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Politics : Ask Michael Burke

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To: BGR who wrote (79316)	4/11/2000 10:49:00 AM
From: Tommaso	Read Replies (1) of 132070

The Y2K money has not been withdrawn by the Fed. There's a small decline in M1 (which is now considered meaningless anyway, because of bank sweeps of cash from checking accounts to savings), but M2 and M3 have continued to grow, only at a slightly reduced rate. bog.frb.fed.us That is what makes possible the expansion of credit that contributes to the insane bidding up of stock prices.

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