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

AMZN 239.16

+2.1%

Jan 23 9:30 AM EST

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To: Victor Lazlo who wrote (129652)	8/4/2001 4:13:41 PM
From: H James Morris	Read Replies (2) of 164684

Vic, did you hear Fowler sold all his Corvis stock and took a job as a receptionist at eBay? While all along I thought he told us he going to be selling commercial real estate in silicon valley. >Such a long recovery period puts Silicon Valley squarely within the pattern outlined by the dean of bubble economics, late MIT Professor Charles Kindleberger, in his landmark book ``Manias, Panics and Crashes.'' He reviewed nearly 40 bubbles recorded over the last 400 years to show how they rise and fall in phases. So far, the tech bubble is following the first phase closely. A bubble starts with a rush to new investments based on some economic change; in this case, the Internet. The surge is financed by an expansion of the credit system, draws in speculators and the naive, then bursts when the new investments fail to deliver the expected profits. In this way, the dot-com boom became ``the biggest Ponzi scheme in the post-war era,'' says Kenneth Rosen, professor of economics at UC Berkeley and a former student of Kindleberger's. ``And we were in the center of it, right in Silicon Valley.'' >http://www0.mercurycenter.com/business/top/076834.htm

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