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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: BGR who wrote (79327)	4/11/2000 12:08:00 PM
From: Les H	Read Replies (1) \| Respond to of 132070

You forgot to include the infusion of excess dollars from overseas reinvested in US bonds and stocks. It should be about $ 400 billion excess sloshing around overseas and back here in the Ponzi scheme. Of course, the ability of the Feds to buy in all those 30-year treasuries is predicated on the stock market since it provided much of the revenue in excess of 'balance'.

To: BGR who wrote (79327)	4/11/2000 12:09:00 PM
From: Freedom Fighter	Read Replies (1) \| Respond to of 132070

BGR, I think it depends on your perception of what comes first - the chicken or the egg. If you believe that people demand credit, bankers give it to them, and the Fed supplies the reserves to make it possible, then the Fed has a partially passive role. If you believe the Fed is responsible for the supply of reserves and that banks look to lend to their limit and thus make many irresponsible and ultimately bad decisions, then the Fed has an active role. I think both are true at different times. I blame everyone. (bg) Wayne