama has lately identified the origins of the financial crisis in the separation of corporate ownership and control, because this leads to moral hazard, or the principal-agent issue. Free from risk, and using other people's money as principal, corporate executives, as agents, make bad decisions that lead to crisis.
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