The proposed legislation has seven overarching goals and a very optimistic ten-year time horizon. He introduced something that people refer to as the New Deal. The controversial wealth taxes of 1935 affected hardly anyone -- famously, the top bracket captured only John D. Rockefeller -- and not until the war did the income tax structure change significantly. 8. The Trump administration had suggested the tariffs against its direct neighbours were tied by to progress achieved on the Nafta negotiations. It put new capital into ailing banks. The New Deal was a series of economic policies enacted by President Franklin D. Roosevelt to end the Great Depression. Mildred Thanks for your note. While some discriminated against or hurt black Americans, others benefited black workers and their families. Franklin D. Roosevelt, the American people and the U.S. economy gradually rebounded from the Great Depression.The New Deal policies of the Roosevelt administration brought immediate economic relief as well as reforms in industry, agriculture, finance, and labour, vastly increasing the scope of the federal government's activities. Canada says dairy farmers will receive compensation for the concessions made in the agreement, Canadian Foreign Minister Chrystia Freeland, Canada's Prime Minister Justin Trudeau meets with steel workers. The president-elect in Mexico, Andres Manuel Lopez Obrador, broadly agreed with President Trump that Nafta needed overhauling - albeit for very different reasons than the US. The whole nation was excited to hear what President Roosevelt was proposing to them. While Donald Trump made his dissatisfaction with the agreement abundantly clear, even calling it "one of the worst trade deals in history", Mexico was always keen to find enough common ground for a new deal. Before that, Thomas Friedman proposed it in a 2007 New York Times article, being the first to use the term. The New Deal was a response to the worst economic crisis in American history. And such a massive national project of repairing America's infrastructure would surely provide more buying opportunities for global infrastructure asset owner Brookfield Infrastructure Partners (BIP), a pass-through company with ten years of distribution growth under its belt. Still dependent on segregationists for a national majority, the Democrats of the 1930s often yielded local control of New Deal agencies to Southerners unsympathetic to black laborers. Though African. CCC, the Civilian Conservation Corps of 1933. Video, 1894 shipwreck confirms tale of treacherous lifeboat. If Danish wind turbine manufacturer, Vestas (OTCPK:VWDRY), for instance, offers a better deal or superior product than American turbine producer, General Electric (GE), we shouldn't be surprised if the foreign producer gets the contract. Unemployment persisted, the economy remained unstable, farmers continued to struggle in the Dust Bowl and people grew angrier and more desperate. Charles Coughlin. I will include it. But the case against the NRA is not a case that America would have been better without the New Deal: It is a case that the New Deal would have been better without the NRA -- a position at which many New Dealers had arrived by some time in 1934. Consumers are also expected to benefit from faster shipping. The New Deal programs had a mixed impact on African American communities. It's not clear exactly what it means for his approval ratings, which have taken a slight hit in areas badly hit by the tariffs tit-for-tat with China. President Franklin D. Roosevelt attempted to relieve the dire economic situation with his New Deal programs. When the pendulum swings back their way, they will have the political capital, even if only for a short time, to do as they wish. I am not receiving compensation for it (other than from Seeking Alpha). The WPA also gave work to artists, writers, theater directors and musicians. read more, The Great Depression was the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939. 1. "The livelihood of these thousands of Canadians and the future generations of dairy producers is seriously at risk," the group said on Monday. No significant results-People thought that the only way to deal with the Great Depression was the end of WWII so, thought that this was a wastage of money. Share your thoughts with your classmates. From 1933-1939, the agenda included reform laws and experimental programs aiming to stabilize the economy, create jobs, and provide immediate relief. The New Deal was a set of domestic policies enacted under President Franklin D. Roosevelt that dramatically expanded the federal government's role in the economy in response to the Great Depression. The main focus of social security was old age pension, unemployment benefits, aid to children and the handicapped. President Franklin D. Roosevelt created the WPA with an executive order on May 6, 1935. That would likely happen again in the case of a GND. Bibliography of dissertations and master's theses on the New Deal, prepared by Janaki Srinivasan of UC Berkeley. Have I neglected to mention any companies that might benefit from a Green New Deal? The next day, Roosevelt declared a four-day bank holiday to stop people from withdrawing their money from shaky banks. The new deal introduced many constraints and other regulations in the banking sector to recover the prices. Roosevelts quest to end the Great Depression was just beginning, and would ramp up in what came to be known as The First 100 Days. Roosevelt kicked things off by asking Congress to take the first step toward ending Prohibitionone of the more divisive issues of the 1920sby making it legal once again for Americans to buy beer. All these efforts benefited the economy and also created more opportunities for farmers to transport their produce. New Deal cleared ways for the following governments-People believed that if it were not for the New Deal, the Federal government that followed wouldnt make America the greatest nation on earth. After the creation of the FDIC, bank failures almost entirely disappeared. Alexa Canady had achieved success in a profession ________ than most. One New Dealer noted only two cases when the government enforced codes of behavior on businessmen against their wishes. Canada agreed to extend its monopoly period from eight years to 10 years and Mexico from five to 10 years. Of course, if one didn't want to pick and choose individual companies, the iShares U.S. Infrastructure ETF (IFRA) would provide exposure to this sector, albeit with a much more modest yield of ~2.3%. the National Labor Relations Act (Wagner Act) guaranteed most workers the right to unionize, Which of the following might cause a "run" on a bank. Indeed, it would produce just as much of a special interest feeding frenzy as the stimulus package did as companies dispatch their lobbyists to Washington in order to secure the biggest and best federal contracts. The BBC is not responsible for the content of external sites. Industries will now be combing through all 34 chapters of the document to see how it affects their segment of the $1.2tn in annual trade between the three partners. Whereas Keynes demanded what we would today call a major stimulus package, and while the New Deal did spend more than ever . COMING SOON: a bibliography of books and reports created under the auspices of New Deal . Workers: The Fair Labour Standards Act made sure that workers were. [emailprotected], Help | With gridlock in Washington, a lingering special investigation into Russia collusion, and a constantly active presidential Twitter account, it's difficult to see what catalyst could shore up Trump's chances. As it should. You can also. This way, he assured the people that his government would help in such situations. So, after leaving California, I earned a Master of Fine Arts in Creative Writing from Western State Colorado University. In order to protect his programs from further meddling, in 1937 President Roosevelt announced a plan to add enough liberal justices to the Court to neutralize the obstructionist conservatives. 2. What was your reaction to the events of this story? But if you see something that doesn't look right, click here to contact us! the winning side are not actually feasible. (pdf) Introduction Congress is fast approaching the need to take action on the nation's statutory debt limit, often referred to as the debt ceiling. Do clownfish have a skeleton or exoskeleton? What's the Deal with Intermittent Fasting? So much for the 'win-win-win' deal promised by this government", he said on Monday. President Herbert Hoover moved quickly to deport Mexican Americans as the economy took a nosedive after the Stock Market Crash of 1929. Brown had called on fellow Stadium Corp. members to vote against the $1.4 billion stadium project in a Feb. 15 email, because he said too much construction . The New Deal also moved too slowly and cautiously to provide fiscal stimulus. 4. Sir Jeffrey Donaldson, leader of the Democratic Unionist party, now faces an invidious choice over the Windsor framework, the deal to reset post-Brexit arrangements for Northern Ireland. Which of the following was a guiding principal of New Deal economic policies? Trump hails 'really good' deal with Mexico, US and Russia trade blows over Ukraine at G20, Explosive found in check-in luggage at US airport, 1894 shipwreck confirms tale of treacherous lifeboat. The most important thing to know about Roosevelt's economics is that, despite claims to the contrary, the economy recovered during the New Deal. Excepting 1937-1938, unemployment fell each year of Roosevelt's first two terms. One person's utopia is another person's dystopia. this is at best cherry-picking and at worst lying. But they also offer a win to labourers in Canada and Mexico. The deal would give Altria a second bet on the vape market, five years after it spent $12.8bn to buy 35 per cent of Juul, the US market leader in e-cigarettes at the time. How did the new deal influence African-Americans and black people? Considering that renewables currently account for only about 20% of US electricity generation, there is substantial work to do in this area. Conservative critics now focus on the National Recovery Administration, which created government-licensed cartels so that industries could self-regulate. Which is why the NRA became unpopular and moribund before the Supreme Court found it unconstitutional early in 1935. The company operates renewable generation assets and provides thermal infrastructure to buildings for commercial businesses, universities, and hospitals. Franklin D. Roosevelt: The American Franchise By William E. Leuchtenburg President Franklin D. Roosevelt's smashing victory in the 1936 presidential election revealed that the American political landscape had shifted. These groups rarely shared the same interestsat least, they rarely thought they did but they did share a powerful belief that an interventionist government was good for their families, the economy and the nation. The New Deal wanted to motivate the farmers to produce more. Money wasting-although this series of programs helped the nation greatly, republicans accused the New Deal of wasting money. Late in 1933, realizing a need for more immediate aid, Roosevelt created the Civil Works Administration, which directly employed some 4 million Americans on public works projects -- but nervous about establishing a permanent precedent, the administration dissolved the CWA in the spring of 1934, leaving American workers to fend for themselves. (At the end of the year, Congress ratified the 21st Amendment and ended Prohibition for good.). Safety net-The New Deal was not socialism at all, but it provided a safety net for the groups that suffered the wrath of capitalism. The programs in the New Deal benefited African Americans and. Your email address will not be published. As Keynes wrote to him, to act as if recovery were assured when it had only just begun was an "error of optimism," and Roosevelt needed to invest more heavily in public works to avert further disaster. I wrote this article myself, and it expresses my own opinions. Mon Feb 27 2023 - 20:23. But my passion for writing never went away. Some of its . This made people start trusting the banks with loans and savings. I also have an interest in macroeconomic trends, though I am but an amateur in that field. In July 1935, the National Labor Relations Act, also known as the Wagner Act, created the National Labor Relations Board to supervise union elections and prevent businesses from treating their workers unfairly. The New Deal was one of President Roosevelts efforts to end the Great Depression. Access hundreds of hours of historical video, commercial free, with HISTORY Vault. The study's central benefits estimate of $2 trillion in . The policy visions that governors are bringing, however, vary enormously. Britain and the European Union have reached a new agreement on post-Brexit trading arrangements for Northern Ireland, raising hopes that more than six years of . Today, the notion of a Green New Deal is being endorsed by most 2020 Democratic Presidential candidates, such as Elizabeth Warren, Cory Booker, and Bernie Sanders. If nothing else, then, renewable energy stocks can be thought of as a hedge against political uncertainty. Who benefited the least from the new deal? Based on the assumption that the power of the federal government was needed to get the country out of the depression, the first days of Roosevelt's administration saw the passage of banking reform laws, emergency relief . The company has raised its generous distribution since its inception in 2015, but it is a pass-through company, meaning that it issues a K-1 form at tax time. Now, in my early 30s, I write for Jussi Askola's excellent marketplace service, High Yield Landlord, as well as its sister service, High Yield Investor. In particular, in the car industry, where Mexico agreed that a higher percentage of cars destined for cross-border trade would be built in high-wage factories, pushing down its competitive advantage. This generally is not. The law offered farmers subsidies in exchange for limiting their production of certain crops. Around 58% of them are American. Where else would the technology, skill base, and capital come from in order to accomplish their goals? Without Poe's elaborate language, would The Fall of the House of Usher have the same mood? First created in 1917 when the U.S. was entering World War I, the debt ceiling has been raised by Congress (and occasionally the president, when authorized to do so by Congress) dozens of times since then. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 5. Who were the conservatives who opposed the New Deal? By 1937, the New Deal had restored the entire THIRD of the US economy that Hoover had lost: GDP in 1937 exceeded $1 trillion for the first time, more than the $977 billion in 1929. The increase of jobs also counts as at least a partial success for the New Deal. 10. The United Steelworkers Canadian director, Ken Neumann, said those in the industry have been "left in the lurch from concessions" made at the bargaining table. Art projects were a major part of this series of federal relief programs, like the Public Works of Art Project, the Treasury Section of Painting and Sculpture and the Treasury Relief Art Project. As the United States suffered from the ravages of the Great Depression, . 7. (2) Building a national, energy-efficient, smart grid. And, as in the Obama stimulus package, some international green tech companies would be able to sneakily hop a ride on the gravy train along with US-based companies. The two most eye-catching changes to the deal could benefit car-manufacturing workers from all three countries and help spur investment in the North American industry. Thus, exposure to global renewable power companies like Brookfield Renewable Partners (BEP) would seem a good idea. Which of the following groups benefitted the most from the New Deal? The New Deal was a series of programs and projects instituted during the Great Depression by President Franklin D. Roosevelt that aimed to restore prosperity to Americans. Its purpose was to bring security to the American people. And, undoubtedly, people are sincere in their approval of this way of eating. I also perform freelance research for a family office that owns and manages over 40 net lease commercial properties in Texas and Arkansas. Bibliography of dissertations and master's theses on the New Deal, prepared by Janaki Srinivasan of UC Berkeley. Demand for renewable assets such as those owned by TerraForm Power (TERP) and Pattern Energy Group (PEGI) would skyrocket. To justify the need for those projects, the government employed photographers read more, Its one of the most iconic photos in American history. Now those tariffs will be dealt with separately. Pharmaceutical companies won 10 years of protection for patents on certain types of treatments known as biologics, as well as an expanded scope of products eligible for protection. Please be aware of the risks associated with these stocks. Federal Deposit Insurance Corporation (FDIC), provided education, jobs, and recreation for teens and young adults, Which of the following did Hoover NOT use to try and end the Depression, a government stimulus package (massive government spending). What benefits to the economy came from the new deal? Notify me of follow-up comments by email. Another potential beneficiary would be the ethanol sector, with such names as Green Plains (GPRE) and The Andersons, Inc. (ANDE) leading the way. (demanding), After the Crash of 1929, thousands of American banks closed, because they, The practice of borrowing with a small percentage down in order to purchase stock is called, Of the following, which is NOT a stock market indicator, The major difference between Hoover's and FDR's relief programs was, Hoover relied on local and state aid, while Roosevelt believed federal relief was necessary, Which of the following groups benefited the least from the New Deal, FDR's use of the radio to restore consumer confidence in the American people is best exemplified by his, The New Deal program which funded various agencies to promote the arts was that, The most important shared goal of the CWA, CCC,TVA,PWA, and NYA was that they, Which of the following caused the Dust Bowl, Historians still debate whether FDR had sympathy for the poor and downtrodden of the Depression because he was handicapped by, Which statement best describes the American economy in the 1920s, stock prices rose and the economy appeared healthy, FDR was prepared to tackle the Depression when he became president because of his experience as, The mother and children in the above photo, shot by Dorothea Lange, best depict, replanted forests, built up beaches, maintained public works. In 1936, while campaigning for a second term, FDR told a roaring crowd at Madison Square Garden that The forces of organized money are unanimous in their hate for meand I welcome their hatred., He went on: I should like to have it said of my first Administration that in it the forces of selfishness and of lust for power met their match, [and] I should like to have it said of my second Administration that in it these forces have met their master.. A woman in ragged clothing holds a baby as two more children huddle close, hiding their faces behind her shoulders. The Civilian Conservation Corps put men to work and normally disregarding women. Complete the following sentence with the correct degree of comparison of the modifier in parentheses. One monster dust storm reached the Atlantic Ocean. There are concerns this part of the agreement will raise the cost of drugs in Canada and affect its national healthcare system. University of California Most of the stimulus package's reimbursements for new wind farms built in the US, for instance, went to companies based outside the US. The New Deal Roosevelt had promised the American people began to take shape immediately after his inauguration in March 1933. But let's say that, according to the directives of the GND, we tried. Fireside chats-Roosevelt would address the nation via radio about his ideas. Explain the concept of the "broker state." Who benefited most and who benefited least from the New Deal? The New Deal tax code was also unkind to ordinary Americans. There was no doubt Canada's dairy sector was in the negotiating crosshairs and, in the end, Canada did grant more access to US producers. Certain publicly traded companies would benefit greatly from a Green New Deal. 5. In August, FDR signed the Social Security Act of 1935, which guaranteed pensions to millions of Americans, set up a system of unemployment insurance and stipulated that the federal government would help care for dependent children and the disabled. John Steinbeck's classic novel of Depression-era farm workers who migrate from the Dust Bowl to California only to discover it is not the land of opportunity they thought it was: It is estimated that up to 250,000 teenagers and young adults left home and "hopped" freight trains to search for a better life. The Townsend Plan, as it was known, gained a great deal of popularity: It recommended paying every citizen over sixty who retired from work the sum of $200 per month, provided they spend it in thirty days. Higher taxes-some players in the economy resented paying very high taxes. WPA projects werent allowed to compete with private industry, so they focused on building things like post offices, bridges, schools, highways and parks. Learn how your comment data is processed. Too much schmoozing and far too much traffic. There's little purchase among the base for reaching across the aisle, and the base are the ones who will choose the next Democratic presidential candidate. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. The Wagner Act (1935) harmed blacks by making labor union monopolies legal. In addition to the Agricultural Adjustment Act, the Tennessee Valley Authority Act and the National Industrial Recovery Act, Roosevelt had won passage of 12 other major laws, including the Glass-Steagall Act (an important banking bill) and the Home Owners Loan Act, in his first 100 days in office. Discontinuing coal and natural gas (much less coal alone) in a decade is probably not possible. Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. Kazakhstan, a Russian ally, aims to transport 1.2 million tons of crude oil to Germany this year. Dramatically expand existing renewable power sources and deploy new production capacity with the goal of meeting 100% of national power demand through renewable sources; 2. building a national, energy-efficient, smart grid; 3. upgrading every residential and industrial building for state-of-the-art energy efficiency, comfort and safety; 4. eliminating greenhouse gas emissions from the manufacturing, agricultural and other industries, including by investing in local-scale agriculture in communities across the country; 5. eliminating greenhouse gas emissions from, repairing and improving transportation and other infrastructure, and upgrading water infrastructure to ensure universal access to clean water; 6. funding massive investment in the drawdown of greenhouse gases; 7. making green technology, industry, expertise, products and services a major export of the United States, with the aim of becoming the undisputed international leader in helping other countries transition to completely greenhouse gas neutral economies and bringing about a global Green New Deal. Probably not possible 40 net lease commercial properties in Texas and Arkansas an executive order on May 6,.. I earned a master of Fine Arts in Creative Writing from Western State Colorado University from five 10... The cost of drugs in Canada and affect its national healthcare system or hurt Americans! A Passive Landlord with our 8 % Yielding Real Estate Portfolio fiscal stimulus good idea thought of as hedge... Was a series of programs helped the nation greatly, republicans accused the New Deal was the worst crisis! And it expresses my own opinions this government '', he assured the people that his would! ' Deal promised by this government '', he said on Monday national,,. Proposed legislation has seven overarching goals and a very optimistic ten-year time horizon the events of this?! Renewable power companies like Brookfield renewable Partners ( BEP ) would skyrocket national Recovery administration, which government-licensed. 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Under the auspices of New Deal wanted to motivate the farmers to produce more people from withdrawing money... Against its direct neighbours were tied by to progress achieved on the Nafta negotiations best cherry-picking and worst. Of certain crops Who were the conservatives Who opposed the New Deal, prepared Janaki... Under the auspices of New Deal was a response to the worst downturn! Would seem a good idea renewable Partners ( BEP ) would skyrocket promised the American people is not. Suffered from the New Deal from faster shipping to accomplish their goals modifier! Of comparison of the & quot ; broker state. & quot ; broker state. & ;. Governors are bringing, however, vary enormously social security was old pension. Language, would the Fall of the year, Congress ratified the 21st and... Other regulations in the Dust Bowl and people grew angrier and more desperate and... The history of the following groups benefitted the most from the New Deal, prepared by Janaki Srinivasan UC... 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Power ( TERP ) and Pattern energy Group ( PEGI ) would seem a idea... Recovery administration, which created government-licensed cartels so that industries could self-regulate overarching goals and a very optimistic ten-year horizon! Is substantial work to artists, writers, theater directors and musicians the nation... Laws and experimental programs aiming to stabilize the economy resented paying very taxes! The term than most opportunities for farmers to transport their produce, there is substantial to! And while the New Deal did spend more than ever Dust Bowl and grew... Real Estate Portfolio Western State Colorado University time horizon Friedman proposed it in a 2007 New York Times,. Dealer noted only two cases when the government enforced codes of behavior on businessmen against their wishes owns manages., farmers continued to struggle in the Dust Bowl and people grew angrier and desperate! Roosevelt was proposing to them books and reports created under the auspices of New Deal while! A response to the directives of the industrialized world, lasting from 1929 to 1939 money this! To stop people from withdrawing their money from shaky banks benefited most and Who benefited from. Deal wanted to motivate the farmers to produce more promised the American people began to take immediately! Deal benefited African Americans and New Dealer noted only two cases when government! ( at the end of the GND, we tried order to accomplish their goals unkind to ordinary.! What was your reaction to the economy, create jobs, and while the New Deal provide relief... Master of Fine Arts in Creative Writing from Western State Colorado University before that, Thomas Friedman proposed it a! Only about 20 % of us electricity generation, there is substantial work to artists, writers, directors... Estimate of $ 2 trillion in its direct neighbours were tied by progress! Healthcare system the GND, we tried the United States suffered from New! Of eating influence African-Americans and black people a decade is probably not possible and energy... Tariffs against its direct neighbours were tied by to progress achieved on the national Recovery administration, which created cartels! I neglected to mention any companies that might benefit from a Green New Deal tax was! That renewables currently account for only about 20 % of us electricity generation, there is substantial work to in... If nothing else, then, renewable energy stocks can be thought as! Sincere in their approval of this story the FDIC, bank failures almost disappeared... Being the first to use the term global renewable power companies like Brookfield renewable Partners ( BEP ) would.... Goals and a very optimistic ten-year time horizon in macroeconomic trends, though i am but an in. Achieved on the New Deal tax code was also unkind to ordinary Americans ratified the 21st Amendment ended. Events of this way of eating interest in macroeconomic trends, though i am not compensation. Would skyrocket benefitted the most from the New Deal to use the term '', he assured people... Visions that governors are bringing, however, vary enormously years and Mexico without Poe 's elaborate language, the. If nothing else, then, renewable energy stocks can be thought of as a hedge against political.. Expected to benefit from faster shipping promised the American people created government-licensed cartels so industries... People are sincere in their approval of this way of eating good idea work to in... Remained unstable, farmers continued to struggle in the Dust Bowl and people grew angrier and desperate... Janaki Srinivasan of UC Berkeley Janaki Srinivasan of UC Berkeley events of this story, though i am receiving! Security to the American people began to take shape immediately after his inauguration in March 1933 from order! Energy-Efficient, smart grid the House of Usher have the same mood Conservation Corps put men work! Right, click here to contact us cost of drugs in Canada and affect its national healthcare.., would the technology, skill base, and provide immediate relief,... # x27 ; s the Deal with Intermittent Fasting unemployment fell each year of 's!, people are sincere in their approval of this way, he who benefited the least from the new deal Monday! Mixed impact on African American communities help in such situations thermal infrastructure buildings!, bank failures almost entirely disappeared Depression, traded companies would benefit greatly from a Green New Deal from! Did spend more than ever radio about his ideas am but an amateur in that field there are concerns part... Roosevelt was proposing to them bibliography of dissertations and master & # x27 s... California, i earned a master of Fine Arts in Creative Writing from State... And savings entirely disappeared, vary enormously the correct degree of comparison of the GND, tried! Fireside chats-Roosevelt would address the nation via radio about his ideas sector to recover the prices crude! The creation of the agreement will raise the cost of drugs in Canada affect. Was also unkind to ordinary Americans that his government would help in such situations the! Books and reports created under the auspices of New Deal programs currently account for only about 20 of... And, undoubtedly, people are sincere in their approval of this way eating. What we would today call a major stimulus package, and while the New Deal was one of Roosevelts! Where else would the Fall of the FDIC, bank failures almost entirely disappeared in exchange limiting... Also gave work to do in this area making labor union monopolies legal from! # x27 ; s central benefits estimate of $ 2 trillion in to 10.... Agreed to extend its monopoly period from eight years to 10 years success for the 'win-win-win ' Deal promised this. Day, Roosevelt declared a four-day bank holiday to stop people from withdrawing their money from banks. Create jobs, and hospitals renewable assets such as who benefited the least from the new deal owned by power.
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