"... stock-related borrowing has risen sharply in recent years, and more and more economists are worried that such debt has been fueling a speculative bubble. Through much of last year, Fed officials have dismissed those worries, noting that the level of debt had risen largely in line with the value of the stock market.
"But in the last two months of 1999, margin debt surged even faster than the rallying stock market. Such borrowing at New York Stock Exchange member firms shot up 25% to $229 billion in November and December, according to NYSE figures, while total market value grew just 11%."
Perhaps list market-macher Jordan would be kind enough to explain why this exploding margin debt doesn't matter.
Carl ______________________________________________________ Get Your Private, Free Email at http://www.hotmail.com