The music is particularly hammy, with lonely gospel singers telegraphing every "big" moment.

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The White House appears to be telegraphing that it may intervene in the oil market, via the SPR, in the future.

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Ms. Bush added that Bank of America has done a better job under Chief Executive Brian Moynihan than Citigroup in telegraphing surprises.

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But by specifically telegraphing policy, the Fed has now given cover to the most parasitic elements of the financial sector to undertake transactions that offer no economic benefit to the nation.

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