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CP is actually held predominately by money market investors, like money
market funds. The banks that place the paper, however, essentially
assume the risk of default. So it is not an issue of banks not lending;
just the opposite, the banks are more likely to be taking funds and then
lending directly, which is easier for them to control from a credit risk
perspective.
Nothing at all like Japan.
Regards
DanG
"M. Simms" wrote:
>
> This is interesting.....since Banks aren't lending anymore for businesses to
> expand, what function do they perform ?
> Man, this really smacks of a "just like Japan" condition.
>
> > -----Original Message-----
> > From: Daniel Goncharoff [mailto:thegonch@xxxxxxxxxx]
> > Sent: Tuesday, September 10, 2002 12:32 AM
> > To: realtraders@xxxxxxxxxxxxxxx
> > Subject: Re: [RT] Money supply charts
> >
> >
> > Actually, the lack of CP issuance says more about the level of fear of
> > more corporate surprises. Remember that with CP, the bank that
> > underwrites it has the default risk. These days, who is going to take
> > that risk?
> >
> > For the historical perspective that the collapse of Penn Central in the
> > early 70s (IMS) nearly brought down Goldman Sachs.
> >
> > Regards
> > DanG
> >
> > "M. Simms" wrote:
> > >
> > > Wow - Commercial Paper activity......lowest in more than a decade.
> > > That kind of says it all as far as overall business activity.
> > >
> > > > -----Original Message-----
> > > > From: Terry B. Rhodes [mailto:trhodes3@xxxxxxxxx]
> > > > Sent: Monday, September 09, 2002 11:40 AM
> > > > To: realtraders@xxxxxxxxxxxxxxx
> > > > Subject: Re: [RT] Money supply charts
> > > >
> > > >
> > > >
> > > > > We haven't seen an update of your money supply chart on
> > > > realtraders in awhile. Could you publish an updated chart? Thanks.
> > > > >
> > > >
> > > > You can view money supply charts here
> > > >
> > > > http://www.martincapital.com/charts.htm
> > > >
> > > > regards,
> > > >
> > > > tbr
> > > >
> > > >
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> > > >
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> > > >
> > >
> > >
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