Jerry wrote,
>Whether the losses are recovered or not by the mutual funds "investors",
>before you consider whether these people are going to pull their $ out of
>the market, you have to consider their alternatives. Given the rates of
>interest on savings accounts, what choices do most of these small-timers
>(including many retired working people) have? Some of those other
>choices (like municipal bonds) might be undesirable for other reasons.
I agree. But the issue isn't just whether "these people pull their money out
of the market", it's whether these people and others borrow *more* money to
put it *into* the market. There is considerable choice on that one. A Ponzi
scheme that doesn't attract new investors is a sad thing to behold.
Regards,
Tom Walker
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