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

To: bill meehan who wrote (60957)	5/27/1999 7:43:00 PM
From: Freedom Fighter	Read Replies (1) \| Respond to of 132070

Bill, I'm sorry I missed your TV stint. I heard you were great. I'm going to be at Belmont on Monday. If you're going to be in the neighborhood let me know. Wayne

To: bill meehan who wrote (60957)	5/27/1999 7:59:00 PM
From: Tommaso	Respond to of 132070

For what it is worth, the Fed figures continue to show M3 growing at about 8% less than early in the year, and other aggregates restrained as well, though not as much. Also, there were continued (not dramatic--about 1.5 billion) outflows from mutual funds reported by both Trim Tabs and AMG Data. The terrific wash-out will begin the minute mutual fund managers decide they need to raise some cash by selling stocks. Mutual fund cash is almost as low as it has ever been--under 5%--leaving very little margin for paying off any redemptions that might occur. Of course, all these factors have been in place at various times in the past year or two. But lately the negative savings rate, the dramatic acceleration of stock margin debt, and the possible firmness of the Fed suggest that liquidity for stocks--especially for the continuing IPO market--may disappear. Just one person's views.