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Pastimes : Ask Mohan about the Market
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To: Tommaso who wrote (11082)12/11/1997 9:41:00 PM
From: George Acton  Read Replies (1) of 18056
 
Re total margin debt:
It isn't important, except as a sentiment indicator. It was a big
in 1929 -- Kindleberger says that something like 1/3 of the loan
capacity of commercial banks was sucked up by margin debt, which
accelerated the decline in normal commercial loans. The total
margin debt that's in stocks may be smaller than the amount in
futures. And the commercial derivatives market is probably much
larger.

--George Acton
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