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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: MythMan who wrote (73170)11/2/1999 12:39:00 PM
From: Defrocked  Read Replies (2) of 86076
 
US bonds have been looking good to the
Europeans, I guess. Both the dollar/euro
and bonds trading above 50DMA last few
sessions. Bonds should encounter a lot of
resistance here 113-20/24. Attitude on Euro may
change before Thursday.

Note the following excerpts from AG's speech. Seems
AG has the Fed economists watching housing prices closely.
bog.frb.fed.us

"We estimate that, over the past five years, the average
capital gain on the sale of an existing home net of
transaction costs was more than $25,000, almost a fifth of
the average purchase price, and roughly equal
to the equity extraction financed by debt."

"To the average seller of an existing home, the equity
extracted net of transaction costs generally far exceeds
the down payment on his or her next home purchase.
The unencumbered cash to the seller, while financed by debt,
is not the seller's debt. Indeed, it appears that a
significant amount is spent on consumer goods,
especially big ticket items in a manner not materially
different from windfall income in general."
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