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While not in direct conflict with your main point, the fact that we did not have an Adam Jones back-up plan at the time of the trade is a very important thing to keep in mind.
If Bedard and the M's had done as well as we wanted in '08, JJ Putz wouldn't have been hurt most likely, and therefore wouldn't have been traded. We'd be hoping for a break-out from Saunders in CF, waiting on Tyson Gillies, or trading something else for a CF.