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To: pater tenebrarum who wrote (15606)	9/1/2000 3:27:27 PM
From: Dave-in-MarinCa	Read Replies (2) \| Respond to of 436258

Interesting concept. So if WS now controls the credit markets, they control M3 and the broader money supply. An example might be, say I want to build a speculative 250 megawatt cogen power plant in the California central valley using GE gas turbines. So GE Capital finances the $250MM project at a rate they choose; to heck with the central bank, its not their money. In a world of securitization, they can raise more cash by just selling GE stock, and investing the proceeds where they like. Have we skewed things around to where the stock market actually drives the bond market?? And corporate bonds define the real cost of money? Maybe Easy Al is no longer relevant.... heck, maybe he is printing money like crazy just to compete with WS!!