Margin lending: hearing before the Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services, U.S. House of Representatives, One Hundred Sixth Congress, second session, March 21, 2000, Volume 4
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McCulley Paul Executive Vice President and Portfolio Manager Pacific
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aggregate demand analysis argue assets brokers buy on margin Chairman Bachus Chairman Greenspan changes chart Committee consumer spending contain the wealth despite Eccles Marriner 9 economists equity market equity prices Fannie Mae Federal Reserve feedback firms going growth GSEs hearing hedge funds House income increase in margin increase margin requirements inflation initial margin requirement interest rate increases interest rates Irrational Exuberance leveraging loans look lottery principle Lucas maintenance margin margin borrowing margin calls margin credit margin debt margin lending requirements market capitalization Martin William McCulley ments monetary policy NASDAQ NYSE old economy stocks overpriced Pacific Investment Management Paul McCulley portfolio potential price earnings ratio question raise interest rates raise margin requirements retail investors rise risk Ryan Senator Schumer Shiller smaller investors speculation SPENCER BACHUS stock market stock prices stock wealth target Thank tool Toomey volatility wealth effect