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Lorem Ipsum is usully used when people want to use text on their design, or anything else, to show or test the elements and styles, such as font, typography and layout. Lorem Ipsum does't have and doesn't need any meaning, it's random text from Latin, people usually only want to see the structure of a text. Read more at Wikipedia.
This generates HTML5 tags, it's the best way to do so, but you can change them for whatever you want after copying it. The bold and italic tags are both appropriated for HTML5 and XHTML.