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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: valueminded who wrote (50570)	3/8/1999 12:57:00 PM
From: Mike M2	Respond to of 132070

Chris, money and credit growth slowed substantially in January from the levels seen in Q4 . I don't have urls handy but unlike mike burke I don't make this stuff up. HO HO HO Just kidding Mike u r da best! bos.business.uab.edu securitiesdata.com Mike

To: valueminded who wrote (50570)	3/8/1999 1:20:00 PM
From: Earlie	Respond to of 132070

Chris: Good question. The ratio between "non-borrowed reserves" and actual bank reserve requirements has declined of late. The banks, which have been on a lending binge, are effectively being reined in. I personally think A.G. is targeting the stock market. he estimates floating around out there suggest that close to 2/3 of the increased borrowing created by the Fed last Fall, ended up either in the market, or as a loan backed by stock (darned near the same thing). I suspect that someone finally realized that stock-backed loans are a prescription for an implosion in this bubble and wants to try to ease the exposure back a notch or two. My view would be,..."good luck to them". This whole game is now getting interesting. Except for the "desperation" rate cuts of last Fall, A.G. has always in the past telegraphed his moves well in advance. His Senate speech was one heck of a tough and nasty commentary so we have been expecting something. Best, Earlie