The large entitlements are undersampled. We would expect them to guard their flanks upon financial stress. They will quantize the sidelobes.
No problem, sandbox give large entitlement reserves direct access to Fed even money bet, break them out from single budget. Then their payoff is over sampled relative to the private sector. This is the true 'lock box; made famous by that vp guy.
The problem reverts back to congress as a portfolio match. The Fed becomes a spread sheet function.
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