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Politics : Ask Michael Burke
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To: Michael Bakunin who wrote (60026)5/20/1999 3:14:00 PM
From: Tommaso  Read Replies (1) of 132070
 
Thanks--that was perfect. This thread is the best search engine I know.

And the figures are truly revealing.

From 1992 to 1997, margin debt increased about 7% on average for the first four months of each of those years.

In the first four months of 1998 it grew a total of 11.2%.

In the first four months of this year, margin debt increased by 29%, or about FOUR TIMES as fast as earlier years of the decade. The total margin debt is now $180 billion.

Another telling sign of speculation is the increase of turnover from May 1998 through April 1999--from 65% to 86%. On the NYSE, total volume of transactions has reached 86% of total stock outstanding.

At the same time, although far outdistanced by margin debt, cash balances in regular accounts and in margin accounts seem healthy, so that a 1929-style massive liquidation seems less likely.

But to say that is to ignore all the other sources of credit.

Now I guess I wish I had the figures for home equity loans (exclusive of first mortgages).

nyse.com
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