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To: LLCF who wrote (17896)	9/13/2000 9:42:20 AM
From: Oblomov	Respond to of 436258

money on the sidelines.... here's why it is an illusion: Jul '00 Jul '99 Change (figures in millions USD) Cash credit - margin accounts 71730 44330 27400 Free credit - cash accounts 74970 60000 14970 Net credit - all accounts 146700 104330 42370 Margin debt (244970) (178360) (66610) ------------- So the $42B increase in "cash on the sidelines" has been more than offset by the increase in margin debt... not very bullish, IMO.