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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 247.35+0.4%Jan 9 9:30 AM EST
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To: Glenn D. Rudolph who wrote (87166)12/12/1999 3:45:00 PM
From: GST  Read Replies (2) of 164684
 
Glenn: If I may butt-in, I think the reason that money supply becomes an issue is that we have seen AG 'tapping' on the brakes with his left foot and putting pedal to the metal with his right foot. This is not consistent with 'slowing down the economy'. If it is Y2K related, the metaphor might be 'picking up speed to jump the river' like from some old B movie. What happens on the other side of the river is not clear. Serious slowing down might be required. If the stock market is going along for the ride now, it could also suffer once AG hits the brakes hard on the other side of the river. And soft landings don't always go along with jumping rivers anyway.

Now, to be fair, we have not fully explored the extent to which this money supply could be off-setting departures of Japanese money -- which, judging by the yen, has been a major factor in our markets since June. If the Japanese have been selling dollars (remember, we have seen yen go UP by 20% since June), then AG could just be filling in the holes left by the Japanese when they chose to drain their bank accounts. Either way, the sharp increase in stock prices looks a little more shakey to the extent that it is merely reflecting a surge in dollars looking for a home.
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