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To: Tommaso who wrote (11082)12/11/1997 9:19:00 PM
From: Aloysius Q. Finnegan  Read Replies (2) | Respond to of 18056
 
Bonnie and Tommaso,
Just want to thank you for all the informative posts on BEARX. I'm in!
Patrick



To: Tommaso who wrote (11082)12/11/1997 9:41:00 PM
From: George Acton  Read Replies (1) | Respond to of 18056
 
Re total margin debt:
It isn't important, except as a sentiment indicator. It was a big
in 1929 -- Kindleberger says that something like 1/3 of the loan
capacity of commercial banks was sucked up by margin debt, which
accelerated the decline in normal commercial loans. The total
margin debt that's in stocks may be smaller than the amount in
futures. And the commercial derivatives market is probably much
larger.

--George Acton