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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 (139572)	2/19/2002 9:14:50 PM
From: GST	Read Replies (2) of 164684

I agree. But I also think we have lost sight of what it means to be a debtor nation on such a massive scale. Debt can be a problem - and over the years it has become the issue nobody wants to face. Look at who is the first to smell blood with companies like Enron, Global Crossing and Tyco -- it is the debt holders. Telecoms are getting smashed from debt. Japan has a huge debt problem -- government debt. And they have a huge pool of personal savings that has come to our rescue because we prefer more speculative equities. Japanese citizens are right to fear that their government is going to destroy them economically -- and they are doing the only thing they can think of to insulate themselves from the mismanagement of the banks, the large companies and their government -- they are taking their money out of 'the system' and hiding it under their beds. We cannot finance our current account deficit with bags of cash or gold bricks under the beds of these people. They have savings -- we don't -- we preferred to buy ARBA and the like at $120. Saving money was for 'losers' who were satisified with making a few percent a year on their money -- how many people would give anything to go back and have the money they put in tech stocks plus 5% -- millions of people. Now how will we finance our current account deficit without our own savings and without Japanese savings? The money does not come from a money tree. The world's greatest savers are buying gold and hinding it under their beds because they know what it feels like to lose everything -- we are only just starting to understand what that feels like -- and we laugh at them for doing what they are doing while we debate which tech stocks are the 'best buy' as the economy 'recovers'. We will see who looks foolish in the months to come.

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