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Politics : Ask Michael Burke
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To: Mike M2 who wrote (88633)1/19/2001 12:06:18 PM
From: Thomas M.  Read Replies (2) of 132070
 
>>> If the sudden, rapid slowdown both of consumer and corporate spending appears awesome, even more awesome is the speed with which the American financial system has shifted from unfettered credit excess to a nascent credit crunch, even though excess reserves of the banking system are at a higher-than-usual level. Evidence of a developing credit crunch is all of a sudden everywhere. What’s behind the shift? Given the ample supply of bank reserves, it’s obviously not Fed action that has caused this dramatic change in the financial climate. Its apparent main cause must essentially be a fundamental reassessment of risk throughout the economy, triggered by escalating, alarming news of bond defaults and bad bank loans. <<<

Boys and girls, can you say, "pushing on a string"? -g-

Tom
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