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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 155.15+2.1%Nov 26 3:59 PM EST
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To: Proud_Infidel who wrote (6638)8/13/1998 6:40:00 PM
From: Stitch  Read Replies (1) of 10921
 
Brian,
<<Overreaction by markets? Are the problems of Russia structural or psychological?>>

<<Russian Prime Minister Sergei Kiriyenko said on Thursday there was no economic basis for a decline in financial markets and added that despite the markets his government was in a position to service its obligations.>>

Kiriyenko's words almost perfectly mirror the words used by Malaysia's Prime Minister Mahatir when the first wave of devaluation and stock declines hit. He protested long and loudly how the "economic fundamentals" had not changed and how there was no reason for the devaluation. One year later we now clearly understand that the "fundamentals" were indeed not changed and had been rotten to the core for a very long time. The markets had risen for years on blind speculation while loan portfolios grew beyond any rein of controls, not that there were any to begin with. The problems in Malaysia, and Asia in general, has clearly been corporate debt, mismanaged by a complex chain of crony businessmen whose focus was on building monuments to hubris instead of productivity, all done without the benefit of oversight or any semblance of transparency. I have no reason to believe that Russia is any different and, in fact, suspect it is much worse.

Best,
Stitch
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