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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Ilaine who wrote (6044)7/20/2001 6:21:06 PM
From: Mike M2  Read Replies (2) of 74559
 
CB, your attempt to discredit the claim of "easy money" is intellectually dishonest read two sentences further in the same paragraph . Quote " But this weakness in money growth, as already mentioned, had its cause by no means in lacking credit expansion but in the fact that credit creation occurred overwhelmingly through the securities and money markets, essentially involving no money creation." End Quote You also take his comment of no statistics available out of context or did not read carefully because he clearly explains that there are no statistics available about consumer installment loans and later mentions Quote " Further considerable lending took place through institutions outside of the banking system, chiefly savings banks and building and loan associations. With respect to the $85 billions in wealth destroyed of course it was paper but the wealth effect tends to boost consumption and reduce savings furthermore in times of booming market people tend to sacrifice liquid positions to participate in the boom in financial assets the result is cash balances relative to securities are low so that the system has accumulated illiquidity ( sell to whom? Mr. Tough Love ain't buying -g-) Mike ho ho ho
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