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Politics : Ask Michael Burke
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To: PaperChase who wrote (62609)6/17/1999 9:17:00 AM
From: Mike M2  Read Replies (1) of 132070
 
Paperchase, there has been a significant slowdown in money and credit growth since the beginning of the year. In 4Q98 M3 grew at a 13% annual rate but has grown at a 5% rate for the first 4 months of the year. During the latest 13 week period M3 growth has slowed to a 3% rate. For the first 4 months of the year bank credit has actually contracted $60 billion or at a 4% annual rate about half of this decline is is due to a contraction in lending for security purchases. Mortgage refinancing volume has collapsed to about 15% of levels from last fall. Commercial and industrial loans have grown at a 1% annual rate. Consumer loans have been flat. Source : The Richebacher Letter 1217 St. Paul St. Baltimore, MD 21202 It is worth remembering that a credit bubble requires an ever increasing expansion of debt to maintain its stimulative effect of course at some point the debt burden becomes unserviceable then comes debt deflation ( tough love and economic violence) Mike
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