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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: AllansAlias who wrote (98351)4/27/2001 3:22:10 PM
From: pater tenebrarum  Read Replies (2) of 436258
 
i noticed...has been that way for several days, except one.
the equity only p/c ratio is right back at mania levels...belief in the Greenboink put has been re-established, for now.

note that the huge growth rate in the monetary aggregates means the system is now intensely vulnerable to a reduction in this growth rate...demand for equities has been artificially inflated by the money pumping, and unless the pumping continues at the current pace, the greater fool theory of investing will once again cease to work.
otoh, if the pumping continues, we'll get an inflation outbreak too big to be ignored by the markets, imo.
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