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To: orkrious who wrote (196942)	10/11/2002 7:12:41 AM
From: orkrious	Read Replies (3) \| Respond to of 436258

Jeremy Siegel is on bubblevision. He says if the market stabilizes, the consumer will hold up and the economy will be okay. what a moron. and I formerly liked the guy <g>

To: orkrious who wrote (196942)	10/11/2002 9:08:26 AM
From: yard_man	Respond to of 436258

it's a nice theory -- I have a different one -- AG is no friend of Bush or the republicans ... why do they even publish what they are doing in the markets -- they only tell 1/10 of the truth anyway

To: orkrious who wrote (196942)	10/11/2002 11:25:53 AM
From: GraceZ	Respond to of 436258

I've heard him expound on this theory before, that the Fed is not announcing their activity. The monetary aggregates don't support this, they are flattening and have been flattening since the Fed has seriously cut the rate of coupon passes in the last two months. As to your lurker, he needs to understand the difference between repos and passes. While the total repo float can affect the monetary aggregates to a certain extent it is the passes which add to the money supply primarily because they permanently add to reserves that banks will lend on. You can't make long term loans on temporary infusions like repos (although they do take pressure off in a situation where increased demand for funds makes the rate spike up). Repos are done by the Fed to defend the interest rate target, not to add to the reserves. Notice how in the announcements for repos they always mention whether or not the FF rate is above or below the target?