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The Dow Jones Industrial had posted second straight 500 plus point drops over a twoday period. So how far will these markets fall from here . What should we expect . Tonight heres to tell us moodies chief economist, s p chief equity strategist stan. And also here, Hillary Clintons poll numbers have been sinking ever since she announced her campaign. Things verify gotten so bad that even her most best supporters are questioning will then the nominee . And Vice President biden may run. Just when we thought they were good friends and why did biden meet with senator Elizabeth Warren . Well have a full report for you coming up. Is and rising concerns among democrats tonight that president obama over sold his nuclear deal, iran. Apparently some democrats are beginning to watch this broadcast and telling their friends what were saying here. Well update them again tonight. Joining us is fox news military analyst general jack keane. And we begin tonight with our top story, wall street suffering the worst oneday drop in more than four years. Sending markets plunging more than 3. 5 . The Dow Jones Industrial opening todays session with 1,089 point plunge, the biggest decline in history. Recovered to finish down 588 points, the s p down 78 points, the nasdaq plunged 180 points. Volume on the big board, the heaviest since 2011. Six and a half billion shares traded. The wilshire 5,000 measuring todays losses at more than 900 billion. The dow losing nearly 1,500 points over the last three trading sessions. Some 2. 2 trillion lost in market cap. The dow, the s p, nasdaq, all officially in correction. Down more than 10 from their reason highs. The flight to safety sending the yield on the tenyear treasury below 2 for the First Time Since april. Crude oil falling below 39 a barrel for the First Time Since 2009. Down more than 5 . Theres a lot of finger pointing as to who is to blame for this market. President ial candidates coming out with their views on the market volatility. Theyre blaming wall street elites, the federal reserve, exposure to china, and the president s spending policies, for his part the white house is trying its best to downplay fears about a weakened economy. Fox news correspondent james rosen with our report. Within minutes of the New York Stock Exchange opening bell, the Dow Jones Industrial average plummeted more than 1,000 points. A reaction to the historic drop in chinese trading earlier in the day in which chinas main index fell by 8. 5 . Its worst performance since 2000 and bad enough to wipe out all gains this year. Japans hong kong and chief index each caught falling by around 5 . Here at home, theres an element of ptsd, investment households went over over the weekend and said, boy, the stock market fell so much, is it time for me to get out . By the end of the day, wall street cut its losses to near 100 points and to claim the u. S. Economy strong, resilient, durable. Theres no doubt that it is stronger now than 08. Just broader measures of economic growth, people can feel confident. On the president ial campaign trail, however, the stock shock prompted entitlements of mr. Obamas economic stuartship, starting with republican front runner donald trump, the billionaire real estate mogul letting china dictate the agenda. Im the one saying you better stop china because china has problems and theyre bringing us down. I dont think anybody would make the case that our economies are coupled. I think what we would recognize is the 21st century World Economy, conditions in the world see their economy as more intertwined. Various data suggest the u. S. Is more dependent on chinas economy now than when barack obama became president. Our trade deficit with beijing is on track to be more than did you believe than what it was in 2009. U. S. Trade with china occupies a greater percentage of our total Foreign Trade than it did then. Exports to china make up a greater percentage of our total exports than they did six years ago. Chinese holds have almost doubled since 2009 and direct Foreign Investment by china in the u. S. Has doubled under the back home biden watch. Carly fiorina, the former hp ceo who has flynn gop polls in weeks told fox business that the wild swings of evaluation as much to do with wall street as global dynamics. Actually ive been expecting a correction for some time now because the under lying fundamentals of the u. S. Economy are not that strong 2 growth is pretty lackluster. President obama met with the treasury secretary jack lou in the oval office today but the president has not placed any calls to leaders in china to discuss the economic turmoil there. However, he will meet with a chinese president here in washington next month. Lou. James, thank you very much. James rosen reporting from washington. Turning to politics, a new sign Vice President biden may run for president. It would be afor a third time. The Vice President met with senator Elizabeth Warren yesterday and the wall street journal reports hes leaping toward a white house run. Fox news senior Political Correspondent mike emanuel with our report. Theres no one in Politics Today who has a better understanding to amount a successful National President ial campaign. That was job earnest assessment of the possibility of joe biden running for president. After bidens private meeting with liberal favorite massachusetts senator Elizabeth Warren on saturday, speculation ran wild about whether he was seeking an endorsement or even a running mate. Hes talking to someone like Elizabeth Warren who has can important, incredible ideas of how to make the economy work for everyone. And i think its no surprise that he would want to talk to somebody like that. He authored context about what biden has meant to mr. Obama. The president has indicated his view that the decision that he made i guess seven years ago now to add joe biden to the ticket as his running was the smartest decision he made in politics. That rose a few eyebrows since the president also selected Hillary Clinton to be his first secretary of state. And some former white house aids are already working for clintons campaign. Meanwhile vermont senator Bernie Sanders in New Hampshire called for a serious debate of the issues. We should not be going around, lets debate the issues. Joe comes in, thats what i will do. What impact people have on the race, i honestly dont know. Meanwhile former chairman howard dean spent the weekend saying the email scandal is manufactured by media that is bored and press secretary sent out 32 tweets on saturday defending clinton on the server issue. Yet more than five years ago, clinton herself warned about dangers on the internet. Hackers break into financial institutions, Cell Phone Networks and personal email accounts. So we need successful strategies for combating these threats and more. New Jersey Governor Chris Christie a former u. S. Attorney says hed love to crossexamine clinton. After it has been subpoenaed by the house of representatives, she deletes the emails. And the fact is someone to need hold the account for this. The illinois primary and democratic voters will choose the nominee, but he did not rule out mr. Obama offering an endorsement. Lou. Thank you. Mike emanuel. Its back to business for the president. Hes no longer on vacation. He now has three weeks to stop congress from blocking his nuclear deal with iran. So far two democrats have come out on opposition to the deal. Senator Chuck Schumer and joe mansion of west virginia. Critics need 12 democrats to Cross Party Lines in the senate and vote with republicans in order to override a president ial veto of a resolution opposing the deal. But according to the new york times, the president has lost a lot of leverage. The times reports that some of the deals most enthusiastic backers now say they fear quote mr. Obama has over sold some of the accords virtues as he asserts that would, quote, unquote, block all pathways to a more clear weapon. A more accurate description drinks is that its more likely to delay a program for a decade and a half. Congress has until september 17th to vote on a resolution supporting or rejecting the president s deal. Were coming right back with much, much more. Stay with us. Investors clobbered on wall street and washington stays clueless. Moodys chief economist and s p capital iq chief equity strategist sam here on what to expect next. And a pilot loses control of a vintage jet fighter in a british air show. That tragic story and much more ahead. Were coming right back hi my name is tom. Im raph. My name is anne. Im one of the real live attorneys you can talk to through legalzoom. Dont let unanswered legal questions hold you up, because were here, were here, and weve got your back. Legalzoom. Legal help is here. Get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swifts music videos, interviews, and more. Xfinity is the destination for all things taylor swift. Well, im told that a massive selloff on wall street has for whatever reason investors more than a little concerned today. Stocks plummeting for what has turned out to be a fifth straight day. Wall street all day long telling fox business what led to the wild session on the market. Whats next for the economy . The Central Banks have been pumping up asset prices for seven years. I dont think anyone should be surprised if we see asset values come off the way they have. It probably gets a little bit worse before it gets better from here. I dont think it turns into a bear market un into a recession here, which i think can be avoided this time. But were probably not quite at the bottom. Other than the u. S. , its hard to point to some place or some industry and say thats the catalyst for growth. It just doesnt seem to be there. So i would be very cautious. This is, to me, this looks like more than one of these collects thats going to go away. Im a little bit more concerned than that. Joining us now, chief economist john, s p capital iq chief equity strategist, sam. The former secretary, sam, talking about he cant find a driver for growth here. How big of a portion does that play in whats happened to our markets here over the last month or so . Well, i think the big concern is really whats going on overseas and how that might then sweep over the u. S. Economy. I dont really think too many people are talking about recession here in the u. S. Certainly weve been seeing concern about u. S. Earnings and going into a profits recession. But one of the indicators that i like to look at is Housing Starts, and i find that with Housing Starts still in positive territory, in seven of the last eight recessions, weve needed to see a 30 decline and Housing Starts to a new recession. So you think that this is just youre not seriously suggesting this is business as usual. In some way i am because weve gone 47 months without a decline of 10 or more. We were due for this, and i think that we are looking at basically im sorry. But that reminds me of the falling off the 50story building. So far so good. What do you think, john . This is the worst economic recovery since the 1940s, very sluggish growth, that means were quite vulnerable to an exhaustion of demand. You know, that could really make itself known by letter part of next year and lets not forget that whats going on now could be described as a global slack attack. The World Economy simply suffers from too much supply relative to demand. As long as thats the case, downward pressure on prices, not only oil, but all internationally trades goods and services. Sam, youre saying everybodys looking to china, and i think that thats certainly a big percentage of this. But as we all know, theres never just one cause for these things. But in the case of china, an 8. 5 decline in shanghai. We have got to change in both tempo and relationship and tone between the United States and china thats being reflected in the comments of ceos, business leaders, not defending china, not defending its policies, and were watching a shift here in the relationship it seems to many people. Do you agree with that . I think that were looking for a blame to point out for this decline that weve seen so far. We have not received any new i didnt mean in reference to todays decline. Im talking about in terms of the policies that are being followed in china right now. It seem to be reversing what are has 20 years of steady march toward a marketbased economy with a strong dose of communism if yo if you will. What do you think, john. Well, i think trying to take extraordinary efforts to prop up the stock market. Obviously its not working, theres talk that theyre going to go ahead and lower reserve requirements to make chinese lend again but who wants to borrow . Who wants to borrow in this country . Who wants to buy a stock tomorrow . What can we expect . You seemed perhaps not bullish but certainly positive. What are investors what is everyone watching you at home right now, sam. What are they to do . Well, i think historically in your judgment. Well, in my judgment i think we might see a pop after the drop. I think it ends up being a shortterm decline. But in general we would need to go down further. I think were going to have to test even lower levels. Primarily because were still looking at valuations. Pe ratios that are equal to longterm averages but below longterm medians, and i think we need to get to a discounted evaluation environment before investors feel confident that theyre willing to step isnt. Are we going to see another big plunge tomorrow. I dont think so but i dont know. Over the next few weeks. I think theres that possibility. I think as we mention we see a gradual increase in prices and then we go down and retest these levels and then maybe even establish new levels in the lower 1,800 area of the s p 500. John . I think people are worried. I think there is room for stocks to move lower. The big problem we have right now is that the fed is out of ammunition. That you know 1998, we had a strong economy, we had problems overseas, stocks moved lower. But at least then the fed could cut rates. The fed cant do that again. So weve entered into uncharted territory, given that we could no longer bank on the fed to save us. I would like to just show you where we are right now with futures as if right now and were up 100 points on the dow which is remarkable even to these early moments in the term of the futures overnight. Nasdaq, all of them the s p as well. All of them up just a little over half a percent. Does that give you any guidance at all to what to expect . Sure. Basically is repeating history. Weve had whenever weve had more than 4 declines in the s p 500 going back to the beginning of this bull market, 80 of the time weve risen and the gain has been about 3. So you think based on that, were going to see a rise tomorrow in the market. I think thats a good possibility. John . All right. Might happen. Big deal, 100 point rise after youve been down more than 1,000 points. Just 1,700. What happens in china, well know what happens in china before the market opens. Yeah. And there were rumors throughout todays market that we were watching not only a decrease in their reserve requirements but also the chatter began of an Interest Rate cut, which would be domestic to their economy. Which didnt come to pass. But imagine that, wall street rumors trying to drive stocks. Who ever heard such a thing . Thank you. Appreciate it. John and sam, be sure to join us at 8 00 eastern tonight for a special hour edition of lou dobbs tonight on the market selloff and what we can expect. Be sure to vote in tonights poll. The question is will you be investing more, less, or about the same amount of money in the stock market for the remainder of the year . Cast your vote at loudobbs. Com. Its a referendum on the market. And restricting vintage jets from performing in air shows ever began after this weekends deadly crash. Bringing in a christina to remove the wreckage of the crash. A clean up that Officials Say will take days and days. At least 11 people were killed in the crash. Authorities fear more bodies could be recovered as emergency workers remove the debris. The 1950s Hawker Hunter crashed into a highway saturday after the pilot failed to pull out of a loop during the air show. The pilot was pulled from the wreckage alive. He is tonight in a coma. Up next a few thoughts on the lack of confidence broadly in the Obama Administration and indy car set another crisis and more safety of the sport. Well be right back. Stay with Us Technology empowers us to achieve more. It pushes us to go further. Special olympics has almost five million athletes in 170 countries. The microsoft cloud allows us to immediately be able to access information, wherever we are. Information for an athletes medical care, or information to track their personal best. With microsoft cloud, we save millions of man hours, super poligrip holds your dentures tightly in place. So you never have to hold back. Laugh loud. Live loud. Super poligrip. Get strong all day hold. Lou a few thoughts on china and its roll in wave role in the waves of buying. Todays selloff on wall street began in shanghai, markets tumbled 8. 5 , then spread to middle east, asia, europe then america. Wait, were we not insured that investors had no reason to worry about chinas slowing growth, and the rising volatility in his markets . Assure by the Obama Administration . Yes, it was less than two months ago, treasury secretary jack lew said that chinas markets are not linked to the rest of the world. I will say that chinas markets are still pretty much separated from world markets, they are moving toward being more integrated. But right now they are not, i dont think you will see the director linkage there. Lou take that back jack, i am sure that was demonstrated well today, our economy is far more independent on china now than when the president took office, chinas largest holder of our debt, 1. Thre 3 trillion of itt Obama Administration downplaying the impact of both. When china devalued its currency this month, Obama Administration offered a weak response, they could not call it market manipulation, they said they were monitoring developments, now our stre treasury secretarys continue to should continue with reforms that are necessary to move forward an economy driven primarily by Household Consumption rather than exports. Which . Chinas and americas best interest. I expect a hallelujah chorus over that polly anna outlook from our treasury secretary. It a laughable matter, donald trump today warned this could get messy. As i long stated, were to tied in with china. And asia, they could take us down. Lou he met with treasury secretary and other economic advisors today, a unscheduled meeting. Those meetings result in action but as we all have learned mr. Obama seldom takes action. Even a failure to take action brings with it unintended consequences, our quote of the evening, on obama cabinet whose members seem to seldom have anything to contribute this Public Policy or public dialogue. From market, a author, management consultant, said of such congregations, i assume one assembledded by our president , without reflection, we go blindly on our way, creating more unintended consequences and failing to achieve anything useful. Were coming right back stay with us. President dialing back his promiseso the nuclear deal with iran, it does not do what he said it does. General jack keane is with us next. President of france honors three american heroes who save countless lives on a parisbound train that story is next. Stay with us. Ess what your inse company will only give you 37thousand to replace it. Depreciation they claim. How can my car depreciate before its first oil change . You ask. Maybe the better question is, why do you have that Insurance Company . 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Lou the main news at this hour, market futures are up after a selloff on wall street today, fears about china and a slowing global economy, dow finished down 588, new signs that Vice President biden may enter 2016 race, meeting with september 11 tor e meeting with senator Elizabeth Warren today. And iran, latest short range, traveling more than 300 miles, times is notable, any transfer to iran of Ballistic Missile technology over next 8 years is barred by the Iranian Nuclear agreement, our next guest said that irans refusal to abide by that agreement, is another example of irans historic arrogance, joining us now, former army vice chief of staff general jack keane. Irans arrogance without question. But also is it also this administration . Absolutely, this is a concern that many people in Democratic Party and senior senators have, as well as others who look at this deal with great concern. Because so much of it is predicated on the fact that iran will be faithful to the agreement when they have never been faithful to anything in the past, now their rhetoric coming out of nothing less than rowany saying well buy weapons when we feel like it. Were not going to abide by anything. The resolution. Well, there is an indication they are not taking serious the agreement that was made, and major part of that agreement, deals with verification. And most of us suspect they will cheat, and the administration gave up long time ago on anywhere, request time any time inspections which is sad cam commentary. Lou also absurd in terms of position for the administration to find itself in telling the American People what a great deal this is, there is absolutely no production for u. S. No quid pro quo forstates that is perceive in, we have general, not you, but generals in pentagon holding their tongue, we have senators, who are acting like this is a serious proposition. It is a flat out give away, and risky as one could imagine. Of any administration. Yeah. The irony of in your intro in terms of president , he says this deal stops, Irans Nuclear program. Anyone who read it, it actually says, in 10 years you can spend sencentrifuge and again, and so anybody would conclude this is a fashiofact way pathway to a r balk, all of the gloves are off after 15 years, that is a fact. Lou the gloves on one side of off it appears now. Because they are bringing Ballistic Missile technology and buying it. And arming themselves in violation of the current restricteds. Why would there be any just longicly, any assumption if they do not honor their current be on gaigdzobligations they would hor future b obligations . This is foolishness to an extraordinary degree to a process that not going to verify when this treatment is. The other disturbing thing we refuse to deal with irans behavior in the region, they were not a part of the deal, that should have been held accountable as a condition for making this deal. It is tragic it is not. Lou quickly, i want to get your view, will the nuclear deal be passed by congress . Or will will there be enough votes to override a president ial veto . In talking to the some senators in congress, and congressmen they indicate, what you already know, that is, they will not be able to override the president s veto. Lou that in itself is absolutely it sad. General thank you so much sogen general jack keane. Lou 3 americans honored in france today for subduing a gunman on a parisbound train, the president of france awards the two american passengers and a briton. For stopping the terrorist. One a active member of airport, the other, a member of national guard. A tragicin incident for one indycar driver at pennsylvania pocono raceway, driver sage lost control of his car, slammed into a car, debris from this wreck hit another driver justin wilson, he in contribut critican tonight. Lou up next, what chinas problems mean for american investors. A heartbreaking ending for an american runner in beijing, coming right back, stay with us. These two oil rigs look the same. Can you tell what makes them so different . Did you hear that sound . Of course you didnt. Youre not using ge Software Like the rig on the right. Its listening and learning how to prevent equipment failures, predict maintenance needs, and avoid problems before they happen. You dont even need a cerebral cortex to understand which is better. Now, two things that are exactly the same have never been more different. Ge software. Get connected. Get insights. Get optimized. Lou social media sensorship, facebook banning government data, demonstrating how Illegal Immigrants take american jobs, 4 of its reports, were sensored by facebook, facebook has since apologized citing, quote, error. Twitter shutting town two sites dedicates to tracking deleted tweets by diplomats. No word on why twitter decided to sensor those reports. And deleted comments. Turning back to chinas market meltdown, our next guest said it shows folly of tying our economy to that of a authoritarian state, joining us gordon cheng. Were talking about 2. 2 trillion dollars. Lost over last 3 sessions, you believe that is directly tied to the Chinese Government . Absolutely, the communist party will not give up control of the economy, because of that the economy cant grow, because it cant grow you have stock market and china falling it fell 8. 5 yesterday that led to 588 point fall today you can draw Straight Line between the communist party system, and what happened today in new york. Lou i get a kick out of jack lew saying there is is no direct link. He was trying to make a technical argument but that is silly. Lou he was the running from an issue. He was the, and dodg administration does not want to face it, there are important issues there ping, the chinese president is coming to washington, they dont want to discuss these, but when the panic in china comes across asia, europe, and now the u. S. Markets. Lou factory product in china china down for 77 straight months, growth maintains 7 , first, what is their growth rate as best you can divine it. Probably between 1 to 2 , team in beijing talk 2. 2 growth, that is in contrast chinese terms that would be same thing as a recession for crying out loud. Certainly because they claim 7. 0, they had double digit growth in 2010, above 10 . So. Lou china also, claims you know that its unemployment is under control, they have reports that show unemployment as low as one of lowest about 5. 5 , that is probably nonsense call. They look at employees from say the enterprises who have been put on leave, they dont look at the migrants,. Lou rural population. Yes, somewhere between 200 to 300 million floating population they dont get counted in the sta at this timics, so statistics so, of course, their unemployment numbers are wrong, also there is a big under employment problem. Lou and we have a noted change of here in u. S. Talking about free trade, it has never been free trade, it is a fraud perpetrated by business associations. I will not change the chamber of commerce, business round table, and one industry after the other technology, and in specifically microsoft, what is going on, how significant is this shift . In 2013, the chinese ruler went after for foreign companie. Also so we have free trade . This was predatory, it changed peoples opinions, you had tim cook, apple ceo send an email today saying it is great in china. Untrue. Lou he may have been tempted in losing some objectivity since a quarter of apple revenue is in china, his production is in china, he is committed as it were. Thank you, lou. Lou a track star robbing herself of a win at world athletic championship in beijing, american runner, mollie hud ilhuddle inches from finish, she threw her arms up too early, fellow american came from behind, and grabbed bronze by 0. 9 seconds, she did not realize her mistake until she saw the scoreboard there you see what she thought of it all, growing signs that Vice President will run for presidency. And Donald Trump Trump after hedge fund managers, wait, sudden he a billionaire. Woe. Well have that story, here ne next. Can a business have a mind . A subconscious. A knack for predicting the future. Reflexes faster than the speed of thought. Can a business have a spirit . Can a business have a soul . Can a business be. Alive . Lou donald trump wants hedge funds to pay more in taxes, so he can help middle class, calling to fox and friends this morning explaining his position on wall street. Make it a fortune, i want to take care of middle class, take a little bit of something, you build buildings you put people to work the Hedge Fund Guys they move around papers, many of them if market goes they are geniuses if they are down they go into a different business, Hedge Fund Guys get away with murder they make tremendous amount of money they have to pay tax, i want to lower rates for middle class they are getting destroyed. Lou does that sunday like music to sound like music to you . Jillian, i mean he is going after hedge funds. He is. You got to love that. I have been calling his office trying to get as a copy of his tax plan it has not come out yet. Lou what the hell who has a tax plan. Name one of 16 who has a tax plan, they have talking papers. I think that detail. Lou how about going after interest on part of hedge funds. You know interesting. Lou how that will slowdown, will that slowdown american profit. He has talked about flat tax i am not going to get you to talk about hedge funds. Well lou how about guy . What do you think . It is not a good idea to confiscate peoples wealth, and spread it around, he is not a conservative he has never been a conservative he is a populist. A populist . For the people what is th the antithesis. It would be a the word is what it is populous, for the people, what is the inservices of that, who are you for . Who would you have him be for. He should look at what is best for American People and the american economy. Lou then you are in agreement, look out for the people . I do but as i hang on lose. As a conservative, i dont believe looking out wait, raise a flag. Confiscating. Get a trumpet. I don i dont believe. Lou what does that money i mea. I think that what are you for as a conservative. I am for people as well but i think what were disagreement you are a partial populous . Well, a populous is a term of art went political re realm. Lou ah. Warren. Lou and Bernie Sanders . Yes. Lou rubio. A lot of cross over between sanders and trump. Lou i think it is interesting that neither one of you want to talk about. We are. Lou big deal. Well hedge funds, whether you know you call it redistribution that money, all that pay goes to federal government. To be distributed if they makes a distributionist so be it. Show so, i think l lets get to real issue. Why is trump a burr under your saddle. I am reports on everyone right now, i am happy this is a competitive political fields. Lou who do you think is a great conservative in this race. Were not allowed to given dordorsments endorsements. Lou you can tear the dickens out of people but you cant say hey you are a great man or wom woman. I can who do you like . I like a lot of people, i am a undecided voter, i do not like donald trump, he is interesting he is a smart businessman, very good at publicity. He can draw a crowd. Lou do you want someone duller . More serious with more gravitas and a better temperament to be president , yes. Lou much like ronald reagan, i remember in it was in 76, people talking about a bmovie actor with an itchy trigger finger with his hand come on lou. Lou around car arsenal. Lower you comparing no concerns about conservatives by conservatives. Here is where it comes down we have someone who is very strong on personalty. But you also need we should get that out of politics. We should like to see something out of policy, with his tax code we heard sometimes competing view points. Lou i think so too. Yes. Lou good to have you both. Thank you. Lou well talk more later. Thank you. Looking at our online poll results. 96 of you said no. How i wish andy levy was here, we have more lou dobbs tonight, special edition on trillion dollar selloff on wall street coming up, you dont want to miss it. Some fear on wall street and main street next. Stay with us. Lou i am lou dobbs welcome to our special coverage of market meltdown, major selloff on wall street today. Spreading fear among investors who were left gasping, global selloff began in china. And minutes after opening bell, in new york. Dow went into a historic freefall. Dropping more than a thousand points moments went trading, market leveled off. Support broke as it would twice more in session, by conclusion of

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