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To: Hawkmoon who wrote (88832)	3/19/2001 12:33:06 PM
From: Roebear	Read Replies (1) \| Respond to of 95453

Ron Reece, I've got a question for you which is related to the spirit if not the letter of your recent posts. Somewhere in the last few days I ran across a statement that is loosely quoted in the following paragraph and I'm real sorry I didn't save a link to it, so I'm going to ask your help in verifying it, as I have no idea. Perhaps you, Tommaso or patron can tell me if this is correct: "The only time a third Fed rate cut did not prevent a further drop in the markets was during the Great Depression" Truth or Consequences?? Best Regards, Roebear

To: Hawkmoon who wrote (88832)	3/19/2001 12:39:38 PM
From: patron_anejo_por_favor	Respond to of 95453

<<Only were people taking loans on their homes to pay income taxes, make purchases, or finance discretionary spending would your example seem to make sense>> That indeed appears to be the case (see bottom of article) fortune.com If folks spent their refi "gains" immediately it would be neutral for the money aggregates. But one only refinances once in a long while, so most likely they deposit a good part of the drawn-down equity in a MMF for later use. Regards Patron