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To: sea_biscuit who wrote (21824)	3/30/2000 5:13:00 PM
From: Charles Tutt	Read Replies (1) \| Respond to of 25814

Although margin debt is high by historic norms, I would hardly say the "market has been leveraged to the hilt." If I read this week's Barron's (page MW78) correctly, margin debt is about $265 B. Netting out credit balances of $56 B gives $209 B, compared to a total market value of about $11.4 T. That's only about 1.8%. Of course, IRA's and other cash accounts should be taken out of the $11.4 T, but I suspect the result would still be an overall margin percentage that isn't shocking. I know that my taxable account has enough equity that it would take a true calamity for me to get a margin call; contrast that with a couple years ago when I actually got one or two. <g> JMHO, of course.