Liquid assets as a percentage of short-term liabilities are higher than at the start of the last four recessions *

DATE CUSHION

NOVEMBER, 1973 23.4% JANUARY, 1980 24.3 JULY, 1981 22.7 JULY, 1990 20.7 SEPT. 30, 2000 28.8

* Nonfarm, nonfinancial corporate businesses

Data: Federal Reserve Flow of Funds, BusinessWeek

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