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To: NOW who wrote (73482)2/28/2001 7:38:09 PM
From: patron_anejo_por_favor  Read Replies (1) | Respond to of 436258
 
My guess is that the M3 meltdown will be preceded by the BKX collapse, but they'll be more or less simultaneous. One exception to this would be if there is a high profile blowup in a money market somewhere that causes a "run" on money market assets....in that case, it'll all go downtown in the same taxi.

The part of M3 that's produced from mortgage lending will be slow to go away....those loans will be on someone's books untill default levels get critical and FNM implodes....and I don't think that's a prerequisite for the financial LLCF.

Remember, you can't spell "BKX" without "BK"!!!!<G>



To: NOW who wrote (73482)2/28/2001 7:47:15 PM
From: Michael Watkins  Respond to of 436258
 
By the way; junk bonds have done great this year: how to reconcile that?

Riskier businesses have to pay more for their debt instruments.

Reward is up, but so is risk.

I'm having an erie deja vu sense here.

I hope the exchange's windows are sealed this time.


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