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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 210.32

-5.5%

3:59 PM EST

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To: Sarmad Y. Hermiz who wrote (122267)	3/31/2001 1:27:10 PM
From: GST	Read Replies (1) of 164685

Sarmad: The implications for the stock economy's future direction are: Monetary policy will stay on the tight side if domestic savings do not increase. If tax cuts succeed in boosting spending (this a form of "public dis-savings" which will help maintain the trade and current account deficits at very high levels) it will push up interest rates higher to stabilize the dollar by attracting more foreign savings -- the alternative is we will have a lower dollar and import inflation (higher import prices). The surpluses Bush is planning to spend will dry-up this year and we will return to government deficit spending. This will also tend to push up interest rates as government will again be expanding the public debt, even in the face of a slowing economy. Without savings, the economy will SLOW. People who think the only issue is how to get people to SPEND do not understand how the economy works.

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