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Politics : Ask Michael Burke

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To: Earlie who wrote (50272)	3/7/1999 6:36:00 PM
From: Merritt	Read Replies (1) of 132070

Earlie: Just that they don't seem to make sense, at least on the face of it. Reduction in the Money Supply numbers isn't consistent with the meteoric rise in the market's averages. Unless...If equity funds used their cash reserves to turn around the market this last time, instead of getting the money from the Fed as in the past, and that prompted account holders to switch some of the estimated 15% of fund money from money market to equity - then that could account for the recent new high...but it also means it won't be sustainable, IMHO. The market, at this level, needs the Fed's backing. AG may want to build public opinion against Social Security money being used in the stock market, and the only way he sees to accomplish that goal is for the market to take a hit...or a sustained contraction would even be better from that viewpoint. If that's true, then my hat's off to him in admiration. He stands to be vilified by the present administration. It'll take an extraordinary amount of courage and conviction to take such a path. Best regards, Merritt

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