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Politics : Ask Michael Burke

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To: BGR who wrote (79316)	4/11/2000 11:15:00 AM
From: Freedom Fighter	Read Replies (1) of 132070

BGR, >>The article claims that the Y2K Monetary stimulus has been completely withdrawn.<< The Y2K stimulous was mostly in the form of tri-party repurchase agreements instead of permanent reserves. Don't ask me to explain the process or thinking in detail because I can't. Soon after the turn of the year the Fed slowly started unwinding them. It's not clear to me how these agreements affected stocks or the money supply, but I suspect that it had a net positive influence last year because the market exploded as soon as they were put in place (as did the money supply). I would say that unwinding them has been a drag because we've had all time record mutual fund inflows and extreme margin debt growth so far this year and the market is going nowhere fast. Wayne

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