"WaMu bondholders took a hit. General Motors bondholders will take a hit. So why can't the bondholders of Citi, AIG, etc, take a hit? The answer, Tim Geithner would probably tell you (if he could be induced to comment on the elephant in the room) is that insurance companies, pension funds, and other companies that hold the future of Americans in their hands invest in those bonds. And if we force those companies to take a loss, we'll hurt ordinary Americans."

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