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Politics : Ask Michael Burke
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To: Lymond who wrote (61386)6/4/1999 12:30:00 PM
From: Mike M2  Read Replies (2) of 132070
 
John, I strongly disagree. The data I have from the National Income and Product Accounts ( NIPA'S) show much more extreme credit growth. Total borrowing and lending in the credit markets $2.1 trillion in 1998 an increase of 45% over 1997. In 1929 $2 of debt was added for each $1 of GDP growth we are now running almost $3 of debt growth for every dollar of GDP growth. The current excesses are at least as bad likely worse than the 20's IMO. To make matters worse the money center banks have derivatives exposure exceeding their capital by great multiples. the experts tell us not to worry they are hedged but in the event of a big move the counterparty may not be solvent. We also have the asset backed securities market where credit growth seems to be limited only by demand. Mike
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