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Contra Corner

Central Banks Could Be This Market’s Pets.com

By JAMES MACKINTOSH If Pets.com’s IPO and failure in 2000 epitomizes internet excess, investors in the future might look back in wonder at the willingness of today’s investors to justify lending money to highly indebted governments. PHOTO: BOB RIHA/LIAISON/GETTY IMAGES The stock market is partying like it’s 1999, and for exactly the opposite reason. Last week…


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