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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: mishedlo who wrote (6507)	1/30/2004 1:16:35 PM
From: russwinter	Read Replies (1) of 110194

Read these guys stuff. They are kind of clueless about the money supply decline causes. It's about speculation and animal spirits, not deflation. New ICI data out today. ici.org Individuals took $259 billion out of money market funds in 2003 and shifted into risk, mostly since August (about when the Ms started to decline). They took out $25.94b in Dec. alone. And who knows how much they took out in Jan, but probably about the same. For a long term chart of retail money funds through Nov, (visually substract off the $26b for Dec, and whatever for Jan.) see "Stock Market Liquidity Trend", page 21. bofasecurities.com Incidentally mutual fund cash levels at end of Dec, were 4.3%, the lowest number ever. So the funds just put the soap can labels on when the money comes in, no reserve or back up. They all believe the Wizard of Oz moral hazard message.

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