In the wake of the financial meltdown of 2008, an increasingly persistent attack on money market mutual funds is underway. Present and former high government officials, academics, and some editorial writers have joined the fray, each offering their own approach for reengineering the money fund industry.

Common to all is an apparent failure to examine in depth — or, at least, a lack of appreciation for — the enormous disruption that would be caused by any of the various "remedies," or to make a conscientious cost-benefit analysis of the proposed changes — changes that would inevitably threaten the continued viability, availability and utility of this extremely safe, efficient and popular investment vehicle.

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