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Politics : Ask Michael Burke

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To: Les H who wrote (71202)	12/1/1999 10:58:00 AM
From: Mike M2	Read Replies (4) of 132070

To all, Don Hays Message 12153377 "... with the growth of M3, the broad measure turning up sharply. Annualized, it has moved right back up to the 11.9% rate, which is 7% above the Fed's published target range. If you chart it, you will see that retail sales and consumer sentiment typically move up with about a 3-month lag, so here we go again. Shop 'til you drop. But those shoppers have been running on empty for a long time now, so bank credit is coming right along with the shoppers-rising 9 «% annualized over those last 13 weeks. Greenspan cannot ignore this. It is too flagrant for even him. He has been blowing this bubble up for a long time, but sometime his lungs are simply going to be deflated. He does have a lot of hot air, I admit, but even Greenspan has some limit where he has to understand that his legacy will be as the initiator of the biggest bubble since the great depression."

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