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

AMZN 230.84

-0.7%

Dec 31 3:59 PM EST

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To: Glenn D. Rudolph who wrote (139570)	2/19/2002 8:27:03 PM
From: GST	Read Replies (1) of 164684

There are weak aspects to our markets, but it is unfortunate to see the weakness from rot in the executive suites. As you know, I have mused about the impact of our lack of savings over the years on this thread. A "mature" woman in Tokyo decides she can no longer trust her bank and withdraws her cash and buys a gold bar. The bank is insolvent and tries to raise funds by selling shares of Japanese companies as well as unwinding long positions in the US market. Our debt markets are not secure if the lenders of the world ("mature" women in Tokyo) do not agree to finance our corporate paper. We do not save enough to finance our current account deficit and we are going to get caught in the backlash of the Japanese banking crisis. In a global economy you have to watch out for the blind-side issues. The US is the world's largest debtor nation by far -- and that makes us vulnerable in ways we have never been comfortable admitting.

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