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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: NOW who wrote (1675)	10/27/2003 5:55:19 PM
From: orkrious	Read Replies (1) \| Respond to of 110194

not sure why Noland insists that money supply link to refi activity is spurious.... I did he say that? I didn't reread his piece that carefully. It seems intuitive that there would be a link between the two. he does clearly say that the standard measure of money supply decreasing may not be indicative of a liquidity problem in the "system." regardless, I think most people here would agree that the consumer, unable to continue to extract "equity" from their homes, is going to bring this house of cards down eventually.